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QRC chief applauds Australia Pacific LNG action

THE Queensland Resources Council (QRC) has welcomed the action by Australia Pacific LNG to supply a further 41 petajoules (PJ) of natural gas to the Australian domestic market.

"Today’s announcement is yet another sign the Queensland gas industry is leading the nation with a proactive approach to easing the east coast gas squeeze," QRC chief executive Ian Macfarlane said.

"Queensland’s neighbours must take a leaf out of our book, instead of relying on our state to meet the gap caused by their failure to develop their own gas industries. Gas exploration has stalled in New South Wales, Victoria and the Northern Territory, despite the fact all jurisdictions have their own reserves in the ground.

"It’s also important that Queensland continues its exploration program to pinpoint new reserves and new opportunities for jobs and investment," he said.

"Therefore, it's critical that the Palaszczuk Government does not restrict exploration acreage and ban further gas exploration in the Cooper Basin, which has been one of the most productive gas development areas, by pushing through new Pristine Rivers regulations without consultation."

www.qrc.org.au

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Partners in design—tax compliance in a digital economy

PARTNERS in the digital transformation of Australia’s taxation and payment systems will meet with the House Committee on Tax and Revenue tomorrow.

The hearing will be one of the last for the Committee’s inquiry into taxpayer engagement with Australia’s tax system.

The Australian Taxation Office (ATO) has been a leading agent of change in the digital transformation of Australian government services. In partnership with banks, telecommunications providers and global accounting software firms, the ATO has been working to design and build compatible lodgement systems for small businesses, tax agents and all general taxpayers.

Chair of the Committee Kevin Hogan MP said that, as well as the ATO, MYOB Australia and Xero Australia, the Committee will also hear from the Digital Transformation Agency, overseer of the Government’s Digital by Default agenda, and the Reserve Bank of Australia to discuss the launch this year of Australia’s New Payment Platform. 

“The digital revolution is changing the way we communicate information, conduct business and provide government services. The challenge for the Australian Tax Office and its partners is to ensure that tax engagement is easier, faster and more secure, despite the new opportunities the digital economy also provides for tax avoidance,” Mr Hogan said.

Public hearing details: 

9.00 am to 1.15 pm, Friday 27 October 2017
Committee Room 1R4, Parliament House, Canberra

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

Interested members of the public may wish to track the committee via the website. 

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Draft legislation and regulations – enhanced FinTech regulatory sandbox

THE Federal Government has today released exposure draft legislation and regulations to create an enhanced regulatory sandbox to support innovation in financial services.

This proposed legislative package will be a game changer for competition in the financial services sector and continues the Turnbull Government's strong support of Australian FinTech which has helped Australia become the second largest alternative finance market in the Asia-Pacific.

As announced in the 2017-18 Budget, the FinTech regulatory sandbox will allow a broad scope of activities to be tested without the need to meet all the existing licensing requirements of the Australian Securities and Investments Commission. The enhanced regulatory sandbox will help firms overcome the initial regulatory burden and costs of licensing that may otherwise hinder innovative offerings.

This is an exciting opportunity that will further cement Australia's position as a leading FinTech hub in the Asia‑Pacific.

Under the Government's legislative framework, firms can test a wider range of new and innovative FinTech products and services, including:

  • providing holistic financial advice in relation to superannuation, life insurance and domestic and international securities;
  • issuing and facilitating consumer credit;
  • issuing non-cash payment products; and
  • providing a crowd-funding service.

The 24‑month testing timeframe will improve firms' ability to evaluate the commercial viability of new concepts, promoting greater competition and delivering more choice for Australian consumers.

Firms will need to adhere to robust consumer protections and disclosure requirements including responsible lending obligations, best interests duty, and the need for adequate compensation and dispute resolution arrangements.

The exposure drafts and explanatory material are available on the Treasury website.

Consultation on the draft legislation (and explanatory memorandum) is open until 3 November 2017, and on the draft regulations (and explanatory statement) until 1 December 2017.

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$50m to help land managers farm smarter

FARMERS, fishers, community and industry groups can apply for grants of between $5,000 and $100,000 to assist them to protect and improve the condition of soil, vegetation and biodiversity and support agricultural systems to adapt to change.

Deputy Prime Minister and Minister for Agriculture and Water Resources, Barnaby Joyce, called for applications for the competitive $50 million Smart Farms Small Grants, through the National Landcare Program, which opens on 24 October 2017.

"Our farmers take immense pride in managing their land to ensure they can pass on productive and healthy land to the next generation of farmers," Minister Joyce said.

"Significant technological advances are taking place in land management and the Smart Farms Small Grants will provide grant funding to develop and extend new tools, methods and technology for farmers to continue to be at the forefront of land management.

Under the program these grants will:

  • protect and improve the condition of natural resources (in particular soils and vegetation and biodiversity)
  • increase land managers' awareness, knowledge, capability and adoption of tools and management practices that will deliver productive and profitable agriculture, fishing, aquaculture and farm forestry industries
  • protect Australia's biodiversity
  • assist Australia to meet its obligations under relevant international treaties.

"Our farmers manage 61 percent of Australia's land and have a long-held reputation for sustainable and innovative land management. These Smart Farms Small Grants will help farmers to come up with, or take advantage of the next great idea."

Assistant Minister to the Deputy Prime Minister, Luke Hartsuyker, said the projects supported by a Smart Farms Small Grant can make a real difference to local communities and deliver results that will be beneficial for farmers and consumers.

"I strongly encourage people who have a good idea about how to improve soils, vegetation and biodiversity in their communities to apply for one of these small grants and make that idea a reality," Minister Hartsuyker said.

"These Smart Farms Small Grants support the adoption of on‑the-ground innovative practices that improve the management and quality of our natural resources and increase on-farm productivity."

Fast facts

  • The Coalition Government is investing more than $1 billion for the next phase of the National Landcare Program.
  • In Australia, there are around 5400 Landcare groups and 100,000 active volunteers in those groups.
  • Over 80 percent of Australian farmers are involved in Landcare. $50m is part of the $134 million over six years for the Smart Farms Program through the next phase of the $1 billion National Landcare Program.
  • Smart Farms Small Grants are available between $5,000 and $100,000—applications for Round One opened 24 October and close 7 December 2017.

www.nrm.gov.au​

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Energy Committee to meet market commission and market regulator

THE House of Representatives Environment and Energy Committee will hear from the Australian Energy Market Commission (AEMC) and the Australian Energy Regulator (AER) at the final public hearing tomorrow for the inquiry into modernising Australia’s electricity grid.

The Chair of the Committee, Andrew Broad MP, said the Committee was looking forward to hearing from the Australian Energy Market Commission about its plans for supporting the grid during this period of modernisation.

“The Australian Energy Market Commission is the ruler maker for Australian electricity and gas markets.  The Committee is keen to hear about the kinds of new rules the Commission thinks will best support a modern grid,” Mr Broad said.

The Committee will also hear from the Australian Energy Regulator. The Australian Energy Regulator regulates wholesale and retail energy markets, and energy networks, under national energy legislation and rules.

The Deputy Chair of the Committee, Mr Pat Conroy MP, said the Committee was looking forward to hearing about the challenges a modern regulator faces.

“We want to ensure that the modern grid operates in accordance with the rules, and the Australian Energy Regulator’s role is an essential part of this,” Mr Conroy said.

As part of the inquiry, the Committee is encouraging members of the community to share their views on the electricity system via an online questionnaire.

Further information about the inquiry, including submissions from organisations appearing at the hearings, is available on the inquiry website.

 

Public hearing details: 

10.00 am – 11.15 am, Thursday, 26 October 2017
Committee Room 1R4, Parliament House, Canberra

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

Interested members of the public may wish to track the committee via the website. 

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