SMALL BUSINESSES emerging from hibernation and ready to make the most of easing COVID restrictions can find the information they need on ASBFEO’s My Business Health web portal.

The Australian Small Business and Family Enterprise Ombudsman Kate Carnell said the My Business Health web portal now features important information for small business owners ready to re-open or ramp up their operations.

“There’s never been a tougher time to be in business and it is understandable if some small business owners are feeling overwhelmed right now,” Ms Carnell said. 

“The pandemic has changed so much in such a short amount of time, small business owners may be finding it difficult to stay on top of their obligations.

“My Business Health is a one-stop-shop for state-by-state information about restrictions and COVID-Safe Plans.

“It includes links to relevant posters and signage for your workplace along with safe workplace checklists and grants available to re-opening small businesses.

“There’s also information on free apps available such as GuestTrack, for those small businesses that need to collect and store customer and visitor contact details in the event of a localised COVID outbreak.

“My Business Health also links through to leading mental health organisations’ resources, such as Beyond Blue’s dedicated coronavirus mental health support service and Ahead for Business," Ms Carnell said.

“As small business owners work around the clock to get back on their feet, they may not realise the toll it’s taking on their mental health.

“Over the coming weeks, it’s important to take time to be kind to yourself – your business depends on you being healthy. Help is available if you need it. Visiting My Business Health is a good place to start.”    

Beyond Blue’s Coronavirus Mental Wellbeing Support Service is now live at coronavirus.beyondblue.org.au

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THE House of Representatives Standing Committee on Economics will scrutinise the financial advice sector at a hearing by videoconference on June 30, 2020, as part of its ongoing review of the four major banks and other financial institutions.

The chair of the committee, Tim Wilson MP, said, "These hearings are an important mechanism for the Parliament to publicly scrutinise and hold Australia’s financial advice sector to account."

"Many Australians turn to financial advisers and mortgage brokers to help them navigate important financial decisions, such as finding the right mortgage or determining how to best invest in and secure their retirement. It is essential that Australians can trust that financial advisers and mortgage brokers are always acting in their client’s best interests, rather than the interests of the adviser or any third parties."

"Given the widespread misconduct in the financial advice sector identified by the Hayne Royal Commission, it is important that financial advisers, mortgage brokers, and those in the industry are held accountable to ensure that they are making the crucial improvements needed to restore trust in the sector."

Public hearing details

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

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THE LATEST Australian Bureau of Statistics (ABS) Overseas Arrivals and Departures results reveal the month Australia’s tourism industry officially flatlined, with an extraordinary 99.7 percent decrease on April 2019, the largest decrease on record.
 
“This is the beginning of what will be a deep and protracted downturn for our export tourism industry and there is absolutely no end in sight,” Australian Tourism Export Council managing director Peter Shelley said of the figures.
 
“COVID has simply decimated our $45 billion export tourism industry which now faces a very difficult future with many businesses unlikely to last the distance while there is so much uncertainty surrounding the reopening of international borders.
 
“While JobKeeper is a critical part of the business survival package in supporting the retention of valuable staff, the commercial challenge of meeting the costs of fixed overheads over 12 months without revenue will be a bridge too far for many.
 
“It’s devastating to see so many small businesses effectively cut down overnight after years of hard yards carving out a profitable business, with many choosing to walk away because the mountain is simply too big to climb for a second time," Mr Shelley said.
 
“While there is some relief for businesses who can connect to domestic tourists, for many tourism businesses who have built their strength on international visitation, the prognosis is dire.”
 
Mr Shelley said ATEC’s survey of export tourism businesses across Australia suggests half of these tourism businesses will fail if borders are not opened in the coming six months.
 
“Domestic tourism simply won't be enough to plug the $45 billion hole left by our international visitors," he said.
 
“While most Australian’s will look to holiday at home for the foreseeable future, it can't be presumed that those people who had international travel plans for 2020 will reinvest that budget toward a domestic trip.
 
“Consumer confidence, employment insecurity and budget priorities will all be major factors in the spending choices of Australians and travel is likely to be one of the discretionary expenses people choose to do without.
 
“These issues, coupled with the business costs of social distancing, will put many thousands of tourism businesses under enormous strain and many will simply choose not to reopen or will quickly fail.
 
“We can see from the ABS data that Australia’s export tourism industry has been a strong and vibrant contributor to the national economy over many years, bringing wealth to regional communities and providing a significant number of jobs - and all of this benefit has now been destroyed.
 
“The Government’s JobKeeper program has helped to support thousands of tourism businesses to hold on.  We know most of them can remain viable once business returns, but in the meantime they will continue to need support.”

www.tourismdrivesgrowth.com.au

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IN THE FIRST agreement of its kind between the Tax Practitioners Board (TPB) and one of its recognised professional associations, a new Memorandum of Understanding (MoU) has been signed with the Financial Planning Association of Australia (FPA).

TPB chair, Ian Klug said the MoU would facilitate information exchange about matters of mutual interest including compliance with the Tax Agent Services Act 2009 (TASA) and the Code of Professional Conduct.

He said that it sets out a clear and practical framework for engagement, cooperation and proactive information-sharing between the two organisations.

"This is our first finalised MoU with a recognised professional association, but we expect more to come as we continue to work closely with other associations to develop similar agreements," Mr Klug said.

"The purpose of this agreement and the others that will follow, is to make it clear that both organisations are committed to working collaboratively for the betterment of the tax profession," he said.

"It also highlights what information we can legally share about registered tax practitioners who are members of the respective association."

The MOU allows for the exchange of information between the TPB and the FPA on issues including:

•  misconduct by registered tax practitioners
•  intelligence, operational matters and de-identified data trends
•  continuing professional education opportunities.

FPA CEO, Dante De Gori said the FPA was honoured to be the first professional association to enter into an MoU with the TPB.

"The FPA has built a strong and close working relationship with the TPB over the past eight years as tax (financial) advisers have integrated into the TPB and we have seen the benefits of a regulator whose primary focus is on the relationship between a professional and their client," he said.

"The FPA has demonstrated a commitment to enforcing and holding members accountable to professional codes of ethics for over 25 years and we welcome the opportunity to work more closely with the TPB on encouraging professional behaviour for the protection of consumers."

Mr Klug said since starting MoU discussions with the FPA earlier this year, the TPB has received several expressions of interest from other recognised professional associations.

About the Tax Practitioners Board

The Tax Practitioners Board regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct. Twitter @TPB_gov_au, Facebook and LinkedIn

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THE Australian Small Business and Family Enterprise Ombudsman Kate Carnell said small businesses should be acknowledged for the critical role they will play in the post-COVID economic recovery on World Micro, Small and Medium Enterprises (MSME) Day tomorrow (June 27, 2020).

Speaking in an International Council for Small Business video marking the UN-declared day, Ms Carnell said the Australian small business sector needs to be supported as it emerges from this global crisis.

“On World MSME Day, it’s important to recognise there has never been a tougher time to be in business,” Ms Carnell said.

“So many small businesses that were viable just a few months ago, are now facing enormous challenges as they try to recover from both the devastating bushfire season we had here in Australia and then this pandemic.

“The latest statistics from the Australian Bureau of Statistics reveal the extent of the pressure small businesses are under right now. Two-thirds of businesses reported a decrease in revenue compared to last year. Of those businesses, roughly three in ten estimate that revenue has fallen by more than 50 percent.

“As we start to see restrictions lifting and many small businesses opening their doors again and ramping up, it is vital small businesses are supported in their efforts to innovate and grow.

“That’s why my office has produced a comprehensive COVID-19 Recovery Plan recommending a suite of reforms to help small businesses survive and thrive in the post-COVID recovery phase,k" Ms Carnell said.

“Our Recovery Plan aims to restart the Australian economy by getting people back to work and building economic confidence – after all, small business is the cornerstone of economic activity – employing more than half of the workforce.

“The recommendations cover a broad range of areas including taxation, access to justice, industrial relations, government procurement and cutting red tape.

“Ultimately the plan provides the framework to build essential support for Australian small businesses which is a good way to get the economy firing on all cylinders again.”

www.asbfeo.gov.au

View Kate Carnell’s World MSME Day video here.

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A COALITION of workplace health and safety related organisations across Australian and New Zealand, and the ACTU called today for the urgent establishment of a register for approved respirators (aka face masks).

The group describes the presence of non-compliant, fake and faulty disposable masks as an immediate threat to the health and safety of workers.

At the launch of the coalition’s new Guide to Buying P2, or Equivalent, Respirators for use in the Australian & New Zealand Work Environment, Andrew Orfanos, president of the Australian Institute of Occupational Hygienists, said there was an immediate and urgent case for the Federal government to intervene to protect Australians’ health.   

“The situation is out of hand," Mr Orfanos said. "Since the onset of the COVID-19 pandemic our market has been flooded with more than 100 million respirators of different types and standards, and amongst the suitable products are fake, faulty, counterfeit and sub-standard products.

"Australian businesses are rightly confused about which ones are suitable. They need to know what they’re buying, and the government needs to get a handle on this issue” he said.  

Mr Orfanos explained that the guide has been developed to help businesses navigate their way through what is a messy issue, before purchasing face masks. However, he warned, “The guide will help, but it’s not enough. We need national leadership. Fixing the problem is straightforward if the government chooses to act. We need a register and an approval process which is properly regulated".

Naomi Kemp, chair of the Australian Institute of Health and Safety said, “Most people make an assumption that if they find a face mask for sale in Australia, that it has been assessed and met a standard. This is not true. Too many groups are taking advantage of a voluntary system and creating confusion.

"This is bad for the genuine, reputable suppliers, it’s bad for the businesses that purchase the products, and it’s bad for the people who use them,” she said. “Businesses need protection from the risks of using faulty equipment, and workers need protection for their health."

Ms Kemp went on to say that the dangers of unapproved respirators extend beyond the risks of exposure to, and transmission of COVID-19.

“We already had major problems with last season’s bushfires, and we are still seeing cases of black lung and silicosis which cause workplace deaths," she said. "With the flood of new products onto the market, we now have fake and non-conforming face masks potentially being misused in these environments as well.”

Liam O’Brien ACTU assistant secretary said, “The pandemic has focussed attention on masks as an essential piece of protective equipment with huge potential to save lives and prevent transmission. However, it has also made clear that regulation of PPE is grossly inadequate to ensure that the masks that Australian workers are using are up to the task.

“Australian workers, whether they need a mask to protect themselves from COVID-19 or other workplace hazards like silica dust, should be able to rely on a simple set of standards which make it clear which masks are safe to use. Without clear and simple regulation on this issue, Australian workers and the community at large will continue to be put at risk,” he said.

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EMPLOYMENT in Queensland’s resources sector has defied COVID-19 impacts to local operations and overseas markets with only a 1 percent drop in direct jobs in the May quarter.

Queensland Resources Council chief executive Ian Macfarlane said the latest Australian Bureau of Statistics (ABS) labour force data showed direct jobs in mining moved from 66,331 to 65,337 reinforcing the industry’s role in the COVID-19 recovery would be just as important as it has been through the immediate response.

“Jobs in the coal industry surged 15 percent while exploration and mining support jobs bounced 7 percent,” Mr Macfarlane said.

“There is a lot of pain in other industries as the impacts of COVID-19 unfold and this data demonstrates the importance of the diversity in Queensland’s resources sector.

“To put these numbers into perspective in the three months to May, Queensland lost 184,367 jobs across all industries. That’s roughly equal to every Queenslander employed in the public service or twice the number of jobs in agriculture, forestry and fishing.

“Both the jobs preserved and created in this quarter flow through to indirect jobs in workshops and offices. Across Queensland the resources sector supports 372,561 indirect and direct full-time jobs.

“We want to keep employing more Queenslanders and supporting more regional communities through local investment. To do that, it’s essential that we have clear and transparent rules and regulations," Mr Macfarlane said.

“Jobs in the oil and gas industry fell by 23 percent while employment in the metals industry dropped by 8 percent.”

Nationally mining is listed by the ABS as the third least affected industry in terms of job vacancies over the quarter.

ABS data here.

www.qrc.org.au

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CBUS SUPER, a long-standing advocate for a housing bond aggregator, has invested $49 million in the latest National Housing Finance and Investment Corporate (NHFIC) bond issuance.

The bond will fund a number of large construction programs through Community Housing Providers (CHPs) in Victoria, Tasmania, NSW and South Australia. This is their third bond issuance. Cbus Super has invested in all three of NHFIC’s issuances, bringing its total investment to $88 million.

Cbus Super chief investment officer, Kristian Fok, said the success of the three rounds of NHFIC issuance showed the value of the innovative financing model.

“Cbus is delighted to once again support NHFIC as a cornerstone investor in their successful third affordable and social housing bond issuance,” Mr Fok said.

The issue today of $562 million is for 12 years, to include provision for construction funding of up to 2 years and term funding of 10 years. The issuance was well over-subscribed.

Mr Fok said, ‘“It is fantastic to see the tangible impact that NHFIC is having for CHPs by creating savings through lower interest costs and delivering construction of social and affordable homes. The 12 year timeframe will provide certainty to allow for some larger construction projects.”

The funds raised by the bond will be loaned to community housing providers (CHPs) to support the financing for properties across Australia, including supporting the supply of new social and affordable dwellings.

Mr Fok said, “As the leading super fund for the building and construction sector we are pleased to invest in NHFIC bonds that meet our investment risk-return criteria and fund new housing construction for Australians in need.”

“Cbus is pleased to be maintaining an ongoing commitment to the NHFIC programme and continues to explore other opportunities to partner with NHFIC," Mr Fok said.

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