THE Queensland Resources Council (QRC) has welcomed the decision by the State Government to award a petroleum facility licence which will lead to a new gas processing plant in the Surat Basin.

QRC chief executive Ian Macfarlane said the plant would be built by Jemena and process gas from Senex Energy’s Project Atlas west of Wandoan.

“This project is part of the Government’s domestic only gas supply initiative designed to help ease the east coast gas squeeze,” Mr Macfarlane said.

“The processing plant will be part of Jemena’s $140 million Atlas gas pipeline which will connect gas from Project Atlas to the Wallumbilla Gas Hub in south west Queensland and create 150 jobs.

“It’s another flagship example of industry and Government working together to produce more natural gas, with benefits for Queensland," he said.

“Queensland’s resources industry has a proven track record of attracting new investment and creating new jobs because of the clear and stable regulatory environment in which it operates. It is essential that we have stable and reliable regulation for our resources sector to continue to attract the investment that builds our State and delivers for every Queenslander.”

www.qrc.org.au

About QRC

QRC is the peak representative body for Queensland ‘s resource sector. The Queensland resources sector provides one in every five dollars in the Queensland economy, sustains one in eight Queensland jobs, and supports more than 15,400 businesses and community organisations across the State, all from 0.1 percent of Queensland’s land mass.

ends

THE Coalition’s Protecting Your Super package has been stalled for far too long in the Senate and should be supported to help secure Australians’ retirement funding, according to the Institute of Public Accountants (IPA).

“Fee-gouging, particularly by the large superannuation entities, has to be dramatically wound back if we are to encourage a culture of superannuation contributions and savings as part of retirement planning,” IPA chief executive officer, Andrew Conway said.

“The Bills that form this package were announced in last year’s Federal Budget in May and yet it has not progressed.  The package starts to address some of the flaws in our superannuation system.

“It is staggering to think that the youngest superannuation members and others with the smallest balances will be hit with hundreds of millions of dollars in fees just over the next six months.

“Exorbitant fees erode faith in the superannuation system and discourages young people from voluntarily contributing more into future retirement funding.

“If the Protecting Your Super package goes ahead, fees charged to small superannuation accounts (less than $6,000) will be capped at 3 percent per year which is a far cry from what is being paid currently.

“The package also stops default charging of life insurance with an opt-in option for people under 25 while the current default process erodes super balances with unnecessary insurance," Mr Conway said.

“Australia must encourage people to build their superannuation retirement funds to alleviate the pressures that will exist on government paid pensions in the future.

“Too many Australians have multiple superannuation accounts. It is therefore, encouraging to see the work by the ATO to educate the public over lost and unclaimed superannuation with promising results of $860 million found and consolidated just in the last quarter of 2018.  The worry is that there is $17.5 billion reportedly, still in the lost and unclaimed category,” said Mr Conway.

www.publicaccountants.org.au

ends

THE Coalition Government has today released the Naval Shipbuilding Strategic Workforce Discussion Paper.

While the Government has already taken many actions to build the workforce, it is important to hear if there is more that we can and should do to support workforce growth. 

Minister for Defence, Christopher Pyne MP, said the Government is therefore seeking submissions on the Discussion Paper, including any pertinent data, to help guide further actions and initiatives to support the development of the naval shipbuilding workforce. 

“The Government’s investment in establishing the National Naval Shipbuilding Enterprise will create thousands of direct and indirect jobs across Australia,” Mr Pyne said.

“In order to meet the future demands of the Naval Shipbuilding Enterprise, we must ensure we have the right people, at the right time, with the right skills.

“By providing a submission on the Naval Shipbuilding Strategic Workforce Discussion Paper, businesses and other interested parties will help inform the continuous workforce planning being undertaken in support of the National Naval Shipbuilding Enterprise.”

Submissions are open until March 29, 2019.  The Naval Shipbuilding Strategic Workforce Discussion Paper is available at http://www.defence.gov.au/NavalShipBuilding/. 

ends

THE House of Representatives Standing Committee on Economics will hold public hearings in Carlisle and Guildford, Western Australia, and Norwood, South Australia, for its inquiry into the implications of removing refundable franking credits.

The chair of the committee, Tim Wilson MP, said, "The committee continues to gather evidence about how the removal of refundable franking credits would affect investors, particularly senior Australians whose financial security could be compromised."

The SMSF Association, who will appear in Adelaide, have called the ALP’s franking credits policy ‘flawed’ because it "proposes that refunds from dividend imputation are appropriate for almost all investors except for SMSF investors and those shareholders with low taxable incomes".

Also appearing in Adelaide, National Seniors Australia said in its submission that many self-funded retirees "feel they are being penalised for doing the right thing by saving for their retirement and not being a burden on the taxpayer by relying on the age pension".

Mr Wilson said, "These hearings will provide an opportunity for Australians impacted by a change to refundable franking credits to address the committee directly with a three minute statement, and we welcome their contributions and participation."

Public hearing details:

Carlisle, 9.30am to 11am, Community statements, Monday, 25 February 2019, Harold Hawthorne Community Centre, 2 Memorial Ave, Carlisle, Western Australia.

Guildford, 1:30pm to 3pm, Community statements, Monday, 25 February 2019, Guildford Town Hall, 97-99 James St, Guildford, Western Australia

Adelaide, 9.30am to 12pm, Tuesday, 26 February 2019, Osmond Terrace Function Centre, 97 The Parade, Norwood, South Australia: 9.30am to 10am, SMSF Association; 10am to 10.30am, National Seniors Australia; 10.30am to 12pm, community statements.

Further public hearings will be announced as the inquiry progresses. The hearings will be webcast live (audio only).

A number of submissions have been received and are available on the committee’s webpage at: www.aph.gov.au/economics. A number of submissions are currently being processed and will be published over the coming months. Submissions can be made online or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it..

ends