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ARA calling for corporate tax cuts to cultivate growth in Australian retail

AS AUSTRALIA’s leading peak body for the retail industry, the Australian Retailers Association (ARA) is calling for a competitive corporate tax rate to sustain growth and drive prosperity for the country’s $310 billion sector.

Russell Zimmerman, Executive Director of the ARA, said the ARA works hard to advocate and support employers and employees working in the sector as the Australian retail industry employs 10% of the working population.

“The current trading environment has seen many retailers doing it tough, with last year’s retail trade figures averaging a 2.76 percent year-on-year growth, and retail trade growth down more than 1 percent on the 50 year average in 2017, the Government needs to intervene and offer some relief to the struggling industry,” Mr Zimmerman said.

“At 30 percent, Australia has one of the highest corporate tax rates in the advanced economic world, making it difficult for retailers to invest in jobs growth and increased wages that would benefit the economy.”

The ARA insists the present corporate tax rate currently discourages international and Australian businesses from investing in Australia and calls on all sides of politics to drive investment and accept the economic benefits tax cuts will create.

“The current corporate tax rate discourages international and Australian businesses from investing in Australia and providing further job opportunities, as many Australian and offshore businesses choose to invest in, and headquarters overseas,” Mr Zimmerman said.

“The Senate needs to cooperate with the Government’s plan to lower the corporate tax rate below 25% so local retailers are able to invest in their businesses and grow the Australian economy.”

Retailers have told the ARA that balancing rising cost pressures with low sales growth and a high-tax environment, it is becoming increasingly difficult with some retailers even struggling to pay their rent.

“As retailers are already struggling in a volatile trading environment, the ARA will continue to advocate for a reduced company tax rate before it stifles future employment and growth,” Mr Zimmerman said.

“The Australian retail industry currently employs more than 1.2 million people. If the corporate tax rate is not reduced to be more in line with our international counterparts, employees and the underemployed will be the ones who suffer, as employees are the heart and soul of retail.”

 

About the Australian Retailers Association:

Founded in 1903, the Australian Retailers Association (ARA) is Australia’s largest retail association, representing the country’s $310 billion sector, which employs more than 1.2 million people. As Australia’s leading retail peak body industry, the ARA is a strong pro-active advocate for Australian retail and works to ensure retail success by informing, protecting, advocating, educating and saving money for its 7,500 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.

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Electoral Matters Committee extends submission deadlines

THE Joint Standing Committee on Electoral Matters has extended the submission deadline for its inquiries into matters relating to Section 44 of the Constitution and on the Electoral Legislation Amendment (Electoral Funding and Disclosure Reform) Bill 2017.

The submission deadline for both inquiries is now March 9, 2018.

Information on the inquiries is available at https://www.aph.gov.au/em.

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One-stop-shop for dispute resolution welcomed by Ombudsman

THE Australian Small Business and Family Enterprise Ombudsman (ASBFEO) has welcomed the passing of legislation to establish the Australian Financial Complaints Authority (AFCA) last week..

Ombudsman Kate Carnell said she is particularly pleased with the more flexible definition of a small business as fewer than 100 employees and a rise in the compensation cap for agricultural small business of up to $2 million.

“And is good to see that a small business will be able to seek resolution of a dispute where the credit facility is up to $5 million and potentially receive compensation of up to $1 million,” Ms Carnell said.

“Small businesses do not have the time or the money to hire lawyers and challenge banks and other financial institutions through the court system.

“This will significantly improve small businesses access to justice, which we raised in our Small Business Loans Inquiry last year.

“The AFCA one-stop-shop will be free, fast and binding, and will provide the forum where the needs of small business are understood, which we hope will significantly reduce the need for litigation.

“We look forward to when AFCA will open its doors later this year.”

www.asbfeo.gov.au

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Defence, space tracking and relations with Jordan

THE Treaties Committee tabled two reports last week dealing with a range of issues.

The first report reviews three treaties including an agreement with Singapore that will make sure the Singapore Air Force’s Flying Training Institute can continue to operate out of the RAAF Base at Pearce in Western Australia.

Also dealing with defence matters, a new agreement between the Solomon Islands and Australia will replace the RAMSI treaty. The Australian Defence Force and Australian Federal Police will be able to respond rapidly and effectively to any requests from the Solomon Islands for help in the event of a major security or humanitarian emergency.

Committee Chair, Stuart Robert MP, said that Australia’s leadership of the RAMSI operation had provided invaluable assistance to the Solomon Islands for fourteen years.

“RAMSI concluded in 2017. It was very successful but the Solomon Islands still face development challenges. This agreement will allow Australia to provide ongoing support to help the country to build long-term stability,” Mr Robert said.

Under a series of treaties, Australia has provided vital support to America’s space program since the 1960s and a new agreement consolidates the existing arrangements. Ongoing collaboration between the CSIRO and NASA will be able to continue for another 25 years.

A second report deals exclusively with Australia’s relationship with Jordan, strengthening both countries’ ability to combat transnational crime and terrorism. An extradition treaty provides for the exchange of suspected criminals between the two countries while mutual legal assistance will improve the sharing of evidence for criminal investigations. 

“These two agreements will improve Australia’s capacity to prevent criminals and terrorists from evading capture by living or hiding evidence in another country,” Mr Robert said.

The two reports are available from the Committee’s website:

  • Report 176: Air Force Training—Singapore; Deployment of Personnel—Solomon Islands; Space Tracking—USA
  • Report 177: Extradition—Jordan; Mutual Legal Assistance—Jordan

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Mandatory data breach notification comes into force this Thursday

THE Office of the Australian Information Commissioner (OAIC) has released new resources for the Australian public ahead of the commencement of the Notifiable Data Breaches (NDB) scheme on February 22, 2018.

 

The NDB scheme mandates that Australian Government agencies and the various organisations with obligations to secure personal information under the Privacy Act 1988 (Cth) (Privacy Act) notify individuals affected by data breaches that are likely to result in serious harm.

One of the new resources published by the OAIC, titled Receiving data breach notifications, provides useful guidance on what to expect when you receive a data breach notification, including how organisations might deliver notifications and when a privacy complaint can be made to the OAIC.

The other new resource, What to do after a data breach notification, provides a wide range of actions you can take to reduce the risk of experiencing harm after a data breach.

Among the information provided are tips on combatting the harm that may result from a breach involving financial information or contact information and steps to take when you believe you may be a victim of identity fraud.

The OAIC has worked with consumer groups, not-for-profits, and Australian Government agencies in the development of these resources.

The Australian Information Commissioner, Timothy Pilgrim, said, “The Notifiable Data Breaches scheme formalises a long-standing community expectation to be told when a data breach that is likely to cause serious harm occurs.

“The practical benefit of the scheme is that it gives individuals the chance to reduce their risk of harm, such as by re-securing compromised online accounts. The scheme also has a broader beneficial impact — it reinforces organisations’ accountability for personal information protection and encourages a higher standard of personal information security across the public and private sectors.

“By reinforcing accountability for personal information protection, the NDB scheme supports greater consumer and community trust in data management. This trust is key to realising the potential of data to benefit the community, for example, by informing better policy-making and the development of products and services.”

The 2017 Australian Community Attitudes to Privacy Survey found that 94 percent of Australians believe they should be told if a business loses their personal information; 95 percent said they should be told if a government agency loses their personal information.

Organisations are required to notify the Australian Information Commissioner in addition to notifying individuals affected by an ‘eligible data breach’ (a data breach that is likely to result in serious harm). Failures to comply with the NDB scheme can attract fines up to $2.1 million.

The OAIC's new resources for the Australian public can be read online: www.oaic.gov.au/individuals/data-breach-guidance.  

The OAIC has published a suite of guidance for organisations to assist them in implementing the requirements of the NDB scheme. This guidance can be found at: www.oaic.gov.au/ndb.

Previous statements from the Office of the Australian Information Commissioner

Mandatory data breach notification: https://www.oaic.gov.au/media-and-speeches/statements/mandatory-data-breach-notification

Enforcement powers of the Office of the Australian Information Commissioner

  • The Privacy Act confers a range of enforcement powers on the Commissioner, including:
    • accept an enforceable undertaking (s 33E)
    • bring proceedings to enforce an enforceable undertaking (s 33F)
    • make a determination (s 52)
    • bring proceedings to enforce a determination (ss 55A and 62)
    • report to the Minister in certain circumstances following a CII, monitoring activity or assessment (ss 30 and 32)
    • seek an injunction including before, during or after an investigation or the exercise of another regulatory power (s 98)
    • apply to the court for a civil penalty order for a breach of a civil penalty provision (s 80W).
  • The ‘civil penalty provisions’ in the Privacy Act include:
    • A serious or repeated interference with privacy (s 13G) – 2000 penalty units (current total is $420,000)
    • The maximum penalty that the court can order for a body corporate is five times the amount listed in the civil penalty provision (current maximum $2.1 million).

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