DESPITE being more likely to recommend their employer, nearly half of early childhood education and care professionals would not advocate pursuing a career in the sector, according to new research from industry super fund HESTA.

Launched today, the State of the Sector 2021: Early Childhood Education and Care Workforce Insights report looking at the working experience and attitudes of HESTA members reveals the industry – already facing chronic workforce shortages – faces significant challenges attracting and retaining talent.

Almost one in five early childhood education and care (ECEC) professionals surveyed said they were considering leaving the industry within two years. Among the biggest issues were dissatisfaction with wages, feeling unappreciated by the community for their role as early educators, and a lack of opportunities for growth (promotion).

The research did find positive sentiment across a range of measures related to how ECEC professionals felt about their employers, with 87 percent saying they felt somewhat or strongly supported by their employers during COVID.

However, this did not flow through to a greater willingness to advocate for working in the sector. 

Although 42 percent of respondents said they would strongly recommend working for their employer, 43 percent were strong detractors when it came to recommending a career in the industry. Less than a third of respondents said they would strongly recommend a career in the industry.

“This research shows the big gap between how professionals feel about where they work and whether they see a long-term career in the industry,” HESTA CEO Debby Blakey said.

“It’s great to see individual employers stepping up and supporting their employees, but unless the broader issues of low pay, a lack of development opportunities and community perception are addressed, the industry will face a chronic shortage of skilled professionals.”

In a 2019 workforce report on the future of the ECEC workforce, the independent Australian Children’s Education and Care Quality Authority (ACECQA) forecast the sector would need more than 39,000 extra educators by 2023 - a 20 percent increase in the workforce.

HESTA has more than 63,000 members working in the sector. As part of this workforce research project, HESTA surveyed professionals working across health and community services in May 2019 and in July 2020. More than 4600 members responded to the survey, including more than 360 ECEC professionals.

Questions looked at member’s job intentions, their employment satisfaction drivers, their attitudes towards their employer and industry, as well as how the COVID-19 pandemic affected their work, financial situation and industry outlook.

HESTA members working in ECEC had the lowest median super account balance of any industry cohort, with 74 percent having a median account balance of less than $50,000. Hit hard by the pandemic, nearly 20 percent of HESTA members working in ECEC also made a claim under the Federal Government’s early release of super (ERS) scheme. This group saw their median account balance fall by an average of 49 percent.

“During the pandemic we saw the critical role our early educators play in supporting our community," Ms Blakey said.

“We also saw just how precarious their employment and financial situation is. We know from the early release of super, the heartbreaking prevalence of financial hardship among these members and it points to the need to improve the quality and security of jobs in the sector.”

Over a third of respondents reported that their household income was less than $60,000 and almost one in five reported their household earned less than $40,000.

“HESTA strongly supports free universal childcare as a key productivity measure to improve women’s workforce participation and lifetime earning potential in order to lead to better outcomes for generations of Australian children,” Ms Blakey said.

“When Australia faced the initial shock of COVID-19, early educators were there to support the push to protect our community. Now is the time to ensure a long-term, sustainably funded, early childhood education sector. But this funding must also look to lift low wages and improve conditions for those who are so vital to delivering these critical services.”

The report is available at hesta.com.au/ECECreport21

KEY FINDINGS

• 47% of respondents would strongly recommend their leader or manager.
• 42% would strongly recommend to family and friends working for their employer. This was strongest among younger members (18-29 years of age), with 64% recommending working at their employer and 77% their employer’s services.
• 54% of respondents would strongly recommend their employers’ services.
• The top three reasons given for staying with their employer were: colleagues and coworkers, employer’s location and ‘liking the company I work for’.
• The top three reasons for leaving an employer were: developing new skills, trying something different and not being paid enough.
• Their salary was the most disliked aspects of their roles followed by not enough opportunities for growth (promotion).

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The University of Southern Queensland is welcoming a new head of School of Business, with their vision for growth and innovation to be unveiled at a webinar tonight.

COVID-19 has changed the face of employment in Australia, shifting workforces and opening up a global, virtual talent pool.

This ‘new normal’ is the focus of the University of Southern Queensland’s new head of school and dean of business, Professor Lan Snell.

“The labour market is not the same as it was in 2019 - the world has transformed,” Prof. Snell said. “There has been a migration of employment patterns: workers no longer tied to an office have made sea changes or tree changes, and many expats have returned to our shores.

“The upswell of online work has also levelled the playing field, giving regional universities the same global platform as any other education institution.”

Professor Snell will present a webinar on the topic through USQ Alumni tonight (August 17). She has more than 20 years of leadership experience across academia and professional services, having led transformational change across three business schools: Charles Sturt University, University of Technology Sydney and Macquarie Business School.

“Looking ahead, enterprise skills such as communications and teamwork will be even more critical in setting people up for work in a post-COVID workforce,” Prof. Snell said. “We must develop our muscle to be adaptable to compete.”

Learn more about studying Business and Management at the University of Southern Queensland via www.usq.edu.au/study/degrees/business-and-management.

Webinar details:
When: Tuesday 17 August, 7pm–7.30pm (Brisbane, Australia time)
Where: Online via Zoom 
Registration is required: Click here to register

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THE Queensland Resources Council (QRC) has welcomed the announcement by Senex Energy it will spend $40 million on increasing natural gas production at its Atlas operation in Southern Queensland.

The expansion will enable Senex to increase its annual gas supply at Atlas, located near Wandoan, by 50 percent to reach 18 petajoules a year.

Under a Queensland Government policy, Senex’ Atlas gas project is classified as a domestic-only production tenure which means its gas can only be sold to Australian end users. 

QRC chief executive Ian Macfarlane said the QRC supported the government’s domestic gas policy, which was introduced to give Queensland and Australian manufacturers reliable access to gas.

Mr Macfarlane said Australia’s domestic gas supply market is expected to tighten over the next 12 months, reinforcing the importance of gas companies like Senex expanding their operations to supply more gas, including to manufacturers in southern states. 

"It’s a clear signal to other states they need to do more to shore up their own energy needs by opening up their own fields,” he said. 

“The resources sector is transitioning to a lower emissions future as fast as the technology will allow, but it can’t happen overnight. In the meantime, Australia will continue to need sources of energy like gas, especially for manufacturing purposes.” 

Mr Macfarlane said Senex’ expansion plans, which the company estimates will inject $15 million into the local economy and create 100 new jobs in the construction phase, are another example of the resources sector playing a critical role in underpinning the state economy and supporting regional communities.

www.qrc.org.au

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THE House of Representatives Standing Committee on Tax and Revenue has commenced an inquiry into housing affordability and supply in Australia.

The chair of the committee, Jason Falinski MP said, “As data provided by the Reserve Bank of Australia (RBA), the Treasury and the Australian Bureau of Statistics (ABS) shows, home ownership, one of the building blocks of Australian society, has been falling for the last 30 years. In my view, this represents an urgent moral call for action by governments of all levels to restore the Australian dream for this generation and the ones that follow.

“Arguments about the impact of increased subsidies and tax concessions on housing have continued for some time. There is ample evidence that points to the small effect such measures have on supply, indeed the research points to limitations on land and restrictive planning laws as the major causes of shortages in supply. As consistently noted by the RBA and others, regulatory settings are directly responsible for the unresponsive nature of housing supply in Australia.

“The Organisation for Economic Co-operation and Development (OECD) conducted an analysis of Australia’s housing market, particular its very high ratio of housing prices to household incomes. The OECD concluded that Australia’s unusually high level of inelasticity in housing is the major driver of this ratio. This has resulted in our country having the fourth-fastest house price growth out of the world’s advanced economies over the past 20 years.

“This is best demonstrated by the following fact: total residential private building approvals decreasing 44 percent across the nation from 2016 to 2020 compared to the previous five-year period according to the ABS. While market supply has collapsed with new home listings down to record lows according to Core Logic using the most recent five-year average," Mr Falinski said.

“It is with this context that the House of Representatives Standing Committee on Tax and Revenue will investigate the impact of tax and regulatory regimes on price, affordability, and supply of housing in Australia today as well as into the future.”

Submissions from interested individuals and organisations are invited by Monday, September 13, 2021. The preferred method of receiving submissions is by electronic format lodged online using a My Parliament account.

Further information about the inquiry including the terms of reference is available on the committee’s website.

Public hearing details

Public hearings for the inquiry will be held in due course and notified through the committee’s website.

THE Financial Services Council (FSC) has released the second draft of the Life Insurance Code of Practice 2.0 (Code) for public consultation.

The revised draft released today incorporates feedback from the first consultation draft, as well as recommendations from the Parliamentary Joint Committee on Corporations and Financial Services inquiry into the life insurance industry, ASIC reviews, Productivity Commission reports, feedback from consumer advocates and the Hayne Royal Commission.

FSC CEO Sally Loane said, “The Code, which is mandatory for all FSC’s life insurance members and will be governed by the independent Life Code Compliance Committee, has been reviewed line by line and letter by letter from the starting point that every clause can be improved.

“We have had the Code independently re-structured and re-written by plain English experts to ensure that the Code is as easy to read and as easy to navigate for everyday Australians as possible,” Ms Loane said.

“The FSC appreciates the consultative approach taken over recent months by consumer groups which has helped us develop a stronger and more consumer-focused Code.

“The FSC is pleased to present this version for a final public consultation before we submit the Code for registration under ASIC’s new enforceable code regime.”

The first Code originally came into effect on June 30, 2016, binding all life insurance FSC members to minimum standards of service for consumers for the first time. The Code covers all new policies taken out in Australia, because all life insurers issuing new policies in Australia are FSC members.

“I am proud of the current Life Insurance Code of Practice and of the industry’s enthusiasm to adopt it, but we recognise that Codes can always be further improved, and that’s what this version sets out to do,” Ms Loane said.

“We look forward to working with all stakeholders to ensure the Code gives consumers the confidence to get life insurance and trust that it will work as they expect and when they need it.”

Interested parties can give their feedback on this draft of the Code until September 29, 2021. Send any feedback to This email address is being protected from spambots. You need JavaScript enabled to view it..

To find out more, including to download a copy of the revised Code, go to https://fsc.org.au/resources/2247-fsc-life-insurance-code-of-practice-2-0-final-consultation-version/file

About the Financial Services Council
The Financial Services Council (FSC) has over 100 members representing Australia's retail and wholesale funds management businesses, superannuation funds, life insurers, financial advisory networks and licensed trustee companies. The industry is responsible for investing almost $3 trillion on behalf of more than 15.6 million Australians. The pool of funds under management is larger than Australia’s GDP and the capitalisation of the Australian Securities Exchange and is the fourth largest pool of managed funds in the world.

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FORMER UN Secretary-General Ban Ki-Moon will keynote the virtual climate summit, Better Futures Forum on August 17-19, through which a group representing more than seven million Australians and more than $218.8 billion in economic activity will call on the Australian Government to commit to credible climate targets.

This summit will increade pressure on the Federal Government and Prime Minister Scott Morrison as global leaders prepare to gather in Glasgow in November for the UN Climate Conference, COP26.

Better Futures Australia (BFA) is a network of hundreds of climate champions, ambassadors and partners from every sector of society and the economy – finance, business, resources, agriculture, health, faith communities, local and state governments, First Nations people, unions, social services, the community sector and more. Among the hundreds of supporting organisations, over 70 have formally signed on to the Better Futures Australia Declaration, making them part of the global Alliances for Climate Action.

According to Better Futures Australia, these leaders are demonstrating scalable climate solutions and success stories as they collectively urge the Federal Government to set emissions targets in line with Australia's Paris Agreement obligations to limit warming to less than 1.5 degrees celsius. 

"Meeting these obligations means Australia has less than 10 years to halve its emissions if we are to have a chance of reaching zero emissions before 2050," a BFA spokesperson said.

BFA and BFF program manager Lisa Cliff said, “Led by former Secretary-General of the United Nations, Ban Ki-Moon, US Deputy Special Presidential Envoy on Climate, Jonathan Pershing, and featuring former Irish President and UN Climate Envoy Mary Robinson, BFF will provide a platform for leaders to showcase their plans and achievements in reducing greenhouse gas emissions, and publicly launch their collective commitment to ambitious national climate action.” 

Forum keynote speaker Ban Ki-Moon said, “I am looking forward to speaking at the Better Futures Forum, where diverse Australians will showcase climate solutions already underway in every sector of the economy and society. It is timely to explore the opportunities that the inevitable transition to a zero-emissions world presents for Australia, as global leaders prepare to meet at November's critical UN Climate Summit where emissions reduction targets will be set.”

Mary Robinson, former Irish President, UN Climate Envoy and UN High Commissioner for Human Rights said, "Climate justice is the recognition that without urgent action, today’s leaders risk squandering the futures of our young people and those yet to be born. Climate change is an intergenerational injustice felt the most by the people who have least contributed to rising emissions. Some small island states like those in the Pacific will literally disappear unless the richer industrialised countries take action to keep temperature rises to 1.5 degrees. 

“It’s not enough for Australia’s Prime Minister to repackage a plan that was already inadequate six years ago in Paris. The good news is there is still time for radical improvement if Australia wants to keep pace with its major allies and trading partners.”

WWF’s Global Climate and Energy lead, and former Environment Minister of Peru, Manuel Pulgar-Vidal said, "Extreme weather events like wildfires, drought, heatwaves and floods, which are reported almost daily in the news these days, are a stark reminder of what is at stake if we don’t tackle the climate crisis immediately. Everyone - governments, business, cities, and citizens - must do their part to sharply reduce greenhouse gas emissions. Better Futures Australia has risen to this challenge by mobilizing companies, cities, regions, Indigenous federations, labour unions, healthcare and religious organizations to drive the net-zero emissions transition together. I applaud the launch of BFA, and look forward to its contribution as part of the global Alliances for Climate Action." 

Forum keynote NSW Energy and Environment Minister Matt Kean said, “Moving to net zero emissions will deliver a better future for everyone in New South Wales. The NSW government is committed to achieving net zero emissions by 2050 and we have a plan to get there, so we can secure the economic and employment benefits for our citizens and leave a more sustainable and prosperous State for future generations.”

Forum speaker Debby Blakey, CEO of HESTA superfund with $63 billion under management, and BFA champion said, “Climate change represents a clear financial risk and will directly impact our members and their communities. Leading global investors like HESTA are seeking to drive down the carbon in their portfolios and support the transition to a low carbon future. Investors have an important role to play, with global capital seeking to invest in transition opportunities. The time to act is now to ensure a just and timely transition to a low carbon global economy.”

Forum speaker Francis Wedin,fFounder and CEO of the world’s first and only zero carbon lithium resources company, Vulcan Energy, and BFA Signatory and Ambassador said,  “I think Australia has a tremendous opportunity to change. There’s been a lot of talk about the fact that Australia could be a renewable energy super power. That is true. We need to take this opportunity, and the opportunity is now."

Forum speaker Cathryn Eatock, co-chair, Indigenous People’s Organisation, a coalition of 285 First Nations organisations, and BFA signatory and ambassador, said, “Aboriginal culture is based on our obligations as custodians of country and our responsibility to our children and those yet to come. There are countless untapped opportunities to mitigate climate change. Aboriginal and Torres Strait Islander peoples have lived sustainably and recognise that we are all interconnected with and dependent on our environment.  The Australian Government needs to work with Aboriginal and Torres Strait Islander Peoples and step up to its global obligations to provide real leadership before it’s too late.”

Forum speaker Bishop Phillip Huggins, president of the National Council of Churches in Australia and BFA ambassador said, “Inspired, visionary leadership is needed at UNCOP26. It is a key moment in humankind’s history and must not fail. I pray there is global agreement so we sustain our beautiful planet of God’s creation. I pray we can convince our federal parliamentarians that climate ambition is a matter of love for all God’s creation and that such a noble ambition will also assure them of  political success.”

Forum speaker Jess Scully, Deputy Lord Mayor, City of Sydney, a BFA signatory said, “The world is waking up. We’re seeing more dramatic, accelerated and focussed climate action from all around the world, but we are not yet seeing that in Australia. And if we all work together and show that climate action isn't just driven by environmentalists but by business, by local government, by citizens, then we have a greater chance of putting pressure on those leaders who are not stepping up and leading."

Kim Loo, Council of the AMA (NSW) and BFA ambassador, said, “The environmental determinants of health are clean air and water, healthy soils, a safe climate and a healthy ecosystem. Climate change impacts you from the point of conception, ... to your home, to education, to your work, to how you die, with the impacts felt most by the vulnerable. We need credible emissions targets and policy that actively supports the transition to a just, sustainable, clean-energy economy and society. The key is leaving no-one behind.”

Keynote speakers at the Better Futures Forum include: 

• Ban Ki-Moon, former Secretary-General of the United Nations
• Jonathan Pershing, US Deputy Special Presidential Envoy on Climate 
• Matt Kean, NSW Minister for Energy and Environment
• Chris Bowen, Shadow Federal Environment Minister
• Meaghan Scanlon, QLD Minister for Environment and the Great Barrier Reef
• Alok Sharma, President, COP26, the UN Climate Summit, Glasgow, November
• Sandy Verschoor, Lord Mayor of Adelaide. 

The keynotes will be joined by a diverse lineup of decision-makers and influencers including:

• Dr Omar Korshid, national president, Australian Medical Association
• Rebecca Mikula-Wright, CEO, Investor Group on Climate Change ($2 trillion in assets) 
• John Hewson, former Liberal opposition leader
• Debby Blakey, CEO of HESTA, ($63 billion under management)
• Innes Willox, CEO of Australian Industry Group
• Dr Francis Wedin, CEO, Vulcan Energy, world’s first and only Zero Carbon Lithium™ miner ($1billion market cap after 18 mths) 
• Bishop Philip Huggins, President, National Council of Churches in Australia
• Cassandra Goldie, CEO of ACOSS 
• Jess Scully, Deputy Lord Mayor of Sydney; View local government leaders video here.
• Cathy Eatock, co-chair, Indigenous Peoples Organisation (peak body for 285 ATSI organisations)
• David Barnden, Equity Generation Lawyers (won landmark case by teenage plaintiffs establishing Federal Government duty of care to next generation on climate)
• Dr Anika Molesworth, scientist, farmer, deputy chair of Farmers for Climate Action.
• Susan Aitkin, Mayor, City of Glasgow (host of COP26)

www.betterfuturesforum.org.au

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THE House Employment, Education and Training Committee will hear evidence from key peak bodies and other organisations by videoconference as hearings continue for the inquiry into adult literacy and its importance.

Committee Chair, Andrew Laming MP said, "The committee has received a broad range of evidence on the need for improved strategies for supporting people with low English language, literacy, numeracy and digital literacy to improve their skills and to access vital services.

"On Thursday, we will hear from the Federation of Ethnic Communities' Councils of Australia and the Settlement Council of Australia on migrant and refugee literacy issues. We will also hear evidence on the teaching of English to speakers of other languages from the Australian Council of TESOL Associations," Mr Laming said.

"To help us investigate First Nations literacy challenges, we will hear from the Literacy for Life Foundation, Tharawal Aboriginal Corporation and the National Aboriginal Community Controlled Health Organisation.

"The Australian Primary Principals Association and the Australian Council of State School Organisations will provide evidence about school education, and Community Colleges Australia and the Australian Council of Adult Literacy will give evidence about adult literacy provision," he said.

"The committee will also hear from Family Planning New South Wales about the importance of health literacy, and the Mid North Coast Community Legal Centre, who will provide evidence on the difficulties people with low literacy experience accessing services and the support available to them."

Public hearing details

Date: Thursday, 19 August 2021
Time: 9am to 4pm (AEST)
Location: via videoconference
Program: available here.

The hearings will be broadcast live at aph.gov.au/live.

Further information about the inquiry is available on the Committee’s website.

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UNIVERSITIES must bring more corporations and venture capital investors onto campus and reduce their reliance on governments and overseas students if they are to have more resilient revenues.

Stoic Venture Capital Partner Geoff Waring said there was an over-reliance on government grants and overseas students’ fees to fund Australian universities’ research activities.

Universities should trade their vast intellectual property for equity in companies commercialising their research and pave stronger links with industry who can find uses for their research, he said.

“Government and philanthropic grants fund basic research and academic publications but venture capital finances the next step of forming a company to prove the concept in the field,” Dr Waring said.

“More resilient universities work with seed venture capital to finance start-ups in sectors such as health sciences, renewables or agritech where Australia has an international competitive advantage. The pandemic has demonstrated how important Australia’s focus on home-grown medical and biotechnology solutions is.”

Once their valuable intellectual property is secured and matched to an unmet need, universities can let specialist venture capital managers take it to the next level.

“Building stronger connections with seed venture capital investors and industry through partnerships like the Cooperative Research Centres could better align research priorities to solving the unmet needs in our society,” Dr Waring said.

“This collaboration with industry helps university research translate into new start-ups that are developing critical new drugs, devices, vaccines and other important innovations.”

Dr Waring said Stoic Venture Capital was one of the few venture capital funds in Australia that focused on start-ups coming out of university research.

“Stoic Venture Capital is committed to financing translational research. We want to encourage medical and other applied science or engineering researchers to go beyond publishing their research.”

About Stoic Venture Capital

Stoic Venture Capital provides financing for early-stage companies, particularly those arising from university research. Stoic is unconditionally registered as an Early Stage Venture Capital Limited Partnership (ESVCLP). It takes a collaborative approach to investing in the highest potential companies. www.stoicvc.com.au

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