MORE INVESTORS Are prioritising investments that generate positive social outcomes and avoiding or divesting assets that harm the environment or community such as fossil fuels and gambling.

Stoic Venture Capital Partner Geoff Waring said more investors were turning to socially responsible investing strategies that allocate more towards companies in sectors such as healthcare and technology addressing climate change.

“Recent disasters such as the pandemic and NSW floods and bushfires have led more investors even further towards socially responsible investing,” Dr Waring said.

“Investors want to know that their money is working towards positive social goals and are seeking more rigorous reporting from companies about how they achieve those goals.”

Another area investors are keenly focusing on is diversity and inclusion in line with increasing community concern about progress towards equality, he said.

“Start-ups that rank higher in terms of diversity and inclusion are preferred among companies whose technology has positive social impacts,” Dr Waring said.

“Investors understand that companies which prioritise gender diversity and supporting more inclusive places for LGBTQI+ are more socially sustainable in the longer term.

“Investors are taking proactive steps to urge fund managers and companies to do more and be more transparent about advancing real change.”

Dr Waring said to answer the sustainability wishes of the public, large fund managers and individual wealthy sophisticated investors are looking at allocating more to venture capital managers as they invest in nimble and fast-growing start-ups that target big unmet environmental and social needs.

“The high performing venture capital firms will be those that concentrate on innovative and economically viable solutions to society’s big problems,” he said.

“This is seen as a more socially responsible alternative to listed equity funds that focus on more established companies using mature technologies with poorer environmental and social outcomes.

Dr Waring said socially responsible venture capital investing could generate attractive returns, but it was important that investors were careful when selecting the right venture capital managers.

“You must be rigorous in assessing whether a venture capital manager invests in genuine socially responsible start-ups, and still has the ability to generate superior returns” he said.

“These are managers that select companies who value diversity along with solving social problems or who offer sustainable solutions.

“In the long-run these companies offer investors attractive returns along with the comfort that their funds are working towards the greater good.”

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) and takes a collaborative approach to investing in the highest potential companies. Atlas Advisors Australia AFOF is the major limited partner for the Fund.

www.stoicvc.com.au

Stoic Venture Capital’s investments include:

• Cardihab (Digital cardiac rehab); 

• Ena Therapeutics (Enhancing immunity to fight respiratory diseases);

• Certa Therapeutics (Drug for treating kidney disease);

• Wildlife Drones (Drones tracking animals); 

• Agerris (Agricultural robots);

• Kinoxis (Addiction rehabilitation);

• Occurx (Drug to treat eye damage from diabetes);

• Que Oncology (Breast cancer side effects treatment);

• Ferronova (Magnetic nanoparticles for cancer diagnosis); and 

• Q-Sera (Blood collection);

• PERKii (Probiotic drink);

• Occurx (Eye damage from diabetes).

THE Electric Vehicle Council has welcomed the Australian Labor Party’s pledge to make electric vehicles more affordable.

Labor has undertaken to introduce an Electric Car Discount to make electric cars cheaper for Australians.

As part of the discount, Labor would exempt many electric cars from: Import tariffs – a five per cent tax on some imported electric cars. Fringe benefits tax – a 47 percent tax on electric cars that are provided through work for private use

These exemptions would be available to all electric cars below the luxury car tax threshold for fuel efficient vehicles ($77,565 in 2020-21). 

Electric Vehicle Council chief executive Behyad Jafari applauded the ALP’s announcement.

“Australians want to make the switch to electric vehicles, but the lack of leadership nationally has limited their options,” Mr Jafari said.

“Electric vehicles are cheaper to run, require less maintenance and are better for the environment. It is only government inaction that is causing us to trail the rest of the world in electric vehicle uptake.

“This policy would encourage car manufacturers to import and supply more affordable electric models in Australia. This makes it a win for the environment and a win for fairness.

“This is the type of sensible action that has been taken by world leaders from all sides of politics. It is proven to work by making electric vehicles more affordable for more Australians.

“Unlike Victorian Labor, which is making electric vehicles more expensive with an unnecessary and premature electric vehicle tax, the federal ALP has steered in the right direction.”

Mr Jafari said Labor has also promised to: 

• Work with industry, unions, states and consumers to develop Australia’s first National Electric Vehicle Strategy, including consideration of:
  • Further measures to increase electric car sales and infrastructure;
  • Policy settings to encourage Australian manufacturing of electric car components (especially batteries) and possibly cars themselves; and
  • Ways to address the revenue and policy implications of declining fuel excise.
• Consider how the Commonwealth’s existing investment in infrastructure can be leveraged to increase charging stations across the country; and
• Consider how other existing Commonwealth investments, including in its fleet, property and leases, can also be leveraged.

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THE NSW Government’s digital licensing revolution continues, with trade licences to be added to the digital wallet within the Service NSW app. 

Minister for Better Regulation and Innovation, Kevin Anderson said under the next stage of the state’s digital transformation, the NSW Government would digitise the licence card for more than 30 Home Building and SafeWork licence categories. 

“Currently tradies are required to carry anywhere up to 15 plastic licence cards with them on the job. It's an outdated system that is costing tradies time and money,” Mr Anderson said. 

“Under these changes tradies will finally be able to say goodbye to the plastic licences clogging up their wallets and have quick and easy access to all the work licences they need on their smart phones.” 

The White Card – which permits the holder to undertake construction work in NSW – is the first category to go digital, followed by a range of other categories including Home Building industry contractors, supervisors and tradesmen, and high-risk work licences. 

Minister for Customer Service Victor Dominello said the reforms build on the success of the digital driver licence, which has been downloaded by more than 2.54 million motorists since its launch in October 2019. 

“There are close to 1.5 million site managers, surveyors and tradies who hold a White Card in NSW and whose lives will be made easier by this reform,” Mr Dominello said. 

“We know people love the convenience of a digital licence and this is another example of NSW leading the nation on digital transformation.” 

Customers will need a MyServiceNSW account and to download the Service NSW app in order to display their digital White Card.

More information about the Digital Trade Licence program is available at www.nsw.gov.au/nsw-government/projects-and-initiatives/digital-trade-licence

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A MORE COORDINATED and comprehensive national approach is needed to make a meaningful reduction in the unacceptable rates of family, domestic and sexual violence, according to a bipartisan report of the House of Representatives Standing Committee on Social Policy and Legal Affairs released today.

In its report, the committee makes 88 bipartisan recommendations which seek to inform the development of the next National Plan to reduce violence against women and their children, due to commence in mid-2022.

The committee’s recommendations include the development of a uniform national definition of family, domestic and sexual violence, universal age-appropriate respectful relationships and sexual consent education, measures to address coercive control and technology-facilitated abuse, and the establishment of a National Commissioner to have independent oversight of the next National Plan.

The committee’s recommendations also include measures to ensure that the welfare of victim-survivors and their children is at the centre of responses to family, domestic and sexual violence, a continued focus on education and primary prevention, and a stronger focus on programs to change perpetrators’ behaviour.

Chair of the committee, Andrew Wallace MP, said evidence to the committee highlighted that a whole-of-society response was essential.

"While all Australian governments have made substantial investments in an attempt to reduce family, domestic and sexual violence, it remains that one woman is killed on average every eight days at the hands of her partner or former partner. This senseless violence and abuse is sadly all too common, and its impact is profound and long lasting on family, friends and indeed the entire community," Mr Wallace said.

"There is much more work to do. As a nation we must do better to begin addressing these appalling statistics.

"The committee’s recommendations are wide ranging, but our clear message is that we need a more coordinated and comprehensive national approach to ending all forms of family, domestic and sexual violence. It is perpetrators that are responsible for their use of violence, but everyone has a role in bringing about change and stopping violence before it starts."

The committee is indebted to many organisations and individuals who contributed evidence throughout the inquiry, he said, in particular, the committee acknowledges the contributions made by victim-survivors who shared their experiences with the committee.

A full copy of the committee’s report can be found on the inquiry’s website.

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THE Accommodation Association said while the opening of the trans-Tasman bubble was "a very welcome step in the right direction, the reality is that there will be very little real benefit for Australia’s tourism sector in the short term".

Tailored support was still desperately needed for Sydney and Melbourne CBD properties which rely so heavily on international and corporate markets despite the opening of the two way corridor from April 19, according to the association.
 
The association warned that the initial wave of travellers to take up the travel corridor would be visiting family and friends and unlikely to drive any significant benefit to Australia’s tourism sector including hotels and motels.

Accommodation Association CEO Dean Long said, “The opening of the trans-Tasman corridor is a very welcome step in the right direction but the reality is while it’s good news for the travel sector, given most travellers will be catching up with friends and families there’s very little immediate benefit for our tourism sector or our hotels and motels.

“With the end of JobKeeper and given the massive holes in the market especially in Australia’s international hubs of Sydney and Melbourne, the flow on benefits for our hotels and motels, and the many small businesses who supply them is negligible.

“There’s no doubt it will be a big kick along for consumer confidence but it doesn’t erase the need for tailored support for our accommodation sector. The reality is it’s great news for our travel sector but not so good for tourism," Mr Long said.

“New Zealand will have a net positive gain with an open border with Australia. Australians represent over 50 percent of all visitors to NZ and we spend nearly $1700 per trip with the majority on their ski fields. Total spend prior to COVID was A$2.5 billion with 1.5 million Aussies visiting as at year-end December 2019. Kiwis spend around $1800 per trip with 1.2 million visitors to Australia, with total spend of $2.1 billion.”

Key statistics

• The Accommodation Association represents close to 3,500 hotels, over 150,000 rooms and employed nearly 100,000 people across Australia (this is unfortunately now down to 58,000).
• Prior to the closure of the international and state borders, the accommodation industry contributed $17 billion to the Australian economy.
• 80% of revenue for Sydney CBD properties comes from international and corporate markets.
• Sydney is currently the worst performing city market in Australia with revenue declines of 67% and forward booking rates of less than 10% for the next 90 days. Melbourne, Australia’s other international hub, is similarly decimated.
• Initial take-up of the trans-Tasman corridor will be for visiting family and friends i.e. great news for airlines but not significant for tourism sector including accommodation.

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The Accommodation Association
The Accommodation Association represents over 80% of all known accommodation providers from small regional parks, caravan parks, serviced apartments and resorts through to the largest hotel groups in the world including Accor, Hilton, Wyndham Destinations and IHG

TAFE NSW workers are rallying in Sydney over the loss of 678 frontline jobs and the sale of the Scone campus, with the union warning south-west Sydney's youth unemployment is set to get worse as vital student services get cut.

More than 302 jobs are set to go from Sydney campuses, TAFE NSW's own documents have revealed. That includes 116 jobs from Sydney Metro, 50 from North Sydney, 42 from Western Sydney, and 92 from South Western Sydney campuses.

"TAFE NSW is the best pathway to get people out of the house and ready for work, especially for young people," said Stewart Little, general secretary of the CPSU NSW.

"One in five of Sydney's south-west young people are unemployed -- they need the help and guidance TAFE NSW can offer to find work. Instead of offering them more opportunities the government is cutting 10 percent of student support jobs."

Restructures in Student Services and Facilities Management and Logistics cut 678 positions, including 470 regional jobs. The jobs cuts include people who work directly with students, including: student advisors, customer support officers, field officers, VET fee help coordinators, help desk operators, marketing and promotions support officers.

Workers who maintain the campuses are also going, including: gardeners, caretakers, facilities officers, tradespersons, tool store persons, security officers, asset and fleet control managers, and site services assistants.

"Gladys Berejiklian and Dominic Perrottet are deliberately dismantling TAFE NSW piece-by-piece," said Mr Little. He was joined in the rally outside the Ultimo campus with Labor’s Shadow Minister for TAFE NSW, Jihad Dib and affected TAFE NSW workers.

"It's straight out of the privatisation playbook -- under resource the system and then sell it off claiming the private market will do a better job. TAFE NSW should never be privatised."

Mr Little said the deliberate under investment in TAFE NSW was also felt particularly in the regions.

"The sale of the Scone TAFE is the latest in the Berejiklian Government's fire sale of state assets which will leave regional NSW worse off,' Mr Little said.

"The sale of the Scone campus is incredibly short sighted. The Hunter region has a youth unemployment rate of 18 percent but rather than investing in training opportunities the government is selling off campuses and cutting jobs.

"What do the people of NSW get from this gutting of critical training infrastructure? Fewer jobs and a hobbled education system. In the middle of the worst economic downturn the state has seen in a generation the Berejiklian government is closing pathways to prosperity."

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THE INQUIRY into pathways and participation opportunities for Indigenous Australians in employment and business is holding further public hearings by conference call on Wednesday, April 7, 2021.

Julian Leeser MP, Chair of the House of Representatives Standing Committee on Indigenous Affairs, noted that stakeholders appearing would include health organisations, Indigenous businesses, university researchers and government agencies.

"These hearings will contribute significantly to the existing body of evidence for this inquiry," he said.

"The committee looks forward to discussing gaps and opportunities in the workforce and future growth sectors that could result in employment and enterprise options for Indigenous Australians," Mr Leeser said.

"We will be particularly interested to hear from Indigenous business owners about their experiences running successful enterprises. It will be particularly useful to learn about present challenges and how Government can better facilitate business opportunities."

Public hearing details

Date: Wednesday, 7 April 2021
Time: 9.50am to 4pm AEST

A live audio stream of the hearing will be accessible at https://www.aph.gov.au/Watch_Read_Listen.

A full program will be available at the inquiry website.

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A CEDA REPORT looking at the contribution of permanent skilled migrants highlights the unrealised potential in newcomer communities and the need to provide income support and access to family tax benefits earlier in the settlement journey, according to Australia’s largest refugee and migration resettlement support provider, Settlement Services International (SSI).

Nearly a quarter of permanent skilled migrants in Australia are working in a job beneath their skill level, the Committee for Economic Development of Australia (CEDA)  found in a report released this week, which made a series of recommendations to improve outcomes for migrants and the economy.

The report’s findings point to the unrealised potential in migrant communities and aligns with anecdotal reports from the 37,600 people SSI supports each year, said CEO Violet Roumeliotis.

“The main barriers facing migrant and refugee jobseekers include insufficient Australian work experience, limited support with resumes and interview skills, and limited English language proficiency," Ms Roumeliotis said.

“We believe this challenge requires a number of solutions. One is tailored job seeker services for people of culturally and linguistically diverse (CALD) backgrounds that address the unique barriers they face and support them across their employment journey.”

The CEDA report recommended the establishment of a new government-regulated online skills-matching jobs platform that would allow permanent skilled migrants to register their skills, and let accredited employers hire migrants from within the platform.

The report recommends the need to reduce newly arrived resident’s waiting period for unemployment benefits from four years to six months.

“This is consistent with a recommendation of the Productivity Commission, which noted that a reduced waiting period would likely improve overall community outcomes in terms of social participation and integration, employment and health,” Ms Roumeliotis said.

“Reducing the waiting period would give permanent skilled migrants a better chance to find a job that maximises their contribution. Research suggests increases to the waiting period since the late 1990s have exacerbated skills mismatch, while delivering only modest annual savings to the Federal Budget.”

Ms Roumeliotis said the Australian Government rightly waived these waiting periods until the end of March 2021 as part of its response to the COVID-19 pandemic.

“This forward-thinking is a great illustration of the dual nature of this pandemic. It has created huge challenges but it also offers us opportunities. In this case, it is the opportunity to rethink our approach to migration, taking into account new research like this, which illustrates the economic benefit of improving some areas of our migration program,” she said.

“I would urge our government to consider this report’s recommendations in making a decision about where and how we resume migration when it is safe to do so.”

Along with reviewing the waiting period for employment-based income support, SSI also advocates for the removal of the one-year waiting period for new permanent residents to access family tax benefits that help with child-care and school costs should also be considered. These waiting periods were waived during COVID-19 emergency measures but are set to resume on April 1, 2021.

 About SSI

Settlement Services International is a community organisation and social business that supports newcomers and other Australians to achieve their full potential. SSI works with all people who have experienced vulnerability, including refugees, people seeking asylum and culturally and linguistically diverse (CALD) communities, to build capacity and enable them to overcome inequality.

www.ssi.org.au

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