THE Indigenous Affairs Committee will hear from the National Indigenous Australians Agency (NIAA) and the Australian National Audit Office (ANAO) at the first public hearing for its inquiry into food prices and food security in remote communities.

Committee chair Julian Leeser MP said that the Committee looked forward to discussing the current policy frameworks with these key agencies.

“As the national Indigenous policy agency, NIAA will play a central role in formulating the government’s approach to dealing with this issue,” Mr Leeser said. “The ANAO has conducted detailed audits of government activities and initiatives in remote food security. Both of these witnesses have valuable insights and expertise to bring to the inquiry.”

Public hearing details

Date: Thursday 11 June 2020
Time: 11.35am to 12.55pm

A full program will be available at the inquiry website.

Due to social distancing requirements at Parliament House, members of the public will not be permitted to attend the hearing. An audio broadcast will be accessible at https://www.aph.gov.au/Watch_Read_Listen.  

For more information about this inquiry, including its terms of reference, details of upcoming public hearings, and instructions on making a submission, please visit the Committee’s webpage.

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WEALTHY migrant investors could provide a vital source of funding to support universities and the return of international students, leading wealth manager Atlas Advisors Australia has claimed.

Atlas Advisors Australia executive chairman, Guy Hedley said universities, jobs and vital research projects were being unnecessarily put at peril because of a failure to look at smarter, more sustainable funding alternatives.

Mr Hedley said the Australian Government’s current review of the Business Innovation and Investment Program (BIIP) was an opportunity to enhance the economic and social outcomes of the program by directing more funds towards priority sectors such as universities.

“The complying investment framework of BIIP should be restructured to give priority to high net worth migrant investors who can provide a rich, long-term source of funding,” Mr Hedley said.

“Reopening applications under the BIIP could immediately unlock millions of dollars in available funds to support universities to recover and grow in a post-COVID-19 economy.”

Mr Hedley said revamping the BIIP complying investment framework to channel more funds towards critical research, positions and projects matched the strategic focus of universities and the Australian Government towards international education.

“The Australian Government and universities aim to increase the $37.6 billion contribution that international education made to the Australian economy last financial year,” Mr Hedley said.

“Wealthy migrant investors could play a greater role in making up for the loss of international students and strengthening the capabilities of our universities to build better ties to the rest of the world.

“It could also lead to more university endowments, another growing source of stable revenue.”

University-focused venture capital fund Stoic Venture Capital has united with Atlas Advisors Australia to call for greater funding under the BIIP for universities and venture capital.

Stoic Venture Capital managing partner for investments,Geoff Waring said the BIIP complying investment framework should be also revamped to increase funding for early stage venture capital and to assist the commercialisation of university innovation.

“Many Australian startups that could go on to become industry leaders have emerged from research conducted in university laboratories,” Dr Waring said. 

“Revamping the complying investment framework to prioritise capital constrained companies rather than to support more mature companies and assets reconfigures immigration policy to address the gaps in capital markets.”

About Atlas Advisors Australia

Atlas Advisors Australia is a leading 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 China and Australia locations.

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), taking a collaborative approach to investing in the highest potential companies.

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THE Queensland Resources Council has repeated its call for the Palaszczuk Government to match the LNP Opposition commitment to a 10-year freeze on all resource royalties.

QRC chief executive Ian Macfarlane said the industry noted the Palaszczuk Government’s commitment today to a five-year freeze for new petroleum royalty arrangements, following its earlier commitment to freeze the rate and threshold for coal and metal royalties for three years.

“The government has recognised that stable royalties provide greater investment and employment certainty for the resources industry.  The LNP promised 12 months ago, if elected, it would stabilise royalties for 10 years,” Mr Macfarlane said.

“The resources sector has been paying more than $5 billion in royalties to the Queensland Government to reinvest in services and infrastructure for all Queenslanders.

“The role of the resources sector is even more important to Queensland with COVID-19’s impact across the state’s economy. The resources sector employs one in seven jobs in Queensland and it contributes more than $220 million to the State’s economy each week," he said.

“The last royalty increase, under the Newman Government in 2012, compounded the regional impact of a global downturn in commodity prices and led to a significant reduction in resource investment and jobs.

“QRC welcomes the use of actual sales rather than an index for calculating gas royalties and the lower rates the model will offer for domestic production.”

Mr Macfarlane said QRC would have preferred the Queensland Government to continue dialogue with the gas industry to better inform the development of the new petroleum royalty arrangements.

“QRC will continue to work with its gas members to ensure the government’s new royalty arrangements are workable and do not detract from their planned investment and employment, particularly in the COVID-19 recovery,” he said.

www.qrc.org.au

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NEW INDEPENDENT modelling from corporate energy adviser Schneider Electric highlights the need for the Queensland Government to plan for a smooth, well managed transition from coal to wind, solar and hydro power. 

The report by Schneider Electric, revealed by Fairfax media today,  highlights  that Queensland's coal power plants will soon become uneconomic to run, as they are pushed out of the market by  cheaper, cleaner, renewable energy. 

The privately owned Gladstone power plant is likely to be the first Queensland coal plant to close earlier than expected, possibly as soon as 2025 according to UBS utilities analyst Tom Allen. 

Queensland Conservation Council urges the State Government not to drag their heels any longer on making solid plans for replacing the six state government owned coal fired power plants, and ensuring that workers have secure, quality jobs to go to, and communities are supported through the transition

Closing and replacing coal power stations with clean energy will create new opportunities and will mean a brighter future for Queensland, the council said.

According to the council, with the average cost of electricity from large scale solar plants in Australia falling dramatically – by a claimed 78 percent between 2010 and 2019 – the path to future prosperity for the state is clear.

"We need to stop relying on dirty fossil fuels and move rapidly towards renewable energy," Queensland Conservation Council director, Louise Matthiesson said. "The transition to a clean, renewable future is both essential and possible. 

"Burning coal has no long-term future for our economy, our health or our environment. Queensland is rich in clean energy resources – including sun and wind – that power new forms of renewable energy. 

 “It’s well beyond time for our politicians to take positive action in the energy arena and replace outdated coal power with cheaper, cleaner renewables,” Ms Matthiesson said. “A well-planned transition to clean, renewable energy can provide Queenslanders with a better, safer future.”

About Queensland Conservation Council

Queensland Conservation Council is a leading independent voice for the environment in Queensland. The council's mission is to protect Queensland’s landscapes, wildlife and climate, conserve its precious natural resources and make the state's businesses and communities more sustainable. Queensland Conservation Council is the state’s peak body for Queensland’s environmental movement, representing over 50 community environment groups across the state. 

www.queenslandsconservation.org.au

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