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EFFORTS by Australia’s world-class defence industry to export internationally will receive a boost, with the Minister for Defence Industry, Christopher Pyne, visiting Malaysia from April 16-17, 2018.

Mr Pyne will visit the Team Defence Australia stand at the Defence Services Asia (DSA) 2018 exhibition in Kuala Lumpur. The stand at DSA 2018 showcases the wide range of products and services Australian defence companies are seeking to export.

“Our Team Defence Australia delegation consists of 27 companies, including small and medium enterprises, a record number for Australian participation at DSA, attesting to the competitiveness and innovative capabilities of Australian defence industry,” Minister Pyne said.

“Events such as DSA are a great way for Australian companies to showcase their capabilities, leading to new export opportunities.”

Mr Pyne said that the Australian Government had dramatically increased the support available for Australian companies to identify and seize new export opportunities.

“The soon to be launched Australian Defence Export Office, an initiative of the Defence Export Strategy, will deliver a suite of new initiatives to help Australian companies become export ready, expand their businesses and achieve export success,” Mr Pyne said.

Mr Pyne will also meet with Malaysian Minister for Defence (caretaker), Dato’ Seri Hishammuddin bin Tun Hssein, and the Chief of the Defence Force to discuss opportunities to deepen Australia-Malaysian industry engagement. 

“Australia greatly values our longstanding defence relationship with Malaysia, which is underpinned by our shared interest in promoting regional security,” Mr Pyne said.

Mr Pyne will also take the opportunity to meet with a number of his other counterparts visiting for DSA to discuss Australian Defence export opportunities and collaboration.

DSA 2018 runs from April 16-19 2018 at the Malaysia International Trade and Exhibition Centre, Kuala Lumpur. Further information about Defence Services Asia 2018 can be found at http://www.dsaexhibition.com.

Companies attending Defence Services Asia 2018 as part of Team Defence Australia include:

• Aerospace Maritime and Defence Foundation of Australia
• Armor Australia Pty Ltd
• Austal
• Australian Maritime Technologies Pty Ltd
• Australian Target Systems Pty Ltd
• Ballistic & Mechanical Testing Pty Ltd
• Blueye Eyewear Pty Ltd
• Britton Maritime Systems
• Calytrix Technologies
• Codan Radio Communications
• Craig International Ballistics
• Defence Vision
• Depth Logistics
• DroneShield Limited
• Fountx (associated with TAE)
• Hawker Pacific
• Holmwood Highgate
• Intelligent Security Integration Australia Pty Ltd
• JAR Aerospace
• Prism Defence
• RUAG Australia
• Scientific Management Associates
• SOS Marine
• TAE Aerospace
• Thales Australia
• Trakka Systems
• W & E Platt Pty Ltd

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THE GOVERNMENT’s announcement that further consultation into ASIC’s future funding model will take place has been welcomed by the Institute of Public Accountants (IPA). 

“The IPA argued strongly that the originally proposed one-off fee increase from $107 to $3,429 for new auditors of SMSFs was exorbitant,” said IPA chief executive officer, Andrew Conway. 

“While the new proposed fee has been reduced to $1,927 is a step in the right direction, it is still far too high and will only deter new entrants into the SMSF auditor market.

“Keep in mind, the ATO currently already collects $259 from each SMSF to finance the SMSF monitoring role the ATO conducts on behalf of ASIC.

“This levy was a mere $45 in 2008 but now equates to approximately $142.5M (550,000 SMSFs multiplied by $259) to monitor the sector including SMSF auditors.

“In 2011/12, the Government provided ASIC with $10.7million over five years, to develop and maintain an online registration system for auditors of SMSFs.  ASIC also developed a competency exam for auditors, enabling ASIC to deregister non-compliant auditors.

“The Government also gave the ATO $10.6million over five years to police registered auditors, check their compliance with competency standards set by ASIC and where necessary, refer non-compliant auditors to ASIC for appropriate punishment.

“Surely, any fee increase under the proposed fees-for-service funding model must take into account the money already being collected via the ATO supervisory levy.

“While we understand the objectives of a new funding model and the role of ASIC, we have a major concern over any impact these fees will have on competition, especially when there has already been a decline in the number of SMSF auditors in a market which is being dominated by the major players.

“We simply ask, what is the justification of these fee increases?

“We look forward to the next round of consultation to get ASIC funding and resourcing right,” said Mr Conway.

www.publicdaccountants.org.au

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THE Innovation, Industry, Science and Resources Committee has tabled its report for the Inquiry into impacts on local businesses in Australia from global internet-based competition.

Internet commerce currently accounts for only a small proportion of the Australian retail market but is growing rapidly. As a result of this growth, Australian businesses are experiencing increased competition from overseas firms using the internet to directly market to Australian consumers. At the same time many Australian small businesses are exporting their products to consumers across the world for the first time.

The Committee Chair, Barnaby Joyce MP, stated that "the Committee has recommended the creation of a digital grants program for small businesses. Online shopping is only going to continue to grow and disrupt trade in traditional bricks and mortar shops around the country.

"It is vital that we support Australian businesses to invest in the digital technologies, while demonstrating advantages of the virtual marketplace based in regional areas where infrastructure like the NBN is available and overheads such as rent can be much cheaper, that will enable them to take advantage of internet retail opportunities," Mr Joyce said.

The Committee also considered the effects of internet competition on employment.

"As technology changes so do the skills required in the workforce. Because of this, the Committee has also recommended the establishment of a digital retraining fund to support Australian workers to develop their skills in using the technologies that will be crucial to finding and maintaining jobs in the future," Mr Joyce said.

The Committee made further recommendations relating to: Australia’s ability to forecast future workforce skill needs; developing information materials for small businesses; and the regulation of digital retail platforms.

The report is available on the Committee’s website.

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