THE Australian Financial Complaints Limited (AFCL) has received authorisation from the Minister for Revenue and Financial Services to establish and operate the Australian Financial Complaints Authority (AFCA).

Under the Minister’s Authorisation, AFCA will commence accepting new complaints on 1 November 2018. All financial firms required to hold membership of an external dispute resolution scheme will be required to join AFCA by no later than 21 September 2018. Ninety-eight percent of current members of the Financial Ombudsman Service (FOS) have already completed the annual assessment and member declaration to ensure a smooth transition to AFCA. 
 
The current Transitional Board of AFCL was formed for the purpose of making the application for authorisation and is chaired by Prof. Michael Lavarch and comprises the FOS Board and two members of the Superannuation Complaints Tribunal Advisory Council. 
 
The inaugural AFCA Board, to be chaired by Helen Coonan, will formally assume responsibility from 4 May 2018 for the implementation of the new scheme. The AFCA Board will comprise Helen Coonan, four directors appointed by the Minister and six ongoing directors from the AFCL Transitional and FOS Boards. The directors on the AFCA Board effective 4 May 2018 are set out below.
 
The AFCL Transitional Board notes the contribution of Michael Lavarch, David Coorey and Louise Lakomy and thanks them for their service to AFCL, FOS and its predecessor schemes. The AFCL Transitional Board would like to thank John Berrill and Michael Dwyer for their contributions on both the Joint Working Group and AFCL Transitional Board. One of the early actions of the new AFCA Board will be to consult stakeholders on the proposed AFCA Rules and on an interim funding model for the new scheme.
 
As part of the interim funding arrangements, there will be separate and appropriate arrangements for the funding of superannuation disputes. This will be based on using the parameters applied for the current APRA levy calculations.
 
AFCA will also work with financial firms on the process to formally become a member of AFCA by 21 September 2018.  

The AFCA Board will continue working with the Credit and Investments Ombudsman (CIO) Board on the necessary arrangements for a transfer of its members and operations to AFCA. AFCA will continue its close collaboration with the Superannuation and Complaints Tribunal (SCT) during the transition process.
 
In the lead up to the commencement of the AFCA EDR scheme on 1 November 2018, AFCA will be actively engaging with all its stakeholders, including consumer organisations.
 
Contact details for AFCA, including its website and contact number will be available from today. 
 
Member inquiries:     This email address is being protected from spambots. You need JavaScript enabled to view it.

AFCA Board
 

THE Victorian Chamber of Commerce and Industry today welcomes the major investments in infrastructure, training and regional tax relief contained in the 2018/19 State Budget.

Victorian Chamber of Commerce and Industry Chief Executive Mark Stone said it is pleasing to see many of the Victorian Chamber’s recommendations taken up in this State Budget.

“The pro-business initiatives provide a boost to Victoria’s 590,000 businesses and create new employment, investment and trade opportunities," Mr Stone said.

“With an average annual infrastructure spend of $10.1 billion per year over the next four years, the budget is tackling the state’s congestion and growth challenges, benefiting industry through more efficient freight movements and supply chain opportunities for tens of thousands of businesses,” he said.  

Key infrastructure initiatives contained in the State Budget include:

• $110 million to fast track the completion of design and planning for the North East Link
• $50 million for detailed planning of a fast train to Geelong integrated with an Airport Rail Link
• $712 million for the second stage of the Monash Freeway upgrade
• $941 million for regional road upgrades
• $50 million for community infrastructure in fast growing interface council areas
• $153.2 million for a Geelong City Deal that includes a new convention centre and Stage 2 of the Shipwreck Coast Masterplan.

Mr Stone also welcomed an extensive skills package, including stronger secondary school pathways to apprenticeships and traineeships and better career advice to ensure more skilled workers are job ready.

Key skills and training initiatives include:

• $172 million to make TAFE training free for 30 priority courses
• $25.9 million to strengthen vocational pathways
• $109 million to improve student career advice
• $48.9 million to fast track secondary school students into apprenticeships and traineeships.

Mr Stone said thousands of regional businesses will save $167 million with a new lower payroll tax rate of 2.425 per cent, making regional Victoria a destination for investment with the lowest payroll tax rate in the nation.
 
“However, while welcoming the reduction in regional payroll tax, the Victorian Chamber will continue to call on all parties to provide wider payroll tax relief by increasing the payroll tax threshold to $850,000 in the lead up to the election,” he said. 
 

About the Victorian Chamber of Commerce and Industry
The Victorian Chamber of Commerce and Industry, established in 1851, is the most influential business organisation in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.

www.victorianchamber.com.au

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APPLICATIONS open today for Community Sector Banking’s 2018 Social Investment Grants Program, building resilience and capability for people who are experiencing homelessness or domestic abuse. Not-for-profits can apply for grants totalling $300,000.

The program was launched yesterday at the Queen Victoria Women’s Centre in Melbourne, where past recipients Youth Project and the Melbourne Homelessness Collective, and social commentator Van Badham spoke about the issues of homelessness and domestic abuse.

This year’s Social Investment Grant Program has increased by $100,000.

“The impressive growth in our annual Social Investment Grant funding pool speaks to the strength of the grants program – which is financed by contributions from Social Investment Deposit Account holders, along with 50% of our net profits from that product,” said Andrew Cairns, Community Sector Banking CEO.

“It’s a fantastic example of the power for good that everyday banking can have in strengthening not-for-profits, and in turn, communities that benefit from their services.”

Not-for-profits can apply for grants of $25,000 or $50,000 to build resilience and capability in people experiencing homelessness or domestic abuse.

Cairns acknowledged that the theme for the 2018 grants – homelessness and domestic abuse – is the same as the 2017 program.

“We received an overwhelming number of applications to last year’s program, highlighting the huge need in the community and the sector for addressing these issues. We’re proud to be continuing and increasing our support,” said Mr Cairns.

“We recognised that homelessness and domestic abuse remain the greatest crises Australian communities currently face, and that long-term support and solutions are key to properly address them,” said Cairns.

Find out more about the Social Investment Grants Program at: communitysectorbanking.com.au/grants

About Community Sector Banking

Community Sector Banking is the not-for-profit banking specialist for more than 13,000 organisations; it’s a joint venture between Bendigo Bank and the Community 21 consortium of not-for-profit organisations, established 15 years ago.

About the Social Investment Grant Program

Community Sector Banking’s annual Social Investment Grants Program shows the power for good that everyday banking can have in the community. The grants program is funded by Community Sector Banking contributing 50 percent of the net profit earned on all Social Investment Deposit Accounts. Account holders can also choose to contribute 50 percent or 100 percent of the interest earned on their account. It’s administered in conjunction with the Community Enterprise Foundation.

Community Sector Banking selects the grants’ theme each year through assessing need and determining the areas in which they will generate the most impact. Find out more about the Social Investment Grants Program at: communitysectorbanking.com.au/grants

Key dates for the 2018 Social Investment Grants Program:

• 1 May 2018 - grant applications open today
• 31 May 2018 - grant applications close 5pm AEST

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AURIZON must resume its normal rail maintenance program for the Central Queensland Coal Network immediately and withdraw its threat of economic damage to the State, Queensland Resources Council Chief Executive Ian Macfarlane said.

Mr Macfarlane said the decision by Aurizon to refer the Queensland Competition Authority’s draft future management arrangements for the Central Queensland Coal Network to the Supreme Court highlighted the need for Aurizon to resume normal maintenance practices.

Mr Macfarlane said Aurizon had shown no regard for the independent QCA process when, in February, it announced new maintenance measures to stop the movement of 20 million tonnes of coal each year – cutting Queensland trade revenue by $4 billion and blowing a $500 million hole in the State Budget due on 12 June.

“If it fails to resume normal maintenance arrangements for the Central Queensland Coal Network immediately, Aurizon is not only pre-empting the Queensland Competition Authority but the Supreme Court of Queensland,” Mr Macfarlane said.

“Aurizon might not have regard for the Queensland Competition Authority, but it should care about the Supreme Court.

“Aurizon should also care about the economic damage it is doing to Queensland and to Queenslanders.

“A $500 million cut to royalties is a $100 cut for every man, woman and child living in Queensland in the next State Budget.

“The Queensland Resources Council and its members have respected the independent QCA process. We have provided the information the Authority has needed. Aurizon has sought to delay and prevaricate on QCA requests for information.”

Mr Macfarlane said when the QCA draft decision for the Central Queensland Coal Network was released in December, Aurizon claimed QCA had made “fundamental errors and miscalculations” and “material anomalies”. 

“That does not seem to be the rationale for Aurizon referring it to the Supreme Court," Mr Macfarlane said.

“When the QCA inquires into Aurizon’s own decision to change maintenance arrangements and cut the movement of coal, Aurizon takes its bat and ball to the Supreme Court.

“If Aurizon wants to shows good faith, it should resume normal maintenance arrangements until both the Supreme Court and QCA processes are complete. To not do so, shows contempt for both institutions and frankly, contempt for the Government and the people of Queensland.”

Mr Macfarlane said Aurizon must answer two simple questions about its actions today:

• Why not wait for the QCA’s final decision?
• Why not wait for the QCA’s investigation into Aurizon’s maintenance practices?

Link to the map of the coal networks.

www.qrc.org.au

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