THE Queensland Resources Council has welcomed news an additional 4400 jobs were created in July with the sector continuing to contribute one new job every hour across the State and more than 1400 vacancies currently advertised online. 

QRC chief executive Ian Macfarlane said the resources sector supported one in every eight jobs in Queensland.

"The resources sector is creating more jobs, delivering more exports and generating more royalties for Queensland. The world wants what we have, particularly with the expansion of renewables, electric vehicles and infrastructure,” Mr Macfarlane said. 

“Over the last 12 months, the resources sector has created more than 8400 jobs – the equivalent of one job an hour. 

“We can continue to create opportunities through direct jobs and spin off benefits for regional communities right across the State. 

“A strong resources sector means a strong Queensland. 

“We are determined to work with the Government for even more jobs, exports and royalties. We need predictable laws to ensure we can invest even more to explore and sustainably develop Queensland’s resources for the benefit of all Queenslanders.”

www.qrc.org.au

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ENERGY Networks Australia has welcomed the release of a report by Australia’s Chief Scientist which further promotes the development of a hydrogen industry in Australia.  

Energy Networks Australia chief executive officer Andrew Dillon is a member of the Hydrogen Strategy Group, led by Dr Alan Finkel that produced the COAG Energy Council report Hydrogen for Australia’s future.

“There’s been a growing focus right across the sector on the significant opportunities hydrogen presents for Australia,” Mr Dillon said.

"As the report states, hydrogen can be safely added to natural gas supplies at up to 10 percent by volume without changes to pipelines, appliances or regulations.

“From a gas distributor’s perspective, hydrogen has potential to support electricity and gas networks by allowing renewable hydrogen to be stored in existing infrastructure and then be used for providing heat or generating electricity.

“The storage capability of our existing gas networks is enormous, with the equivalent of six billion Tesla Powerwall batteries already in place.

“Over time, the gas networks will be able to deliver 100 percent hydrogen as a replacement for natural gas for domestic cooking, heating and hot water.”

Mr Dillon said using renewables to generate hydrogen also creates new revenue raising opportunities for solar PV and wind generation.

“Using excess renewable energy to power electrolysis units takes pressure off the grid with the hydrogen stored for later use, just like excess energy stored in a battery," he said.

“Hydrogen also has a role in transport, for powering passenger vehicles, buses, trucks and trains,” Mr Dillon said. 

“Hydrogen is a key component of industry’s Gas Vision 2050 and industry is already leading the development of this technology through various research and pilot projects.”

The Australian Alliance for Energy Productivity is a not for profit coalition of business, government and environmental leaders promoting a more energy productive economy.

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THE House of Representatives Standing Committee on Economics will hold a public hearing in Canberra on Wednesday, 22 August 2018 for its inquiry into impediments to business investment.

The chair of the committee, Sarah Henderson MP, said that the committee will examine how government at all levels can better support business investment in Australia.

The committee will hear from the Motor Trades Association (MTA) of Queensland and Townsville Enterprise Limited. The MTA Queensland, in its submission, called for regulatory reform to simplify regulation and streamline administrative processes in the automotive industry. It also encouraged an enhanced role for the Commonwealth Government as a champion for emerging technologies and innovation.

Townsville Enterprise, which represents five local government areas in North Queensland, said in its submission that Townville and the surrounding regions are struggling to attract investment. To help address this, the group recommended tax incentives to encourage investment in regional areas, and for Commonwealth and State Government cooperation on energy policy.

Ms Henderson said, "During the inquiry, business and stakeholders have shared similar concerns about complex and excessive regulation and high corporate taxes as impediments to business investment. It remains crucial for governments at all levels to help businesses in regional communities and across the Australian economy to grow through business investment, to foster innovation and create jobs."

Public hearing details: Wednesday, 22 August 2018, Committee Room 1R3, Parliament House, Canberra

11.10am: Motor Trades Association Queensland (via video conference)
11.50am: Townsville Enterprise Limited (via video conference)
12.30pm: Finish

The hearing will be broadcast live at www.aph.gov.au/live

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AS SOME CALL for a further delay in passing consumer-friendly legislation -- comprehensive credit reporting -- requiring banks to make consumer data available to their competitors, FinTech Australia is questioning whether a voluntary promise from the big banks can be trusted.

FinTech Australia is calling on the Parliament to pass the legislation without delay and says that relying on the big banks could end in disaster.

Just before the Parliamentary winter recess, in an effort to both repair the reputational damage from the Royal Commission and reduce pressure and urgency to pass the legislation,  the Australian Banking Association, on behalf of the big four banks, announced that the data would be made available on a voluntary basis.

"FinTech Australia understands that there may already be some attempts by the big banks to delay or roll back the promise made by the ABA," FinTech Australia CEO Brad Kitschke said.

"It is concerned this may have been the plan all along, and that the voluntary promise could be just another tactic to prevent a compulsory regime, something the big banks have opposed for some time. The longer the big banks are allowed to delay reform, the more consumers will be forced to accept the status quo of products and services that don’t meet their needs, bad loans, and even worse the kinds of outcomes heard at the Royal Commission."

Mr Kitschke said trusting the banks to share the data on a voluntary basis puts the banks back in charge, undermines competition, and will end in poor consumer outcomes.

”The legislation has been held up for long enough, and the argument that it can be delayed or put off even further because we can rely on the big four banks to provide it on a voluntary basis is foolish given their track record," he said.

"The data about a consumer’s financial information is the consumers' not the banks. Allowing the big banks to control or restrict access is not in the interests of consumers.

"FinTechs rely on accurate data about a person’s individual financial needs to develop bespoke products and services. Without access to this data, consumers will continue to be forced to accept the off-the-shelf generic products on offer from the big banks that don’t meet their needs. Any further delay or allowing the banks to be in control is only in the interests of the banks.  

"You only need to read the transcripts of the Royal Commission to know that the strategy of trusting the banks to voluntarily act in the best interests of consumers doesn’t have a great track record of success," Mr Kitschke said.

FinTech Australia claimed the delays in passing the legislation, owing to the concerns of consumer advocates about hardship, can be overcome.  It has established its own Consumer and Small Business Advisory Committee to allow concerns from consumer advocates to be better understood and insists that delaying legislation just hurts consumers.

“Delaying the legislation would just hurt consumers and empower and reward the big banks at a time when we should be doing everything we can to increase competitive pressure and scrutiny," Mr  Kitschke said.   "While the concerns of consumer advocates about hardship needed to be worked through a further delay would now hurt consumers and competition.

"We need to work together to be fair to consumers and promote competition. However, delaying this legislation hurts both consumers and undermines competition and just rewards the big banks.

"With what we know from the Royal Commission, there should be a greater sense of urgency to increase competition, not rely on a voluntary promise from the banks.”  Mir Kitschke concluded.

About FinTech Australia

FinTech Australia Ltd is the peak body for the Australian financial services, technology and innovation - Fintech industry.  FinTech Australia was founded by startups, and is a startup itself. It works with founders, startups, scaleups and the fintech ecosystem. FinTech Australia represents members and advocates for outcomes that facilitate the growth of the fintech ecosystem with the goal of making Australia a leading fintech market. www.fintechaustralia.org.au

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