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Next Reserve Bank hearing in Canberra

THE House of Representatives Standing Committee on Economics has tabled the report of its Review of the Reserve Bank of Australia Annual Report 2017 (First Report).

The report provides a summary of issues raised at the public hearing with the Reserve Bank in Sydney on 16 February 2018.

The chair of the committee, Sarah Henderson MP, said "evidence at the hearing revealed the strength of Australia’s labour market with 400,000 new jobs created in the past year, three-quarters of which were full-time. Labour force participation is close to its record high in 2011".

During the hearing, the committee examined the RBA on its monetary policy settings given the low levels of inflation in the Australian economy, and the prospects for a pick-up in inflation and wage growth as the economy strengthens.

The RBA forecasts Australia’s GDP growth to further strengthen from 2.75 percent in mid-2018 to be a little over 3 percent over 2018 and 2019. Underlying inflation is expected to rise gradually to around 2.25 percent by 2020.

Ms Henderson commented, "The Australian economy is transitioning successfully out of the mining boom and there is a large pipeline of infrastructure investment currently underway.’ She added ‘these projects are creating new jobs now, while building Australia’s productive capacity for the future."

Public hearing details: 9.30 am, Friday 17 August, Main Committee Room, Parliament House, Canberra

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

For information about the inquiry visit the committee’s website. 

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Calling for park managers across the NSW North Coast who seek to inspire

FOLLOWING a new brand, Reflections Holiday Parks is calling for hospitality professionals looking for a sea change and challenge to inspire at 12 iconic NSW North Coast locations, from Jimmys Beach and Hawks Nest in the Mid North Coast to Clarkes Beach in sunny Byron Bay.

Executive manager finance and IT, Michelle Griffin said Reflections Holiday Parks was calling for tenders from professionals who could hit the ground running with the group’s vision to transform its holiday parks into places that inspire all who visit.

“The successful park management contractor will love people, strive to ensure exceptional holiday experiences and be customer focussed with a team who can make their holiday park shine,” Ms Griffin said.

“Reflections Holiday Parks is actively building a strong brand and has a significant development program for many of its parks. As we grow, customer service remains at the core of our offering. We see our park management teams as a cornerstone to providing a real connection with our guests.”

Applications close Friday, 4 June 2018 for the following North Coast holiday parks.

  • Jimmys Beach and Hawks Nest
  • Forster Beach
  • Shaws Bay and Ballina
  • Moonee Beach
  • Coffs Harbour
  • Clarkes Beach
  • Urunga and Hungry Head
  • Nambucca Headland
  • Scotts Head

For more information visit  https://reflectionsholidayparks.com.au/about-us/tenders

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Labor's strong focus on skills and training welcomed by Master Builders

OPPOSITION Leader Bill Shorten's strong focus on skills and training in his Budget Reply has been welcomed by Master Builders Australia. 

Denita Wawn, CEO of Master Builders Australia said, “Labor’s plan to tackle skills shortages by scrapping upfront fees for 100,000 TAFE students and modernising TAFE facilities is a very positive step as our industry strives to attract more apprentices.

"But Master Builders will engage with Labor on the need to support an open and contestable national training system that provides students and employers with choices to access the most relevant training to secure a job.” 

“Master Builders has called for innovation in VET and welcomes Labor’s support for 10,000 pre-apprenticeship programs that promote the advantages of a trade qualification. We believe this is an important pathway to promoting a career in the building and construction industry,” she said. 

“Labor’s support for small business, including personal income tax cuts that will benefit unincorporated businesses is commended and we look forward to seeing more detail,” Ms Wawn said. 

“Ensuring small businesses have a greater role in terms of local procurement is an admirable goal, but once again more detail is required. 

“Labor’s ongoing strong commitment to fund major infrastructure projects that meet the needs of our community is supported by Master Builders.

“Master Builders wants more detail on Labor’s IR proposals. We are concerned that if they are closely aligned with those put forward by the ACTU they will have adverse consequences for our industry and the community. The solution is not to give unions more power at the expense of workers,” Denita Wawn said.

www.masterbuilders.com.au

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Government response to the Open Banking Review

THE Turnbull Government will act to improve customer outcomes and increase competition in the financial sector by implementing the recommendations in the final report of its independent Review into Open Banking.

Implementation will be phased in from July 2019, paving the way for the introduction of the Government’s Consumer Data Right in the banking sector.

Open Banking has the potential to transform the competitive landscape in financial services and the way in which Australians interact with the banking system.

It will give banking customers greater access to the data their banks hold on them and the ability to direct that it be safely transferred to trusted and accredited service providers of their choice.

Customers will be able to use their new data rights to find better deals on their credit cards, mortgages and other banking products. Comparison services will be better able to assess the value and suitability of all available products, taking into account the individual circumstances and needs of the customer. This will help to break down barriers that see customers staying with their banks even when there are better deals elsewhere.

Open Banking will also allow entrepreneurs to develop new services and products tailored to customers’ needs, disrupting those existing business models within the banking sector that do not put customers first.

Importantly, the Government has committed to the blueprint proposed by the Review for ensuring strong privacy protections and information security for customers’ banking data. A key element of these protections is that only trusted and accredited recipients will be permitted to access data, only with customers’ express consent and only for the purposes the customer has expressly permitted.

The Government has set a challenging but realistic timeframe for bringing the benefits of the Open Banking reforms to consumers, with a July 2019 commencement.

Open Banking will be phased in with the aim that all major banks will make data available on credit and debit card, deposit and transaction accounts by 1 July 2019 and mortgages by 1 February 2020. Data on all products recommended by the Review will be available by 1 July 2020. All remaining banks will be required to implement Open Banking with a 12-month delay on timelines compared to the major banks. The Australian Competition and Consumer Commission (ACCC) will be empowered to adjust timeframes if necessary.

The ACCC will be responsible for promoting competition and customer-focussed outcomes within the system, while the Office of the Australian Information Commissioner (OAIC) will ensure that privacy protection is a fundamental feature of the system.

Data61, the data arm of the CSIRO, will be appointed to perform the role of a Data Standards Body, developing technical standards for the system in collaboration with industry, FinTechs, and consumer and privacy groups.

Open Banking will be implemented as part of the Consumer Data Right in Australia, a more general right to data established by the Turnbull Government currently being created across the economy following a recommendation by the Productivity Commission’s Data Availability and Use Inquiry. The Consumer Data Right will be established sector-by-sector, beginning in the banking, energy and telecommunications sectors.

Further information about how Australians can benefit from Open Banking and the Consumer Data Right can also be found in the attached handout. For more information visit the Consumer Data Right page on the Treasury website.

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Australian Research Council welcomes Australian Government's ongoing commitment to Antarctic research

AUSTRALIAN Research Council (ARC) chief executive officer (CEO), Professor Sue Thomas, has welcomed the Australian Government’s 2018–19 Federal Budget announcement of a new ARC initiative to support Australian Antarctic Science research.

The ARC will administer a new Special Research Initiative in Excellence in Antarctic Science—worth $56 million over 7 years—that will provide Antarctic researchers in Australian universities the opportunity to seek funding to support their work in this important area.

“Australia’s Antarctic science program is fundamentally important to Australia, given Antarctica’s proximity to Australia and its strategic, economic, scientific and environmental importance,” said Prof. Thomas.

“This Special Research Initiative in Excellence in Antarctic Science will maintain Australia’s world-class science program in the Australian Antarctic Territory, which is vital to underpinning our leadership and influence in the region.

“This new initiative will expand on the successful research undertaken through the ARC’s 2014 Special Research Initiative for Antarctic Gateway Partnership.

“It will support Australia’s national Antarctic Priorities as determined in the Australian Antarctic Science Strategic Plan and Australian Antarctic Strategy and 20 Year Action Plan.

“The ARC will conduct a call for applications from all eligible organisations in 2018–19, with funding to commence on 1 January 2020. The initiative will provide a total of $8 million per year for seven years (until 2026) to support excellent research in Antarctic science.”

The Special Research Initiative in Excellence in Antarctic Science will be funded by the Australian Government through the ARC Special Research Initiatives (SRI) scheme.

The ARC SRI scheme provides funding for new and emerging fields of research and builds capacity in strategically important areas. The ARC currently funds several SRIs in a wide range of research areas. The objective of the scheme is to support high-quality research that will assist in advancing Australia’s research excellence to be globally competitive and deliver benefits to the community.

Further details about the Special Research Initiative in Excellence in Antarctic Science will be published on the ARC website as soon as they become available.

ARC website

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