THE Institute of Public Accountants (IPA) has welcomed the public notification by the Professional Standards Councils (PSC) that its national scheme has been approved. IPA members who hold a professional practice certificate will be covered by a Professional Standards Scheme which is now being implemented nationally.

“We are very pleased that the PSC have endorsed an extension of our existing scheme in New South Wales to the rest of Australia via mutual recognition,” said IPA chief executive officer, Andrew Conway.

“We are going through a formal process including the statutory consultation period and liaising with all States and Territories to implement the relevant legislative instruments. These are technical processes and no issues are anticipated. It is akin to a Bill passing through Parliament but awaiting Royal assent.

“The IPA supports the principle guiding professional standards legislation.  The very existence of the PSC Schemes provides clarity and certainty to professionals and importantly the public that the professional they are engaging is appropriately covered. This is why we have been working constructively with the PSC to implement a national Scheme.

“Our scheme is very straightforward. All IPA members in practice must maintain a minimum professional indemnity insurance cover of $1m.

“It is important to note that the Scheme reflects the professional standing of the IPA membership which we respect. Ultimately members of the public trust public accountants; our members need to live up to those expectations.

“We will continue to work with the PSC and the State and Territory governments to have the Scheme enshrined in law as soon as possible.

“Members of CPA Australia wishing to retain protection of a limited liability scheme should consider applying for an IPA Professional Practice Certificate now and they will become automatically covered when it becomes law very soon,” said Mr Conway.

publicaccountants.org.au

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QUEENSLAND's Inaugural Chief Entrepreneur, and founder of ASX-listed Blue Sky Alternative Investments, Mark Sowerby will provide the Gold Coast business community with a rare insight into the dynamic world of entrepreneurship at the Bond Business Leaders Forum on 10 August.

Regarded as one of the state’s great business success stories, Mr Sowerby was appointed to the newly established role of Chief Entrepreneur in 2016, with the brief of representing Queensland start-ups as an ambassador to nurture innovation and encourage investment.

With a background in agriculture and commodities trading, Mr Sowerby launched asset management business Blue Sky Alternative Investments in 2006, investing in private equity, venture capital, private real estate, water, infrastructure, hedge funds and agriculture.

Bond Business School Executive Dean, Professor Terry O'Neill, said Mr Sowerby's rapid rise to the top of the start-up community was inspirational, ideally positioning him to lead the discussion on the triumphs and trials of entrepreneurship.

"Mark will be discussing his successful 2015 swim across the English Channel - a 32 kilometre journey that he completed in 14 hours - as a parallel for the challenges faced in the fast-paced world of entrepreneurship, along with sharing his own experiences in the corporate world," he said.

"In just 10 years, Mark grew Blue Sky from a start-up to one of Australia's top 300 listed companies, with a market capitalisation of more than $500 million and a team of more than 80 staff in Australia and New York, before handing over the reins last year to spend more time with his family and help with projects that have a positive social impact.

“His impressive list of achievements and accolades includes being named Ernst and Young Entrepreneur of the Year for Queensland in 2015 and serving on the board of the Starlight Children’s Hospital Foundation and Racing Queensland.

"Anyone who has had the privilege of hearing Mark speak will know he is an inspiring and entertaining speaker, and I know those who attend the forum will walk away with a great insight into what it takes to succeed as an entrepreneur."

The Bond Business Leaders Forum, featuring Mark Sowerby, will be held at Bond University's Princeton Room on Thursday, 10 August. Tickets are $40 each,  $180 for a pack of five, or $300 for a pack of 10 tickets.

For more information and to register for the event, visit https://www.eventbrite.com.au/e/bond-business-leaders-forum-presents-mr-mark-sowerby-founder-blue-sky-private-equity-what-is-registration-35503031523

Who:   Queensland’s Chief Entrepreneur and Blue Sky Alternative Investments founder, Mark Sowerby

What: Bond Business Leaders Forum puts entrepreneurship under the spotlight

When: Thursday, 10 August: 5.45pm to 8.30pm

Where:  Bond University, Princeton Room, Level 3, University Centre (Building 6)

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THE Australian Retailers Association (ARA) said the June trade figures released by the Australian Bureau of Statistics (ABS) remain steady with 3.80% total growth year-on-year.

ARA Executive Director Russell Zimmerman said the June retail trade figures remain positive due to the continual growth in Food retailing.

“Although we see a robust 3.8% year-on-year growth the main driving force of this increase stems from Supermarkets and grocery stores with a sturdy 4% growth year-on-year,” Mr Zimmerman said.

“As Food Retailing represents 40% of overall retail trade, this continual surge in Food Retailing reflects somewhat positively on the overall industry.”

The Household Goods category saw the strongest year-on-year increase with an overall 5.88% increase, this included a substantial growth in Furniture sales which received a 10.54% year-on-year increase.

“We usually see home owners increase their spending on household goods when housing values rise, and this month’s retail trade figures reflect the high consumer confidence home owners felt in June,” Mr Zimmerman said.

“Hardware figures also proved positive with a 3.73% year-on-year increase, their strongest retail trade figures since December since the closure of Masters around the country.”

Clothing Footwear and Personal Accessories figures dropped significantly in June with a 1.71% year-on-year increase, compared to the 3.76% year-on-year increase the category received in May.

“This substantial drop shows a very volatile retail market as the last few months sales have been driven by the weather and significant discounting,” Mr Zimmerman said.

June trade figures remained steady across the board with all states showing a stable growth. Australian Capital Territory (5.33%) and Tasmania (5.12%) lead the pack with robust year-on-year growth. While South Australia (4.69%), New South Wales (4.65%), Victoria (4.49%) and Northern Territory (3.52%) also showed a moderate year-on-year increase. Both Queensland (2.67%) and Western Australia (0.86%) trailed behind the other states but still presented fairly stable figures.

“This steady growth across the industry isn’t uncommon with the rise of global giants entering the Australian market,” Mr Zimmerman said.

“With Amazon recently purchasing land in Victoria we know the retail market is changing and those retailers who redefine their businesses to adapt to the shifting environment will thrive in the dynamic retail landscape.”

MONTHLY RETAIL GROWTH (May 2017– June 2017 seasonally adjusted) 

Household goods retailing (0.90%), Other retailing (0.19%), Food retailing (-0.03%), Clothing, footwear and personal accessory retailing (0.77%), Cafes, restaurants and takeaway food services (0.52%) and Department stores (-0.31%).

Northern Territory (1.22%), New South Wales (0.54%), Tasmania (0.63%), Western Australia (0.10%), South Australia (0.26%), Australian Capital Territory (-0.14%), Queensland (0.69%), and Victoria (-0.29%).

Total sales (0.28%).

YEAR-ON-YEAR RETAIL GROWTH (June 2016 – June 2017 seasonally adjusted)

Household goods retailing (5.88%), Cafes, restaurants and takeaway food services (5.58%), Food retailing (3.78%), Clothing, footwear and personal accessory retailing (1.72%), Other retailing (2.92%) and Department stores (-1.08%). Total sales (3.8%). 

Australian Capital Territory (5.33%), Tasmania (5.12%), South Australia (4.69%), New South Wales (4.65%), Victoria (4.49%), Northern Territory (3.52%), Queensland (2.67%) and Western Australia (0.86%).

Total sales (3.80%).

About the Australian Retailers Association:

Founded in 1903, the Australian Retailers Association (ARA) is the retail industry’s peak representative body representing Australia’s $310 billion sector, which employs more than 1.2 million people. The ARA works to ensure retail success by informing, protecting, advocating, educating and saving money for its 7,000 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.

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“ANY ‘Buy Queensland’ policies must be consistent with Australia’s international trade commitments,” said Lisa McAuley, CEO of the Export Council of Australia (ECA). “Otherwise they will undermine Australia’s international credibility and risk retaliation.”

The Australian Government works closely with state governments when negotiating Free Trade Agreements (FTA) and other trade commitments.

“States have plenty of opportunities during negotiations to object to any commitments. As part of the process, state governments opt in before an FTA enters into force. The Queensland Government has opted in to all of them” said Ms McAuley. “Backing out once they’re in force undermines the whole agreement. The way international trade works is that you have to deliver what you say you will. Otherwise, who’s going to trust you in future negotiations?”

Open trade benefits all parties, lowering costs for consumers (or, in the case of government procurement, taxpayers) and enables domestic businesses to expand their markets and create jobs. By contrast, protectionist measures increase costs to consumers and can lead to retaliation by trading partners.

“What’s to stop other Australian states shutting out Queensland firms from their procurement contracts?” Ms McAuley asked. “But it’s not just domestic government procurement that might be affected.”

International trade statistics provide detailed breakdowns of which goods come from which ports.

“A trading partner could pretty easily work out which of their Australian imports mostly come from Queensland, and put in place retaliatory measures that focus on Queensland exporters. Does anyone think the current administration in the United States would hesitate to retaliate if it saw an opportunity and a political advantage?” said Ms McAuley.

“If the Queensland Government does anything to back out of its trade commitments, it is putting its exporters at risk.”

www.export.org.au

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