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Investment firm, proxy advisers and Treasury to front House Economics Committee

THE House of Representatives Standing Committee on Economics will hear from the multinational investment firm BlackRock, institutional investor proxy adviser Ownership Matters, industry peak body the Financial Services Council and the Australian Treasury, about common ownership and capital concentration at a public hearing on Monday, October 11 2021.

Acting Committee Chair Dr Andrew Leigh MP, said, "To date, the committee has heard evidence from academic experts and the ACCC that common ownership has the potential to threaten competition within the Australian market.

 

"My own research with Dr Adam Triggs shows that Vanguard and BlackRock are the largest shareholders in Australia, and that these two index funds are often the largest shareholders for competing companies. Our research reveals that among firms where we can identify at least one substantial owner, 31 percent share a substantial owner with a rival company. Across the Australian economy, common ownership increases effective market concentration by 21 percent.

"In the United States, common ownership has been shown to dampen competitive pressures, and produce worse outcomes for consumers in the airline and banking sectors. The committee is concerned to understand the extent of common ownership in Australia, the channels through which it may harm consumers, and how transparency reforms might help," Dr Leigh said.

"As well as investment firm BlackRock, the committee will hear from proxy advice service Ownership Matters and industry peak body the Financial Services Council to garner the views of industry insiders on this issue. We will also hear from Treasury about how the Australian Government sees this potential threat to vigorous competition between firms."

Later in the day, the committee will also hear from the Energy Industries Superannuation Scheme (EISS Super) as part of the committee’s review of the Four Major Banks and Other Financial Institutions. 

The full Terms of Reference for the inquiry into common ownership and capital concentration and the review of the four major banks and other financial institutions are available on the committee’s website.

Public hearing details

Date: Monday, 11 October 2021

9.30am to 12.45pm     Common ownership and capital concentration

2.00pm to 3.00pm       Superannuation sector review

A program for the hearing is available on the committee’s website.

Due to health and safety concerns relating to the COVID-19 pandemic, this hearing is not currently scheduled to be open for public attendance. Interested members of the public will be able to view proceedings via the live webcast at aph.gov.au/live.

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Tencent Cloud highlights cloud-based game solutions and services at Melbourne International Games Week

TENCENT CLOUD, the cloud business of global technology company Tencent, has utilised its participation in Melbourne International Games Week 2021 to highlight solutions and capabilities that address gamers' and game developers' demands and needs. The annual event.is Asia-Pacific's
largest digital games convention

Melbourne International Games Week (MIGW) is attended by practitioners from the game industry, games enthusiasts, the general public and educators.

Backed by Tencent's years of experience in the game industry, underlined by its publishing of some of the most popular video games worldwide, Tencent Cloud on October 8 put the spotlight on its commitment to providing game developers and publishers the much-needed tools to build and operate a high-quality, stable and secure game environment.

With the goal of addressing common gaming-related challenges, such as cheaters and gold farmers that ruin gamers' experience; lags, delays and poor sound quality, and high difficulty for global release and testing, Tencent Cloud showcased its high-quality, reliable and secure solutions that will benefit the gaming community in Australia, including:

Game Server Elastic-scaling (https://intl.cloud.tencent.com/product/gse) (GSE), a solution that provides dedicated game server hosting services for the deployment and scaling of stateful games. It supports service discovery, flexible server scaling, and optimal resource scheduling. GSE helps developers quickly build a stable and low-latency deployment environment for multiplayer games while reducing OPS costs, and is ideal for games that need to remember data such as battle servers and push notifications in FPS, MOBA, turn-based games, MMORPG, table games, and more.

Game Multimedia Engine (https://intl.cloud.tencent.com/product/gme) (GME), which allows for a one-stop gaming voice solution. It features in-depth optimization for different gaming scenarios and types such as casual, social, MOBA, MMORPG and FPS, and supports multi-player voice chat, 3D
location voice, voice messaging and speech-to-text conversion and can be easily accessed with a simple SDK, meeting game developers' various gaming voice needs.

Anti-Cheat Expert (https://intl.cloud.tencent.com/product/ace) (ACE) with 24/7 security protection capabilities, supporting comprehensive multi-dimensional protection and detection and helping mobile game providers quickly cope with game security issues such as cheating and tampering. It
also guards the game client from malicious tampering, debugging and injection, invalidates vicious modifiers and protects game memory data integrity.

Global Application Acceleration Platform (https://intl.cloud.tencent.com/product/gaap) (GAAP), which lets users access the origin server through a high-speed connection with the aid of the nearest node to use Tencent Cloud's backbone interconnection, helping eliminate the stutters and latency experienced by global users when accessing businesses. Equipped with a graphical configuration interface, GAAP allows game developers to create and use high-speed connections on their business' origin server within minutes and view connection operational conditions in the console.

TcaplusDB (https://intl.cloud.tencent.com/product/tcaplusdb), enabling games on global and regional servers to scale and merge with no downtime, making it suitable for sustaining rapid business growth and long-tail OPS. It also comes equipped with a comprehensive set of features including high availability, disaster recovery, backup and rollback, ensuring 24/7 data storage with 99.999 percent reliability.

Tencent Cloud senior vice president, Poshu Yeung said, "Tencent Cloud's game solutions are ready, available and capable to address all challenges faced by game developers in Australia. Thus, we ultimately aim for an improved and unparalleled experience for all gamers across the continent. We
hope that through our participation and by introducing our wealth of gaming ecosystem resources and capabilities, we can further our mission of making game development easier around the world."

Tencent Cloud is a secure, reliable and high-performance public cloud service provider that fuses Tencent's infrastructure-building capabilities with the advantages of its massive user platform and ecosystem. Tencent Cloud provides global access and a rich array of services to governments and organisations that need advanced infrastructure and a resilient environment, such as those in the online games, live broadcast and financial services sectors.

As a strong testimony to Tencent Cloud's top-notch security standard and competitive services in the global cloud computing industry, Tencent Cloud was recently named Frost & Sullivan's 2020 Best Practice Competitive Strategy Leadership Award in Global Cloud Industry. It has also earned more than 20 international certifications, including but not limited to ISO22301, ISO27001, ISO20000, ISO9001, Trusted Cloud Services, CSA STAR, the Outsourced Service Provider Audit Report (OSPAR) standard and the Multi-Tier Cloud Security Standard (MTCS SS).

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Upgrade of Reef HQ Aquarium

AT A PUBLIC HEARING on October 11, the Parliamentary Standing Committee on Public Works will scrutinise a $40 million proposal from the Great Barrier Reef Marine Park Authority for facility-wide refurbishment and upgrades to deliver improved educational facilities.

These works are the final instalment of a two-stage program of $80.1 million in Reef HQ works.

This hearing is part of the committee’s inquiry into the Great Barrier Reef Marine Park Authority Transformation of Reef HQ Aquarium in Townsville, Queensland. The committee will examine the need, scope, function and cost effectiveness of the proposed upgrades, and explore how the proposed works will transform Reef HQ into a global destination of excellence in tropical coral reef education.

Public hearing details

Date: Monday, 11 October 2021
Time: 11am to 12pm (AEDT)
Location: via teleconference

The hearing will be broadcast live at aph.gov.au/live.

Note: the Parliamentary Standing Committee on Public Works is not involved in the tendering process, awarding of contracts or details of the proposed works. Inquiries on these matters should be addressed to the relevant Commonwealth entities.

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Second public hearing on referendums

THE House Standing Committee on Social Policy and Legal Affairs will on Thursday hold the second public hearing for its inquiry into constitutional reform and referendums.

The Committee will hear from the Department of Finance and the Department of Education, Skills and Employment to discuss the Referendum (Machinery Provisions) Act 1984, and education and public awareness of the Constitution.

Chair of the committee, Andrew Wallace MP, said, "Hearing from the Department of Finance will be a good opportunity to discuss whether amendments to the Referendum Act are needed to ensure that the processes for contemporary referendums remain fit for purpose.

"The committee is also looking forward to learning more from the Department of Education about civics education in schools and the broader population, and whether there is more that can be done to inform and motivate people about Australia’s Constitution. Engaging students and the wider public in constitutional matters is important to ensure that all Australians can cast an informed vote during a referendum."

Further information about the inquiry, including the terms of reference and a full program for the committee’s hearing, is available on the inquiry webpage at www.aph.gov.au/constitutionalreform.

Public hearing details

Date: Thursday, 7 October 2021
Time: 1pm to 2pm (AEDT)

Due to Covid-19 restrictions, Committee proceedings held in Parliament House are not currently open to the public. The hearing will be broadcast live at aph.gov.au/live.

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Global accounting profession unites to target net zero emissions

AUSTRALIA'S major professional accounting bodies, CPA Australia and Chartered Accountants Australia and New Zealand (CA ANZ) have joined 10 global and national accounting bodies to commit to net zero greenhouse gas emissions.

Today’s global launch is an initiative of The Prince of Wales’ Accounting for Sustainability (A4S) Project Accounting Bodies Network (ABN).

Representing more than 300,000 accountants globally, CPA Australia and CA ANZ acknowledge the impact of climate change and the urgency of taking national and international action to achieve net zero emissions.

A spokesperson said climate change was an economic risk. The accounting profession plays a significant role in tackling the challenges created by climate change. Accountants work in every sector of the economy. Achieving net zero emissions requires the skills and knowledge of accounting professionals, who are eager to help chart a course of action.

CPA Australia and CA ANZ have pledged to achieve net zero greenhouse gas emissions within their own organisations and to provide sound advice to governments for a just transition to a net zero emissions economy.

"We have also committed to providing training and guidance to our members to support them in reducing greenhouse gas emissions in their own organisations and businesses," the spokesperson said.

CPA Australia chief executive Andrew Hunter said, “The accounting profession occupies a privileged position in the global economy. As trusted advisers, we’re privy to deep business insights about sustainability risks and opportunities. This knowledge creates an obligation to use our skills to protect our environmental heritage. CPA Australia is a global organisation in a global profession and we’re proud to be part of the global response to climate change.”

CA ANZ chief executive Ainslie van Onselen said, “The pandemic has been a living example of the significant impact that non-financial risks can have on businesses and global economies. Climate change is a non-financial risk that is no longer an issue on the horizon, it’s here and now. CA ANZ is committed to equipping members to meet these new challenges. As customers and investors increasingly consider sustainability in their decision making, the accounting profession is well placed to support a just transition.”

Executive chairman of A4S Jessica Fries said, “The accounting bodies making this commitment are showing leadership in the fight against climate change. Accountants who work for the good of their businesses, and serve the public interest, have always been the backbone of stable economies. This commitment brings us closer to building a sustainable world.” 

The importance of today’s launch is underscored by the Intergovernmental Panel on Climate Change’s (IPCC) Sixth Assessment Report, which revealed that Australia’s climate warmed by around 1.4 degrees celsius between 1910 and 2020. The economic impact of climate change is also gaining attention in the lead-up to the United Nations Climate Change Conference (COP26) next month.

Background

CPA Australia and Chartered Accountants Australia and New Zealand are members of The Prince of Wales’ Accounting for Sustainability Accounting Bodies Network. This network represents over 2.5 million professional accountants and students across 179 countries. Twelve ABN members have signed the Net Zero Commitment. Read the Commitment here.

 

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