EFTPOS has joined the Hedera Governing Council and will run the country’s first Hedera network node this year. 

Designed to be the most decentralised governance model for a public ledger, the Hedera Governing Council includes a group of highly diversified enterprises and organisations overseeing a global network of nodes that aims, among other things, to enable low cost micropayments for a range of use cases such as the internet of things (IoT) and access to content streamed over the internet.

Eftpos CEO, Stephen Benton, said eftpos joined the council after a number of successful proofs of concept last year, and it aimed to enhance the company’s digital payments innovation strategy to better meet Australians’ payment needs into the future.

“By joining the Hedera Governing Council and running the Australian node, alongside some of the world’s largest and most influential companies, we are excited to participate in the development of next-generation micropayments technology that has the potential to open up entirely new ways of conducting business for Australian enterprises and enable compelling new experiences for Australian consumers," Mr Benton said.

“For example, in a world of fast paced technology change, low cost micropayments to pay for internet content or tiny payments for device to device transactions.”

The eftpos digital strategy was devised with an Australian focus, creating world-class innovations to compete with global payments players. The digital strategy has five key elements:

• Mobile Wallets including Beem It;
• e-commerce;
• Digital identity, using connectID;
• Fintech ecosystem access;
• National QR code payments rollout.

The initial objective of the micropayments proof of concepts, led by eftpos entrepreneur in residence, Rob Allen, was to investigate ways to create a seamless, sub-cent micropayments experience as an alternative to traditional online paywalls and subscriptions in the digital world. 

“By combining the new eftpos API infrastructure with a consumer wallet-based experience, digital identity, and an AUD-based stablecoin using Hedera’s superfast, secure and low-cost distributed network, the PoC’s objective was demonstrably achieved,” Mr Allen said.

“Use cases like this simply are not possible on other public blockchains. Along with several partners, we are now exploring a variety of use cases that this combination of technologies enables and the options to commercialise them.

“Being on the Hedera Governing Council will provide us with the combined technical insight of all the Council members as well as a unique global perspective to improve our speed to market.”

Mance Harmon, CEO and co-founder of Hedera Hashgraph, said, “As Australia’s debit card system operator, eftpos is a critical component of the country’s financial infrastructure, processing over 2 billion transactions in 2020 worth an average of more than $300 million each day.

"We are pleased that they have joined the Hedera Governing Council as part of their new Australia-first digital product strategy. We look forward to their collaboration with other Council members and participants of the Hedera ecosystem to help make micropayments and other innovative financial models a reality for millions of consumers and billions of IOT devices.”

As the 17th council member, eftpos joins a growing network of large enterprises, including Avery Dennison, Boeing, Dentons, Deutsche Telekom, DLA Piper, FIS (WorldPay), Google, IBM, LG Electronics, Magalu, Nomura, Swirlds, Tata Communications, University College London (UCL), Wipro, and Zain Group. 

Members of the Hedera Governing Council are responsible for running the initial nodes of the Hedera network, as well as guiding both strategy and software development, over a maximum of two consecutive three-year terms. This contributes to stability and is conducive to maintaining diversity and decentralisation of the public network.

Hedera Hashgraph’s node policy and codebase are undergoing continuous updates, to which council members will contribute, supporting a governance model that eliminates the risk of forks, provides safeguards for users, and preserve the integrity of the Hedera network.

https://hedera.com/council.

About Hedera

Hedera Hashgraph is a decentralised public network on which developers can build secure, fair applications with near real-time finality. The platform is owned and governed by a council of the world's leading organisations including Avery Dennison, Boeing, Dentons, Deutsche Telekom, DLA Piper, eftpos, FIS (WorldPay), Google, IBM, LG Electronics, Magalu, Nomura, Swirlds, Tata Communications, University College London (UCL), Wipro, and Zain Group. The Hedera whitepaper can be found at www.hedera.com/whitepaper.  www.hedera.com. @hashgraph.

About eftpos

Eftpos is Australia’s debit card system, processing over 2 billion debit card transactions in 2020 worth an average of more than $300 million each day. Eftpos is wholly owned by its 19 members, comprising the largest financial institutions and retailers in Australia, including Adyen, Australia and New Zealand Banking Group Limited, Australian Settlements Limited, Bank of Queensland Limited, Bendigo and Adelaide Bank Limited, Citigroup Pty Limited, Commonwealth Bank of Australia, Coles Group Limited, Cuscal Limited, EFTEX, Fiserv, Indue Limited, ING DIRECT, National Australia Bank Limited, Windcave Pty Ltd, Suncorp Bank, Tyro Payments, Westpac Banking Corporation, and Woolworths Group Limited.  www.eftposaustralia.com.au

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THE Joint Standing Committee on Treaties will hold a public hearing in Canberra on Monday, February 1, 2021 to discuss amendments to the Convention on the Trade in Endangered Species (CITES).

The Committee will hear evidence on changes to the lists of protected species arising from the CITES 18^th Conference of the Parties.

CITES protects endangered species by regulating international trade in those species and their products.

“Two small, but lucrative industries – musical instrument manufacturing and sea cucumber fishing, are likely to be the most affected in Australia,” Committee Chair Dave Sharma MP said.

“Musical instrument makers will benefit from an easing of restrictions on the use of Rosewoods, while people wishing to export sea cucumbers will need to obtain a permit to export this endangered species.”

The Committee will also review recent amendments to the Agreement on Mutual Recognition in relation to Conformity Assessment, Certificates and Markings between Australia and the Republic of Iceland, the Principality of Liechtenstein and the Kingdom of Norway [European Free Trade Association – European Economic Area].

Public hearing details

Date: Monday 1 February 2021
Time: 11am – 12 noon
Location: Committee Room 2R1, Parliament House

Access to the public hearing is restricted as a pandemic control measure. The hearing can be accessed online.

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THE House of Representatives Standing Committee on the Environment and Energy is holding public hearings for its inquiry into climate change bills on Friday January 29 and Monday February 1, 2021.

The two private members’ Bills were introduced in Parliament by Zali Steggall MP on November 9, 2020, and referred to the committee for review. 

The Bills seek to alter Australia’s current climate change management and establish a new Climate Change Commission to replace the current Climate Change Authority. 

Committee Chair Ted O’Brien said, “The Committee will consider the Bills carefully and we’re looking forward to hearing the views of a range of interested parties.”

Acknowledging a high level of interest in the inquiry, Mr O’Brien noted the Committee’s experience in managing inquiries on issues of important public policy.

“We have recently managed inquiries into nuclear energy, bushfires, Scope 3 emissions and feral cats, and so the Committee is well placed to now deliberate on the proposed climate change bills," Mr O'Brien.

“As a Committee, we’ll do what we always do. We won’t draw any conclusions prematurely, but rather assess the information with dispassionate independence.”  

The Committee will commence its hearing on Friday with the key Australian Government agencies managing Australia’s current climate change framework. 

The hearing will then consider views from the health, science, technical, environmental, infrastructure, energy, planning, business and investment sectors. 

On Monday, the Committee will hear from some state and local government bodies and others including grassroots community groups, policy development organisations, academics and legal experts. 

Due to the COVID-19 pandemic, committee hearings are not presently open for physical attendance by members of the public. Proceedings will be available to watch live or later on the Parliament’s website at aph.gov.au/live.

Public hearing details
Date: Friday 29 January 2021
Time: 9.30am to 4.45pm
Location: Via video and teleconference 

Date: Monday 1 February 2021
Time: 11am to 5pm
Location: Via video and teleconference.

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THE value of Queensland’s resources industry to the state economy has been proven yet again, according to the Queensland Resources Council (QRC), with the news Queensland has recorded the highest number of coal jobs ever reported by the Australian Bureau of Statistics (ABS) in the September to November 2020 quarter.

QRC chief executive Ian Macfarlane said coal industry jobs rose by almost 40 percent during the quarter -- increasing from 28,072 to 39,075 -- which demonstrated how crucial the resources sector is to the state economy and to jobs.

“December trade data also shows the value of Australian coal exports rose by 26 per cent over the previous month, showing coal continues to be an important part of the global energy and industrial mix and will be for years to come,” Mr Macfarlane said.

“In terms of Queensland, December was a very good month for coal tonnes, with state coal exports up 19 percent on November, increasing from 16 million tonnes to just over 19 million tonnes.”

The latest ABS jobs data shows Queensland also recorded the highest number of jobs in resources since 2013, increasing 23 percent over the previous quarter to reach 78,369 jobs.

This is 18 percent higher, or nearly 12,000 more jobs, than the same period in 2019, which was unaffected by the global pandemic.

Mr Macfarlane said oil and gas jobs have also recovered strongly, increasing 147 percent between the August and November quarters.

He said the state’s resources companies continue to perform and exceed expectations in spite of COVID-19, which benefits every Queenslander through taxes, royalties, exports, jobs and business opportunities emanating from the sector.

“Our companies are also leading the way in exploring and investing in new economy minerals, technologies and renewable energy projects so we can continue to contribute to the state economy and to jobs in the long term,” Mr Macfarlane said.

“It’s an exciting time to be part of the resources sector and Queensland is in an ideal position to benefit from our resilience and innovation.”

www.qrc.org.au

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THE Australian solar industry defied expectation and the economic challenges of COVID-19 to install a record-breaking 5,000 MW of solar power in 2020, equivalent to almost 15 million average solar panels, new analysis by solar industry consultancy SunWiz has found.

With every state and territory except Tasmania smashing records for the volume of solar panels and system size installed, Australia now has 20,000MW of solar capacity nationwide—up from 15,000MW in 2019.

Australia led the world in uptake of solar on a per-capita basis and this follows a record year for installations in 2019.

The annual growth rate for rooftop solar has exceeded 33% for the past four years, and accelerated in 2020.

“The number of Australians installing rooftop solar systems increased by 40% compared to 2019 levels,” said Warwick Johnston, managing director of SunWiz.

“The COVID-19 pandemic had major impacts on Australia’s economy, but the benefits of solar were strong enough to help the industry overcome challenges including supply shortages from China, lockdowns stopping installation in Victoria, and economic uncertainty.

“In fact, the pandemic had an overall positive impact for the industry as people staying home more turned to solar to help reduce their electricity bills,” Mr Johnson said.

Commercial growth slowed, partly due to COVID-19’s impact on the broader economy and business finances, but corporate power purchase agreements and green hydrogen provided optimism for the future, with mega-projects on the horizon – including the 14,000MW SunCable and the 26,000MW Asian Renewable Energy Hub.

Utility-scale battery projects also became commonplace as state governments worked towards meeting their net zero emissions targets, with Renewable Energy Zones, purchasing price agreements and subsidies.

“It’s an exceptional time to be working anywhere in the Australian rooftop solar supply chain, and things will only get better as solar system prices continue to hit record lows and momentum builds on reducing emissions to tackle climate change,” Mr Johnson said.

“While we need policies that ensure every household can connect solar to the grid and ideally make it simpler and more affordable for renters across the country to install solar panels – similar to what is underway in Victoria, 2021 looks to be another bright year for solar."

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THE Australian Small Business and Family Enterprise Ombudsman, Kate Carnell has commended the NSW Government for its new pilot program that will see some small business subcontractors get paid in 20 business days.

The pilot program, which runs until June, signals the NSW Government’s commitment to faster payment times down the supply chain.  It follows the introduction of the NSW Faster Payments Policy in 2018, which ensures small businesses directly contracted by the NSW Government are paid in five business days.

“This trial, which extends the existing faster payments policy to ensure larger companies with NSW government contracts pay their suppliers in 20 business days is very encouraging,” Ms Carnell said.

“Fast-tracking payments to small businesses is the best way to help them recover after what has been an incredibly tough 12 months.

“This initiative will benefit small business suppliers and will also flow through to the broader economy," she said.

“We know that small businesses, particularly those hardest hit by the COVID crisis, urgently need cash flow.

“The latest CreditorWatch data shows businesses are being paid on average 26 days overdue, which is absolutely devastating for them and highlights the importance of paying small businesses on time.

“The NSW Government’s faster payment program for small business suppliers should be considered the benchmark for governments at all levels. If NSW can do it, there is no reason why it can’t apply across the board," Ms Carnell said.

“Big businesses should also be doing the right thing by their small business suppliers by paying on time and ensuring they are complying with the Payment Times Reporting Scheme which came into effect on 1 January, 2021.” 

www.asbfeo.gov.au

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AUSTRALIA’s 31 billionaires have seen their fortunes increase by nearly $85 billion since the global COVID-19 pandemic was declared, Oxfam has revealed on the opening day of the World Economic Forum’s Davos Agenda meetings. 

Analysis shows that the staggering increase would be enough to give the 2.5 million poorest Australians a one-off payment of just over $33,300 each. Oxfam Australia Chief Executive Lyn Morgain said in the context of the country’s first recession in almost 30 years, this extreme inequality was particularly shocking. 

“As hundreds of thousands of people were losing their jobs and entering an incredibly unstable employment market, this small group of elite Australians saw their incomes recover very quickly, before beginning their upwards trajectory once more,” Ms Morgain said. 

Ms Morgain said the Federal Government’s cut this month to the JobSeeker payment, a critical lifeline for millions of Australians thrown into unemployment, was devastating. 

“While the Government should be congratulated for acting quickly to implement wage subsidies and other social protection measures last year, the inappropriate and unfair reversal of the increase to JobSeeker payments is a cruel blow to the poorest Australians and, according to unions, has left 1.4 million people living on as little as $51 a day,” Ms Morgain said. 

A global survey of 295 economists from 79 countries, commissioned by Oxfam, revealed that 87 percent of respondents expect an ‘increase’ or a ‘major increase’ in income inequality in their country as a result of the pandemic. 

The four Australian economists who took part in the survey agreed the coronavirus crisis would lead to an increase or major increase in income inequality. They said it would be the sharpest increase in inequality in at least 50 years, and that the widening gap would impact women and ethnic minorities most. All four experts believed Government didn’t have an adequate plan in place to address the issue. 

Ms Morgain said that inequality in Australia was highlighted when comparing the incomes of Australia’s 10 highest paid CEOs with healthcare workers, and registered nurses in particular. 

“We found that it would take a nurse 259 years to earn what a top Australian CEO earns, while a CEO could earn the annual salary of a nurse in 1.3 days,” Ms Morgain said.

“The critical nature of the work of all of our healthcare workers who continue to tackle this crisis, as well as how that work has been undervalued in the past, has rarely been more apparent in the Australian community as it is now. 

“This global emergency has truly laid bare the entrenched injustices of our current economic system, which only serves to deepen inequality, particularly in times of crisis.”  

Oxfam has launched its global report, The Inequality Virus, which highlights how the coronavirus crisis has exacerbated inequality and deepened poverty around the world. 

The report shows how the rigged economic system is enabling a super-rich elite to amass wealth in the middle of the worst recession since the Great Depression, while billions of people are struggling to make ends meet. It found:

• The 1,000 richest people on the planet recouped their COVID-19 losses within just nine months, while it could take more than a decade for the world’s poorest people to recover from the economic impacts of the pandemic.
• The world’s 10 richest men have seen their combined wealth increase by half a trillion dollars since the pandemic began — more than enough to pay for a COVID-19 vaccine for everyone and to ensure no one is pushed into poverty by the pandemic.
• At the same time, the pandemic has ushered in the worst job crisis in over 90 years, with hundreds of millions of people now underemployed or out of work.

 "We stand to witness the greatest rise in inequality since records began. The deep divide between the rich and poor is proving as deadly as the virus,” Ms Morgain said.

"Globally, women and marginalised racial and ethnic groups are bearing the brunt of this crisis. They are more likely to be pushed into poverty, more likely to go hungry and more likely to be excluded from healthcare.”

Ms Morgain said it was up to governments around the world to ensure communities emerge from the crisis with a better chance of surviving the next one.

“Extreme inequality is not inevitable, but a policy choice. The Australian Government must seize this opportunity to build a more equal, more inclusive, and greener economy that ends poverty and protects the planet,” she said.

“The fight against inequality and poverty must be at the heart of economic recovery efforts. Our government must invest in public services and low carbon sectors to create millions of new jobs and ensure everyone has access to a sustainable social welfare safety net, and they must ensure the richest individuals and corporations contribute their fair share of tax to pay for it.

“These measures will help us build a better and more hopeful future that is fairer for all Australians.”

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By Rod Taubman >>

FOR LARGE ORGANISATIONS, reliable enterprise resource planning (ERP) systems are an essential part of conducting business efficiently.

ERP software lets companies organise, analyse and report on data drawn from a single, centralised source. This facilitates easy access for all departments from human resources, financial management, customer management and inventory and supply chain information from one location.

It’s crucial for business leaders to have access to relevant information when needed, especially if the company operates across different cities and countries, which makes it more challenging to gather and consolidate accurate information in real time.

Centralising systems helps to maintain consistency across operations, regardless of location. However, with increasing numbers of the Australian workforce now operating remotely, ERP systems are becoming even more important to businesses of all sizes.

As organisations continue to transition towards remote working models, investing in cloud-based software for different operational needs is becoming increasingly important. Cloud-based software empowers employees to continue working and collaborating as seamlessly as they would in a central location, which is imperative to achieving business continuity and success in the new working world. 

For many organisations, investing in cloud-based ERP systems will help streamline efficiencies, reduce costs across the business and ensure business resilience into the future.

ECONOMICS ADD UP

Business executives are continuing to look closely at the bottom line in the current economic environment.

Ongoing business disruption amid the pandemic has put pressure on managers to keep costs low and workforce productivity high. Investing in cloud-based ERP systems, among other cloud technologies, presents an ideal opportunity for managers to meet this requirement.

Legacy hardware and software solutions can involve excessive maintenance costs. These costs can grow with more users operating remotely, as businesses need to upgrade licensing to install products across new devices and invest in more robust security measures to keep all systems secure and operational while employees work from home.

This can also pose challenges for IT teams when it comes to managing and maintaining systems, as it can be difficult to upgrade systems efficiently without direct access to devices.

However, by investing in cloud-based systems, business teams can begin to reduce these excessive costs.

Depending on organisational requirements, cloud-based systems offer increased scalability compared to legacy systems, typically involving different licensing plans that can flex to suit changing business needs.

As different devices are added to an organisation’s network for users working from home, IT teams can remotely install the right systems and the relevant supporting systems and security processes. These systems can also be updated and upgraded with ease.

UPGRADES MADE EASY

Cloud-based ERP systems don’t require onerous, on-premises upgrades and new versions or changes are automatically applied, which ensures the company software is always up to date. Without cumbersome installation or updating processes involved, this can also reduce both the time and cost involved in maintaining ERP systems.

As well as providing increased scalability, cloud-based ERP systems facilitate improved accessibility and flexibility across the remote workforce. Cloud-based ERP systems can be customised to meet specific company needs, which can empower users to make better business decisions based on more relevant, accurate and often real-time data.

By investing in cloud-based systems for ERP, companies can access a higher quality system for every department, which will positively impact on collaboration both internally and across the entire supply chain.

With increased accessibility, all departments can capture the same data whenever and wherever they need it, which can lead to more efficient conversations and updates for suppliers, customers and partners. This, in turn, can lead to more efficient working practices and increased productivity, positively impacting the bottom line.

TRIGGER MORE AUTOMATION

Newer technologies, including cloud-based ERP systems, typically offer organisations more opportunities for automation. Integrating more automation into ERP is essential for businesses, particularly in times of economic uncertainty and business disruption.

By integrating systems in the cloud for enhanced accessibility and collaboration across remote workforces and departments, cloud-based ERP systems rely less on outdated spreadsheets and manual processes, instead opting for more automation within the systems.

By centralising data and information, teams no longer need to manually update and share information with other departments across the business. Manual processes create opportunities for errors, which can affect decision-making accuracy and be costly for the business. Instead, teams can access the same data at the same time, which can break down communication silos between departments.

In addition, cloud-based ERP systems can integrate automation to streamline internal processes. By automating smaller repetitive tasks, like updating data, businesses can free up human employees to spend more time on more complex and higher priority tasks to provide a better level of service for customers.

Investing in ERP systems can be costly; however, transitioning towards cloud-based ERP systems can be a more cost-effective strategy in the long term, making it a more affordable choice for businesses of all sizes.

By investing in a more scalable and accessible solution, organisations can receive a most robust return on the ERP investment.

www.acclimation.com/au/

The author, Rod Taubman, is the managing director of Acclimation, a Melbourne-based, privately owned software and services consulting firm founded in 2008 with offices in Sydney, Adelaide, Brisbane, Hobart and Singapore.

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