Business News Releases

Global broadband giants come to Sydney

NBN Co chief executive officer, Bill Morrow, will today address the Global Broadband Futures conference in Sydney – which brings together an acclaimed line up of international telecom executives.

Speakers at the event include: Mike McTighe, Chairman of UK network operator Openreach; Bruno Jacobfeuerborn, chief technology officer of Deutsche Telekom; Byungki Oh, vice president of global development at Korea Telecom; and Jeff Finkelstein, executive director of advanced technology of US cable operator Cox Communications.

These companies will discuss how they are delivering next-generation broadband networks in their countries to meet the growing demands of end users.

NBN Co has a unique view to share in terms of the complexity of its build and the technology it will use to deliver universal access to every Australian by 2020.

Mr Morrow said, “We are very proud to be part of the Global Broadband Futures conference, this is a really important event for the local broadband industry.

"We continue to learn from our peers around the world and share our insights. Having these experts in the country allows us to learn from one another and make sure we deliver for Australia in the best way possible.

“It is so important for Australians to hear the facts about what is going on in the rest of the global broadband market.

“The reality is that the vast majority of countries around the world are adopting the same approach as nbn and deploying a range of technologies to deliver improved services, the significant difference being scale.

“For Australians to be able to hear that message from some of the leading telecom operators in the world will be extremely valuable in a noisy, often misinformed environment.”

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Industry groups unite on roadmap to drive Qld's economic growth

FIVE Queensland peak industry groups have united to release a joint roadmap outlining how the next State Government can create jobs, drive growth and build confidence across key sectors of the economy.

The ‘Driving Queensland’s Economic Growth’ State Election platform was developed and agreed upon by the peak representative bodies for broadacre primary producers, tourism businesses, the property industry, the resources sector and the timber industry.

These five industries directly employ almost half a million Queenslanders, and are responsible for feeding, powering, housing and showcasing the state.

AgForce, Queensland Tourism Industry Council, the Property Council, Queensland Resources Council and Timber Queensland are calling on the next State Government to:

  • Improve environmental management in Queensland by simplifying environmental regulations, investing in good quality land management on both state and private land, and recognising the work industry does as land custodians;
     
  • Build business confidence through innovation, investment and infrastructure, including by ensuring tax stability, cutting energy costs for all users, using infrastructure as an enabler of regional growth, and through skills development;
     
  • Commit to fact-based policies by guaranteeing evidence-based planning decisions and a genuine regulatory impact process for all major legislative changes;
     
  • Work with industry to identify, develop and implement solutions via a targeted Roundtable bringing together key industry and Ministerial representatives to develop a shared vision for the future, agreed solutions, and to track progress;
     
  • Pursue a genuine regional agenda with investment in regional strategies, and a senior Minister for Regional Development to ensure Queensland maximises the benefits of the Northern Australian Infrastructure Facility and that regional aspects of Government decisions are explicitly considered as part of the normal Cabinet process.


Queensland Resources Council Chief Executive Ian Macfarlane said: “The jobs of Queenslanders depend on a Government that works constructively with industry.

“Our combined industries employ hundreds of thousands of Queenslanders, particularly in regional communities across our vast state.

“What Queensland needs from its next Government is a commitment to policies that build our state’s foundation industries – including the resources sector – through a stable and consultative framework that encourages new investment.”

Property Council Queensland’s Executive Director Chris Mountford said the state’s property industry was seeking action from Queensland’s political leaders to unlock economic activity, create jobs and build confidence.

“There is significant room for improvement in Queensland’s regulatory and legislative framework to better support industry to attract new investment to Queensland,” he said.

“Whether it is tax arrangements, infrastructure investment or any other area of policy, Queensland can be a far more competitive destination to do business.

“Queensland’s shifting environmental regulation, in particular, provides little certainty for industry stakeholders and too often uses red tape as a substitute for evidence-based policy solutions. Greater collaboration with industry is needed to develop win-win environmental outcomes which benefit both Queensland’s ecology and economy.”

AgForce General President Grant Maudsley said demand for Queensland’s high-quality food and fibre was soaring, and the primary production sector needed political parties to commit to policies that take agriculture forward, not hold it back.

“We want fair and balanced policies that allow farmers to increase their productivity and profitability, as well as increased investment in infrastructure to make it safer, easier and cheaper to get our farm goods from the paddock to the plate,” he said.

Queensland Tourism Industry Council Chief Executive Daniel Gschwind said key priorities for the tourism industry included competitive investment of tourism marketing and event attraction and building the competitiveness of destination.

“Tourism needs the infrastructure and it needs the marketing, but it also needs an industry that has the capability, skills and capacity to drive innovation and create market-leading experiences,” he said.

Mr Gschwind said the tourism industry would also like to see government develop sustainable business opportunities through Queensland’s natural and cultural heritage.

Timber Queensland CEO Mick Stephens said the Queensland timber industry generated $3 billion in value each year and underpinned more than 25,000 jobs.

“Over 80 percent of timber industry jobs are located outside the Brisbane area so it is therefore crucial that all parties recognise and support this industry for regional growth and prosperity,” he said.

“Policies need to address critical issues such as high energy costs and improve our timber manufacturing competitiveness.”

A copy of the 'Driving Queensland's Economic Growth' Joint Election platform is available at http://bit.ly/2ABgQwy

www.qrc.org.au

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Business bank model urged for consideration

THE Australian Small Business and Family Enterprise Ombudsman has called for an Australian version of the British Business Bank to be considered.

Speaking at the Franchise Accountants Network conference in Sydney, Ombudsman Kate Carnell said access to finance was a major challenge for Australian small-medium enterprises.

“Banks are happy to lend to small businesses, but only if they have security such as property or cash,” Ms Carnell said.

“I’m concerned about SME lending constraints due to prudential requirements implemented after the Global Financial Crisis.

“The requirement for property security limits capital availability for small businesses with good cash flow and good prospects. Funding for many small businesses is unavailable at a reasonable cost.

“I’ve asked the Productivity Commission to explore the extent to which prudential risk weighting standards and capital requirements have had unintended consequences on lending to small businesses.”

Ms Carnell said the option of a Government-backed approach to small business lending like the British Business Bank should be considered.

“Other countries have identified a similar problem and come up with solutions,” she said.

“The British Business Bank can provide a government-backed 75 per cent guarantee against the outstanding facility balance, potentially converting a ‘no’ credit decision from a lender to a ‘yes’.

“The British Business Bank can also help small finance providers to tap institutional investors’ funds.

“Without a creative approach to small business lending in Australia we risk stifling growth, investment and employment.”

www.asbfeo.gov.au

 

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ASADA issues peptide warning

IN THE WAKE of a recent article which advertised peptides as ‘the legal performance enhancer even doctors are using’, ASADA has issued a stark warning on the safety of peptides and other substances not approved for human use, which are also banned in sport.

Peptides work by making changes to the human endocrine system, which includes the pancreas, ovaries, testes, thyroid and other hormone producing glands. Changes to this system can have very serious effects in regards to human growth, development and reproductive systems.

One recent research paper found that children given synthetic human growth hormone are at significantly higher risk of developing cancer in the long term. Other research conducted on hormone peptides has shown users are at increased risk of hypertensive episodes, haemorrhage, water intoxication and even death.

Professor Andrew McLachlan, Chair of the Anti-Doping Rule Violation Panel, and Professor of Pharmacy at the University of Sydney stated: “Peptides and SARMs carry a substantial risk of long term harmful health consequences, which are usually understated by the person promoting their use.“

“It is well known that growth hormone doping significantly increases the risk of some types of cancer, and has harmful effects on the heart and liver, but this is often ignored or underestimated by users.”

“Peptides such as ipamorelin are powerful medicines and can have significant adverse effects on the human body, especially when used without medical supervision and at doses outside the recommended range. Taking these substances is a risky gamble for anyone to take with their long term health.”

Raising awareness of the health effects of PEIDs is a key focus of ASADA CEO David Sharpe.

Mr Sharpe said: “It is irresponsible for any person in a position of authority to downplay or disregard the risks associated with these substances.”

“When it comes to the abuse of performance enhancing drugs, the risks are real and extremely dangerous. These include things like blood clots, liver damage, stroke, kidney damage, brain impairment and even death.”

“These substances need to be kept as far from athletes as possible. This is why ASADA is currently reviewing its education program, with a view to increasing athlete awareness of the health risks of PEIDs,” he said.

“In addition, I am also strengthening our relationships with health authorities and law enforcement in order to target unscrupulous medical practitioners including doctors, pharmacists and compounding chemists.”

www.asada.gov.au

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Walkley Book Award finalists announced for 2017

THE WALKLEY Foundation today announced the shortlist for the Walkley Book Award, part of Australia’s most prestigious journalism accolades, the Walkley Awards for Excellence in Journalism.

The Walkley Foundation has thanked Media Super for its support on the Walkley Book Award. 

The Walkley Book Award celebrates Australian writers who take enduring subjects from news, eyewitness accounts, investigations and history. Their books bring readers immersive detail, clear analysis and new revelations.

More than 50 books were entered this year. Their subject matter ranged from true crime, politics, and war, to memoir and biography.

The 2017 Walkley Book Award shortlisted finalists announced today in Sydney are (in alphabetical order):

  • Julia Baird, Victoria: The Queen, HarperCollins Publishers
  • Steve Cannane, Fair Game: The Incredible Untold Story of Scientology in Australia, ABC Books/HarperCollins Publishers
  • Louise Milligan, Cardinal: The Rise and Fall of George Pell, Melbourne University Press

The judges for the 2017 book awards were:

  • Paul Bailey, editor, Australian Financial Review
  • Michael Bodey, media journalist and film editor
  • Kirstie Clements, journalist & author
  • Catriona Menzies-Pike, editor, Sydney Review of Books
  • Colleen Ryan, journalist & author
  • Susan Skelly, publisher, Excess All Areas
  • John van Tiggelen, journalist
  • Chris Warren, journalist
  • Pam Williams, journalist & author

The winner of the 2017 Walkley Book Award will be announced at the 62nd Walkley Awards for Excellence in Journalism on Wednesday November 29, at the Brisbane Convention and Exhibition Centre, thanks to the support of Tourism and Events Queensland. The ceremony will be broadcast live on the Sky News A-PAC channel and streamed on the Walkley website.

The awards will be broadcast live on the Sky News Public Affairs Channel, A-PAC (channel 648), from 8pm AEDT and live-streamed on walkleys.com and a-pac.tv

The full list of 2017 Walkley Awards finalists is here.

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ATO takes sensible landing position on TBAR says IPA

THE Institute of Public Accountants (IPA) has commended the ATO for its announcement that events based reporting for self-managed superannuation funds (SMSFs) under the transfer balance account reporting (TBAR) regime will be limited to SMSFs with members with total super account balances of $1 million or more.

“The ATO is to be congratulated for this decision,” said IPA chief executive officer, Andrew Conway.

“Given the changes that occurred to superannuation that took effect from 1 July 2017, the landing point before reporting becomes mandatory is a sensible position taken by the ATO.

The SMSF industry can breathe a sigh of relief that the reporting will not impact the majority of funds in pension mode. Trustees can also rejoice as unnecessary reporting will not add to administrative burdens eating into their retirement balances.

“The relief will provide more time for the SMSF industry to adjust to a more contemporary reporting model over time. If a fund has one member in pension mode with a large balance, it will, by default cause the fund to have real time reporting in place but we believe the industry can live with this scenario compared to all-in approach across all funds.

“The $1 million threshold represents an appropriate risk based approach for the ATO to monitor breaches of the $1.6m transfer cap and is targeted to only impact likely offenders rather than the entire pension balance population,” said Mr Conway.

publicaccountants.org.au

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IPA celebrates International Accountants Day

FRIDAY, November 10 is International Accountants Day and the Institute of Public Accountants (IPA) is spreading the word to celebrate the immense contribution that accountants around the globe make to society.

“We are very pleased to support the International Federation of Accountants (IFAC) initiative to celebrate the role of professional accountants,” said IPA chief executive officer, Andrew Conway.

“There are three million professional accountants around the world who make a significant and positive contribution to their respective local economies.

“The role of accountants as trusted advisers to clients is diverse and the societal impact they have must be respected. Together, they tackle corruption, expand economic growth and positively impact the quality of life for billions of people.

“Our current research is indicating that accountants play a vital role in the life of the small business owner; often in a position to help alleviate day-to-day stressors and improve their mental health status,” Mr Conway said.

 publicaccountants.org.au

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Higher compliance rates but still cause for concern in healthcare sector: Fair Work Obudsman

THE Fair Work Ombudsman’s National Healthcare and Social Assistance campaign has recovered more than $100,000 for 193 workers across the industry.

The agency conducted a total of 696 audits across the medical services, allied health services and residential care services sectors. Businesses included GPs, physiotherapy services, dental services and retirement villages.

Of the businesses audited, inspectors found that 85 percent were paying their staff correctly and 86 percent were compliant with record keeping and payslip requirements.

Overall, the Fair Work Ombudsman found that 74 percent of businesses were fully compliant with their workplace obligations.

The 696 audits led to the Fair Work Ombudsman issuing 16 infringement notices, 12 formal cautions and one compliance notice to non-compliant businesses. A total of $109,295 was recovered for employees.

Acting Fair Work Ombudsman Kristen Hannah said compliance rates in the industry compared favourably to other industries the agency had focused on, however any non-compliant businesses were cause for concern.

“The campaign identified errors relating to pay rates, record keeping and pay slip requirements among non-compliant businesses,” Ms Hannah said.

“I cannot emphasise enough the importance of businesses making themselves aware of their obligations in terms of ensuring their employees are receiving their due entitlements and keeping accurate records.

“Non-compliant businesses may find themselves liable for on-the-spot fines, hefty back‑payment bills and, in the most serious cases, could face court action,” Ms Hannah said.

Ms Hannah said that with maximum penalties for serious contraventions of workplace laws recently increasing ten-fold and penalties for record-keeping breaches doubling, businesses that breach the law are exposing themselves to big fines.

“With the wealth of information freely available to help employers and employees understand their workplace obligations and entitlements, there are no excuses for non‑compliance,” Ms Hannah said.

Throughout the campaign, Fair Work inspectors provided businesses with information, advice and resources to rectify any issues and ensure compliance in the future.

In one matter, the agency recovered a total of $5770.94 for two casual employees of an optometrist business who were paid a flat rate of $20 per hour for all hours worked. Under the Health Professionals and Support Services Award 2010 at the time, the workers were entitled to $24.86 per hour on weekdays and $34.81 on Saturdays.

The Fair Work Ombudsman issued the business with a compliance notice. The employer cooperated with the agency and rectified the underpayments under the terms of the notice.

The largest employing industry in Australia with more than 1.5 million workers, the Healthcare and Social Assistance industry is characterised by large numbers of small businesses and high levels of part time and low skilled employees.

The residential care services sector also employs a high proportion of female and migrant workers.

Between July 2010 and June 2015 the FWO received 180,000 enquiries relating to the industry on the Fair Work Infoline and over 5,700 requests for assistance. The agency has recovered $7 million for more than 5,000 employees since 2010.

Ms Hannah said that assisting businesses to understand their workplace obligations via proactive compliance and education activities was essential to promoting compliance amongst Australian workplaces.

However, with the agency conducting follow-up audits of businesses previously found to be non-compliant, Ms Hannah said repeat offenders can expect to face enforcement action including potential litigation and significant court penalties.

“I encourage all employers and employees to visit fairwork.gov.au and make use of the broad range of tools and resources available to help you understand your rights and obligations,” Ms Hannah said.

www.fairwork.gov.au

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Five steps the Australian Government must take in wake of the Paradise Papers scandal - Oxfam

SCANDALS involving the super-rich robbing the world’s poorest of much-needed tax revenues, like those revealed in the Paradise Papers leak, can be avoided if the Australian Government and others take five immediate steps towards tax reform, Oxfam Australia said today.

International tax reforms have clearly failed, with new estimates suggesting that multinational companies artificially shift almost half of their total global profits – 45 percent – to tax havens.

Oxfam Australia Chief Executive Dr Helen Szoke said tax dodging by multinationals in Australia was costing Australia and developing countries billions of dollars, fuelling a global inequality crisis where just eight men have the same wealth as half the world.

“Australian-based multinationals are part of the problem, contributing to keeping the world’s poorest out of pocket as governments balance the budget by raising taxes on people and cutting vital public services,” Dr Szoke said.

Oxfam estimates billions of dollars’ worth of tax revenue is lost in Australia each year because of Australian-based multinationals using tax havens, and the Paradise Papers scandal comes just weeks after the Australian Taxation Office released data estimating multinationals avoided $2.5 billion in taxes in 2014-15.

Dr Szoke said the Paradise Papers – involving the leak of more than 13 million files – revealed the extent to which the super-rich were getting away with rorting the system to hide their wealth and avoid paying taxes in places like Australia.

The onus was now on the Australian Government, and other governments around the world, to do something about it, Dr Szoke said.

“Stopping the tax scandals is not impossible, if the political will is there. Oxfam’s five-point plan spells out exactly how governments can stop them,” Dr Szoke said.

Oxfam’s five-point plan to stop the scandals calls on the Australian Government to:

1. Agree a global blacklist of tax havens based on comprehensive, objective criteria and implement strong counter-measures including sanctions to limit their use.

2. End corporate tax secrecy by ensuring all multinational companies make financial reports publicly available for every country where they operate; and make extractives companies also report on a project by project basis.

3. End tax secrecy for the super-rich by establishing a centralized public register of the individuals who own and benefit from shell companies, trusts and foundations.

4. Rebalance tax deals by making sure tax treaties do not exploit developing countries tax bases.

5. Create a global tax body where all countries can work together on an equal footing to agree the fundamental tax reforms that are needed to ensure the tax system works for everyone.

“The Australian public deserves to have this information made available to them, and the government must put the interests of the public over the demands of the super-rich and big business. It is now time to act,” Dr Szoke said.

www.oxfam.org.au

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Federal policies impacting cities

THE impact of Australian Government policies on the development of cities is opaque and may be resulting in unintended consequences according to the Planning Institute of Australia (PIA).

The PIA will recommend that the Australian Government evaluates the impact of its taxation, investment and immigration policies on the performance of cities when it appears before the House Standing Committee on Infrastructure, Transport and Cities during a public hearing on Monday.

The PIA believes that the Australian Government’s impact on cities is broader than those policies specifically targeting settlements. “Our members [have] highlighted the need for the Commonwealth to show clearer insight on how spending, taxation and immigration policy is having a real effect on the differential performance of our cities,” the Institute stated. “One commentator observed that the Commonwealth’s impact is ‘spatially blind’”.

The public hearing in Parramatta Town Hall is part of the Committee’s inquiry into the Australian Government’s role in the development of cities.

Committee Chair, John Alexander MP, said the Committee’s inquiry seeks to identify opportunities to refine Australian Government support for the development of smart cities.

“The Australian Government acknowledges the importance of cities as the engine room of the national economy and home to the majority of Australians,” Mr Alexander said.

“It has begun negotiating City Deals and launched a Smart Cities Plan identifying the opportunities and challenges facing Australian cities. But we think it could do more to prepare our cities to accommodate much larger populations and enhance the environmental sustainability of our settlements.”

 

Public hearing details:

10.10 am – 3.30 pm, Monday, 13 November 2017
Jubilee Room, Parramatta Town Hall, 182 Church St, Parramatta, NSW

10.10 am: Australian Nuclear Science and Technology Organisation (ANSTO)
​11.10 am: City of Parramatta
11.50 am: Association Professor Philip Laird
1.30 pm: The Warren Centre for Advanced Engineering Ltd
2.10 pm: Homelessness NSW
2.50 pm: Planning Institute of Australia
3.30 pm: Close

The proceedings will be broadcast live at aph.gov.au/live.

Further information on the inquiry, including the full terms of reference, is available on the Committee website.

Interested members of the public may wish to track the committee via the website

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Select Committee on Regional Development to visit the top end

THE House Select Committee on Regional Development and Decentralisation will hold a public hearing in Darwin, Northern Territory.

The Chair of the Committee, Dr John McVeigh MP, said, “The Committee is keen to learn more about the issues of importance to the Northern Territory.  We’re particularly looking forward to hearing about infrastructure and the development of northern Australia.”

“The Northern Territory is home to many businesses and its largest industries are construction, mining, public administration and safety, health care and social assistance as well as transport. Darwin also has a significant Australian Defence Force presence, which also employs a large number of residents and the Committee will be very interested to hear how the regions are faring and what can be done to strengthen them”, said Dr McVeigh.

Dr McVeigh indicated that witnesses will include business and community leaders, indigenous representatives, representatives from the arts, local government representatives, and regional development experts.

 

Public hearing details:

9.00 am to 4.15 pm, Thursday 9 November 2017
Litchfield Room, Double Tree by Hilton, 116 Esplanade Darwin City

The proceedings will be broadcast live at aph.gov.au/live.

For the full program of this public hearing, see the Committee’s website.

Interested members of the public may wish to track the committee via the website

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