PACER Plus, the Pacific Island free trade agreement,  will be examined at a public hearing on Monday by the Federal Parliament’s Joint Standing Committee on Treaties.

The Australian Government expects PACER Plus to encourage economic growth and social stability in the Pacific region by freeing up trade and investment opportunities.

However, the two largest Pacific Island economies, Papua New Guinea and Fiji, have not signed the agreement.

Committee Chair Stuart Robert MP said while PACER Plus offered many advantages for Pacific Island nations, some issues remain, including why PNG and Fiji decided not to take part.

“PACER Plus presents an opportunity for Pacific Island economies to grow beyond the need for development assistance, but the absence of countries that make up over 80 per cent of the region’s economic capacity is a concern for the Committee,” Mr Robert said.

The Committee will also examine PACER Plus’ impact on Pacific Island government revenues, public health, and business capacity.

Public hearing details: 11.00am – 12.50pm, Monday 26 March 2018, Committee Room 2R1, Parliament House, Canberra

11.00am:     Public Health Association of Australia (PHAA)
11.30am:     Australian Fair Trade and Investment Network (AFTINET)
12.00pm:     Department of Foreign Affairs and Trade
12.50pm:     Close

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

ends

THE Queensland Resources Council (QRC) is calling for nominations for its annual Indigenous Awards to celebrate excellence in Aboriginal and Torres Strait Islander participation in the State’s resources sector.

QRC Chief Executive Ian Macfarlane said the Queensland resources sector was providing more jobs and opportunities for Indigenous Australians, as acknowledged in the Closing the Gap report last month.

“The Closing the Gap 2018 update reported 6599 Indigenous Australians were employed by the mining industry and increased by 250 percent since 2006.  The number of non-Indigenous Australians employed in mining had increased by 150 percent over the same period. 

The Closing the Gap report also stated that: “The mining industry itself is employing significantly more Indigenous Australians than previously.  These mining jobs are providing crucial opportunities for employment in regional areas.”

Mr Macfarlane said the 5th annual awards, to be presented during Reconciliation Week in May, provided the opportunity to showcase Indigenous role models and ambassadors for the Queensland resources sector.

QRC is now accepting nominations across six award categories:

•    Indigenous Advocacy Award  |  recognises Indigenous or non-Indigenous individuals that have demonstrated outstanding effort to encourage, promote and advocate for increasing Indigenous participation within the resources sector
•    Exceptional Indigenous Person in Queensland Resources Award  |  recognises exceptional achievement by an Indigenous person working with the Queensland resources sector in any occupation or profession
•    Exceptional Indigenous Business in Queensland Resources Award  |  recognises exceptional achievement by an Indigenous business supplying the Queensland resources sector
•    Best Company Indigenous Procurement Initiative Award  |  recognises companies that have developed and maintained strategies that enhance supplier diversity and support increased Indigenous business participation within resources sector supply chains
•    Best Company Indigenous Employment and Training Initiative Award  |  recognises companies that have developed and maintained strategies that enhance the attraction and retention of Indigenous people in the Queensland resources sector
•    Exceptional Indigenous Queensland Minerals and Energy Academy Student Award  |  recognises exceptional achievement by an Indigenous student at a QMEA school who has shown significant promise and passion for a career in the Queensland resources sector.

For more information and to access the nomination forms, click here. 

ends

THE Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, covers the significant achievements of the ASBFEO office as this week marks its second birthday.

“This week is our 2nd birthday. Over that period of time a lot of things have been achieved due to the great work of my wonderful staff and the input of small businesses from around Australia.

“You told us that one of the things upsetting you was big business and governments paying slower and slower. We did a major piece of work and we found that you were right; they are paying slower. The outcome of that has been that the Business Council of Australia has set up a new Code of Practice to encourage big business to pay in 30 days or less, and the Australia Government has announced that they will move to 15 business day payments by the middle of next year.

“We’ve been working with the fintechs, the online lenders, and released a major paper that will make fintech lending more transparent, and by the middle of the year a capacity for small businesses able to compare different fintech offerings so that they can make good decisions if they think fintech lending is the solution for their businesses.

“Please get in touch with our office if you have anything you’d like us to investigate or you’ve got a problem you’d like us to help you solve on your behalf.”

www.asbfeo.gov.au

ends

TALK of extending the $20,000 instant asset write-off from both major political parties is a positive sign, according to the Institute of Public Accountants (IPA).

The Treasurer has signalled that the $20,000 instant asset write-off will be extended for small business along with a possible increase in the amount that can be claimed, while the Labor Party has indicated the write-off initiative could be extended to all businesses.

“The IPA has long advocated for the write-off initiative for small businesses and we are keen for it to continue as part of the tax regime,” said chief executive officer, Andrew Conway.

“We were relieved by the decision made in last year’s Federal Budget for it to continue up to 30 June 2018 as the reversion to a limit of $1,000 at that time would have been a huge disincentive for many small businesses.

“The increase in the accelerated depreciation write-off threshold to $20,000 has proven to be of great assistance to small business cash flow.

“This initiative brings forward the tax deduction that would have previously been deductible over a number of years.

“What should be kept in focus is the positive impact that this initiative has on the broader economy as it incentivises small businesses to reinvest in their future, making way for growth, employment and prosperity.

“We fully support a higher instant asset write-off becoming a permanent feature of our tax system going forward.  The Henry Review into Australia’s tax system recommended that a higher threshold should apply.

“The need for this initiative to be set in stone, particularly for small businesses, is paramount as it brings an injection of economic growth, giving small businesses the confidence to buy new equipment, reinvest in their operations and grow,” said Mr Conway.

www.publicaccountants.org.au

ends