PEAK retail industry body the Australian Retailers Association (ARA) congratulates merchants and their customers on a rapid take-up of PIN as the main form of card payment authorisation in Australia.

At this point of the transition period, with well over 90 percent¹ of Australians now using PIN at the point of purchase, the changeover from signature to PIN has been deemed a success by the industry.

ARA Executive Director Russell Zimmerman said that the messages surrounding the switch to PIN have resonated with merchants.

“We have seen an impressive nationwide embracing of PIN among merchants, retailers and business owners, which will strengthen the security of Australia’s payment system. 

“That said; it’s important for merchants to remember that there are certain credit and debit card exemptions where signing is still the principal form of payment authorisation.

“There are three key exemptions to compulsory PIN authorisation, where cardholders may need to sign and are permitted to do so:
 

1. Australian credit and debit cards without an embedded chip:
   Australian issued magnetic-stripe (mag-stripe) cards without an embedded-chip will still be able to use signature for authorisation. Many of these cards will be replaced with chip-enabled cards by their issuer in the near future. This includes some American Express and Diners Club cards and certain gift cards. 

2. Cards issued outside of Australia:
   Visitors from overseas are not impacted by the changes, so they will use signature or PIN to authorise transactions as they did before. Hence signature will still be a valid form of payment authorisation for most visitors from overseas. 

3. Signature-preferred cards:
   Special limited issue signature-preferred cards are available for Australians with a genuine need to sign. Signature-preferred cards feature a special chip to identify that the card does not require a PIN to complete the transaction; automatically notifying retailers via the POS terminal screen that a signature is permitted.

“As previously advised, contactless transactions up to $100 do not need to be authorised by PIN or signature.The operation of Visa payWave, MasterCard PayPass, and contactless payments from other providers, including American Express, have not changed in light of the move to PIN.

“As the software in POS terminals is progressively upgraded across Australia, there may still be situations where customers are offered the option to sign or PIN. Merchants and customers should follow the prompts on the terminal screen to determine the appropriate authentication method.  However, where possible PIN should be promoted as the primary authorisation method, as the number of places where signature is accepted will quickly reduce over the next few weeks,” Mr Zimmerman said.
 
¹     SOURCE:  Financial institution data.  Figures are based on cardholder behaviour data provided directly from Issuers.
 
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.
 
About PINwise
 
Being “PINwise” means using a PIN to confirm your identity when you use your credit or debit card to conduct a transaction at a point of sale in Australia.  Using a PIN helps protect against fraud due to lost or stolen cards.  This is because the chances of someone correctly guessing your PIN, which can be from four to six digits long, is very small.  More information can be found at pinwise.com.au

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VECCI Chief Executive Mark Stone has welcomed today’s announcement that McDonald’s will expand its Victorian operations with the opening of eight additional stores, which will create 1,000 new jobs. 

"The $62 million investment will benefit both regional and metropolitan Victoria, particularly youth employment, with the opening of stores in Lucas (Ballarat), Carrum Downs, Craigieburn North, Traralgon East, Clayton South, Langwarrin, Officer and Lara," Mr Stone said.

"This expansion is timely, as as the Victorian economy continues to undergo change it is important that there is a focus on the success of sectors with growth potential, such as hospitality. "

In-keeping with VECCI’s advocacy, the State Government has encouraged business expansion by cutting the payroll tax rate to 4.85 per cent and reducing the average WorkCover premium by 2 per cent," Mr Stone said.

"We hope these recent announcements that reduce business costs are the first of many from both major parties in the lead-up to the November state election."

The Victorian Employers' Chamber of Commerce and Industry (VECCI) is the peak body for employers in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.

vecci.org.au  

NEUROLOGIST and stroke specialist, Dr Andrew Wong, will today address delegates at the 2014 Queensland Mining Industry Health and Safety Conference and deliver his keynote presentation titled: ‘Stroke - Keeping Your World Separate from Mine’. 

Dr Wong is Director of Neurology and Stroke at the Royal Brisbane and Women’s Hospital and is also a visiting Neurologist at The Prince Charles Hospital and the Holy Spirit Northside Private Hospital.

Dr Wong has a clinical and research focus on the delivery of high-quality stroke care in a variety of different settings; this includes the emergency assessment and treatment of acute stroke, early prediction of stroke outcome and rehabilitation. His PhD studies involved assessing changes in physiology in the first two days after stroke.

The 2014 QMIH&SC is held at the Townsville Entertainment and Convention Centre and Jupiters Hotel from 17-20 August.

It enjoys the tripartite patronage of industry, mining unions and the Queensland Government and continues to attract the largest number of delegates for any mining safety conference in Australia.

www.qrc.org.au

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STOCKLAND has accepted the offer from Frasers Centrepoint Limited to acquire Stockland’s Australand securities for $4.48 per security plus accrued distribution.

Stockland held a relevant interest in 113 million Australand securities which were acquired at an average price of $3.78 per security. By accepting this offer Stockland will realise a capital profit of circa $80m from its Australand investment.

Stockland Managing Director and CEO, Mark Steinert, said: “We have been disciplined with our investment in Australand with a clear strategic intent and view of value, and are pleased to have achieved a significant profit. We will reinvest this profit prudently into our growth strategy.

“In particular, we will accelerate our expansion into medium density residential and mixed use development, grow our Logistics and Business Parks capabilities, invest in community and our people and accelerate planned system and process enhancements.”

Stockland

Stockland (ASX: SGP) was founded in 1952 and has grown to become Australia’s largest diversified property group – owning, developing and managing a large portfolio of shopping centres, residential communities, retirement living villages, office and industrial assets. Stockland was recognised by the S&P Dow Jones Sustainability Indicies (DJSI) as the Global Real Estate Industry Group Leader for 2013–14 and was also named one of the Global 100 Most Sustainable Corporations in the World at the World Economic Forum in Davos, Switzerland in 2014, for the fifth consecutive year.

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CHINA’s economy has grown in leaps and bounds over the past decade, creating huge opportunities for Australian businesses – but can it continue down its current path, or will there be change?

Will China's economy see a ‘hard landing’ and what would that mean for its trading partners like Australia? How much progress have China's leaders made in implementing essential market reforms?

What do the changes in China’s growth model mean for different business sectors? Who stands to win and lose from China's changing course?

Today (Monday, August 18), one of the world’s leading China watchers, Professor Patrick Chovanec, will attempt to answer these and many other questions vital to Australia’s economic well-being.

Prof. Chovanec is managing director and chief strategist at Silvercrest Asset Management Group. He is also an adjunct professor at Columbia University’s School of International and Public Affairs (SIPA), where he teaches US-China negotiations.

Prof. Chovanec appears frequently on CNBC, Bloomberg, CNN, Fox Business, NPR, and BBC, and is often quoted in the Wall Street Journal, Financial Times, Washington Post, BusinessWeek, Foreign Policy and other prominent news sources.

Before joining Silvercrest, he was an associate professor of Practice at Tsinghua University’s School of Economics and Management in Beijing, where he also served as chairman of the Public Policy Development Committee for the American Chamber of Commerce in China.

Monday’s event is sponsored by the University of Sydney Business School’s Australia China Business Network, in association with the University of Sydney’s China Studies Centre.

Date:   Monday 18 August 2014

Time:   5- 6pm

Venue: The University of Sydney Business School CBD Campus, Stockland Building, Level 17, 133 Castlereagh Street, Sydney 2000

http://sydney.edu.au/business

Contact: Trevor Watson, 02 9351 1918 

VICTORIA's building and construction industry is the most optimistic of surveyed sectors about prospects for the Victorian economy in the year ahead, according to the latest VECCI - Bank of Melbourne survey of business trends and prospects.

The state-wide survey of more than 400 businesses across seven major industry sectors found that 38 per cent of Victorian building and construction businesses expect an improvement in the state’s economic conditions in 2014, the highest of all surveyed sectors.

This optimism was also reflected in their views on the national economy, with 42 per cent of building and construction respondents expecting the Australian economy to strengthen over the next 12 months.

In the June quarter, the building and construction sector reported a visible improvement in trading conditions, with sales, selling prices, general business conditions and exports all strengthening. However, the sector also reported wages growth and increases in other labour costs, which are expected to continue in the September quarter.

The optimistic outlook and performance of the building and construction sector appears to reflect a positive reaction to major infrastructure announcements in the recent state and federal budgets, along with the gathering momentum in housing construction that has characterised the first half of 2014.

“Meeting Victoria’s infrastructure needs and supporting a competitive building and construction industry is vital to driving new jobs growth," says VECCI Chief Executive Mark Stone.

“The challenge for policy makers is to accelerate industry activity with further measures that spur new investment and employment. Key priorities must be to lower business taxes, cut red tape, improve industry skills and leverage new export opportunities.”

Bank of Melbourne Chief Executive Scott Tanner says there is a need to prioritise the infrastructure that will support Victoria’s growing population and maintain the state’s reputation as a great place to live and work.

“As our population grows, there’s an urgent need to get the critical projects right to maintain our liveability, lift our productivity and improve competitiveness,” he says.

"That means getting the infrastructure we’ve already got to work harder for us, and being smart about building for the future.”

*

VECCI & Bank of Melbourne partnership 
VECCI is pleased to partner with Bank of Melbourne. The bank supports VECCI’s quarterly Survey of Business Trends and Prospects, Business Leaders event series and Women in Business event series. The partnership builds on both VECCI’s and the Bank of Melbourne’s mutual goals in supporting businesses in Victoria.

Background – About VECCI
The Victorian Employers' Chamber of Commerce and Industry (VECCI) is the peak body for employers in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.
www.vecci.org.au

Background – About Bank of Melbourne
Bank of Melbourne is helping build a better Victoria. Since launching in July 2011, the bank has tripled its workforce, opened 89 branches and become more involved in the local community. The bank partners with Victorian organisations and events including the MCG and Melbourne Food and Wine Festival and supports industry with initiatives including Agenda Victoria. As a full-service bank, its team of lenders, account executives and industry specialists are supporting Victorian businesses, both large and small.

www.bankofmelbourne.com.au

VECCI Chief Executive Mark Stone has welcomed this week’s release of the Interface Councils’ Fairer Funding Report.

Mr Stone said Victoria’s 10 municipalities that lie at the interface of metropolitan Melbourne and rural Victoria are under increasing pressure to accommodate the state’s rapid population expansion.

"The Interface Councils’ research shows the municipalities have absorbed 50 per cent of the state’s growth in the past five years," Mr Stone said.

"This growth is expected to continue, with current forecasts predicting that 1.7 million people will reside in interface communities by 2031.

"The significant role these communities play in local economic development, trade, business investment and employment means adequate infrastructure funding must be a priority for government at all levels.

"It is estimated that the 10 municipalities will require more than $10 billion in new or upgraded infrastructure and services over the next 15 years.

"This is why VECCI’s Taking Care of Business state election agenda supports the establishment of an Interface Councils Growth Fund that will support the progressive funding of the Councils’ priority projects."

*

The Victorian Employers' Chamber of Commerce and Industry (VECCI) is the peak body for employers in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.

vecci.org.au

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VICTORIAN business has reported increased optimism about prospects for the state economy in the year ahead, despite the current challenging trading conditions, according to the latest VECCI - Bank of Melbourne survey of business trends and prospects released today.

Almost 25 per cent of respondents expect stronger state economic conditions during the next 12 months; an increase from 20 per cent in the previous quarter.

The state-wide survey based on over 400 respondents measured actual business performance over the recent June quarter and business sentiment regarding prospects for the state and national economies over the next 12 months.

The survey, taken after the state and federal budgets were released, shows business has responded well to budgetary measures that will improve both the state and national infrastructure base and lower business costs.

“The improved sentiment in respect to Victoria’s near term economic prospects follows the state budget’s strong infrastructure focus and announced cut in the payroll tax rate to 4.85 per cent," says VECCI Chief Executive Mark Stone.

“The challenge for policy makers is to build on this momentum with further measures that convert the improvement in business sentiment into new investment and employment.

“Key priorities must be to lower business taxes and cut red tape, continue to invest in job creating infrastructure, improve industry skills and get more Victorian businesses into exporting.”

Despite a lift in business confidence, the survey found actual trading conditions for the past three months remained difficult for many businesses. Respondents reported declines across a number of key indicators including employment, exports, profitability and building and structures investment.

“Having regard for recent labour force statistics showing growing unemployment and the latest survey results, it is clear more needs to be done to tackle obstacles to job creation,” said Mr Stone.

“The mixed conditions reported by industry signal that the Victorian economy continues its transition,” said Bank of Melbourne Chief Executive Scott Tanner.

“The lift in business optimism following the State Budget is heartening and if the programs articulated in the budget are delivered this should translate to stronger economic activity.”

VECCI & Bank of Melbourne partnership 

VECCI is pleased to partner with Bank of Melbourne. The bank supports VECCI’s quarterly Survey of Business Trends and Prospects, Business Leaders event series and Women in Business event series. The partnership builds on both VECCI’s and the Bank of Melbourne’s mutual goals in supporting businesses in Victoria.

Background – About VECCI

The Victorian Employers' Chamber of Commerce and Industry (VECCI) is the peak body for employers in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.
www.vecci.org.au

Background – About Bank of Melbourne
Bank of Melbourne is helping build a better Victoria. Since launching in July 2011, the bank has tripled its workforce, opened 89 branches and become more involved in the local community. The bank partners with Victorian organisations and events including the MCG and Melbourne Food and Wine Festival and supports industry with initiatives including Agenda Victoria. As a full-service bank, its team of lenders, account executives and industry specialists are supporting Victorian businesses, both large and small.

www.bankofmelbourne.com.au

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