THE provision of a regular and reliable air service to the Indian Ocean Territories is critical to residents and economic development.

The Australian Government underwrites the current scheduled Virgin Australia air services from Perth to the Indian Ocean Territories (Christmas Island and Cocos (Keeling) Islands.

Witnesses to successive committee inquiries into the Indian Ocean Territories have called for the establishment of regular air services to the north. The IOTs are physically closer to Asia than mainland Australia and many Indian Ocean Territory residents have close family and cultural ties with Asia. Increased air services to the north may also support increased visitor numbers.

Mr Ed Turner spent the 1980s and 1990s involved in air services provision to Christmas Island. This includes the period when the Christmas Island Casino was operational and there were additional services to the north serving casino visitors. Currently the Chief Operating Officer of Air Timor, Mr Turner will discuss the prospects of re-establishing a viable air service to Indonesia.

Committee Chair, Mr Luke Simpkins MP, said “the Committee is interested to learn more about Mr Turner’s proposal, including current impediments and ways to overcome these.”

PUBLIC HEARING 

Monday 23 November 2015

Committee Room 2R2, Parliament House, Canberra

PROGRAM                            

4:00 pm           Chair’s opening statement

4:05 pm           Air Timor (via teleconference)

4:30 pm           Close

All members of the public are welcome to observe proceedings.

The hearing will be webcast at www.aph.gov.au/live

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THE INSTITUTE of Public Accountants (IPA) has renewed its call for its members to think seriously about their future business models.

Delivering the opening address at the IPA’s National Congress on the Gold Coast, IPA chief executive officer, Andrew Conway said that disruption would be ongoing and continue to present many challenges to the profession.

Mr Conway told the hundreds of accountants present that it was time to look to what the future holds.

“With compliance work diminishing, whether it be through ATO automation or the ever moving technology disruption to the profession; along with the need to address the new financial services regime requirements next year; it is timely to take stock of what your future business will look like,” said Mr Conway.

“While there is significant impact on the accounting profession, we are not on our own when it comes to disruption.

“Just consider the impact that Uber is having on the taxi industry and the reshaping of the hotel industry with Airbnb.

“”It will be critical for accountants to not just embrace ongoing change but to also be in a position to drive that change to ensure they can best service their clients who are also experiencing continual disruption.

“With ongoing disruption at various levels, I implore you to consider the impacts of disruption and how you may reshape your business model that best adapts and capitalises on them.” said Mr Conway.

Mr Conway also told the delegates that the IPA was committed to keeping members abreast of change that impacted their businesses and to developing digital resources to support them.

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.  

www.publicaccountants.org.au

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THE biggest shopping season of the year kicked off this week, with Australian consumers expected to spend big on toys and games in retail stores over the Christmas period, with a total retail spend of $46.7 billion expected in the six weeks from November 15 to December 24, says the Australian Retailers Association (ARA).

New research by the ARA and Roy Morgan Research confirms that this year’s favourite stocking stuffers will be kids outdoor games and toys, closely followed by indoor games and toys.

“This week marks the beginning of what we expect to be a crazy couple of months for retailers and shopping centres, with consumers starting their Christmas shopping in earnest from around November 15,” said ARA Executive Director, Russell Zimmerman.

“The ARA expects spending on toys to spike significantly in the coming weeks, as Santa, along with parents and family stock up on Christmas gifts for the kids,” he said.

Compared with the rest of the year, in the Christmas shopping period between November 2014 and January 2015, kids outdoor games and toys saw a 143 percent increase, while indoor games and toys purchase popularity grew by 123 percent.

For the big kids among us, products with the largest growth for the period were women’s dresses, which grew 101 percent; men’s trousers, shorts and pants, also up 101 percent, and perfume and aftershave, up 77 percent.

“For adults this Christmas, we’ll see a rise in products generally seen as traditional gift purchases, such as apparel and perfume, while electronics and technology is also predicted to be a money spinner for retailers this Christmas.”

Comparing the best selling items of Christmas 2013 to Christmas 2014, phones and accessories saw the greatest rise, at 109 percent; while women’s socks rose 92 percent; personal entertainment and cameras, 92 percent; women’s hosiery, 88 per cent, and women’s sportswear, 70 percent.

“The growth in women’s sportswear for Christmas last year is evidence of the popularised trend that’s been picked up by social media of women donning activewear as everyday fashion, as well as for sports activities,” Mr Zimmerman said.

“Surprisingly though, sports equipment purchases last Christmas fell 36 percent on the previous year, along with manchester and soft furnishings, women’s sleepwear, and car accessories and care products.

“Christmas 2015 is shaping up to be strong despite rising home loan rates and wavering consumer sentiment, and this week will set the tone for the 3.6 percent growth we’re expecting to see,” he said.

About the Australian Retailers Association:

Founded in 1903, the Australian Retailers Association (ARA) is the retail industry’s peak representative body representing Australia’s $284 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.

or more information, visit www.retail.org.au or call 1300 368 041.

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INITIATIVES to combat the financial abuse of women were among the winners of this year’s Financial Literacy Awards, announced at a dinner on Thursday night.

According to research by Good Shepherd Microfinance, eight in 10 women who experience family violence also experience financial abuse, such as withholding money, refusing to contribute to the family or running up debts in a partner’s name.

With efforts to address family violence now firmly on the national agenda, the awards recognised two projects that address the complex issue of financial abuse:

• Good Shepherd Microfinance ‘Women & Money: an introduction to financial abuse’ - Outstanding Achievement Award for targeted financial literacy program
• WIRE Women’s Information ‘Relationship Problems & Money’ - Outstanding Achievement Award for research

Good Shepherd Microfinance developed an online training program that equips microfinance counsellors, frontline staff and volunteers to identify financial abuse among clients and refer them to support services.

WIRE Women’s Information approached the issue by seeking to better understand the barriers women face to building financial independence after leaving an abusive relationship.

“This research formed the basis of a training program for financial practitioners and support services, a submission to the Victorian Royal Commission on Family Violence and a booklet for women who are facing financial abuse. This booklet is now WIRE’s most widely requested resource,” Rebecca Glenn, CEO, Financial Literacy Australia said.

Financial literacy helping migrant women

Another award winner focused on empowering refugee and migrant women through financial literacy. Melbourne-based Women’s Health in the North (WHIN) found that its program to help women start small businesses was held back by their lack of basic financial skills.

“Managing Money: Every Woman’s Business teaches topics such as budgeting and saving, in a visual, engaging and culturally sensitive way. WHIN has held several ‘Train the Trainer’ sessions for the modules, shared the resource with other community organisations and seen over 400 migrant women participate in workshops,” Ms Glenn said.
 
Corporate and government campaigns recognised

The awards also recognised the work of the corporate sector, with ANZ receiving two awards including an Award in the research category for a meta-evaluation of the Saver Plus program, which provides education, personal coaching and matched funds of up to $500 savings for low-income families. The study included a valuation on the social return on investment.

“The results demonstrated the long-term benefits for participants included increased financial capabilities, levels of financial self-efficacy, financial resilience and improved personal and social wellbeing. It’s an important validation of the work that we know, anecdotally, makes such a big difference to families in Australia,” Ms Glenn said.

The Australian Taxation Office was awarded for its innovative approach to targeting young people to reduce multiple super accounts. The campaign used animated video, infographics, paid media and social media, and PR, to encourage young people to engage with their super. It saw a 35% uplift in the target audience checking their balances and 17% consolidating their accounts.

“The winning entries were creative and considered, with a strong focus on evidence and research to ensure they get results,” said Ms Glenn. 

“Increasing the financial literacy of all Australians has benefits for both individuals and the broader economy. However, different groups have different needs, which is why it’s important to have a diverse range of initiatives led by government, community and commercial organisations. The Financial Literacy Awards prove that this model is working well and delivering real results.”
 
Full list of award winners
 

ENDS