QUEENSLAND businesses are being encouraged to reap the social and financial rewards of embracing diversity in the workplace at the inaugural Queensland Multicultural Month Business Lunch next Friday (August 5).

Sponsored by Commonwealth Bank, the lunch is hosted by the Queensland Minister for Multicultural Affairs Grace Grace and will feature an address by Gold Coast 2018 Commonwealth Games Corporation (GOLDOC) Chairman Peter Beattie. Mr Beattie will share his insights on upcoming Commonwealth Games business opportunities and how the event’s culturally diverse workforce will ensure its success.

Latest figures show more than 20% of Queensland’s population was born outside of Australia, creating a diverse and growing potential customer base and workforce for local businesses to target.

Minister Grace said it was time to acknowledge the economic contribution migration and multiculturalism had made to the state.

“The growth and prosperity of our state always has and always will depend on our ability to harness skilled and talented workers from across Queensland, the nation and the world,” she said.

“The positive economic impacts of migration flows through every part of our economy – to population growth, labour participation and employment, skills and productivity.

“As it is Queensland Multicultural Month, it’s an opportune time to recognise the business leaders, entrepreneurs and all industrious Queenslanders who are working hard to make our state great, regardless of where they or their families originally came from.”

What:              Queensland Multicultural Month Business Lunch

Who:               Minister for Multicultural Affairs Grace Grace

                        Gold Coast 2018 Commonwealth Games Corporation Chairman Peter Beattie

When:             11.45am for midday start, Friday 5 August 2016

Where:            Pullman Brisbane, King George Square, Brisbane

Tickets:            $30 per person plus GST and booking fee (includes two-course lunch)

Book online at www.qld.gov.au/multiculturalmonth

Queensland Multicultural Month is the state’s largest celebration of our unique diversity and its benefits. From Brisbane to Barcaldine, people will be coming together to perform, share, taste, listen, learn and acknowledge that while we may come from different cultures, we all love living in Queensland. Key themes this year include the Value of Diversity, Arts and Culture, Elders and Storytelling.

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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