THE Victorian Chamber welcomes the release of Infrastructure Victoria’s discussion paper Laying the Foundations.

“This represents a positive first step in setting Victoria’s infrastructure priorities for the next 30 years” said Victorian Chamber of Commerce and Industry Chief Executive Mark Stone.

The Victorian Chamber has been a strong supporter of the establishment of Infrastructure Victoria as an independent body to provide advice on key infrastructure priorities and projects.

“Through consultation, independent analysis and transparency, Infrastructure Victoria will play a key role in building a stronger consensus on the State’s infrastructure priorities among decision-makers, business and the wider community,” said Mr Stone.

"We welcome the fact that the consultation paper released today does not jump to conclusions. Rather, it seeks input from all parts of the Victorian community to identify the objectives that Victoria’s future infrastructure needs to address.

"This work in vital to ensuring that strategic infrastructure planning goes beyond the short-term political cycle. The Victorian Chamber looks forward to ongoing engagement with Infrastructure Victoria and the Government to define, prioritise and progress the long-term infrastructure needs of all Victorians."

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.

victorianchamber.com.au

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AUSTRALIA’s national resource industry employer group, AMMA, pays tribute to Warren Truss and Andrew Robb, two leading political figures who have made a valuable contribution to the resource industry and to the nation.

Warren Truss:

Mr Truss has delivered wide ranging and consistent leadership for the Australian people both as the member for Wide Bay, and across ministerial and shadow ministerial portfolios encompassing infrastructure, transport, trade, regions, agriculture, border protection and community services.

Mr Truss has delivered a significant foundation for the ongoing growth and success of the Australian resource industry, particularly through his work to improve productive infrastructure, deliver more effective logistics, and open up new international trade opportunities.

His legacy of achievements provides important foundations for Australia’s successful resources production and exports, and will do so long into the future.

Andrew Robb:

AMMA shares the Prime Minister’s assessment that Andrew Robb has been the most successful trade minister in Australia’s history.

The China, Japan and South Korea free trade agreements secured under his leadership and relentless hard work have opened up significant new opportunities for Australia’s resources producers to satisfy the commodity demands of a rising middle class in Asia.

By eliminating tariffs, fast tracking access to international markets and supporting our competitive position in the growing Asia Pacific region, these agreements will play an invaluable role in underpinning the next phase of resources investment and expansion.

The recent signing of the Transpacific Partnership – encompassing 12 nations accounting for 40% of global GDP – is another great milestone in Mr Robb’s distinguished parliamentary career which will further promote investment in Australia’s resource sector and open doors for local exporters.

AMMA also congratulates Mr Robb for his leadership on mental illness. His openness and advocacy have played a very important role in starting to destigmatise mental illness and ease the way for critical conversations and growing awareness that is helping people throughout the resource industry and the broader community.

www.amma.org.au

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NATIONAL resource industry employer group, AMMA, congratulates Ian Macfarlane on his outstanding 18-year career in federal politics and the enormous contribution he has made to the development of our resource industry under two governments.

“Ian’s leadership, commitment and support contributed significantly to the success of Australia’s resource industry under both the Howard and Abbott governments,” says AMMA chief executive Steve Knott.

“Ian is highly respected across our sector for the experience, leadership and passion he displayed as a cabinet minister and shadow minister.

“Throughout an extensive political career he has demonstrated a deep understanding of what it takes to support the resource industry in creating employment and economic benefits for all Australians.

“Most recently as former Minister for Industry, Ian played a key role in cutting excessive red tape, regulation and the mining tax, while introducing valuable incentives to kick-start new exploration activity.

“Similarly, as the long-standing Member for Groom, Ian has demonstrated a thorough understanding of and commitment to regional communities, and the benefits of a thriving business sector.

“AMMA thanks Ian for his career in the service of the Australian people and for being a strong and consistent advocate for a vibrant and competitive Australian resources sector. We wish him all the best for his post-parliamentary career.”

www.amma.org.au

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THE Institute of Public Accountants (IPA) has continued its support of the small business sector through its 2016 pre-Budget submission to the Government.

“The IPA’s submission puts forward a number of key policy recommendations, focusing particularly on the key pillars required for a more productive and dynamic small business sector,” said IPA chief executive officer, Andrew Conway.

“However, the recommendations within the submission are presented against the background of a looming economic downturn.

“Our Australian Small Business White Paper published in late 2015 shows that after more than two decades of prosperity driven by booming prices for mineral exports, Australia now faces the real prospect of a sustained fall in living standards.

“Apart from a deteriorating federal budget, the core of the nation’s economic problem is its failure to lift business productivity for much of the past 15 years.

“Sadly, this means that Australia’s businesses collectively are barely more efficient than they were at the start of this century.

“This situation must be arrested now if we are to continue to enjoy the standard of living we enjoy today.

“To this end, we are hopeful that the Government will take serious consideration of our key recommendations which include a loan guarantee scheme, venture capital funding, building an innovation system, boosting skills and human capital, and the need for robust tax reform,” said Mr Conway.

For more information on the IPA’s pre-Budget submission go to http://bit.ly/1PVGJX7

About the Institute of Public Accountants

The IPA, formed in 1923, is one of Australia’s three legally recognised professional accounting bodies.  In late 2014, the IPA acquired the Institute of Financial Accountants in the UK and formed the IPA Group, with more than with more than 35,000 members and students in over 65 countries.  The IPA is a member of the International Federation of Accountants, the Accounting Professional and Ethical Standards Board and the Confederation of Asian and Pacific Accountants.  The IPA was recognised in 2012 as Australia’s most innovative accounting organisation and listed in the top 20 in the 2012 BRW Most Innovative Companies List. 

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THE Business Council of Co-operatives and Mutuals (BCCM) today congratulated the Minister for Agriculture, Barnaby Joyce, on his unopposed election to leader of the Nationals and on becoming Deputy Prime Minister elect.

Commenting on the leadership change, BCCM CEO, Melina Morrison said, “I wish to congratulate Minister Joyce on the Nationals leadership and elevation to the office of Deputy Prime Minister. As Minister for Agriculture, Mr Joyce has been very supportive of the co-operative sector and we hope this great work will continue in this new capacity.”

In July, the federal government announced a $13.8 million package to help farmers form co-operatives, as a key measure in the White Paper on Agricultural Competitiveness. A two-year pilot programme will provide farmers with information and training on co-operatives and collective business models aimed at getting better returns to the farm gate and reinvestment on farm.

“The Council is looking forward to the roll out of this programme to improve access to information on co-operatives so that farmers can get better returns up and down the supply chain. I am sure in his new role, the Deputy Prime Minister elect will continue to champion the sector.”

“The role of co-operatives and mutuals in supporting strong, regional economies is recognised by the Nationals support of other initiatives aimed at enabling the growth of the sector, including the current Senate inquiry into co-operatives, mutuals and members owned firms co-proposed by Victorian Nationals Senator, Bridget McKenzie and South Australian Independent Senator Nick Xenophon,” concluded Ms Morrison.

www.bccm.coop

The Business Council of Co-operatives and Mutuals (BCCM) is the national peak body representing the co-operative and mutual models of enterprise in Australia. Formed in 2013, the BCCM is led by the chief executives of Australia’s leading co-operative and mutual businesses and is the only organisation uniting the entire, diverse range of member owned business. 

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THE House of Representatives Standing Committee on Economics will hold a public hearing with the Governor of the Reserve Bank of Australia, Mr Glenn Stevens, in Sydney from 9:30am to 12:30pm this Friday, 12 February 2016.

At its meeting on 2 February 2016 the RBA decided to leave the cash rate unchanged at 2.0 per cent. The Governor noted in his statement that ‘new information should allow the Board to judge whether the recent improvement in labour market conditions is continuing and whether the recent financial turbulence portends weaker global and domestic demand.’

The Governor concluded that ‘continued low inflation may provide scope for easier policy, should that be appropriate to lend support to demand.’

The Australian economy continues to demonstrate resilience even though the global economy is growing at a slightly lower pace than earlier expected. The Governor noted that ‘the available information suggests that the expansion in the non-mining parts of the economy strengthened during 2015 even as the contraction in spending in mining investment continued.’

In relation to China, the February Statement on Monetary Policy noted that ‘the outlook for China’s growth is a significant uncertainty for the outlook for the Australian economy.’

The Chair of the House Economics Committee Mr Craig Laundy said ‘the committee will examine these issues in more detail and examine the RBA about whether it is confident that the current monetary policy settings will effectively encourage growth and inflation consistent with the target for coming years.’

Public Hearing Details 

Committee: House of Representatives Economics Committee
Venue: SMC Conference & Function Centre, Ionic Room (ground floor)
66 Goulburn Street Sydney
Date:Friday, 12 February 2016
Time: 9.30am to 12.30pm
Webcast: The hearing will be webcast (audio only) http://webcast.aph.gov.au/livebroadcasting/

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THE Australian Retailers Association (ARA) has commended Federal Treasurer, Scott Morrison, on draft laws introduced to Parliament this week to close the loophole which sees digital purchases, including e-books, music, and content streaming services escape tax if purchased from online overseas operators.

The ARA has lead the campaign on tangible and intangible GST collection changes, securing a major victory in August, with confirmation of the removal of the $1000 tax-free threshold on purchases from international retailers from July 2017.

ARA Executive Director, Russell Zimmerman, said the planned changes are necessary to bring purchases of digital goods in line with physical goods from 2017, and will put a stop to the advantage online overseas retailers now enjoy over Australian businesses.

“Mr Morrison’s proposal to close the GST loophole that has seen international online operators given a leg up over local Australian players is the final frontier in our fight to maintain a fair an equal business environment for Australian retailers,” said Mr Zimmerman.

If the proposed legislation is passed in Parliament, intangible items such as games, music, e-books, video and other content streaming purchased from international e-commerce entities will be subject to the same tax as Australian sold physical or digital goods. The laws would be expected to come into effect from July 2017.

“The issue of international online retailers escaping the payment of taxes has been a huge concern for Australian retailers, and the ARA is overjoyed to see that the Government is finally taking action. If passed, this legislation will finally offer Aussie companies a level playing field on intangible items, with the Government committed to fixing the GST on physical items.

“This change will have the added benefit of funnelling around $350 million in extra revenue into our States and Territories, which can be used to fund crucial services such as teachers, police, and doctors. We hope to see the quick passing of the laws in Parliament and the swift implementation of this sensible law.”

About the Australian Retailers Association:

Founded in 1903, the Australian Retailers Association (ARA) is the retail industry’s peak representative body representing Australia’s more than $300 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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VICTORIAN business sentiment about the Victorian and Australian economies over the next year has risen strongly, according to the Victorian Chamber of Commerce and Industry’s Survey of Business Trends and Prospects released today.

The Victorian Chamber’s Survey of Business Trends and Prospects summarises the views of over 500 metropolitan and regional Victorian businesses across seven major sectors.

Over the December quarter 2015, 23 percent of respondents said they anticipate stronger national economic growth over the next year. Sentiment for the Victorian economy also rose, with 23 percent of respondents also expecting better economic conditions in the year ahead.

Businesses reported growth in net sales, exports, employment and investment in plant and equipment during the December quarter. However, wages and other labour costs also continued to rise, squeezing profits.

“Despite the rise in business sentiment, business confidence remains fragile and more must be done to sustain and grow this newfound optimism,” said Victorian Chamber Chief Executive Mark Stone.

“These findings point to an opportunity for both state and federal governments to deliver business-focused 2016-17 budgets that convert this sentiment into medium and long-term economic growth and job creation.

“Victorian business is looking to governments to deliver budgets that reduce the cost of doing business, drive productivity through major infrastructure projects, boost workforce skills and grow our international trade capabilities.”

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.

victorianchamber.com.au

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