CPA AUSTRALIA has welcomed and said it supports the Federal Government’s announcement of an extension to the transition period for registered financial advisers to meet the examination and education requirements of the new standards.
CPA Australia’s public practice manager Keddie Waller said, “While we are supportive of the principles of these reforms, it is important to balance their impact against maintaining the ongoing availability, quality and affordability of advice, as stated by the government.
"The additional one year granted by the government to complete the Financial Advisors Standards and Ethics Authority (FASEA) exam and the additional two years granted to meet the FASEA qualification requirements will help smooth the transition for financial advisers,” Ms Waller said.
“We note, however, that there are elements, such as recognition of prior learning, that are still being finalised by FASEA.
“CPA Australia will continue to work closely with the government and FASEA to help smooth the transition for our members, as there are further opportunities for improvement.”
THE Financial Planning Association of Australia (FPA) has welcomed the Federal Government’s announcement that it will give existing financial planners more time to pass the Financial Adviser Standards and Ethics Authority (FASEA) exam and comply with the FASEA education standard.
Senator Jane Hume, Assistant Minister for Superannuation, Financial Services and Financial Technology, announced today that the Federal Government will restore the full two-year period to pass the exam by extending the deadline for 12 months to 1 January 2022. The government will also extend the deadline for meeting the FASEA education standard by 24 months to 1 January 2026.
Dante De Gori, CEO of the FPA, said the government’s decision to announce their intention to extend the original deadline means existing financial planners are no longer being unfairly disadvantaged by delays from FASEA in rolling-out its exam and its new code of ethics.
“The government has done the right thing by proposing to extend the deadlines for all existing financial planners to sit and pass the FASEA exam and meet the education standard," Mr De Gori said.
“The proposed new deadlines will give existing financial planners more time to study, ensuring that these reforms are successful at raising the bar across the profession.
“We’re pleased that Minister Hume has listened to the feedback from our members and been willing to work with the FPA and AFA jointly to deliver a better outcome for all financial planners and their clients.”
BP AND DAVID JONES are partnering to create all-new centres of convenience and "shape the way Australian consumers shop for food".
The partnership combines David Jones Food’s exclusive, high-quality product range with BP’s global expertise in convenience retailing and national footprint, giving customers access to locally-sourced, ready-made meals and other fresh, quality offers at selected BP sites.
The new range will see more than 350 products on offer, including food-for-now and food-for-later options, as well as a diverse range of fresh items such as sandwiches, sushi and David Jones Food’s top-selling free-range rotisserie chicken, plus pre-prepared meals and long-life groceries.
Over the next six months 10 sites, strategically positioned around major arterials and key suburban regions of Melbourne and Sydney, will be transformed to showcase the new offer that has been designed with busy, urban, health-conscious customers in mind.
Brooke Miller, BP Australia vice president sales and marketing said BP was thrilled to be partnering with David Jones; the two companies share a passion for customer excellence and are equally driven to deliver best-in-class, high-quality convenience offers.
“The traditional service station offer of today will not fulfil the retail customer needs of tomorrow.
BP’s vision is to transform convenience retailing in Australia, and enhancing our brand via strategic partnerships underpins our strategy to deliver market-leading fuels, technology, rewards and convenience offers to Australian consumers,” Miller said.
“The new stores will invite customers to explore the future possibilities of retail convenience in Australia. Drawing on the very best of each partner, the contemporary design will be ideal for our customers to shop the fresh, vibrant David Jones Food range or enjoy BP’s Wild Bean café.
“Multiple shopping missions will be catered for and BP’s high-quality offers won’t change; premium fuels will be available on the forecourt, the core range of drinks, snacks and café items will remain, and customers in a rush will be able to use the BPme app or a self-serve kiosk to beat the queue,” she said.
Pieter de Wet, managing director David Jones Food, said: “The launch of this partnership marks an exciting new chapter for David Jones Food. Consumer behaviour is changing and demand for fresh, food-for-now and food-for-later options continues to grow. Customers expect convenience and quality to go hand in hand, and our collaboration with BP enables us to share the David Jones Food offering with more customers than ever before.
“This product range combines innovation with freshness and taste to deliver an offering that is both convenient and of the highest quality. We are committed to the ongoing development of the range and together with BP see an opportunity to deliver an experience that fits with the busy lives and changing needs and preferences of our customers.”
The partnership reflects the evolution of convenience retailing and global urbanisation trends. Household sizes are getting smaller and the notion of three seated meals a day and an hour of grocery shopping on the weekend no longer holds for many busy Australians. Customers are eating on the go more frequently and planning their meals in advance less and less.
With Australians doing their grocery shopping via multiple smaller shops, small-format convenience stores are playing an increasingly important role. In fact, studies show 48 per cent of consumers* visit petrol and convenience stores for eating, drinking or snacking options between meals.
Insights garnered from the initial 10 sites will inform the next phase of development for the partnership, with BP and David Jones to expand the offer to additional sites within BP’s national retail network.
"This inquiry needs to answer three basic questions about nuclear energy,” Mr O’Brien said. “Is nuclear energy feasible, suitable and palatable?
“To be feasible, it would have to stack up on economic, technological and capability grounds. To be suitable, it would have to make sense on environmental, safety and security grounds.
“And to be palatable, there would have to be an appetite among the Australian people. It’s time to hear from the experts.”
First public hearing Date: Thursday, 29 August 2019 Time: 9am to 12:15pm Location: Portside Conference Centre, 207 Kent St, Sydney
9am: Dr Ziggy Switkowski AO 10am: Australian Nuclear Science and Technology Organisation; Australian Radiation Protection and Nuclear Safety Authority 11:15am: Australian Energy Market Operator; Australian Energy Market Commission; Australian Energy Regulator 12:15pm: Close
The hearing will be broadcast live at aph.gov.au/live.
The Committee intends to hold public hearings at various locations, which will be announced in due course on the inquiry website: https://www.aph.gov.au/nuclearpower. Submissions close on 16 September 2019.
“THE NEED to fast-track the rollout of infrastructure projects has grown more urgent following the June quarter slump in engineering construction activity to be at its lowest level in a decade,” according to Shane Garrett, Master Builders Australia's chief economist.
"Although the volume of engineering construction activity across the country only fell by 1.1 percent in the June quarter, it means the sector has now fallen to its lowest ebb since 2008,” he said.
“Even though we supposed to be on the cusp of an infrastructure boom, engineering construction activity has not been this weak since the GFC. It’s a clear sign that governments are not moving fast enough to advance infrastructure commitments to the construction phase,” Mr Garrett said.
“This will require all levels of government to urgently implement reforms to draw on the capacity of smaller and local construction contractors and also measures to ensure there is the necessary skilled workforce.
“Today’s figures show that the other components of construction are also struggling. The downturn in residential building activity continued with another 5.1 percent reduction during the June 2019 quarter. This was eclipsed by the 6.6 percent drop in commercial building work done over the same period,” Mr Garrett said.
“As the economy’s largest provider of full-time jobs, the new figures show that the building and construction industry is in real need of a lift. The quickest way to achieve this is by governments working together to get the infrastructure projects happening.
“Our recently-released Master Builders forecasts indicate that engineering construction work is likely to be a crucial lifeline for our industry over the next few years, given that both residential and commercial building are expected to struggle,” Mr Garrett said.
“A visible expansion in the amount of construction projects taking place would lift morale in the industry and show everyone that our economy is on the up again
During the June 2019 quarter, Western Australia was the only state to see an increase in construction activity (+1.4%). The largest reduction in construction work affected the ACT (-13.1%), followed by the Northern Territory (-12.3%) and Queensland (-6.0%). There were also declines in South Australia (-4.8%), Victoria (-4.4%), Tasmania (-4.1%) and New South Wales (-1.9%).
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