THE implications of selling uranium to India will be the focus of a public hearing in Melbourne on Monday.

Strategic analysts, church and environment groups will give evidence to Parliament’s Joint Treaties Committee, which is focusing on the costs and benefits of the Government’s proposed agreement to sell uranium to India.

The Government believes the agreement maintains Australia’s strong commitment to nuclear nonproliferation and disarmament and will improve the lives of ordinary Indians by reducing energy poverty in that country.

The agreement has attracted criticism from some nuclear non-proliferation specialists because India is not party to the Nuclear Non-Proliferation Treaty and has been subject to external and internal criticism for its nuclear safety record.

Committee Chair, Wyatt Roy MP, emphasised that this is a complex matter.

“The Committee will be undertaking a diligent and comprehensive look at the proposal to make sure all the issues are fully explored and considered,” Mr Roy said.

Public Hearing: Monday 18 May, Meeting Room G3, 55 St Andrews Place
Commonwealth Parliamentary Offices, Melbourne

9.30am – 10.30am Uniting Church of Australia, Justice and International Mission
11.30am – 12.30pm Mr Crispin Rovere, private citizen
1.30pm – 2.30pm Australian Conservation Foundation
2.10pm – 3.30pm Friends of the Earth
3.30 pm - Close

The hearings will be broadcast through www.aph.gov.au/live
Copies of the treaties and submissions received can be found at
http://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Treaties
Alternatively, interested parties may email This email address is being protected from spambots. You need JavaScript enabled to view it. or phone
(02) 6277 4002

ends

THE Australian Retailers Association (ARA), representing the majority of Australia retailers, has welcomed moves in the just-released Federal Budget to get spending under control with further reductions in the public service while maintaining incentives for business and consumers.

ARA Executive Director Russell Zimmerman said the ARA commends the Government on making a path to deficit reduction, introducing new measures to support small business and delivering some stimulus to the hip pocket.

“The ARA is pleased to see the $5.5 billion Jobs and Small Business Package, which will help small businesses and the millions of people they employ. This initiative will see a 1.5 percentage point company tax cut for incorporated businesses with turnover under $2 million, and a 5 percent tax discount, up to $1,000 a year, for other businesses as well as further red tape reduction measures. Small businesses will also see an increased instant asset write off of up to $20,000 for items purchased between Budget night and June 30, 2017.

“The ‘Netflix’ tax (which will see popular overseas media streaming services such as Netflix and Apple charged GST on their downloads) has also been welcomed by retailers.

“While this tax is certainly a positive step, we must now ensure GST collection is extended to low value parcels. It should be just as easy to collect GST from Amazon as it is to collect GST from Netflix and Apple, meaning there is little excuse for the Federal and State Government’s not to move on collecting all GST on products under $1000 from overseas. 

“State Governments are losing billions of dollars in GST revenue which could support teachers and emergency services in our communities. Australian retailers are also suffering from an uneven playing field, and this is costing many local jobs.

“The ARA has been leading the campaign to fix the under $1000 GST loophole for goods bought from overseas and is concerned that tonight’s budget did not offer any specific remedy to this issue. We do, however, commend Assistant Treasurer Josh Frydenberg on his leading position and commitment to solving this issue once and for all.

“It seems the Government has learned from the last year and this budget recognises how the digital economy has changed the business landscape in Australia. What we need to see now is every effort made to strengthen our tax system as well as build consumer confidence with a clear long term plan from Government to support consumers and businesses alike,” Mr Zimmerman said.

Since 1903, the Australian Retailers Association (ARA) has been the peak industry body representing Australia’s $265 billion retail sector, which employs over 1.2 million people. The ARA ensures retail success by informing, protecting, advocating, educating and saving money for its 5,000 independent and national retail members throughout Australia.

Visit www.retail.org.au or call 1300 368 041.

ends

THE Australian Parliament’s newly appointed Trade and Investment Growth Committee today commenced its inquiry into the business experience in utilising Australia’s existing free trade agreements (FTAs) including New Zealand, Singapore, Thailand, the United States, Chile, the Association of Southeast Asian Nations (along with New Zealand) and Malaysia.

In announcing the inquiry, the Chair of the Committee, Mr Ken O’Dowd MP said, "Australia is the world’s 12th largest economy with its major trading partners being China, Japan, and the United States. Australia has a number of long-standing FTAs with other countries including with ASEAN-New Zealand, Chile, Malaysia, United States, Singapore, and Thailand. These FTAs provide an important opportunity for Australia to boost its trade with these countries and benefit the future growth of Australian business."

The committee will examine the opportunities and challenges faced by Australian business arising from Australia’s existing FTAs with a view to identifying how Australia might best benefit from the recent and proposed North Asia FTAs.

"While FTAs create a framework for increased trade and investment it is important to address any barriers preventing realisation of these benefits and address them in future agreements," Mr O’Dowd said.

The committee was established to examine measures to further boost Australia’s trade and investment performance, including barriers to trade, reduction of red tape, and structural challenges and opportunities for the Australian community. As part of its remit, the committee will focus its examination on the experience of business in using Australia’s existing FTAs.

Written submissions from interested individuals and organisations are invited by COB Friday, 26 June 2015. The preferred method of receiving submissions is by electronic format lodged online using a My Parliament account. Please do not send submissions directly to the committee’s email inbox.

Guidance on preparing a submission is available on the committee’s website at www.aph.gov.au/jsctig

ends

AN EXPORTER of a Queensland soil conditioner to the Middle East wants to share his ideas on growing trade with the region with federal parliament’s Joint Standing Committee on Foreign Affairs, Defence and Trade at a public hearing in Canberra on Wednesday 13 May.

The Trade sub-committee’s inquiry into trade with the Middle East will also hear from trade consultant Cynthia Dearin, who recently returned from the United Arab Emirates, Saudi Arabia and Kuwait as part of an Australian government trade mission.

The owner of the AustraBlend brand soil conditioner, Michael Farrar, sees the Middle East and its need for greater food security as an ideal market for his product. AustraBlend is derived from a minerals’-rich clay and is marketed as “turning desert sand into arable soil” by improving soil health and requiring less water and fertiliser to grow crops and also turf on new golf courses and football pitches in the Gulf states.

Mr Farrar’s submission suggested modifications to government assistance to exporters through the Export Market Development Scheme and by making the Export Finance Insurance Corporation more accessible to smaller businesses pursuing new export opportunities.  

Mr Farrar’s submission also expressed concerns about the coordination and purpose of the different trade missions and visits by federal, state and also regional governments to the Middle East – especially to the popular UAE cities of Dubai and Abu Dhabi.

Given that Australian companies lead the world in fields such as water technology, agricultural production and plant genetics, Dearin & Associates also believe Australia is well placed to capitalise on the region’s growing need for food and water security as it population approaches 400 million by 2050.

Public hearing
Date/Time               Wednesday 13 May 2015, 11:00 am
Location                   Committee Room 1R3, Parliament House, Canberra
Organisations         AustraBlend and Dearin & Associates

Live audio broadcast will be available at www.aph.gov.au/live

ends

VECCI Chief Executive Mark Stone has welcomed the Federal Budget, which contained a number of positives for Victorian small business including a reduction in the corporate tax rate, a tax discount for unincorporated businesses, asset right-off relief and support for start-ups.

"These measures will lower costs, improve cash flow and help stimulate new investment and jobs growth," Mr Stone said.

VECCI rated the Budget highlights for business to include: 

Jobs and Small Business Package

- The announced 1.5 percentage point company tax cut (to 28.5 per cent) for incorporated small businesses (with annual turnover of less than $2 million) will assist Victorian small businesses to remain competitive, stimulate new investment and drive jobs growth.

- To ensure support is available for all small businesses, unincorporated small businesses (with annual turnover of less than $2 million) will be eligible for a 5 per cent tax discount up to $1,000 a year.

- All small businesses will get an immediate tax deduction for any individual assets they buy costing less than $20,000.

- Red tape will be reduced as all small business work-related portable electronic devices are fringe benefits tax free.

- Victorian start-ups will be able to immediately deduct professional costs associated with starting a business. A streamlining of business registration processes will make it easier to start a new business.

- Small businesses will also benefit from a new capital gains tax roll over relief when changing their legal structures and the expansion of tax concessions for employee share schemes. Obstacles to crowd sourced equity funding will also be reduced. 

Jobs

- Job creation more broadly has been spurred by budget measure to help Victoria’s unemployed find and move into work, including:

•      - Stronger support for youth transition to work.
•      - Simplified work experience arrangements and greater flexibility in the operation of wage payment subsidies.
•      - A reinvigoration in the Restart wage subsidy to help business employ older workers. 

Trade

- Victorian exporters looking to leverage opportunities created by recent Free Trade Agreements (FTA) with Japan, China and South Korea will welcome the $25 million commitment to establishing a FTA dashboard. We look forward to further details of this measure. 

- The budget demonstrates responsible economic management. The government has identified $10.9 billion in expenditure savings over the next four years and its fiscal strategy will see the budget deficit fall steadily to $6.9 billion by 2018-19.

- Many of the budget measures are consistent with VECCI Small Business Taskforce’s “Small business. Big opportunities” recommendations to support small business growth. 

- As part of the united chamber movement’s national “Small Business. Too Big to Ignore” campaign prior to the 2013 federal election, we commend the Federal Government’s focus on supporting small business growth and entrepreneurship.

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  

ends

THE Australian Retailers Association (ARA) said the seasonally adjusted rise (0.3 percent increase) in monthly retail trade figures (month-on-month) reported today by the ABS followed a 0.7 percent rise in February 2015.

ARA Executive Director Russell Zimmerman said although today’s figures were modest, year on year growth for March is looking strong at 4.4 percent.

“Despite shaky levels of consumer confidence over the past year, retail trade figures continue to increase which is a great sign for the industry.

“March marked the beginning of autumn, with many retailers seeking to clear the last of their summer stock and start promotion of their new winter stock. As a result, department stop retailing (3.8 percent) and clothing, footwear and personal accessory retailing (2.2 percent) enjoyed a boost in sales.

“In seasonally adjusted terms, the ARA was pleased to see rises in Queensland (0.7%), New South Wales (0.3%), Victoria (0.2%), South Australia (0.3%) and Tasmania (0.5%). Unlike in previous months, however, there were three states which experienced falls including Western Australia (-0.3%), the Australian Capital Territory (-0.5%) and the Northern Territory (-0.8%).

“With retailers now looking ahead to the Federal Budget to ensure small business tax cuts are being delivered in order to boost their bottom lines, it is imperative that the Government does all that it can to stimulate business and jobs growth.

“While a reduction in interest rates (announced yesterday by the RBA) is always welcomed, this alone is not enough to ensure the success of the retail industry over the next few months. Low interest rates are acting to support borrowing and spending, however, business growth must still be supported with a solid plan in the upcoming Federal Budget,” Mr Zimmerman said.

MONTHLY RETAIL GROWTH (February 2015 – March 2015 seasonally adjusted)

Department stores (3.8%), Clothing, footwear and personal accessory retailing (2.2%), Food retailing (0.4%), Other retailing (0.1%), Household goods retailing (-1.0%) and Cafes, restaurants and takeaway food services (-1.1%). Total sales (0.3%).

Queensland (0.7%), Tasmania (0.5%), New South Wales (0.3%), South Australia (0.3%), Victoria (0.2%), Western Australia (-0.3%), Australian Capital Territory (-0.5%) and Northern Territory (-0.8%). Total sales (0.3%).

YEAR-ON-YEAR RETAIL GROWTH (March 2014 – March 2015 seasonally adjusted)

Household goods retailing (7.9%), Clothing, footwear and personal accessory retailing (5.9%), Department stores (5.1%), Food retailing (4.0%), Cafes, restaurants and takeaway food services (2.6%) and Other retailing (2.1%). Total sales (4.4%).

South Australia (6.2%), New South Wales (5.0%), Victoria (4.7%), Tasmania (4.5%), Australian Capital Territory (4.1%), Queensland (3.5%), Western Australia (3.3%) and Northern Territory (-0.2%). Total sales (4.4%). 

Since 1903, the Australian Retailers Association (ARA) has been the peak industry body representing Australia’s $265 billion retail sector, which employs over 1.2 million people. The ARA ensures retail success by informing, protecting, advocating, educating and saving money for its 5,000 independent and national retail members throughout Australia.

Visit www.retail.org.au or call 1300 368 041.

ends

THE 2015-16 Federal Budget has finally delivered some good news for small businesses according to the Institute of Public Accountants (IPA).

"As promised the Government has delivered a 1.5 percent corporate tax cut for those small businesses which are incorporated and based on the existing $2 million turnover test,” said IPA chief executive officer, Andrew Conway.

“Our concern that only incorporated businesses would see such a tax break has been alleviated with non-incorporated entities receiving a tax discount of 5 percent up to the cap of $1,000.

“This is the first small business tax cut in 13 years, so it is long overdue.

"We are very pleased, therefore, to see the Government adopt the IPA's signature tax policy of reducing the tax rate for small unincorporated businesses.

“Particularly pleasing is the increase in the accelerated depreciation write off threshold of $20,000 (currently $1,000 and previously $6,500 under the previous government), which is of significant assistance to small business cash flow. This will have major flow on effects for the broader economy.

“Other initiatives revealed at tonight’s Budget include significant reductions in red tape through the streamlining business registration initiative; and a special write-off for new start up companies to help with professional expenses. We look forward to more detail on how these measures will be administered.

“All in all, a good package to drive small business productivity and growth; which are key ingredients required right now for Australia’s economic wellbeing and prosperity,” said Mr Conway.

 www.publicaccountants.org.au

ends

VECCI Chief Executive Mark Stone has welcomed the Federal Government’s announced support for start-up businesses and entrepreneurship as part of its Jobs and Small Business package to be included in next week’s federal budget. 

"Victorian new business start-ups will benefit from July 2016 by being able to deduct professional costs associated with starting a business immediately, whereas currently costs must be written off over five years," Mr Stone said.

"Business start-ups will also save time and money during registration, as the current fragmented process will be streamlined through a single online registration site.

"These changes are consistent with VECCI Small Business Taskforce’s “Small business. Big opportunities” recommendations to support small business growth. 

"As part of the united chamber movement’s national “Small Business. Too Big to Ignore” campaign prior to the 2013 federal election, we commend the Federal Government’s focus on small business development."

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

ends