THE FEDERAL Government has completed a thorough evaluation of final private sector bids to upgrade and operate the Australian Securities and Investments Commission (ASIC) registry functions and decided not to proceed further.

The reason the Government decided not to proceed with the commercialisation of the ASIC Registry is that the final bids received did not deliver a net financial benefit for the Commonwealth.

The Government appreciates the private sector’s participation throughout the competitive tender process.

BRISBANE's winning tourism streak continues, with a record number of Australians visiting the city in the year ending September.

The latest National Visitor Survey from Tourism Australia released today saw overall domestic visitor numbers climb 5.3 percent to a record 5.8 million, while a sharp spike in holiday visitors saw numbers rise 18.5 percent to 1.6 million – another record.

Interstate holiday visitors were up 24.8 percent to 604,000, while holiday visitors from within Queensland rose 15 percent to 1 million.

Brisbane also saw major rises in numbers from Sydney and Melbourne, with Sydney holiday visitors growing 22.9 percent to 172,000 and Melbourne holiday visitors up a massive 45.9 percent to 108,000.

There were also gains in the business sector, with interstate visitors rising 6.4 percent to 834,000 and the number of business visitors from within Queensland rising 3.9 percent to 584,000.

The domestic tourism figures follow the recent release of the latest International Visitor Survey results, which saw record highs across international visitor numbers and expenditure.

Lord Mayor Graham Quirk said the record results were testament to Brisbane’s growing profile as a destination of choice and a major events capital.

“Major events are a key focus for us as they attract visitors to the city and support our hotels, restaurants, retailers and service providers,” Cr Quirk said.

“The Brisbane International tennis tournament in January, the Brisbane Global Rugby Tens in February and the World Science Festival Brisbane in March are all world-class events set to draw more and more visitors to the city.”

Brisbane City Council and Brisbane Marketing will continue to work alongside Tourism and Events Queensland and tourism operators to market Brisbane in domestic and global visitor markets.

www.choosebrisbane.com.au

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THE House of Representatives Standing Committee on Economics today presented its report on the inquiry into home ownership.

This inquiry was established to assess issues related to home ownership in Australia, and potential policy responses by government.

Committee Chair, Mr David Coleman MP, said that a range of views on the challenges facing home buyers were canvassed throughout this inquiry.

The key findings of the report include:

• while demand for housing is strong in Sydney and Melbourne it must be noted this is not the case throughout Australia. Many parts of Australia have a relatively weak housing market;
• government policy in this area should predominantly focus on boosting dwelling supply in underserved markets;
• the Committee does not support tax increases on property investment.  Increased rates of capital gains tax, and increases to income tax through the removal of negative gearing are not supported by the committee;
• the Committee notes that APRA has the capacity to seek to limit the growth of borrowing by property investors, should it deem this to be in the interest of financial stability. APRA acted in this manner in late 2014 and this action is widely regarded as having been successful. It is open to APRA to take additional actions in this area in the future if it deems it to be appropriate.

“Australia’s property market is not homogeneous – it has very different characteristics in different locations”, Mr Coleman said. 

"Government policy is best focused on seeking to increase the level of stock in those markets that are under-supplied at present.  Increasing rates of tax on property investment would have a negative impact on the economy, and is not supported by the committee. It’s notable that APRA has already acted to reduce the rate of borrowing by investors, and has the tools to take further action if it believes this is in the best interests of the economy."

The Committee’s report also canvasses potential changes to stamp duty and land taxes, and finds that any such change should only be considered as part of an overall review of property taxation.

The report can be accessed from the Committee’s website.

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THE Institute of Public Accountants (IPA) has reiterated its call for compensation for accountants’ lost time and productivity due to the failure of the Australian Taxation Office (ATO) technology.

“We are constantly being reassured by the ATO that it will fix its system going forward and practitioners can expect more robust ATO interactions from the deployment of better technology in 2017.  These reassurances are now falling on deaf ears of our members when the portal goes down for two days this week,” said IPA chief executive officer, Andrew Conway.

“In 2015, the ATO acknowledged that its use of technology and administrative changes combined with the existing ATO portal issues have added to the frustrations and lost productivity for many small tax practitioners.

"The portal downtime this week coincides with the release of the Inspector General of Taxation (IGT) report (Review into the Taxpayers’ Charter and Taxpayer Protections) which highlight deficiencies in the Compensation for Detriment Causes by Defective Administration (CDDA) scheme.  The report confirms that the CCDA scheme does not adequately address productivity loss, opportunity costs (particularly for tax practitioners) or psychological injury.  It further states that the CCDA scheme does not adequately compensate for losses arising from major ATO changes in process or IT.

“Most tax agent practitioners are small businesses themselves working hard to service the interests of their clients.

“Our members have highlighted to us on many occasions that they have suffered productivity loss, missed deadlines, and incurred irrecoverable costs as well as damage to their reputations and relationships with their clients.

“We have and continue to provide the ATO with real examples of these practical issues.

“Our member feedback has consistently stated that the ATO portal which is an essential tool of trade for practitioners and agents has been a constant point of frustration due to the portal’s instability and unreliability. 

“We acknowledge the ATO is acutely aware of these issues and our obligation is to voice the concerns on behalf of our members.

“We will continue to work with the ATO to ensure the system is fixed for all concerned,” said Mr Conway.

publicaccountants.org.au

BRISBANE has taken out fourth spot in a prestigious global ranking of cities vying for foreign direct investment, and placed in the top 10 worldwide for human capital and lifestyle.

Queensland’s capital moved up one spot to place fourth out of 53 submitting cities in the Foreign Direct Investment Strategy category of the Global Cities of the Future report released every two years by fDi Intelligence – a division of the London-based Financial Times.

This year Brisbane also placed highly in the publication’s overall rankings of 131 cities worldwide, taking out 10^th position for human capital and lifestyle – just one spot behind London.

“Placing fourth for foreign direct investment strategy demonstrates that Brisbane is successfully showing the world that our city is economically resilient, supports foreign investors across a range of industry sectors, and is backed by a robust and connected business and government environment,” Brisbane Lord Mayor Graham Quirk said.

“To be ranked within the top 10 globally for human capital and lifestyle is testament to the outstanding education, research, business, employment and lifestyle opportunities that continue to attract and retain talented and skilled people in our great city.”

The publication also named Brisbane winner of two inaugural awards for strategy, driven by the city’s economic development board, Brisbane Marketing.

Brisbane’s 2022 New World City Action Plan was recognised with the Strategic Vision Award, while the city’s successful tourism infrastructure and hotel investment strategy saw it win the Tourism Development Award.

“The Brisbane 2022 New World City Action Plan has put out city firmly on the path toward greater economic growth and prosperity by focusing on seven key economic priorities and eight promising growth sectors,” Cr Quirk said.

“Brisbane’s hotel investment and tourist attraction strategy focuses on building the tourism and visitation economy by attracting foreign direct investment into infrastructure such as cruise ship terminals, major tourist attractions, and four and five-star hotels.

“More than $10 billion worth of major project and infrastructure work in the pipeline will support greater numbers of tourists who are choosing our progressive and multicultural city for the wealth of unique experiences on offer.

“The latest fDi Intelligence rankings are another indicator that Brisbane is becoming a more globally competitive city which will continue to attract and benefit from foreign direct investment.” 

www.brisbanemarketing.com.au

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THE Trade Sub-Committee of the Parliament’s Joint Standing Committee on Foreign Affairs, Defence and Trade (JSCFADT) has commenced an inquiry into Australia’s trade and investment relationship with its largest trading partner in Europe - the United Kingdom.

‘Following the United Kingdom’s referendum decision to leave the European Union, it is timely to conduct an inquiry into Australia’s trade relations with the UK,’ the Chair of the Trade Sub-Committee, Senator Bridget McKenzie said.

‘With two-way trade in goods and services worth more than $23 billion, the UK has long been a significant trade and investment partner for Australia. The Sub-Committee will investigate the opportunities to expand these trade and investment links, and the merits of a possible bilateral free trade agreement with the UK, especially as both countries navigate a new trading path with each other.’

‘This inquiry will include an examination of the possible implications for Australia’s trade and investment relationships with the UK and the EU, depending on how and when the UK negotiates its exit from the EU.’

The inquiry will also look at the significant UK investment in Australia and Australian investment in the UK. According to the Minister for Trade, Tourism and Investment, the Hon Steven Ciobo MP, who referred the inquiry to the JSCFADT, UK businesses have direct investments worth $76 billion in Australia, rising to nearly $500 billion when portfolio and other investments are included. Australia had direct investments of $81 billion in the UK and $353 billion overall in 2015.

Tourism also remains another important export for Australia with nearly 700,000 British visitors coming to Australia last year, who collectively spent almost $4 billion in Australia. In 2015-16, the UK Office for National Statistics reported more than 600,000 Australians visited the UK.

The terms of reference for the Committee’s inquiry are as follows:

The Committee shall examine Australia’s trade and investment relationship with the United Kingdom (UK). The Committee shall have particular regard to:

• the nature of Australia’s current trade and investment relationship with the UK;
• possible implications for Australia’s trade and investment relationships with the UK and the European Union consequent to the UK’s exit from the European Union;
• barriers and impediments to trade and investment with the UK;
• opportunities to expand trade and investment links;
• the merits and risks of a possible bilateral free trade agreement with the UK, and potential features of such an agreement;
• the role of Australian governments (State, Territory and Federal) in identifying trade and investment opportunities in the UK, and assisting Australian exporters to access these opportunities; and
• any other related matters.

The Trade Sub-Committee invites submissions from anyone with an interest in the issues raised by these terms of reference.  Submissions addressing the terms of reference should be lodged by 17 February 2017.  Further details about the about the inquiry, including how to contribute, can be obtained from the Committee’s website or by contacting the Committee Secretariat.

Interested members of the public may wish to track the committee via the website. Click on the blue ‘Track Committee’ button in the bottom right hand corner and use the forms to login to My Parliament or to register for a My Parliament account.

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THE The Queensland Resources Council claims the "left-wing think tank" The Australia Institute (TAI) has been "caught out attempting to put a wrecking ball through Queensland’s economy and jobs with dodgy digits".

According to the QRC, the TAI report, ‘Never Gonna Dig You Up’, claimed the Queensland economy ‘would not be affected at all in the short term and barely affected’ in the medium to long term if coal mining ended.

QRC chief executive Ian Macfarlane said the importance of the coal industry to Queensland’s economy had never been more critical to regional communities "and for TAI to produce a report about coal with a Western Australian gold mine on the front cover reflects how much they know about the industry".

The report claimed there would only be 1,400 net job losses across the country from ending coal mining in Queensland and NSW and that Australia would experience an overall reduction in GDP of 0.6 percent.

However, according to QRC, a review of TAI’s report by highly credentialed Cadence Economics found that the ‘research’ was based on unfounded assumptions and discounted critical economic impacts.

Key findings of the Cadence Economics analysis of the TAI report included:

• TAI’s entire paper is based on an unexplained and unrealistic assumptions regarding employment: TAI assumes the job losses caused by ending coal mining would be picked up by ‘other sectors,’ including having workers move from the coal producing regions of Queensland and NSW to Victoria and Western Australia. In other words, they assume that real jobs will be replaced by phantom ones. 

• TAI’s report significantly underestimates that the net number of coal jobs that would be lost from ending the coal industry: TAI claims net job losses would only be around 1,400. However, using the same employment modelling parameters as the Commonwealth Treasury, Cadence Economics estimates jobs lost would be between 20,000-40,000 across the nation. Even at the lower end that’s a TAI miscalculation of 18,600 jobs or 95 percent. 

• Impact on Queensland economy would be ‘catastrophic’: TAI’s own research glosses over the economic impact to Queensland which Cadence Economics describes as ‘catastrophic.’ As well as the significant job losses, ending the coal mining industry in Queensland would result in $3.8 billion in lost mining royalties and a staggering $72 billion total loss to the state’s economy. 

• Massive impact on the Mackay and Fitzroy regions: The TAI report virtually dismisses the disastrous impact that ending coal mining would have on the Mackay and Fitzroy regions. Using TAI’s own numbers, Cadence Economics estimates a cumulative economic loss for these regions of $28.3 billion. 

“These quasi-economic reports will only denigrate the natural resource sector’s ability to provide jobs in communities and royalties that pay for nurses, police and teachers,” Mr Macfarlane said.

“The authors of TAI report appear to have no understanding of economics and the figures put forward seem to be borne out of the centre for creative accountants. This report is yet another example of anti-coal activists holding back the economic prosperity of Queensland.”

www.qrc.org.au

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FOR THE SECOND year,TechCollect, an industry-funded electronic waste recycling service, is calling for Australian businesses to play their part in building a sustainable future by recycling unwanted e-waste on December 8.

Research from Planet Ark reveals the most commonly recycled material in the workplace is paper with almost three quarters (72 per cent) of employees recycling this regularly, but when it comes to e-waste, only 36 per cent of employees are recycling computers and accessories.

With 82 percent of employees wanting to see more e-waste recycling in their workplaces, TechCollect’s ‘Waste Not, Want Not’ Day gives businesses a reminder to open up the storage room and hand over old office supplies for responsible recycling.

To get involved on Waste Not, Want Not Day, businesses can follow these three easy steps:

1. Gather all unwanted and unused e-waste from around the workplace
2. Call1300 229 837 to see if you qualify for a free pickup
3. If you don’t qualify for a free pickup, find your nearest free drop-off point at http://techcollect.com.au/our-locations/

“It’s crucial for recycling to be viewed as a civic duty for all of us, but it’s also important for businesses to try and take some of the weight off consumers’ shoulders, as it often falls unfairly on individuals to do the right thing,” Carmel Dollisson, CEO of TechCollect said.

“There is currently a lot more the corporate sector can do to take responsibility for the e-waste it generates, and to make a positive impact on the environment and wider community.

"Instead of businesses letting e-waste accumulate, we’re encouraging them to make a pledge to support ‘Waste Not, Want Not’ Day on December 8 by recycling their e-waste at their nearest TechCollect drop off site or calling us direct if they have a substantial amount that we may be able to collect.”

TechCollect is an industry-funded, not-for-profit recycling service for computers, computer accessories and TVs. It was established in response to the government’s National Television and Computer Recycling Scheme which set out an obligation for importers and manufacturers to take responsibility for the safe disposal of e-waste.

As technology consumption continues to rise, it’s critical that businesses become more active participants in sustainability and promote awareness of responsible recycling throughout the year.

The festive season is the perfect time for employers and employees to clear offices of clutter ahead of the New Year and, at the same time, take shared responsibility for their e-waste. Dollisson says education is vital, not just for better workplace practice but for employees at home.

“Precious metals exist in e-waste and if we don’t recycle products those metals are lost to landfill,” Dollisson says. “Recycling means that these valuables can be recovered and put back into the manufacturing process.

“If we want Australia to build a more effective and adaptable system, an environment in which responsibilities are more evenly shared between consumers and business needs to be created. Getting companies to commit to ‘Waste Not, Want Not’ Day is a fantastic way to build a habit that can last throughout the year.”

To find out more information about TechCollect or to find a designated drop-off site closest to you, visit: http://www.techcollect.com.au/