THE Australian Taxpayers Alliance (ATA) has urged Australian Senators to vote 'No' to the Currency (Restrictions on the Use of Cash) Bill 2019, calling the banning of cash an attack on the freedoms of Australians.

A statment released by ATA policy director Emilie Dye said:

"Some incredibly insightful individuals testified at the Cash Ban hearing on Thursday. The message was clear: any restriction on cash is an attack on economic freedom. Australians should be allowed to make legal purchases with the legal tender of their choice instead of being forced onto the banking system.

"The Australian Taxpayers' Alliance, the nation's largest grassroots advocacy group, today urged the Australian Senate to listen to the voice of the people and vote no on the Currency (Restrictions on the Use of Cash) Bill 2019.

"A $10,000 restriction on the use of cash would harm small businesses, give more power to corporate banks, and would fail to restrict any criminal activities.

"Many Australians still use cash and wish to continue using this legal tender for their privacy and security. Banks and electronic payment methods are not always reliable. Look at the bushfire crisis and the thousands of Australians forced to use cash during a natural disaster. 

"Let us not forget the Royal Commission into the banking sector. Without healthy competition and restriction banks, particularly corporate banks will abuse their powers. Lower interest rates and higher bank fees hurt hardworking Australian.

"Law-abiding citizens, not lawless criminals, obey laws. Experts in Europe have proven restrictions on cash fail to impact money laundering, tax evasion, and terrorism. This bill would cost Australians dearly without addressing the problems it claims to fix.

"Ordinary Australians attempting to contribute to the economy through legal means could find themselves spending two years in jail should this bill become law."

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THE Queensland Resources Council has welcomed a new round funding from the State Government under its Collaborative Exploration Initiative.

QRC chief executive Ian Macfarlane said the new exploration grants were targeted at the underexplored areas in the mineral rich North West of the State.

“Globally it’s becoming more challenging to find new mineral deposits especially in the North West where resources are much deeper with dense ground cover,” Mr Macfarlane said.

“Every bit helps when it comes to exploration and these new grants can help unearth the state’s significant reserves of copper, nickel, zinc, graphite, and molybdenum and major deposits of cobalt, rhenium, scandium, tantalum, niobium, lithium, rare earths and vanadium.

“These critical minerals help support the global expansion of renewable energy, battery storage technology, the uptake of electric vehicles and state-of-the-art defence machinery," he said.

“This is more good news for the exploration industry following the release of our exploration scorecard last month which found 58 percent of explorers planned to increase or significantly increase their exploration expenditure and 92 percent of drilling companies forecasting similar or increased spending over the next 12 months.

“QRC and its sister organisation the Queensland Exploration Council fully support the work of the Collaborative Exploration Initiative which has assisted the resource industry for more than 10 years, with 58 companies and almost 50 significant mineral deposit discoveries in underexplored areas of the state, including a significant silver-lead-zinc deposit and contributions towards Australia’s largest copper-cobalt resource.”

The initiative is managed by the Geological Survey of Queensland.Applications are now open.

https://www.business.qld.gov.au/industries/mining-energy-water/resources/geoscience-information/exploration-incentives/exploration-grants

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THE Australian Small Business and Family Enterprise Ombudsman Kate Carnell said large companies using supply chain finance products that mine big data to manipulate small business suppliers, are on notice that this practice is being examined closely as part of the Ombudsman’s Review of Supply Chain Financing.

“Recent reports of big businesses using supply chain finance platforms that use artificial intelligence to calculate the discount a supplier may be willing to accept, are disturbing,” Ms Carnell said.

“These types of reverse factoring products that vary based on how desperate the supplier is, are being closely looked at as part of our ongoing Supply Chain Financing Review.

“Small businesses have raised their concerns with my office about the use of artificial intelligence and big data to determine and target discounts.

“It’s clearly not okay for big businesses to use their dominant position and access to technology to further squeeze small business margins," she said.

“Unfortunately the only way to level the playing field is through further regulation and legislation, which means more red tape.  

“Supply chain finance can be a legitimate and effective tool to free-up cash flow for small and family businesses. However, it should never ever be a replacement for reasonable payment terms being offered, 30 days or less from invoice.

“It is imperative small businesses are paid on time. We know that late payments equate to a $7 billion drag on the economy.”

Since the Review launch in November 2019, a wide-ranging consultation process has been underway with large businesses, small businesses, and supply chain finance providers.

An interim report is expected to be released by the Ombudsman in March, followed by a full report by the end of April.

Small businesses and family enterprises who have had experience with supply chain financing can still contribute to the Ombudsman’s review via This email address is being protected from spambots. You need JavaScript enabled to view it.

www.asbfeo.gov.au

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SYDNEY Water has today urged businesses across Sydney, Blue Mountains and the Illawarra to apply for a water exemption permit if they need one, with Level 2 water restrictions now in place.

As Greater Sydney continues to face one of the worst droughts in its history, the NSW Government recently announced that severe water restrictions are in place, with Sydney’s water supply continuing to drop at the fastest rate on record.  

Businesses that use water in a way that does not comply with water restrictions will need to apply for a permit before January 31, 2020.

“We know that there are thousands of businesses across Greater Sydney that rely on the use of drinking water as part of their operations,” Sydney Water executive drought lead, Catherine Port said.

“In order to continue to use drinking water and avoid fines, businesses must apply for a Level 2 water exemption permit if they cannot comply with the water restrictions.”

Since Level 2 water restrictions were announced in December, Sydney Water has granted over 8,000 exemptions to enable businesses to keep trading, with thousands more currently being processed. 

“It’s reassuring to see we’ve had many applications, but we know there are many more organisations that will require a permit to continue their use of water,” Ms Port said.

“We’re urging all those businesses to submit their application ahead of the deadline on 31st January”. 

Level 2 water restrictions came into place last month (December 10) to save water while Greater Sydney is in drought.  Businesses do not need to apply for an exemption if the water being used is not drinking water. Types of water excluded from Level 2 water restrictions include recycled water, greywater, rainwater or bore water. 

Fines will apply from February 1, 2020 for businesses not using water according to the Level 2 water restrictions or under the conditions of their current permit. 

If a business has applied for a new permit or updated permit and hasn’t received it by January 31, they will not be fined. Sydney Water will be communicating with businesses to inform of this.

To find out more about Level 2 Water Restrictions, to apply for a business exemption and to hear about the many ways to save water both indoors and outdoors visit www.LoveWater.Sydney

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