Responding to the new revelations of the Panama Papers (https://panamapapers.icij.org), Oxfam Australia Chief Executive Dr Helen Szoke said: 

“The latest Panama Papers revelations expose rampant tax dodging that is allowing multinational companies to avoid paying their dues, particularly how shadow companies are shifting billions in revenue derived from highly lucrative mining and extractives operations across Africa," Dr Szoke said. 

“It is shameful that tax avoidance is preventing this money from being spent on vital services such as schools and hospitals in the world’s poorest continent.

“Today’s release of information shows that the firm Mossack Fonseca helped to establish offshore companies ‘to own, hold or do business with petroleum, natural gas and mining operations in 44 of Africa’s 54 countries.’

“The fresh revelations published today by the International Consortium of Journalists included details of millions of dollars in alleged bribes for oil and gas contracts in Algeria and the widespread use of offshore companies to assist in oil, gas and mining deals.

“These are valuable natural resources – that should be supporting the needs of everyday people, rather than lining the pockets of the rich and powerful.      

"When corporations get away with shirking their responsibility to pay their fair share, spending on essential services that are desperately needed suffers.

“This scandal is contributing to the inequality crisis across Africa.”

Dr Szoke said Oxfam Australia’s recent report, The Hidden Billions, further revealed Australian-based multinational corporations are playing a role in poor nations losing out due to tax dodging practices.

Oxfam’s research revealed nearly $A9billion that could be spent on public services in Australia and poor countries was being hidden by Australian-based multinationals in tax havens.

Dr Szoke said that overwhelming evidence was mounting in support of Oxfam’s call for more transparent tax policies.

“Oxfam is calling on the Federal Government to legislate to ensure that companies disclose their profits and taxes publicly for every country in which they operate," Dr Szoke said. 

“Others, including the US, Canada, and Europe have already made the public reporting of taxes and profits mandatory for high-risk sectors such as mining and banking.”

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BUSINESS sentiment regarding Australia’s economy dropped during one of Australia’s longest-ever federal election campaigns, the Victorian Chamber of Commerce and Industry’s latest Survey of Business Trends and Prospects has revealed.

Many of the 380 Victorian businesses surveyed viewed the federal election campaign as lacking clear leadership and economic vision, and expressed frustration with the major political parties. Several said the prolonged uncertainty of the campaign had softened consumer spending, with one member describing the economy in this period as being “on hold with nobody spending at the moment”.

In the second quarter of 2016, which covered the three months to June 30 and most of the election campaign, business sentiment for the Australian and State economy dropped two percentage points to 20 per cent, meaning just one in five businesses expect stronger economic growth over the next financial year.

Victorian Chamber of Commerce and Industry Chief Executive Mark Stone said survey responses illustrated the need for policies that support and grow Victorian business.

“The business sentiments recorded in our most recent survey signal an opportunity for both State and Federal Governments to address business concerns and deliver pro-business policies that create jobs and enable growth,” Mr Stone said.

“While business confidence remains fragile, it is encouraging to see signs of optimism in the medium-term forecasts. We hope to see this confidence flourish as the new government gets on with the job of running the country.

“The Victorian Chamber will continue to advocate on behalf of business for policies that support major infrastructure projects in Victoria, boost jobs growth and competitiveness.”

Victoria’s business services sector was the most optimistic about the economic outlook for both state and federal economies over the next year, with a third expecting them to strengthen. Survey respondents from this sector believed the tough trading environment was exacerbated by uncertainty from the federal election campaign, but that the lacklustre performance will not last.

Businesses in the health, education and community services sector said jobs growth is likely to continue, as a lift in export activity is expected.

Regional-based businesses also reported a slightly more optimistic medium-term forecast than their metropolitan counterparts, as they recorded higher export levels and business investment.

The Victorian Chamber of Commerce and Industry, established in 1851, is the most influential business organisation in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.

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THE Institute of Public Accountants (IPA) has extended its congratulations to the Hon Michael McCormack MP as the newly appointed minister for small business.

“The IPA looks forward to working with Mr McCormack to ensure the focus on small business is maintained as we all know that small business is the critical sector for Australia’s economic well-being,” said IPA chief executive officer, Andrew Conway.

“We have long advocated for a strong, dedicated voice for small business within the Ministry. We are pleased that this will be the sole focus of the newly appointed minister.

“We recognise the efforts of the Hon Kelly O’Dwyer MP and the former small business cabinet minister, the Hon Bruce Billson, and we urge the government to maintain the focus on small business productivity as there is still much to be done. We need to see an acceleration of the momentum created by the former small business ministers.

“Our members live and breathe small business; more than two-thirds working in or with small business on a daily basis so we are well qualified to offer an opinion when it comes to small business.

“In addition, we have extended our partnership with Deakin University to create the IPA-Deakin SME Research Centre, to provide invaluable research to inform government on small business policy issues.

“This builds on the foundation of the first ever Australian Small Business White Paper launched last year.

“We look forward to extending this knowledge base to Minister McCormack to advance policies designed to boost small business productivity including:

Reforming the taxation system

• Simplifying the regulatory environment
• Improving access to affordable finance
• Improving education and skills of the small business sector
• Seizing export opportunities and taking advantage of trade agreements
• Ensuring a level playing field through fair competition laws
• Building an innovation system to support small business growth

For more information refer to the IPA Small Business White Paper at www.publicaccountants.org.au/whitepaper

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THE Australian Retailers Association (ARA) is urging the new Coalition Government Ministry to make business and the economy a focus of the next three years, despite the removal of the Small Business portfolio from Cabinet.

The ARA Coalition Government on its re-election, but says the challenges for the new Government cannot be ignored. He congratulated all new Ministers on their appointment, particularly new Small Business Minister, Michael McCormack; Minister for Education and Training, Simon Birmingham; Assistant Minister for Vocational Education and Skills, Karen Andrews, as well as Treasurer Scott Morrison and Minister for Revenue and Financial Services, Kelly O’Dwyer.

Russell Zimmerman, Executive Director of the ARA, said he is pleased to see consistency in Treasury portfolios, with the retention of Mr Morrison and Ms O’Dwyer, however, made note that the ARA is bitterly disappointed to see that the Small Business portfolio has been removed from cabinet.

“Given its important role within the economy, the omission of the Small Business portfolio from one of the largest cabinets in decades does not augur well,” said Mr Zimmerman.

“The exclusion of Small Business at a point when the economy needs business the most, is step backwards,” he said. “We can only hope that Mr McCormack is able to make the voice of Small Business heard.

“We also look forward to developing a close working relationship with Mr Birmingham and Ms Andrews on the further improvement of education and skills in Australia. The retainment of Michaelia Cash as Minister for Employment is also important for the retail industry.

“From the ARA’s perspective, there needs to be a consensus on a productivity agenda that drives growth through real workplace flexibility changes, lowering of the tax base for business to individuals, and pushing State-based reform on business costs such as construction, planning, and tax bases.

With the new Turnbull Ministry now in place the ARA is reminding Ministers of the importance of role the retail sector as Australia’s largest private sector employer with more than 10 percent of the working population employed in the retail industry.

About the Australian Retailers Association

Founded in 1903, the Australian Retailers Association (ARA) is the retail industry’s peak representative body representing Australia’s $293 billion sector, which employs more than 1.2 million people. The ARA works to ensure retail success by informing, protecting, advocating, educating and saving money for its 5,000 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.

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TODAY, the Council of Small Business of Australia (COSBOA) welcomed the announcement that Michael McCormack MP will be the new dedicated Small Business Minister. However, COSBOA stressed its concern that the small business portfolio has moved from Cabinet.

Peter Strong, CEO of COSBOA, praised the work of Minister Kelly O’Dwyer and hopes Mr McCormack can continue her hard work.

“Kelly O’Dwyer has been doing an exceptional job, but we understand that being the Assistant Treasurer, which will now be known as Minister for Revenue and Financial Services, is time consuming and we certainly don’t want Kelly burnt out.

"As a community of small business people, we are certainly aware of the importance of health and well-being,” says Mr. Strong.

“Mr McCormack has the confidence of the sector, however we are disappointed the portfolio has moved from cabinet and we will be seeking answers to why this has happened. Small business is powerful, employing around five million Australians and driving the country’s economy, so why has the portfolio moved? What’s happened and what pressures have caused this, perhaps big businesses and unions, are in play? In our opinion this is a step backwards for small business,” states Mr Strong.

COSBOA have highlighted some of the key issues for small business and for the future of the Australian economy, the key points are as follows:

• Competition policy and the enacting the Effects Test
• Creating a viable and effective vocational education and training system
• Confronting the two tiered workplace relation system that see big businesses and big unions manipulating legislation for their benefit not the benefit of workers or of the economy
• Inclusion of the self-employed in the health framework particularly for mental health
• Confronting manipulation of policy by these big businesses and unions
• Creation of a more efficient superannuation collection process

Peter Strong concluded, “We look forward to working with Mr. McCormack and progressing good policy for small business.”

He also adds: “We would also like to congratulate Senator Matthew Canavan on his appointment to cabinet, as he is a true champion of community and small business.”

For more information visit: http://www.cosboa.org.au

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LEADING food rescue organisation, OzHarvest, and the United Nations Environment Programme (UNEP) are urging Australians to take action on food waste as part of the fourth annual Think.Eat.Save campaign, taking place across Australia on July 25, and save billions of dollars.

Think.Eat.Save events taking place nationwide will see some of the nation’s top chefs – such as Neil Perry, Maggie Beer, George Calombaris and Matt Moran – business leaders, politicians and celebrities unite to address the urgent issue of food waste, which is currently costing Australians up to $8 billion each year.

Founder and CEO of OzHarvest, Ronni Kahn, said the aim of Think.Eat.Save2016 is to bring attention to the alarming amount of food wasted in Australia and around the world, where roughly one third of food produced for human consumption (approx. 1.3 billion tonnes) is wasted or lost along the way.

“The current global and local food waste statistics are alarming,” Ms Kahn said. “We urgently need change to happen now to ensure a sustainable food system for future generations. This year at Think.Eat.Save we are urging Australians tomake a dish using their leftovers, giving life to food that would otherwise have been wasted.

“These small efforts to reduce food waste create positive change and inspire others to take action about the urgent issue of food waste and food security.”

Members of the public are encouraged to get involved by making a personal pledge to change their eating behaviour and reduce food waste via #PledgeAPlate.

You can pledge a plate by making a meal out of leftovers, rescued or saved ingredients, taking a photo and uploading it on social media with the hashtag #PledgeAPlate and fundraise via www.pledgeaplate.com. Those participating are then encouraged to nominate someone else to take part via social media.

“To achieve a sustainable world, we need to transform the way we produce and consume our food – particularly as populations grow and climate change lowers agricultural productivity,” said UNEP Spokesperson Naysán Sahba.

“The Think.Eat.Save campaign sends the clear message that every individual can make a difference, and save themselves money, through simple measures to reduce food waste. We thank OzHarvest for championing the campaign in Australia and beyond.”

To mark the national Australian campaign to reduce food waste, OzHarvest will host 11 events across the country, feeding over 15,000 thousand people a free, delicious and hearty hot meal made from rescued produce and educating people about reducing food waste.

#PledgeAPlate Campaign Toolkits will be made available from July 25 at www.pledgeaplate.com for businesses and schools to take action and get involved in the Think.Eat.Save campaign.

The national food waste reduction campaign is supported by Woolworths and Glad.

NATIONAL THINK.EAT.SAVE PUBLIC EVENTS

DATE & TIME: Monday, 25 July from 11.30am – 2.30pm (major cities)

CLICK HERE FOR FULL LOCATION LIST

Sydney event: Martin Place, Sydney

Adelaide event: The University of Adelaide Goodman Lawns, North Terrace

Brisbane event: St Stephen’s Cathedral, Brisbane

Canberra event: Petrie Plaza

Gold Coast event: The 4217, 10 Beach Road, Surfers Paradise

Melbourne event: The State Library of Victoria, Melbourne

Newcastle event: Wheeler Place, Newcastle

Perth event: Forrest Place, Perth CBD

Regional Areas: Cairns, Sapphire Coast, Armidale

For a full list of events and information, please visit www.ozharvest.org

Follow us on Twitter @OzHarvest or Facebook or call 1800 108 006

Social media tags: #ozharvest #thinkeatsave #pledgeaplate

@UNEP #SaveFood #UNFAO #FoodWaste @FAOKnowledge @FAOnews @save_food_news

AUSTRALIA’s national resource industry employer group, AMMA, congratulates ministers Michaelia Cash, Josh Frydenberg and Matthew Canavan on their reappointment/appointment to portfolios critical to the future of Australia’s resource employers, employees and communities.

AMMA chief executive Steve Knott says Senator Cash has proven to be an extremely knowledgeable and consultative Minister for Employment who brings a strong appreciation for the resource industry and its importance to Australia’s economy and living standards.

“Since taking on the employment portfolio less than 12 months ago, Minister Cash has successfully secured the passage of the first, and long overdue, amendments to Australia’s workplace relations laws in more than three years,” Mr Knott says.

“The minister has also made highly regarded appointments to the Fair Work Commission (FWC); simultaneously improving the proportion of women in the tribunal to one-in-three commissioners. The modernisation of the FWC is a work in progress and AMMA encourages Minister Cash to continue to ensure government institutions better reflect the gender composition of the Australian community.

“As Minister for Women, Ms Cash has also championed gender diversity in the resource industry, maintaining Labor and Coalition government support for AMMA’s Australian Women in Resources Alliance (AWRA), including funding hundreds of women to complete its innovative e-Mentoring program.”

The resource industry is now looking to the government to drive further, vitally important workplace relations reform that the preceding parliament was incapable of legislating.

“Resource employers want to see the government deliver its election commitments to restore the Australian Building and Construction Commission (ABCC) and return to sensible and balanced laws for union entry into workplaces,” Mr Knott says.

“The industry is also eagerly awaiting a response to the Productivity Commission’s December 2015 recommendations to fix pressing problems with Australia’s workplace relations framework.”

Mr Knott also welcomes the appointments of Senator Matthew Canavan to the Resources and Northern Australia portfolio, and Minister Josh Frydenberg to the Environment and Energy portfolio.

“AMMA looks forward to working with Senator Canavan to ensure that the resource industry can continue to attract investment and generate ongoing employment and economic benefits for the nation,” he says.

“We look forward to continuing to work closely with Minister Frydenberg in his new Environment and Energy portfolio. Mr Frydenberg has proven to be a proactive and consultative minister who understands the importance of a diverse energy mix to Australia’s future prosperity.

“The resource industry also thanks Minister Greg Hunt for his global leadership on the environment and will maintain a collaborative relationship with him in his new key portfolio of Industry, Innovation and Science.”

www.amma.org.au

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SCOTTISH Pacific Group (ASX:SCO) is pleased to announce it has been admitted to the Official List of the Australian Securities Exchange (ASX) and that its ordinary shares will commence trading at midday today.

“Today is a major milestone for management and for our 260 staff. It is a celebration of Scottish Pacific’s long history of working with the business community to provide the flexible working capital requirements they need to grow,” Scottish Pacific Group CEO Mr Peter Langham said.

“Our management team has spent many years at Scottish Pacific and will continue to provide strong direction for us, as we strengthen our offering within Australia and New Zealand,” he said.

Scottish Pacific Group is the clear market leader in the SME finance sector, with more than 1600 clients in Australia and New Zealand, handling more than $10 billion of invoices each year and providing debtor and trade finance funding exceeding $800 million.

Based on the listing price, Scottish Pacific Group will have a market cap of over $440m.
The 38 employees who have been with the business for 10 years or more (more than 10% of staff qualified, highlighting Scottish Pacific’s position as an employer of choice) were invited to witness today’s listing.

Operations Support Officer Mrs Anita Roopra, who joined Scottish Pacific more than 25 years ago, was given the honour of ringing the bell on behalf of all staff.

Scottish Pacific Group comprises three main brands: Scottish Pacific Business Finance, www.scottishpacific.com, FactorONE, www.factorone.net.au, and Scottish Pacific Tradeline www.sptradeline.com.

Scottish Pacific Group (ASX:SCO) is the largest specialist provider of working capital solutions for SMEs in Australia and New Zealand. Established in 1988, the business has full service bases in Sydney, Melbourne, Perth, Brisbane, Adelaide, Auckland, London and China. Scottish Pacific was voted by brokers Best Cash Flow Lender 2016, 2015 and 2014 in The Adviser’s annual Non-Bank Lending Awards; and named Best Trade Finance Provider 2015 at the international Trade Finance Global Excellence Awards.

www.sptradeline.com

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