The House Economics Committee has today tabled its second report on the Review of the Australian Prudential Regulation Authority Annual Report 2014. 

The Chair of the committee, Mr John Alexander OAM MP, said that although it was pleasing to learn from APRA that the Australian financial sector is showing overall stability, there is evidence of emerging risks in the housing market which must be carefully monitored.

"An increased scrutiny of mortgage portfolios is an appropriate response to this issue and we will be requesting updates from APRA in this regard at future hearings," Mr Alexander said.

In the superannuation industry, the management of conflicts of interest needs improvement and new and more detailed disclosure requirements are not yet fully implemented. APRA has given undertakings that it is continuing to oversee and promote better governance in this sector.

The prudential responsibilities of the Private Health Insurance Administration Council will be transferring to APRA in July of this year.  The committee is monitoring this transition with interest.

The outcomes of the recent Financial System Inquiry (FSI) and the current work of the Basel Committee may well impact future capital requirements for Australian banks. The committee will continue to discuss this with APRA at future hearings.

The next APRA hearing will be held on 23 October 2015 in Canberra.

The report is available on the committee’s website at: http://www.aph.gov.au/economics. 

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INDUSTRY-LED research to improve resource extraction and support innovative manufacturing will be boosted with $74 million in Government funding for two Cooperative Research Centres.

The established CRC for Optimising Resource Extraction (CRC ORE) will receive $34.45 million to fund its ongoing activities in improving the efficiency and cost-effectiveness of mineral extraction to 30 June 2021.

The new CRC for Innovative Manufacturing (IM CRC) will receive $40 million over seven years to 30 June 2022 to assist Australian manufacturers to transition to high-value internationally competitive manufacturing.

Speaking at the CRC Association annual conference in Canberra, Minister for Industry and Science Ian Macfarlane said CRCs will continue to be an important asset for driving greater collaboration between industry and research.

“CRCs are a highly successful way of bringing industry and research organisations together to apply the latest research knowledge to the real-world problems facing industry,” Mr Macfarlane said.

“More than 60 organisations, including multi-nationals, SMEs and peak industry bodies, will be involved in these CRCs. They will bring together a wide range of skills and knowledge, as well as financial support, to increase productivity in their sectors.

“The CRCs will work closely with the new Industry Growth Centres to address common goals and priorities, ensuring an integrated approach to overcoming challenges and developing market opportunities for local businesses.

“The Australian Government has put science at the centre of industry policy through the range of measures in the Industry Innovation and Competitiveness Agenda.

“Along with Industry Growth Centres which focus on the areas in which Australia has a competitive edge, CRCs will drive productivity, innovation and collaboration gains, and identify commercial opportunities to exploit global markets and generate new jobs.”

The CRC ORE, headquartered in Brisbane, will continue to develop Australia’s mining services sector by targeting operational inefficiencies, enabling the recovery of lower-grade ore deposits in an energy and cost effective way.

This approach will diversify benefits from Australia’s natural resources by increasing the capacity and market opportunities for local businesses.

The IM CRC, headquartered in Melbourne, will be established to develop knowledge-intensive competitive industries in areas of global growth, including additive manufacturing, lightweight robotics and medical devices.

The CRC will work with the Advanced Manufacturing Growth Centre to assist Australian manufacturers to transition from traditional manufacturing to knowledge-intensive, internationally-competitive activities.

The Government is investing more than $731 million over five years for the Cooperative Research Centres to continue their diverse range of research.

Since 1991, the Government has committed more than $4 billion in funding to the CRC Programme and supported over 200 CRCs.

www.industry.gov.au

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SHANGHAI - The 2015 CES Asia wrapped as a sold-out show today exceeding all expectations in its first year and setting a new standard for world-class trade events in China.

More than 200 exhibitors from 16 countries spanned more than 20,000 gross square metres on a show floor that was previously expanded due to demand. During its three day run May 25-27, CES Asia welcomed more than 20,000 attendees, including more than 1,200 members of the media.

Show organizers expect to release officially audited numbers within six weeks.

Produced by the Consumer Electronics Association (CEA) and co-produced by INTEX, the 2015 CES Asia drew global businesses to showcase the latest innovations and technologies entering the Asian marketplace. Click here to see video.

“CES Asia was by every measure a world-class launch, setting the bar for high-quality events in the region in terms of industry attendance, production value, conference programming, product introductions and the ability to bring together some of the brightest minds in the industry,” said Gary Shapiro, president and CEO, CEA. “Exhibitors at this inaugural event were courageous to trust us, frankly, but it’s those brave, curated companies that have helped us set a new international standard for show launches.”

Exhibitors have taken note of the incredible energy on the show floor and want more. Exhibitor space selection for 2016 started yesterday and already the equivalent of 85 percent of this year’s show floor has been sold. CES Asia plans to expand into a third hall next year, which nearly doubles available show floor space.

“The opportunities that are being opened by CES Asia are going to resonate globally,” said James Luckett, president and founder, Myth Innovations Inc. “This has been a landmark event not only for China but an amazing opportunity for the rest of the world to witness the technical capabilities and markets in the region.”

CES Asia boasted a strong global presence with roughly 40 percent of the show floor represented by innovative companies headquartered outside of mainland China. Moreover, the products introduced here this week will fuel the ever-growing Asian marketplace and ultimately grow the global economy, creating new jobs and paving the way for future innovation.

“The rapid pace of globalization is driving a new wave of trans-national innovation and the inaugural CES Asia helps drive this trend by bringing together the best in innovation from China and around the globe,” said John Penney, chief strategy officer, Starz. “CES Asia represents the future of collaborative, transformative innovation that can help solve the world’s most challenging problems.”

Throughout the three-day event, the show floor was packed with exhibitors, as well as domestic and international buyers, resellers, distributors, media executives, content creators, manufacturers, engineers, product designers, CTOs, CIOs, investment managers and others involved in purchasing decisions as well as press from around the world.

“A distinct air of excitement permeated the area as fascinating new products were displayed,” said Karen Chupka, senior vice president of the International CES and corporate business strategy. “The Asian market is vitally important to the worldwide consumer technology industry, and the success of CES Asia reinforces the strength of this incredible and fast-growing market.”

Major product launches sparked industry interest, including: Audi’s R8 e-tron, Q7 e-tron, Baidu Car Life and MMI; Cadillac’s OnStar 4G Lte; China Mobile’s IoT Private Network and OneNet Open Platform; Ford’s Sync 3; Mercedes-Benz’ F 015 Luxury in motion;Klipsch’s HS Wireless Home Theater System; Moley Robotics’ Smart Kitchen Robot; TomTom’s Runner Cardio and Golfer GPS Watches and Volkswagen’s Golf R Touch, Connected Golf and Intelligent Charge.

During Volkswagen’s press conference at CES Asia, Dr Heinz Jakob Newburgh, member of the board of management, Volkswagen said, “Volkswagen is presenting a bunch of its innovations including gesture control, intelligent charging, car-net and trained parking at the world’s greatest technology event.”

A dynamic conference program line-up of thought leaders from converging industries, as well as Keynote and Industry Mover addresses by top industry executives such as Audi’s Rupert Stadler, IBM’s D.C. Chien, Intel’s Kirk Skaugen and Twitter’s Shailesh Rao. By the first day, the conference program had sold out and keynote addresses by Audi and Intel each saw more than 1,000 attendees.

Day two’s line-up focused on the theme of Industry Movers and featured some of the world’s most influential brands.

Shailesh Rao, vice president of Asia Pacific, Latin America and emerging markets, Twitter, delivered an address Tuesday morning as part of the Industry Mover speaker series. He spoke about Twitter’s reach and depth of insights across the globe, presenting a case for why Twitter is a crucial platform for Chinese businesses looking to go international.

“The world today expects to be heard, the world today expects to be part of the conversation, and Twitter is a platform where the conversation can happen,” said Rao, adding that Chinese companies like Air China, Alibaba, Xiaomi and Haier have already seen the opportunity and joined the global conversation on Twitter.

Sun Weimin, vice chairman of Suning Commerce Group Co. Ltd., delivered the afternoon CES Asia keynote address on Tuesday on the transformation of traditional retail enterprises toward Internet retail. He described how Suning has advanced over the past 10 years as a major retailer of consumer electronics thanks to its emphasis on service.

He also provided his forecast for the future of the industry. Sun said that in terms of products, “Smart home technology offers retailers a special opportunity to provide individualized service to customers, helping them identify the products they need and then integrating them into the home environment.”

Liang Jun, COO of smart terminals business group at Letv and president of Le Shi Zhi Xin, a subsidiary of Letv, concluded the Industry Mover speaker series with a discussion on how the Internet of Things (IoT), a key theme of the 2015 CES Asia, is impacting Letv's growing ecosystem of smart devices.

He explained how Internet companies are at the forefront of innovation because they are on the same side as consumers, and stressed the importance of collecting and analyzing customer feedback to optimize the user experience. “The Internet has changed me and I have to look at our products from a brand new viewpoint,” said Jun. “We need to be customer oriented – not only talk the talk, but walk the walk.”

The environmental footprint of the global CE industry was addressed Tuesday afternoon during panel sessions focused on 'Emerging Environmental, Energy Efficiency Trends and Impacts.'

Panelists from both the public and private sectors addressed the environmental impacts of consumer electronic devices. Given that products are becoming lighter and more energy-efficient, the panelists noted that more scrutiny will be placed on the environmental impacts within the supply chain.

The Best of CES Asia Awards, presented by ZOL, were also announced today. The Best of CES Asia Awards focused on breakthrough products and technologies that encourage innovation and evolution across 14 product categories. The products that took home the top prizes include:

• Best 3D Printing Product: Tinkerine Ditto Pro 3D Printer
• Best Audio Product: AKG N90Q
• Best Automotive Electronics Product: Cadillac OnStar
• Best Software/App: JIDE REMIX OS
• Best Mobile Device: Garmin VIRB XE Action Camera
• Best TV Product: Hisense XT910 ULED Curved TV
• Best Smart Home Product: JD We Lian Smart Home Platform
• BEST OF THE BEST: Moley Robotics Smart Kitchen Robot

More information about Best of CES Asia award winners and finalists is available online.

The 2015 Consumer Electronics CEO Summit was held in conjunction with CES Asia. Produced by CEA, the CEO Summit is an invitation-only event that brings together top level decision-makers from major consumer technology companies to meet and network in an exclusive, executive-only environment.

The CEO Summit hosted leaders of technology’s elite companies including Newegg, Canon U.S.A. Inc., desktop FAB Inc., ibiquity Digital Corporation, Sony Electronics and VOXX International Corporation. The event also featured a presentation on China by Hanscom Smith, Consul General of the United States of America Shanghai, China and an economic outlook delivered by CEA’s Chief Economist and Lead Technologist, Shawn DuBravac, Ph.D.

CES Asia was co-produced by CEA with INTEX Shanghai Co. Ltd., a prominent producer of international tradeshows in China. Special co-organizers for CES Asia included the Chinese Electronic Chamber of Commerce (CECC) and the China Chamber of Commerce for Import and Export of Machinery and Electronic Product (CCCME).

Building off the successful inaugural event, CES Asia will return to Shanghai, May 11-13, 2016. For the latest CES Asia news and information, visit CESAsia.com.

About CEA:

The Consumer Electronics Association (CEA) is the technology trade association representing the $286 billion U.S. consumer electronics industry. More than 2,000 companies enjoy the benefits of CEA membership, including legislative and regulatory advocacy, market research, technical training and education, industry promotion, standards development and the fostering of business and strategic relationships. CEA also owns and produces CES – The Global Stage for Innovation. All profits from CES are reinvested into CEA’s industry services. Find CEA online at CE.org and InnovationMovement.com.

About CES Asia:

Owned and produced by the Consumer Electronics Association (CEA)® and co-produced by INTEX, the International CES Asia will serve as the premier event for the consumer technology industry, showcasing the full breadth and depth of the innovation value-chain in the Asian marketplace. Key global businesses will come to this new event to grow and reinforce their brand by showcasing the latest products and technologies to CE industry executives, foreign buyers, international media and a limited number of consumers from China. Attendees will have exclusive access to some of the largest brands from China and around the world, while celebrating the innovation that defines the CE industry.

About INTEX:

INTEX is the sub joint venture company of CCPIT (China Council for the Promotion of International Trade) Shanghai, which started 1992. INTEX is a prominent producer of international tradeshows in China, owning venues in Shanghai, and managing various exhibition venues outside of Shanghai. INTEX Shanghai is the vice chairman of SCEIA, the Deputy Director of CAEC and the member of UFI. As the first venue management company that imported the first level pattern of management and experience in Shanghai, it is jointly invested by Shanghai Hongqiao E&T Development Zone United Development Co., Ltd., Council for the Promotion of International Trade Shanghai and Istithmar P&O Estates FZE. INTEX was the first international exhibition center passing ISO9001 quality certification in China and has a stand-out reputation in the domestic exhibition industry.

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“REGIONAL Victoria has performed strongly over the past decade. Local leadership and resources have been skilfully blended to create a modern, dynamic and internationally-oriented regional business community,” said VECCI Chief Executive Mark Stone.

“Now is the time to build on Victoria’s many regional strengths, overcome emerging pressures and create new employment, trade and investment opportunities.”

With this in mind, VECCI has launched its Victoria Summit 2015 – Regional Victoria. The Summit will bring business leaders across the state together to identify the reform priorities that will support the future growth and prosperity of regional Victoria.

Mr Stone said VECCI’s engagement with regional stakeholders, including local government executives, through a series of seven workshops starting today, will capture first-hand insights on the policy reforms needed to ensure continuing business success across Victoria.

He said although the barriers and opportunities for growth vary across each of Victoria’s diverse regions, common themes VECCI’s regional members have already foreshadowed include the need for reforms that:

• Create jobs, particularly for young adults and displaced workers.
• Strengthen regional infrastructure.
• Enhance regional workforce skills.
• Lower regional business costs and reduce red tape.
• Get more regional businesses into exporting.
• Attract more investment into our regions, including for our high-quality tourism and events industries. 

The Victoria Summit workshops will be held throughout Victoria over the next two months, giving all local businesses and governments the chance to contribute to the Summit’s agenda.
 
Workshops include: Traralgon (28 May); Ballarat (11 June); Bendigo (16 June); Mildura (26 June); Warrnambool (8 July); Geelong (9 July) and Wodonga (15 July).

The workshop program will culminate in the Victoria Summit, to be held in Bendigo (13-14 August 2015), giving regional leaders the opportunity to inform the State Government and Opposition on the policy changes needed to keep their regions growing.

The Victoria Summit recommendations will form the basis of VECCI’s regional business agenda into 2016 and beyond, including for VECCI’s 2016-17 state budget submission and the next federal election.

For further information or to register for your local Victoria Summit workshop, please call (03) 8662 5333 or email This email address is being protected from spambots. You need JavaScript enabled to view it.. 

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OVER the past 17 years Re-Engineering Australia Foundation, a Not-For-Profit Social Enterprise, has been implementing Science, Technology, Engineering & Maths (STEM) activities into schools across Australia with great success.

In NSW alone, with the support of industry, REA has provided over $50 Million dollars of cash, hard technologies, software and in-kind services into NSW Public Schools. Unfortunately for NSW Public Schools this provision of technology and funding now has to come to an end.

REA is no longer permitted to supply any of the technology associated with its STEM programs into NSW Public schools due to bureaucratic processes into which REA does not fit.

The NSW Education bureaucracy do things their way … the way they have done them forever ... and you dare not attempt to change them, or be innovative … because you run the risk of facing their wrath.

The unfortunate inference for NSW Public Schools is that
“Innovation is not welcome”.

“Bureaucracy is a negative force that inhibits and often prohibits innovation. Bureaucracies are organizations that are designed to maintain the status quo and they do so by rules, regulations, manuals, performance evaluations, a pyramid organization structure of power, and a huge resistance to Innovation”. Global Innovation Foundation.

The term "bureaucracy" is French in origin, and combines the French word bureau – desk or office – with the Greek word κράτος kratos – rule or political power. More than 60 years ago, Max Weber declared bureaucracy to be “the most rational known means of carrying out imperative control over human beings.” He was right. Bureaucracy is the technology of control.

“Organisations that are creating immense value and game-changing new platforms are those who have effectively sidelined bureaucracy in favour of a new way of working.” Andy Lark at Australian innovation leader, Xero Software.

After continued attempts (22 at last count) to at least have a discussion with the NSW Minister for Education, Hon Adrian Piccoli MP, on the topic of REA’s STEM activities, and its approach to supplying STEM technology into schools, our requests have fallen on deaf ears. The Minister through his office has again refused to meet and has confirmed the ban imposed on REA by the bureaucrats within the NSW Education Department.

REA is banned (their words) from supplying any of the technology we uses in our STEM programs into NSW public schools. It is our understanding that this ban on REA will remain in place for at least the coming 3 years.

Because we are different!

Because we are different … successfully … are creating a paradigm shift in STEM education … changing the way industry works with schools to develop STEM educational outcomes … and because we are suggesting innovative ways to work with Governments … we have been banned ... rather than listened too. This highlights a systemic failure by the NSW Government to consider innovative solutions which question bureaucratic process and provide more value for money solution to the people of NSW.

REA’s only option is to re-focus its NSW efforts on building STEM capabilities in Independent Schools and in Public & Independent schools across the rest of Australia where our programs are growing from strength to strength.

REA will continue to support those NSW Public Schools already engaged in F1 in School, where possible, but our support will be limited both financially and by the restrictions placed upon us. All of the cash and support we receive from Industry in NSW will now be directed to independent schools.

By way of example of our dilemma: REA is today working with industry to finalise the last of the funding needed to implement  $70,000 of STEM technology into an independent school in Coffs Harbour – free to the school. This will be the first of many STEM Technology Hubs REA plans to implement into on the north coast of NSW. Unfortunately we are not allowed to provide this technology into NSW Public Schools, even though its free to the school.

Independent schools have no such blockages because innovation is alive and well in the Independent schools system, as it is in the other States of Australia.

With STEM education high on the agenda of every developed nation ... and being recognised in the recent budget speeches by both sides of Federal politics, it is difficult to understand the approach of NSW Education. We can only hope that something will change in the future and that the NSW Public Education system will open up a dialog to include innovative approaches to the implementation of STEM education and STEM technology. Until it does the NSW Public Education system will continue to be held back by bureaucracy and will continue to fall behind the rest of the nation and the rest of the world, in STEM education ... if not all subjects.

REA will continue to argue the case for sensible communication on this topic with the NSW Government.

www.rea.org.au

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A HOME and life management service; a smart phone app connecting healthcare providers and patients and an app that helps the user lose weight are all good ideas but would they make it in the real world?

An ability to apply theory to a “real-world” environment will be a key consideration when Australia’s leading entrepreneurs gather tomorrow (Thursday 28^th) to judge the University of Sydney’s first semester Genesis startup program.

Genesis is a pre-incubator program designed to helping students bring their business ideas to life through workshops, mentoring, networking, funding and prizes provided by sponsors Servcorp, Meteorical and Inspiring Rare Birds.

More than 30 teams enrolled in this year’s first semester program. The seven finalists teams will be given five minutes pitch their ideas to the judging panel. Prizes will be awarded in the categories of “Most Disruptive Enterprise” and the “Best Business Plan”.

Sydney Genesis Final Pitch

Date:                Thursday 28^th May

Time:               5.00 PM to 8.30 PM

Venue:             Darlington Centre

174 City Road, Darlington, NSW

Contact:          Trevor Watson, 0418 648 099 or This email address is being protected from spambots. You need JavaScript enabled to view it.

                        Cayetana Martinez, 0420 662 942 This email address is being protected from spambots. You need JavaScript enabled to view it.

Finalists

My Home and Life PA - a home and life management service that coordinates and executes personal admin tasks.

Sonder- an E-ink keyboard adapts intuitively to you. Seamlessly switch between any language, shortcuts or custom icons on your keys.

Get Me There China- a full capacity of services comprised of market entry consulting and trading agency services for businesses seeking to access the China market.

Hapy- a revolutionary B2C app bringing health providers and customers together in a fast, easy, convenient and secure way.

Illicit- a comprehensive youth drug education package to address the shortcomings in the current drug education curriculum.

Shape Up Your Life- an app to lose weight guided by nutrition experts, motivating challenges and personal assistants.

Bonjour Babies- helps make bilingualism accessible to kids and parents online and off-line.

 http://sydney.edu.au/business

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ON THE ANNOUNCEMENT by Mr Tony Stuart of his decision to step down as CEO of the National Roads & Motorists' Association Group (NRMA), the Business Council of Co-operatives and Mutuals (BCCM) would like to acknowledge the work and commitment of Mr Stuart to the co-operative and mutual sector.

Commenting on Mr Stuart’s decision, Melina Morrison, BCCM CEO, stated, “Two years ago, Tony Stuart play a key role in the formation of the Council and has since contributed immensely to the Council’s work as a member of our Board and more widely in his public advocacy of the benefits of mutuals.”

Dr Andrew Crane, CBH Group CEO and Chair of the BCCM Board, said, “Tony has been a leader in his vision about what mutuals can do for society. In his work as CEO of NRMA, Tony has brought the Group from a position of uncertainty and falling membership to its current position of a leading Australian brand with increasing profits and an ever-growing membership base”.

The NRMA is a full member of the BCCM. Mr Stuart joined the NRMA in 2003 following his tenure as CEO of Sydney Airport. He will officially end his employment on 30 September 2015.

www.bccm.coop

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VECCI Chief Executive Mark Stone said VECCI welcomes the introduction of legislation to the Victorian Parliament this week to enable the lease of the Port of Melbourne.

"The lease will allow significant funds to be raised to support critical infrastructure initiatives including the removal of level crossings, the building of Melbourne Metro and the West Gate Distributor," Mr Stone said.

"The lease will make Victoria eligible to access the Commonwealth Government’s Asset Recycling Initiative and receive a 15 per cent payment for investment in new infrastructure projects.

"It is encouraging that the lease holder has a clear mandate from government to ensure they maintain and improve the port’s operations, raising efficiency and boosting competitiveness.

"Importantly, port user interests will be protected by the oversight of Victoria’s independent economic regulator, the Essential Services Commission (ESC). The ESC will cap annual tariff increases at CPI to ensure port pricing remains competitive.

"The lease of the port has been a long-term priority for VECCI and we welcome this positive step which will reinforce Victoria’s position as Australia’s premier freight and logistics capital.

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

vecci.org.au

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