WHERE businesses have a high demand for skilled labour but are constrained by lack of resources, then there is a prima facie case for government intervention, according to the Institute of Public Accountants (IPA).

 “We need governments, both Federal and State to immediately address and reform the education system’s ability to increase the stock of knowledge-based workers available for employment,” said IPA’s chief executive officer, Andrew Conway.

“Without a sweeping reform of the education system, Australia will not address the significant skills deficits that are abundantly apparent in the economy.

“We believe that the strongest argument for government intervention relates to the potential for positive spill-over into the wider economy, as highly skilled workers move around employers and disseminate their knowledge.

“One in six businesses in Australia faces a problem involving skills deficiencies.

“Research conducted for the Australian Small Business White Paper indicates that some 64,000 businesses have an identifiable skills deficiency in relation to finance professionals, 55,000 in relation to marketing professionals, and 45,000 businesses are deficient in IT professionals.

“This indicates that while there may be trade skill shortages relating to the construction boom, there is a bigger problem on the horizon with deficiencies in high value added professional services.

“To stem the tide of skills shortages, we are urging governments to consider the inclusion of enterprise training at all levels of the education system from early school years to further and higher education institutions.

"We also recommend the integration of entrepreneurship programs and STEM (science, technology, engineering and maths) subjects, at all levels of secondary school, together with appropriate levels of promotion and financial support," said Mr Conway.

 For further discussion refer to the IPA’s pre-Budget submission 2016-17 on the IPA website at http://bit.ly/1PVGJX7

About the Institute of Public Accountants

The IPA, formed in 1923, is one of Australia’s three legally recognised professional accounting bodies.  In late 2014, the IPA acquired the Institute of Financial Accountants in the UK and formed the IPA Group, with more than with more than 35,000 members and students in over 65 countries.  The IPA is a member of the International Federation of Accountants, the Accounting Professional and Ethical Standards Board and the Confederation of Asian and Pacific Accountants.  The IPA was recognised in 2012 as Australia’s most innovative accounting organisation and listed in the top 20 in the 2012 BRW Most Innovative Companies List.  

publicaccountants.org.au

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Innovation and Science Australia chair Bill Ferris AC has told Australia’s university leaders that increasing collaboration for commercialisation of research is both desirable and achievable.

Addressing the Universities Australia’s 2016 Higher Education Conference Mr Ferris said, “Right now, despite a host of recent indicators praising our scientific and creative abilities, we are dead last in the OECD rankings of academia and business collaboration for innovation.

“Our alarming collaboration ranking is a direct contributor to our poor performance at commercialising our discoveries and this cannot continue. The good news is improving collaboration between research and industry is the low hanging fruit for quick wins when it comes to driving innovation.”

Mr Ferris said the Government’s announced changes to criteria for the allocation of research funding to universities are needed to reward engagement with industry.

“New arrangements recommended by Dr Ian Watt and taken up under the Government’s National Innovation and Science Agenda would simplify research block grants into two streams and seek to give universities an incentive to achieve greater industry and other end-user engagement, in addition to providing grants on the basis of traditional tests of research excellence,” Mr Ferris said.

“At the same time, I understand we need to continue to excel in fundamental research, I don’t accept that research excellence and clever commercialisation are mutually exclusive.

“Improving the research funding mix is welcome because it will encourage more and more researchers to reach out.

“In the same vein businesses can be encouraged to reach in to universities. I am working with Dr Alan Finkel, Australia’s Chief Scientist, and John Fraser, Secretary of the Treasury, on a review of the R&D Tax Incentive Programme.

“That Review is considering options to better reward businesses that engage with universities and other publicly funded research organisations.”

www.industry.gov.au

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The Victorian Chamber of Commerce and Industry Chief Executive Mark Stone: has commended the Victorian Government and Opposition on finally reaching agreement regarding the Port of Melbourne lease legislation.

"Given the importance of this legislation and the fact that both major parties have been supportive of moving this project forward for two years, this is a timely outcome and one that will benefit all Victorians," Mr Stone said.

"The lease of the port will have a significant impact on Victoria’s economic future. The estimated $6 billion to be generated is essential to progress our state’s infrastructure priorities. These projects are vital to the competitiveness and livability of our state, now and in years to come.

"A notable part of the agreement is the benefit it will provide to Victoria’s regions through the commitment of $700 million in port lease proceeds to support regional Victoria," he said.

"Growing Victoria’s regions through infrastructure improvements will support regional trade and investment. This is a key priority of the Victorian Chamber, as reinforced in our Victoria Summit 2015 – Regional Victoria and 2016-17 State Budget submission.

"The port will continue to be a significant piece of infrastructure to Victoria as container throughput is expected to more than double to nearly six million units per annum in the next 15 years.

"Moving forward the Victorian Government must get the best possible price for the port while ensuring there are sensible safeguards for business," Mr Stone said.

"This project has been a long standing priority for the Victorian Chamber, including as a key recommendation in our 2014 state election agenda, Taking Care of Business."

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.

victorianchamber.com.au

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THE Victorian Chamber of Commerce and Industry Chief Executive Mark Stone met with the Treasurer of Victoria, Tim Pallas, yesterday to put forward  seven key proposals for the 2016-17 State Budget.

“The Treasurer and I had a productive meeting to talk in detail about each of our seven recommendations and the benefit they would bring to Victorian business and the broader community,” said Mr Stone.

“I commend the Treasurer on his willingness to engage with us on our priorities for a pro-business budget that will address the many major challenges facing Victoria. Our recommendations will reduce business costs, deliver infrastructure improvements, build workforce skills and boost international engagement to strengthen Victorian competitiveness through 2016 and beyond.”

The Victorian Chamber will continue to advocate the priorities for Victorian business in the lead up to the release of the budget on 3 May 2016.

Visit the Victorian Chamber website for further details of our budget submission. 

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.

victorianchamber.com.au

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