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Atlas Advisors Australia welcomes reopening of BIIP to offset falling migration

LEADING wealth manager Atlas Advisors Australia has welcomed the Australian Government’s decision to make an interim allocation of places under the Business Innovation and Investment Program (BIIP) ahead of the Budget to assist in driving economic growth amidst the challenges of the pandemic and falls in migration.

Executive chairman of Atlas Advisors Australia, Guy Hedley said the Australian Government's recent decision to allocate places for Significant Investor Visas and Investor Visas recognised the critical role the BIIP could play in offsetting the economic impact of a significant drop in migration.

“This important step can alleviate the loss of capital as a result of lower migration levels while corresponding with the Australian Government's objectives to reduce overall migrant numbers,” Mr Hedley said.

The current cap on the BIIP numbers should be lifted and the processing of applications sped up to draw in vital investment for venture capital funds to fuel the post-pandemic economy.

“There is a severe ongoing shortage of early stage venture capital and the BIIP can be a sustainable and lucrative source,” he said.

“Greater investment in venture capital is critical to encourage innovation that helps companies pull through difficult economic periods while also providing the underpinnings for future jobs and revenue.

“Without further immediate action, Australia risks losing vital capital and trade opportunities to other countries with better incentives to attract high net worth investors in today’s highly competitive market for capital.”

 

About Atlas Advisors Australia

Atlas Advisors Australia is a funds manager and investment advisory business, operating between China and Australia, offering a wide range of financial services and wealth management solutions. With operations in Sydney and Melbourne in Australia and Shanghai in China, Atlas is able to support investors in all China and Australia locations.

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Ombudsman’s Insurance Inquiry sees surge in small business surveys

THE Australian Small Business and Family Enterprise Ombudsman’s Insurance Inquiry has attracted a huge public response, with more than 700 surveys completed by small businesses so far.

Ombudsman Kate Carnell said small businesses have until Sunday (August 30, 2020) to share their experiences with insurance providers by completing the online survey.

“We’ve had an overwhelming response to this inquiry since we launched it earlier this month, which shows how big an issue insurance accessibility is for small businesses,” Ms Carnell said.

“The feedback we’ve had from small businesses so far has been insightful and concerning, with many small businesses claiming to have been denied insurance outright.

“This is particularly the case for many small businesses seeking public liability insurance, which is essential to continue their operations.

“We’ve heard from a number of small businesses that have been unable to get insurance for natural disasters," Ms Carnell said.

“Cost has also emerged as a major issue, with many small businesses complaining their insurance premiums have doubled or even tripled in just a few years.

 “Over the coming months we will be investigating these claims and examining if small business insurance products are fit for purpose.

“Of serious concern has been the number of small businesses that have had their insurance policies substantially changed, reducing the level of coverage, without their consent and with no refund of premiums. Our inquiry will determine if these practices amount to Unfair Contract Terms.”

Small and family businesses that have experienced difficulties with their insurance provider have until August 30, 2020, to complete the ASBFEOonline survey or email This email address is being protected from spambots. You need JavaScript enabled to view it.

A final report is scheduled for release in December.

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Clinical trial to reduce PFAS in blood a world first

A PARLIAMENTARY inquiry into PFAS remediation in and around Defence bases will hear on Monday about a world first study being conducted to reduce PFAS levels in blood.

Chair of the PFAS Sub-committee of the Joint Standing Committee on Foreign Affairs, Defence and TradeJohn McVeigh MP said Macquarie University was being funded by the Metropolitan Firefighters Brigade (MFB) to conduct this $1.2 million study.

"Last week the Sub-committee heard from the United Firefighters Union of Australia (UFUA) about high levels of PFAS exposure among firefighters and work with MFB to promote their participation in the Macquarie University’s PFAS blood screening program," Dr McVeigh said.

The Macquarie University’s PFAS Clinical Study aims to discover whether a simple intervention program involving whole blood donation every 12 weeks or plasma donation every six weeks over a 52-week period can reduce PFAS levels in firefighters’ blood.

"The Macquarie University is supporting firefighters to find a feasible and practical solution to the occupational hazards of their work," Dr McVeigh said. 

"However, this unique study may help all those affected by PFAS, as research into its potential health impacts continues."

The Macquarie University’s submission (no. 11) to the inquiry sets out information on the study, its timeframe and methodology. Submissions from the UFUA and Fire Rescue Victoria (now representing MFB) are also available on the inquiry site.

Public hearing details

Date: Monday August 31, 2020
Time: ~3:40pm to 4:30pm
Location: Committee Room IR4, Parliament House, Canberra
via teleconference

The hearing will be audio streamed live at aph.gov.au/live.

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State of the arts in 2020 and beyond: new inquiry

AUSTRALIA's cultural and creative industries and institutions will be the focus of a new Parliamentary inquiry.

The House of Representatives Standing Committee on Communications and the Arts will hear evidence on the benefits the arts bring to Australia, and the significant impacts that COVID-19 has had on this important industry.

Committee Chair, David Gillespie MP, said, "Australia’s cultural and creative industries are at a point of significant change as Australia adapts to life in a pandemic.

"Australia’s creative innovation economy has made us a major player in the international arts arena, delivering benefits to our economy and helping shape our national identity. It’s time to reflect on and re-think the way we create and interact with art, as we react to the pandemic and the challenges we need to overcome.

"We will take evidence on the terms of reference, and encourage anyone within the arts community to make a submission or participate in the online survey."

The terms of reference are available from the inquiry webpage. Submissions can also be made through the webpage, or by email to This email address is being protected from spambots. You need JavaScript enabled to view it. until October 22, 2020.

Information about the Committee may be found on the Committee’s webpage.

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Parliamentary spotlight on Juukan Gorge

THE Northern Australia Committee is tomorrow holding a second public hearing by teleconference as part of its inquiry into Juukan Gorge with a variety of stakeholders including representatives of superannuation investors, senior academics and former Rio Tinto employees.

Committee Chair, Warren Entsch, said seeking insights into corporate culture and investor reaction was vital to understanding the wider significance of the loss of the Aboriginal heritage sites at Juukan Gorge.

"We are trying to build up a comprehensive picture of the events leading up to the destruction of the caves — what Rio Tinto were doing right and getting wrong in the years leading up to the incident. This will have lessons for corporations and governments alike," Mr Entsch said.

In his submission to the inquiry, Professor Glynn Cochrane, a leading academic and former senior advisor at Rio Tinto, noted that the company had been following a ‘stripped-down’ version of Cultural Heritage Management (CHM) in the Pilbara.

"The focus has been on the development of the skills and procedures needed to secure quick clearance — the removal of impediments to mining — something that too frequently results in the destruction of sacred sites," he said.

Programs are available on the Committee’s website.

Public hearing details

Date: Friday, 28 August 2020
Time: 8am to 1:30pm AEDT
Location: By teleconference

Witnesses include:

Professor Glynn Cochrane (Submission 11)
Mr Bruce Harvey (Submission 19)
Dr Mary Edmunds (Submission 55)
Professor Marcia Langton AO (Submission 103)
AIATSIS (Submission 57)
Australian Council of Superannuation Investors (Submission 76)
National Native Title Council (Submission 34)

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

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