THE Australian Government’s approval of the Carmichael Coal project’s groundwater management plans, based on the recommendations of CSIRO and Geoscience Australia, is another milestone in the project’s 3091 days and counting approval process according to Queensland Resources Council (QRC).
"Since the original application for the project was accepted by the Bligh Government or deemed a “controlled project” under the Gillard Government in 2010, Adani has worked through all the State and Federal Government processes," QRC chief executive Ian Macfarlane said.
"To put that into context, it took less time – 2891 days – for the winning tenderer to build and open the Sydney Harbour Bridge during the 1920s and ‘30s. Surely we can do better in 21st century Australia.
"The extensive and ongoing regulatory process has identified an opportunity for Adani to implement better ways to protect the Doongmabulla Springs," he said.
"Like any project, whether it is a wind farm, a tourism development or major piece of infrastructure, the Carmichael Coal project has completed a comprehensive environmental impact statement, which has been subject to two periods of public consultation, before receiving approvals – with conditions – from the State and Federal Governments.
"The project has been under the scrutiny of government agencies in Brisbane and Canberra under both sides of politics over the last nine years.
"Any politicisation of the approval processes for the Carmichael Coal project cast doubt over all proposed projects, their planned investment and their promised jobs. There is a pipeline of an estimated $65 billion in resource projects in Queensland."
QUEENSLAND’s resources sector spending with small and medium businesses in Queensland has increased by 19 percent over 12 months and recorded its first gain in six years.
QRC chief executive Ian Macfarlane said companies were redirecting spending away from overseas and interstate suppliers to Queensland businesses.
“In 2017-18 the Queensland resources sector purchased $19.3 billion worth of goods and services with Queensland businesses or 69 percent of the total spend which compares to $400 million or 1 percent with international suppliers. That’s down more than 33 percent on the previous year,” Mr Macfarlane said.
“As a result of a concerted effort by the resources industry to buy locally interstate spending was $8.5 billion down from $8.6 billion a year earlier. In total the sector spent $28.14 billion locally, interstate (including New Zealand) and internationally.
“This is the first year the sector has recorded an increase in Queensland spending since 2011-12 which is good news for Queensland creating more investment, more exports and more jobs.
“More than $8 billion was invested outside the south-east with 8,000 regional suppliers benefiting from the resources sector.”
In November last year the Palaszczuk Government welcomed the decision by BHP, Peabody and New Hope Group to shorten payment terms with small to medium contractors within 30 days. Anglo American also moved to a 30 day payment system to support local businesses.
Minister for Employment and Small Business Shannon Fentiman said when you buy local you grow local.
“We know small businesses are the lifeblood of regional economies and a key part in powering our State’s jobs growth and we want to see more people Buy Queensland but also want those small businesses paid on time with fair payment terms," Mr Fentiman said.
“Since we highlighted the need for change last year there has been positive signs but more can be achieved and I am sure it will be.”
Gladstone Engineering Alliance chief executive Julie Gelder said the resources industry was a big supporter of small and medium businesses.
“The support to our local suppliers is ongoing and their commitment, along with the Queensland Resources Council’s commitment, to improve local spending with reports like their Local Content Report, will only continue to not only strengthen local relationships between industry and suppliers, but strengthen the local Gladstone economy in the long-term,” Ms Gelder said.
Mr Macfarlane will launch the report today at the Gladstone Supply Chain Expo.
Every year the QRC releases its Code Effectiveness Report which provides a snapshot of the sectors spending over the financial year. Now in its fifth year it encourages companies to adopt the ‘full, fair and reasonable’ principle to adopt a shared responsibility framework with industry, local suppliers, regional economic groups and governments. The code is voluntary but compulsory for companies starting new projects.
Mr Macfarlane said a report by CSIRO found people wanted industry and government to work together with communities and wider society to promote effective, constructive, and mutually beneficial relationships.
“Companies are listening to the need to buy locally and responding to the challenge by focusing their procurement strategy on their social licence to operate," he said. "A recent QRC survey of resource CEOs found 41 percent had engaged more local suppliers as a direct result of the increasing capabilities of suppliers in their region.
“By spending in Queensland the sector promotes the long term sustainability of local economies and boosts employment and economic growth by expanding local industries."
Mr Macfarlane said the resources sector was already doing its bit to keep Queensland strong – making a contribution of more than $62 billion to the state’s economy or one in five dollars, supporting more than 316,000 full-time equivalent jobs or one in eight jobs in the Queensland workforce, generating more than 80 percent of the state’s record $80 billion annual export sales and working with 1260 community organisations.
A PROPOSED Maroon Fund to redirect extra cash generated by Queensland coal in the Federal Budget has reached $491 million in funding requests for community programs, initiatives and capital works said the Queensland Resources Council.
QRC chief executive Ian Macfarlane said the Maroon Fund should help Queensland receive its fair share of the surplus money it paid in this year’s Budget.
“Essentially we said to both sides of Governments you’ll receive an extra $1 billion in company tax receipts because of higher than expected metallurgical coal prices generated out of Queensland and that money should be reinvested back where the resource wealth was created,” Mr Macfarlane said.
“The Johnathan Thurston Academy is empowering young Queenslanders to engage in education and has asked for $1 million to enable the Academy to deliver its programs to over 50 schools across Queensland from the Torres Strait to the Gold Coast.
"Queensland Rugby League is seeking $360,000 to install defibrillators at every rugby league venue with volunteers trained to operate the life-saving device.
“Rockhampton Regional Council needs $100m to upgrade Browne Park and $75 million for the Rockhampton Airport, the Deadly Futures Program is looking for $25,000 to educate Indigenous youth and close to $10 million is required for yourtown to build a Family Support Centre.
On top of the total of $491 million in applications, Bicycle Queensland has added to its application of $240.1 million with a request for a further $187 million to part fund five green bridges proposed by Brisbane’s new Lord Mayor Adrian Schrinner.
The proposed pedestrian and cycling bridges at Kangaroo Point to the CBD, two West End bridges – one from Toowong to West End and the other from St Lucia to West End – for pedestrians, cyclists and public transport, a pedestrian and cycling bridge connecting Kingsford Smith Drive Riverwalk into the existing riverwalk network will be constructed at Breakfast Creek, and a final bridge at Bellbowrie to Wacol is tapped as a potential pedestrian, cycling and public transport bridge.
The Council says the projects will cost $550 million with the Council committing to pay two thirds. Bicycle Queensland has urged the Maroon Fund to pay for the remaining $187 million to deliver the projects.
Federal Treasury forecast Queensland metallurgical coal at US$120 a tonne however the steel-making coal averaged US$204 over the financial year 2017-18.
Mr Macfarlane said he wrote to both Mr Morrison and Mr Shorten reminding them that the extra revenue they had received was the equivalent of $200 for every man, woman and child living in Queensland.
The resources sector was already doing its bit to keep Queensland strong – making a contribution of more than $62 billion to the State’s economy or one in five dollars, supporting more than 316,000 full-time equivalent jobs or one in eight jobs in the Queensland workforce, generating more than 80% of the State’s record $80 billion annual export sales and working with 1260 community organisations.
THE House of Representatives Standing Committee on Economics today tabled the report of its Review of the Reserve Bank of Australia Annual Report 2018 (First Report).
The report provides a summary of issues raised at the public hearing with the Reserve Bank in Sydney on February 22, 2019.
Chair of the committee, Tim Wilson MP, said, "The central scenario remains positive with the RBA expecting Australia’s economy to continue to grow above trend, reaching around 3 per cent by the end of the year. This is supported by rising business investment and higher levels of spending on public infrastructure.
"Inflation continues to remain low and stable with CPI inflation at 1.8 percent over 2018 and underlying inflation at 1¾ per cent. Interest rates continue to remain unchanged at 1.50 percent," Mr Wilson said.
"Outcomes in Australia’s labour market have been better than forecast with the unemployment rate already at 5 percent and expected to move lower to 4¾ per cent over the next couple of years. Wage growth continues to pick up with wages growing faster in almost all industries and states than a year ago.
"Despite the recent housing market adjustment and the protracted period of low household income growth, the Australian economy and financial system continue to remain resilient," Mr Wilson said.
THE Tax Practitioners Board (TPB) has welcomed the release of a report by the Inspector-General of Taxation and Taxation Ombudsman (IGTO) on the role of the tax profession into the future.
Released yesterday, the IGTO report, Future of the Tax Profession, examines a range of current and future factors likely to reshape the tax profession and administration of the tax system, such as advances in technology.
It recognises the significant continuing role of tax practitioners and the importance of considering future changes on their ability to service taxpayers.
The report suggests potential expansion of the role of the TPB to keep pace with developments in the tax profession and workforce more generally. This is being explored in the recently announced independent review into the TPB and Tax Agent Services Act 2009, chaired by Keith James.
Chair of the TPB, Ian Klug AM, said the IGTO has made six recommendations for the TPB in the report and implementation has commenced.
"The report recommendations correspond with the focus the TPB has been applying to tackling the issue of unregistered providers of tax agent services," Mr Klug said.
"It also recognises the continuing need to work with stakeholders such as professional associations to ensure policy and guidance appropriately caters for all tax practitioners."
The report and the TPB responses are available on the IGTO website.
About the Tax Practitioners Board: The Tax Practitioners Board regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct.
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