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Resources can help Qld become an energy superpower: QRC

QUEENSLAND can become Australia’s number one ‘Energy State’ and a global energy superpower thanks to abundant coal and gas reserves and easy access to renewables, Queensland Resources Council chief executive Ian Macfarlane said today. 

Mr Macfarlane told a gathering of more than 500 people at the QRC’s annual lunch in Brisbane, which featured Premier Annastacia Palaszczuk’s first major industry address since her government’s re-election, that Queensland was on the verge of an historic new era for resources.

He said Queensland’s ability in the not too distant future to produce vast amounts of zero-emission green hydrogen from solar and wind-generated electricity and the CCS-Pyrolysis process on coal and gas would position Queensland as a significant, reliable source of clean energy to meet growing world energy needs.

“The Palaszczuk government’s agreement to work with the QRC to deliver a Queensland Resources Development Plan will enable Queensland to work and earn our way out of COVID, supercharging Queensland’s economic recovery and delivering decades of responsible prosperity,” Mr Macfarlane said.

“A coordinated response is an opportunity to put Queensland - and hundreds of thousands of Queensland jobs - at the international forefront of areas such as advanced manufacturing, renewable energy and battery storage deployment and hydrogen industry development.” 

Mr Macfarlane said there were strong parallels between the plan and the historic 1968 Central Queensland Coal Associates Agreement which put Queensland’s coalfields on the global resources map half a century ago.

“Just as that historic agreement established a new foundation for growth in investment, jobs, production and exports in Queensland’s coal industry at the time, a well-implemented Resources Industry Development Plan will take our industry to a whole new level,” he said. 

“In the meantime, the resources sector remains committed to ensuring our sector operates responsibly, respectfully and safely and we will never lose sight of the fact there are families and a global community of people relying on us to do just that.

”Mr Macfarlane said the industry’s latest economic contribution data shows resources added a record $82.6 billion to the Queensland economy over the past financial year, equating to a $10 million contribution from resources every hour of every day. 

“Resources contributes one in every five dollars to the Queensland economy and one in six jobs, which is why our sector’s performance is so crucial to a strong COVID recovery,” he said.  

Mr Macfarlane said the number of jobs supported by resources rose by 13 percent in 2019-20 to more than 420,000 jobs. Of these, almost 53,000 people are direct employees and more than 367,000 jobs are supported by the sector. The number of Queensland businesses directly supported by resources rose 5 percent to 15,200, with companies reporting a 19 percent increase in spending to reach $27 billion.

Mr Macfarlane said resource companies exported $56.5 billion worth of goods last year, which represented 80 percent of Queensland’s total exports.

“This export result has been achieved at a time of global market upheaval and volatile commodity prices, which makes it an even more extraordinary outcome,” he said.

Mr Macfarlane said every Queenslander benefits from the billions of dollars in royalties that resources companies pay annually to the State Government, with the industry contributing $4.5 billion in 2019-20.

“The royalty taxes contributed each year by resources companies help the Queensland Government pay for the nurses and doctors who care for our families, the teachers who educate our children, the police officers who keep us safe, and the hospitals, schools and roads we need for our communities to function,” Mr Macfarlane said.

“When you take into account the overall contribution of resources to the state economy – the value of the jobs we support, economic activity we generate, taxes we pay, businesses we support, commodities we export plus royalties – our contribution is extremely significant.”

Mr Macfarlane said QRC members were heartened by the Premier’s commitment to work with industry to develop a plan to chart Queensland’s recovery from COVID-19 and beyond. 

“I hope in 50 years’ time people will talk about the Queensland Resources Development Plan in the same way they speak about the Central Queensland Coal Associates Agreement of 1968,” he said.

“The QRC looks forward to working with the Premier and her government to maximise Queensland’s ability to recover from COVID and become Australia’s number one Energy State.

“You can count on resources to help Queensland recover.”

www.qrc.org.au

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Faster payments to Victorian small businesses to kick-start economy

THE Australian Small Business and Family Enterprise Ombudsman, Kate Carnell has welcomed the Victorian Government’s commitment to pay its small business supplier invoices within 10 business days.

Ms Carnell said the new payment terms, which will apply to all new contracts valued under $3 million from January 1, 2021, is exactly what small businesses need as they recover from months in lockdown and severe trading restrictions.

“Fast-tracking payments to small businesses is a sure-fire way to help them get back on their feet following what has been an incredibly tough year,” Ms Carnell said..

“The Victorian Government’s new small business payment policy will also flow through to the broader economy, by getting money moving again.

“We know that small businesses, particularly those hardest hit by the COVID crisis, urgently need cash flow.

“The latest CreditorWatch data for October shows businesses are being paid an average of 31 days overdue – an increase of 157 percent on this time last year. This is having a devastating impact on small business, which highlights the importance of paying small businesses on time.

“This should be seen as a benchmark for governments at all levels. If Victoria can do it, there’s no reason why it can’t apply across the board," she said.

“Big businesses should also do the right thing by their small business suppliers and pay them faster. Too many big businesses have used the COVID crisis as an excuse for poor payment times, which is clearly unacceptable.”

www.asbfeo.gov.au

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Ombudsman welcomes 30-day payment restoration by CIMIC, UGL

THE Australian Small Business and Family Enterprise Ombudsman, Kate Carnell has welcomed a commitment by engineering group UGL to restore 30 day payment terms for its small business suppliers in the new year.

The announcement by CIMIC – which owns UGL – follows concerns raised by the Ombudsman in September 2019 regarding reports the engineering company had extended its payment terms to 65 days and notified suppliers to contact Greensill Capital if earlier payment was required.

This prompted the ACCC to look into issues around extended payment terms and reverse factoring.

“We welcome the announcement that CIMIC and UGL plan to return to 30-day payment terms for all of its small business suppliers by early next year as part of its yet-to-be-released Small Business Policy,” Ms Carnell said.

“CIMIC says it will publish its Small Business Policy for its operating companies, including UGL and CPB contractors in the coming weeks, in which suppliers will be eligible for 30-day payments. My office looks forward to reading this policy in detail.

“We also acknowledge the leadership shown by Greensill Capital, which pledged in May to discontinue the use of supply chain finance facilities by companies that misuse its products by pushing out payment terms. 

“We know that late payments make a huge difference to small business’ bottom line and that is only amplified for small businesses that have faced unprecedented challenges in 2020," Ms Carnell said.

“The latest CreditorWatch data for October shows businesses are being paid an average of 31 days overdue – an increase of 157 percent on this time last year. This is having a devastating impact on small businesses, particularly those hit hardest by the COVID crisis.

“Ultimately cash flow is king for small business and we know that if small businesses are paid on time, the whole economy benefits.”

www.asbfeo.gov.au

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Refreshed Business Funding Guide supports COVID crisis survival

AN UPDATED Business Funding Guide, which has been revised to reflect feedback and support small businesses impacted by the COVID crisis, has been released today.

The guide, developed by the Australian Small Business and Family Enterprise Ombudsman in partnership with Scottish Pacific Business Finance, is primarily written for accountants, bookkeepers and other accredited financial advisers, to assist their small business clients to find appropriate funding and increase their chances of getting approved for finance.

“Trading conditions have changed dramatically since we released the first Business Funding Guide last year,” Australian Small Business and Family Enterprise Ombudsman Kate Carnell said.

“The guide was originally intended to help small businesses secure funding for growth, however given the heavy toll the COVID crisis has taken on small businesses, the focus is now firmly on their survival.

“While many small businesses are still eligible for government support, these measures are temporary and plans will need to be made to fund their recovery, reinvention and growth.

“This independent guide provides comprehensive up-to-date information about a range of funding options available to small businesses, along with a step-by-step pathway to becoming ‘finance fit’ to give small businesses their best chance at success with the application process.

“Even at the best of times, many small businesses face an uphill battle to secure funding," Ms Carnell said.

“We know many have not bothered to apply due to the onerous application process and unrealistic serviceability requirements. Even for loans that have been 50 percent guaranteed by the Federal Government, small businesses have been asked for all sorts of documentation including director guarantees, which really means the family home.

“That’s why it is crucial small businesses understand the growing range of financial providers and products on the market – the big four banks are not the only game in town.

“Small business owners that need funding to stay afloat and recover from this challenging period need to consider all of the funding options, including those that are not tied to the family home, to make the best choice for their business," she said.

“Finally, it is vital small business borrowers ensure their lender is an AFCA member and talk to their trusted accredited financial adviser – who has our Business Funding Guide – before taking out a loan.”

www.asbfeo.gov.au

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Victoria’s massive energy efficiency investment to drive jobs boom - EEC

THE VICTORIAN Government has doubled down on last week’s record investment in energy efficiency in the residential sector with a swathe of smart stimulus measures targeted at businesses, community groups and government operations.

Together, this $1 billion energy management package will create thousands of local jobs and ensure every part of the economy is supported through Victoria’s economic recovery, acccording to the Energy Efficiency Council’s CEO, Luke Menzel.

“Last week the Andrews Government took a leadership position on energy efficiency, with a record $797 million investment in energy efficiency upgrades, with a focus on social housing residents and concession card holders,” Mr Menzel said. 

“Today they doubled down, extending the benefits of energy efficiency stimulus to every part of the Victorian economy, and ensuring no business is left behind.”

Today’s budget includes $91 million of energy management support for Victorian businesses and community groups, including:

  • A $31 million co-investment fund for large energy users to transform the way industry uses energy and helping businesses save money, to be spent in the next twelve months;
  • A $30 million top up for the Agriculture Energy Investment Plan to support Victorian farmers to improve their energy management;
  • $9 million for Victorian Energy Upgrade (VEU) incentives targeted at small businesses, to accompany the $38 million going towards 15,000 solar rebates for businesses; and
  • $21 million for climate change community action, which will include funding to help community groups install renewable energy systems, storage and energy efficiency improvements in community buildings.

In addition to supporting Victorian businesses, the Andrews Government is leading by example, committing almost $100 million over four years to increase the energy performance of its own operations, including:

  • $40 million for LED lighting and solar PV in public hospitals; and
  • $59.9 million to the Greener Government Buildings (GGB) Program and creating a revolving fund that will see energy savings reinvested in further buildings upgrades for years to come.

The budget also included $10 million for supporting the clean economy workforce, including setting up a Clean Economy Skills and Jobs Taskforce, which would develop a Clean Energy Workforce Development Strategy and oversee the rollout of a $6 million for a Clean Economy Workforce Capacity Building Fund.

Energy experts applauded these investments.

“Today’s announcements bring Victoria’s total commitment to energy management stimulus investments to $1 billion,” Mr Menzel said.

“This is smart stimulus. We know that energy efficiency upgrades have the biggest jobs multiplier of any form of clean energy investments. Victoria is harnessing that jobs multiplier to supercharge their post-COVID recovery, creating thousands of good, local jobs and cutting carbon along the way,” he said.

This major new stimulus effort is consistent with evidence from bodies like the International Monetary Fund and the International Energy Agency, who call energy efficiency a ‘job-creation machine’, and have advocated for it to be put at the heart of economic recovery programs post COVID-19.

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