WEALTH manager Atlas Advisors Australia and venture fund Stoic Venture Capital have given an in-principle commitment to invest further with Uniseed.

Stoic Venture Capital is the co-investment Fund of Uniseed, a commercialisation fund which focuses on financing start-up companies that spin out from Australian member universities.

Stoic Partner and member of Uniseed’s investment committee, Geoff Waring said the venture fund’s relationship with Uniseed, which manages a $50 million commercialisation fund and a $20 million follow on fund, was highly valued.

Dr Waring said Uniseed’s partner research organisations comprised five of Australia’s top six research organisations which collectively developed more than 50 percent of all patents from Australian research organisations.

“The most valuable asset of any startup is intellectual property,” Dr Waring said. “Uniseed’s deals flow from the sources of more than half of Australia’s patents. 

"This, along with its expertise at commercialising research makes it unique in Australia."

Stoic Venture Capital has co-invested in 17 investments since making its first investments with Uniseed in 2018.

Atlas Advisors Australia is the largest limited partner in Stoic Venture Capital. Atlas Advisors Australia executive chairman Guy Hedley said Uniseed was ranked the fifth best university venture in the world, according to Global University Venturing.

“With more than $5 billion invested in annual research expenditure, Uniseed’s member organisations make up more than 40 percent of Australia’s organisational expenditure on research,” Mr Hedley said.

“This investment is leading to the development of innovative technology in medicine, applied science and engineering.

“The startups that evolve from Uniseed’s member organisations in turn generate employment and support growth in today’s tough economic environment,” Mr Hedley said. “We are pleased to support Uniseed’s objectives and the growth of their portfolio.”

Stoic Venture Capital’s investments in Uniseed’s portfolio include:

• Probiotic drink (PERKii);
• Drone radio-tracking technology (Wildlife Drones);
• Smart helmet for motorcycling (Forcite);
• Agricultural robots (Agerris);
• Enhancing immunity to fight respiratory diseases (Ena Therapeutics);
• Drug for treating kidney disease (Certa Therapeutics);
• Addiction rehabilitation drug (Kinoxis);
• Eye damage from diabetes (Occurx);
• Breast cancer side effects treatment (Que Oncology);
• Magnetic nanoparticles for cancer diagnosis (Ferronova).

www.stoicvc.com.au

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THE Health Services Union has launched a landmark work value case in the Fair Work Commission to lift wages for the aged care workforce by 25 percent.

If the case succeeds, over 200,000 personal carers, activities officers, catering, cleaning, and administration workers would see their pay rise by at least $5 an hour.

The starting rate for a personal carer is currently $21.96 per hour, and the average carer retires with $18,000 in superannuation.

If the HSU claim succeeds a qualified personal carer would see their wages increase from $23.09 to $28.86 an hour.

The HSU claim also seeks to build in career paths and to recognise specialist carers in areas like dementia or palliative care.

“Aged care in this country has relied for too long on the goodwill of an underpaid and insecure workforce of women. It’s time for change,” HSU president Gerard Hayes said.

“Aged care workers are skilled. They provide care and support to our most vulnerable, to residents enduring episodes of sadness and at times anger. They should be recognised and paid for their skills.

“This pay rise is an issue of justice, but it also goes to the sustainability of the system. Four in 10 aged care workers intend to leave the sector within the next five years, because they are at breaking point. A workforce crisis is coming unless we see a significant boost to pay," Mr Hayes said.

“The Federal Government cannot keep hiding behind the Aged Care Royal Commission. We need  action immediately. The best thing the Commonwealth government can do is support this pay rise for the long-suffering aged care workforce.”

The HSU recently released economic modelling which showed a 0.65 percent rise in the Medicare levy would raise $20.4 billion over four years, funding a pay rise, an additional 59,000 aged care jobs and close to 90 minutes of additional resident care per day.

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TOMORROW, the inquiry into the destruction of Indigenous heritage sites at Juukan Gorge will meet two Western Australian agencies with a key role in the Juukan Gorge tragedy — the Registrar of Aboriginal Sites and the Aboriginal Cultural Material Committee (ACMC).

Northern Australia Committee Chair Warren Entsch said understanding the role of these agencies under the Western Australian Aboriginal Heritage Act is a key part of understanding how Juukan Gorge came about.

"The Aboriginal Heritage Act has failed to protect Aboriginal Heritage," Mr Entsch said.

"The bureaucracy has played a significant role in this failure and we need to understand why."

In its submission, the Yinhawangka Aboriginal Corporation stated their concerns about the ACMC:

"It does seem to me that the discretionary power of the Minister (to direct the ACMC to do anything) that has existed since 1980, the limited resources of the Department and the ACMC, the limited role of Aboriginal people speaking for their country, and the limited role of experts like archaeologists and anthropologists, all act to render the ACMC impotent in the exercise of the functions that the Parliament originally intended them to exercise."

In evidence before the Committee, the Yindjibarndi Aboriginal Corporation questioned the integrity of the site registration process. It stated:

"A total number of 172 important heritage sites have been removed [from Yindjibarndi country], over the past 10 years, from the register of sites held in the department. Without proper reasons, it's not possible to actually work out why they've been removed. In fact, a man called Joe Dortch wrote a paper in which he examined the removal of, I think, 3,000-odd sites from the register for no apparent reason.

"The Yindjibarndi people have made submissions and archaeologists and anthropologists have made submissions saying just how important a particular site is, but departmental staff, in their wisdom and without ever setting sight on a place, say, 'Oh, no, this is not significant,' and the ACMC, which is understaffed and has no knowledge of country, because they're not Indigenous people from that particular country, basically go on the recommendations of the staff and say this is not a site, when all of the evidence that's put before them shows that it is the site of significance that ought to be protected —172 cases."

Programs for the public hearing are available on the Committee’s website.

Public hearing details

Date: Friday, 20 November 2020
Time: 12pm to 2:30pm AEDT
Location: by video/teleconference

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

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AUSTRALIA must do more to attract wealthy migrants, including business people from Hong Kong, "as part of our country’s reforms to boost economic and employment growth" according to Atlas Advisors Australia.

This is an important recommendation outlined in the Senate Select Committee on Financial Technology and Regulatory Technology’s recent Issues Paper.

Executive chairman of leading wealth manager Atlas Advisors Australia, Guy Hedley congratulated the Senate Select Committee on its insightful and thorough paper. 

Mr Hedley said it was clear Australia could benefit more from wealthy and experienced migrants who could bring new capital to be invested in growing our economy over the longer term.

“Asia is a rich centre for business ideas and technology,” Mr Hedley said. “And wealthy entrepreneurs are looking for greater investment opportunities in Australia post Covid-19, particularly given Australia’s performance in managing through the pandemic.

“Australia must create greater incentives and be more globally competitive to attract skilled migrants under the Significant Investor Visa or Global Talent Visa programs.”

Mr Hedley said the Senate Select Committee issues paper made clear that access to foreign capital and investment were key drivers for Australia’s economic and employment growth.

“Australia can and must do more to attract foreign capital and investment,” Mr Hedley said.

“More funds directed to venture capital could enable Australian startups and businesses seeking to scale up their operations and grow into the global companies of tomorrow.

“Australian industry could also benefit from new insights, experience and knowledge of experienced migrant businesspeople.”

Mr Hedley said the Foreign Investment Review Board played an important role in safeguarding Australia’s national interests.

“The FIRB should continue to operate in a context where greater incentives for foreign investment are created,” Mr Hedley said.

“Investment opportunities should not be missed out on because of inefficiency or a lack of competitiveness. We must ensure our processes are streamlined to make it easier and safer to attract much needed foreign capital.”

About Atlas Advisors Australia

Atlas Advisors Australia is a leading funds manager and investment advisory business, operating between China and Australia offering a wide range of financial services and wealth management solutions. With operations in Sydney, Melbourne in Australia and Hong Kong SAR and Shanghai in China, Atlas is able to support investors in all China and Australia locations. Atlas Advisors Australia AFOF is the major limited partner in Stoic Venture Capital. www.atlasadvisors.com.au

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AUSTRALIAN trustee company Equity Trustees has welcomed the NSW Government’s Budget announcement that it would spend more than $812 million on building and upgrading social housing to help create jobs while meeting demand for affordable housing.

The announcement followed one by the Victorian government, which aims to spend $5.3 billion on social housing.

Equity Trustees executive general manager for corporate trustee services, Russell Beasley, said, “Investor interest is growing in social housing due to its ability to provide regular and consistent income with capital stability.

“We are seeing more and more investment vehicles seeking to tap what is expected to become a $5 billion asset class. There are estimates of disability accommodation projects alone that will house some 28,000 people; all backed by National Disability Insurance Scheme (NDIS) payments worth some $700 million a year,” he said.

“The pipeline of new homes being developed under this scheme has already jumped 50 percent over the past 12 months.

“Investor revenue from government-subsidised dwellings targets a yield of 8-10 percent a year on an unleveraged basis, without taking into account the use of debt to enhance returns for investors,” Mr Beasley said.

Equity Trustees is the trustee for the Synergis Fund, which plans to invest in 1000 specialist disability accommodation properties around Australia over the next five years – having just completed its first disability housing projects in Sydney, NSW and Ipswich, Queensland.

Equity Trustees is also a leading specialist provider of fund management and funding for the charitable and for-purpose sector, with specialist NFP investment services and a philanthropic granting team distributing more than $80 million of funds annually to the social sector.

The Synergis unlisted wholesale investment trust seeks to provide positive social impact and generate attractive long-term, risk-adjusted financial returns for investors from rental payments made through the Commonwealth Government’s NDIS.  

The fund was founded by Social Ventures Australia and Federation Asset Management and includes investors such as Suncorp, HESTA and the Paul Ramsay Foundation, among others.

“The Synergis Fund is having a big practical impact on many people’s lives, with homes incorporating easy-to-use smart technology and wellness features, with fully accessible designs servicing the unique needs of each resident,” Equity Trustees Mr Beasley said.

The fund is managed by Social Infrastructure Investment Partners and the first projects, Oak Tree at Mt Colah, NSW, and Tyson’s House in Ipswich were developed by Good Housing and SDA Australia Group respectively. There are currently another 35 Synergis Fund projects under development and construction, which can home up to 116 tenants across Queensland, NSW, Victoria and South Australia.  

The 132-year old Equity Trustees is one of Australia’s leading specialist trustee companies.

www.eqt.com.au

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THE Australian Small Business and Family Enterprise Ombudsman Kate Carnell is backing the video game industry’s call for a 30 percent tax offset, to ensure Australian producers are internationally competitive.

In its submission to the Federal Government’s inquiry into Australia’s creative and cultural industries, the Interactive Games and Entertainment Association (IGEA) has recommended the tax offset to encourage productivity and help local producers secure a greater share of international contracts.

Ms Carnell said there was a strong economic argument as to why Australia’s video game industry, which is comprised of many high growth potential small businesses and start-ups, ought to be supported.

“The video game production industry was worth about $250 billion globally in 2019, but the Australian sector earned a mere $114 million of that,” Ms Carnell said.

“Internationally, we are seeing video game production industries in countries that offer tax incentives such as Canada, the UK and New Zealand securing substantially larger slices of the pie.

“For instance, in Canada, which offers a digital media tax credit on labour and certain marketing expenditures, the video game development industry employs more than 27,000 full time workers and generates $3.8 billion in revenue.

“Australia compares poorly with less than 1,300 full time workers in the video game production sector and earning less revenue that New Zealand," Ms Carnell said.

“While the Federal Government invests $750 million annually in arts and culture, the video game sector continues to fall through the cracks.

“IGEA estimates Australia could create a $1 billion industry in game development, providing export revenue and employing an additional 10,000 full time workers with the right support.

“A tax offset for game development, similar to the incentives given to the screen production industry would be an excellent start.”

www.asbfeo.gov.au

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THE South Australian CFMEU and Master Builders SA are jointly calling on the South Australian Government to immediately work with the industry to avoid a prolonged shutdown of construction which would damage the economy and hurt businesses and workers as the state grapples with the coronavirus outbreak.

CFMEU SA Construction Secretary Andrew Sutherland and MBA CEO Ian Markos said they understood the need to get on top of the coronavirus outbreak, however the construction industry around the country has clearly demonstrated it can safely operate during the pandemic. 

"We both agree that the Marshall government must protect the livelihoods of the more than 75,000 South Australians directly employed in the industry," Mr Sutherland said.

"The industry understands the importance of getting the virus under control and since the pandemic began workers, unions and builders have worked collaboratively to put in place the hygiene and safety measures that ensure the industry can remain open and covid-safe. 

"We are calling on the Marshall Government to work with us to find ways to keep construction going, as the industry has done safely and successfully around the country throughout 2020."

Even at the height of the pandemic crisis with hundreds of cases being reported daily, the construction industry in Victoria did not shut down completely. The Victorian CFMEU and MBA successfully worked together to keep sites safe and maintain the industry's role as a backbone of the economy.

"The industry in South Australia has already put in place strong safety and hygiene measures to limit the risk of Covid exposure and spread on construction sites and we are ready to work with the State Government to keep the industry open and able to maintain its vital role to the SA economy.  It can be done," he said.

"It is critical that the industry is able to commence planning this weekend for a start next Wednesday – or sooner, so that construction work can start in a safe, planned and controlled way."

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KEY PLAYERS in the superannuation sector will be scrutinised at the House of Representatives Standing Committee on Economics public hearing this Friday.

Committee Chair Tim Wilson said Friday’s hearing would provide an opportunity to ask questions about superannuation funds’ response to COVID-19.

"We are continuing our scrutiny of the super sector to ensure they’re putting members and members’ interests first," Mr Wilson said. "The significant numbers of Australians who have accessed their super during the pandemic highlights the need for the sector to be there for Australians when they need them.

"Recently our scrutiny has raised questions about bonuses above $30 million for individual fund managers from the superannuation savings of Australians, prompted ASIC investigations into potential insider trading and anti-competitive behaviour within funds.

'Following on from our hearing on 6 November, we are looking forward to exploring these and other super related topics further, as, particularly in times like these, it is crucial that the superannuation sector is operating effectively, fairly, and to the benefit of fund members."

The hearing forms part of a broader review of Australia’s four major banks and other financial institutions. Examination of these institutions will also include monitoring the financial sector’s progress on implementing relevant recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

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

Public hearing details

Date: Friday, 20 November 2020
Time: 10.30am to 5.30pm
Location: Videoconference

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

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