Responding to the new revelations of the Panama Papers (https://panamapapers.icij.org), Oxfam Australia Chief Executive Dr Helen Szoke said: 

“The latest Panama Papers revelations expose rampant tax dodging that is allowing multinational companies to avoid paying their dues, particularly how shadow companies are shifting billions in revenue derived from highly lucrative mining and extractives operations across Africa," Dr Szoke said. 

“It is shameful that tax avoidance is preventing this money from being spent on vital services such as schools and hospitals in the world’s poorest continent.

“Today’s release of information shows that the firm Mossack Fonseca helped to establish offshore companies ‘to own, hold or do business with petroleum, natural gas and mining operations in 44 of Africa’s 54 countries.’

“The fresh revelations published today by the International Consortium of Journalists included details of millions of dollars in alleged bribes for oil and gas contracts in Algeria and the widespread use of offshore companies to assist in oil, gas and mining deals.

“These are valuable natural resources – that should be supporting the needs of everyday people, rather than lining the pockets of the rich and powerful.      

"When corporations get away with shirking their responsibility to pay their fair share, spending on essential services that are desperately needed suffers.

“This scandal is contributing to the inequality crisis across Africa.”

Dr Szoke said Oxfam Australia’s recent report, The Hidden Billions, further revealed Australian-based multinational corporations are playing a role in poor nations losing out due to tax dodging practices.

Oxfam’s research revealed nearly $A9billion that could be spent on public services in Australia and poor countries was being hidden by Australian-based multinationals in tax havens.

Dr Szoke said that overwhelming evidence was mounting in support of Oxfam’s call for more transparent tax policies.

“Oxfam is calling on the Federal Government to legislate to ensure that companies disclose their profits and taxes publicly for every country in which they operate," Dr Szoke said. 

“Others, including the US, Canada, and Europe have already made the public reporting of taxes and profits mandatory for high-risk sectors such as mining and banking.”

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BUSINESS sentiment regarding Australia’s economy dropped during one of Australia’s longest-ever federal election campaigns, the Victorian Chamber of Commerce and Industry’s latest Survey of Business Trends and Prospects has revealed.

Many of the 380 Victorian businesses surveyed viewed the federal election campaign as lacking clear leadership and economic vision, and expressed frustration with the major political parties. Several said the prolonged uncertainty of the campaign had softened consumer spending, with one member describing the economy in this period as being “on hold with nobody spending at the moment”.

In the second quarter of 2016, which covered the three months to June 30 and most of the election campaign, business sentiment for the Australian and State economy dropped two percentage points to 20 per cent, meaning just one in five businesses expect stronger economic growth over the next financial year.

Victorian Chamber of Commerce and Industry Chief Executive Mark Stone said survey responses illustrated the need for policies that support and grow Victorian business.

“The business sentiments recorded in our most recent survey signal an opportunity for both State and Federal Governments to address business concerns and deliver pro-business policies that create jobs and enable growth,” Mr Stone said.

“While business confidence remains fragile, it is encouraging to see signs of optimism in the medium-term forecasts. We hope to see this confidence flourish as the new government gets on with the job of running the country.

“The Victorian Chamber will continue to advocate on behalf of business for policies that support major infrastructure projects in Victoria, boost jobs growth and competitiveness.”

Victoria’s business services sector was the most optimistic about the economic outlook for both state and federal economies over the next year, with a third expecting them to strengthen. Survey respondents from this sector believed the tough trading environment was exacerbated by uncertainty from the federal election campaign, but that the lacklustre performance will not last.

Businesses in the health, education and community services sector said jobs growth is likely to continue, as a lift in export activity is expected.

Regional-based businesses also reported a slightly more optimistic medium-term forecast than their metropolitan counterparts, as they recorded higher export levels and business investment.

The Victorian Chamber of Commerce and Industry, established in 1851, is the most influential business organisation in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.

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THE Institute of Public Accountants (IPA) has extended its congratulations to the Hon Michael McCormack MP as the newly appointed minister for small business.

“The IPA looks forward to working with Mr McCormack to ensure the focus on small business is maintained as we all know that small business is the critical sector for Australia’s economic well-being,” said IPA chief executive officer, Andrew Conway.

“We have long advocated for a strong, dedicated voice for small business within the Ministry. We are pleased that this will be the sole focus of the newly appointed minister.

“We recognise the efforts of the Hon Kelly O’Dwyer MP and the former small business cabinet minister, the Hon Bruce Billson, and we urge the government to maintain the focus on small business productivity as there is still much to be done. We need to see an acceleration of the momentum created by the former small business ministers.

“Our members live and breathe small business; more than two-thirds working in or with small business on a daily basis so we are well qualified to offer an opinion when it comes to small business.

“In addition, we have extended our partnership with Deakin University to create the IPA-Deakin SME Research Centre, to provide invaluable research to inform government on small business policy issues.

“This builds on the foundation of the first ever Australian Small Business White Paper launched last year.

“We look forward to extending this knowledge base to Minister McCormack to advance policies designed to boost small business productivity including:

Reforming the taxation system

• Simplifying the regulatory environment
• Improving access to affordable finance
• Improving education and skills of the small business sector
• Seizing export opportunities and taking advantage of trade agreements
• Ensuring a level playing field through fair competition laws
• Building an innovation system to support small business growth

For more information refer to the IPA Small Business White Paper at www.publicaccountants.org.au/whitepaper

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THE Australian Retailers Association (ARA) is urging the new Coalition Government Ministry to make business and the economy a focus of the next three years, despite the removal of the Small Business portfolio from Cabinet.

The ARA Coalition Government on its re-election, but says the challenges for the new Government cannot be ignored. He congratulated all new Ministers on their appointment, particularly new Small Business Minister, Michael McCormack; Minister for Education and Training, Simon Birmingham; Assistant Minister for Vocational Education and Skills, Karen Andrews, as well as Treasurer Scott Morrison and Minister for Revenue and Financial Services, Kelly O’Dwyer.

Russell Zimmerman, Executive Director of the ARA, said he is pleased to see consistency in Treasury portfolios, with the retention of Mr Morrison and Ms O’Dwyer, however, made note that the ARA is bitterly disappointed to see that the Small Business portfolio has been removed from cabinet.

“Given its important role within the economy, the omission of the Small Business portfolio from one of the largest cabinets in decades does not augur well,” said Mr Zimmerman.

“The exclusion of Small Business at a point when the economy needs business the most, is step backwards,” he said. “We can only hope that Mr McCormack is able to make the voice of Small Business heard.

“We also look forward to developing a close working relationship with Mr Birmingham and Ms Andrews on the further improvement of education and skills in Australia. The retainment of Michaelia Cash as Minister for Employment is also important for the retail industry.

“From the ARA’s perspective, there needs to be a consensus on a productivity agenda that drives growth through real workplace flexibility changes, lowering of the tax base for business to individuals, and pushing State-based reform on business costs such as construction, planning, and tax bases.

With the new Turnbull Ministry now in place the ARA is reminding Ministers of the importance of role the retail sector as Australia’s largest private sector employer with more than 10 percent of the working population employed in the retail industry.

About the Australian Retailers Association

Founded in 1903, the Australian Retailers Association (ARA) is the retail industry’s peak representative body representing Australia’s $293 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 5,000 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.

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