THE House Standing Committee on Agriculture and Water Resources has launched an inquiry into timber supply chain constraints in the Australian plantation sector.

Australia’s forest products manufacturing sector is worth more than $23 billion per year. Currently, Australian plantations are unable to fully meet the sector’s demand for timber, resulting in more than 900 million cubic metres of sawn softwood being imported each year.

Rick Wilson MP, Chair of the Agriculture and Water Resources Committee, said, "More than 50,000 people are directly employed in the forestry sector in Australia, with the bulk of those working in wood product manufacturing.

"It is therefore critical for regional economies across Australia that the timber supply chain is operating effectively. The committee will be examining domestic softwood producers current and future demand for wood, the ability of the plantation sector to meet this demand, and any constraints in the supply chain reducing the plantation sector’s ability to meet demand," Mr Wilson said.

The committee is accepting submissions to the inquiry until Monday, August 17, 2020.

For further information on making a submission visit the inquiry website.

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THE International Commission of Jurists, the Law Council of Australia, the Australian Human Rights Commission and the Department of Foreign Affairs and Trade will give evidence at public hearings for the Magnitsky Act inquiry on Monday and Wednesday of next week.

The public hearings being held by the Joint Standing Committee on Foreign Affairs, Defence and Trade, Human Rights Sub-Committee are part of the inquiry into whether Australia should adopt laws to impose targeted sanctions on individuals who commit human rights abuses.

The Kevin Andrews MP, Chair of the Human Rights Sub-Committee, said the inquiry would benefit from evidence from Australian legal experts and departmental officials.

"The Human Rights Sub-Committee has continued its work throughout the COVID-19 pandemic. Despite the challenging conditions, and to the credit of many witnesses and submitters, we have built a body of evidence to inform the Sub-Committee’s consideration of targeted sanctions," Mr Andrews said.

"These public hearings will add further evidence from Australian legal and human rights experts."

Public hearing details

Date: Monday 15 June 2020
Time: 8.30am – 10am
Witnesses: International Commission of Jurists and the Law Council of Australia
Location: Via videoconference

Date: Wednesday 17 June 2020
Time: 12 noon – 2pm
Witnesses: Human Rights Commission, Department of Foreign Affairs and Trade
Location: Via videoconference 

The hearings will be streamed at www.aph.gov.au/live

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THE National Rural Health Alliance, the peak body for rural health in Australia, has welcomed the Australian Government’s announcement today that they will extend the office of the National Rural Health Commissioner past its current expiry of June 30, 2020.

“This is a good move from the Australian Government because the work of the National Rural Health Commissioner clearly isn’t over yet,” National Rural Health Alliance CEO Gabrielle O’Kane said.

“There is still a great need to improve access and quality of services in rural, regional and remote Australia and to improve issues around the rural health workforce and education pathways," Dr O'Kane said.

“The office of the National Rural Health Commissioner has been doing important work since its establishment in 2017. It’s good news that that work can continue and will be enhanced by the appointment of Deputy Commissioners.

“Now that COVID-19 has disrupted existing health policy and planning there is now a need more than ever for continuity and to pick back up some of this important work.”

Dr O’Kane thanked outgoing Commissioner, emeritus professor Paul Worley for his work since his appointment in 2017.

“Professor Worley has been a strong advocate for rural health and has worked hard to build relationships with the sector, including the Alliance and our member organisations," Dr O'Kane said.

“We look forward to working with the new commissioner and hope that they will be able to build on Professor Worley’s work.”

The National Rural Health Commissioner is an independent statutory office holder who provides policy advice to the government on rural health. Prof. Worley has held the office since it was established in 2017.

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THE CFMEU SA will oppose the South Australian Government’s planned privatisation of trades and maintenance crews which "will make hundreds of people redundant and rob the SA people of an important public asset".

The SA Government informed workers this week that it plans to fully outsource the services of the Across Government Facilities Management Arrangement (AGFMA), cutting up to 160 jobs, including apprentices, across public hospitals, railways and trams, road transport and schools.

“Cutting jobs and making people redundant during an economic crisis is irresponsible and will only deepen the financial pain for South Australians,” said Andrew Sutherland, CFMEU national assistant construction secretary.

“The privatisation of AGFMA maintenance and service work would undercut the State Government’s own industry skills commitments and stated support for building industry jobs.

“The South Australian government’s privatisation push and the sacking of apprentices flies in the face of Scott Morrison’s commitments to training and upskilling Australians as part of the economic recovery from COVID-19.

“Steven Marshall assured South Australians before the last state election that he did not have a privatisation agenda. His actions this week show this commitment was entirely untrue and South Australians will have a right to ask what’s next on his government’s agenda.

“It is shameful to see the SA Government pursue a privatisation agenda that will cost jobs during the economic shock of the pandemic crisis. Privatisation of public services and assets has failed time and again, resulting in higher costs to the public, lower quality of service and poor outcomes for workers. Yet conservative governments remain committed to stripping public assets for private gain.

“Unions, including the CFMEU and CEPU, will vigorously oppose the privatisation push and are calling for all trades to be retained within the public sector.

“The ALP must also to commit to reverse any privatisations made under the current Liberal government in South Australia.”

Services that are likely to be affected by AGFMA privatisation are:

• Queen Elizabeth Hospital
• Flinders Medical Centre
• Lyell McEwin Hospital
• Women’s and children’s Hospital
• Modbury Hospital
• Royal Adelaide Hospital
• Noarlunga Hospital
• Pt Lincoln Hospital
• Whyalla Hospital
• Port Pirie Hospital
• Building Maintenance Facilities Services (BMFS) Netley
• Public Transport Services Netley (public transport ticketing systems)

Possible impact on country health services:

• Barmera Hospital
• Renmark Hospital
• Victor Harbor Hospital
• Clare Hospital
• Cowell Hospital

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THE Queensland Resources Council has welcomed the Palaszczuk Government’s designation of the proposed $1.5 billion Glencore Valeria coal mine in central Queensland as a coordinated project.

QRC chief executive Ian Macfarlane said the Valeria coal project, near Capella on the Central Highlands, offers 1400 construction jobs and 950 ongoing jobs once operational.

“Queensland needs these jobs more than ever,” Mr Macfarlane said.

“The announcement today means the Valeria project will start the comprehensive assessment process as a coordinated project through the Office of the Coordinator-General.

“It is projects like these that create thousands of jobs and billions of dollars in investment, exports and royalties."

Last financial year, the resources sector supported 372,000 jobs and generated $74 billion in economic activity, $61 billion in exports and more than $5 billion in royalties that the Queensland Government could reinvest on behalf of all Queenslanders in services and infrastructure.

www.qrc.org.au

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THE Australian Energy Market Commission (AEMC) has announced it would introduce a Wholesale Demand Response Mechanism (DRM).

The  DRM will pay large energy users, such as water treatment plants, if they reduce their energy use at times that benefit the energy system. Reducing demand during a heatwave, or when the output of generators is very low, can help keep the electricity system stable and lower energy bills for all energy users.

This reform will support the development of more demand response capacity in the National Electricity Market (NEM), and has long been advocated by a broad coalition consumer, environment and industry groups.

AEMC chief executive, Benn Barr, said, “We have considered requests to delay this reform, but we think the case for pressing forward is strongest because acting now will help keep the power system reliable and secure ahead of the 2021/22 summer. Despite COVID, we still need to keep prices down, keep the market working efficiently and work to lower emissions in the energy sector.”

Energy Efficiency Council CEO, Luke Menzel, said, "Kudos to the AEMC for pushing ahead with this crucial reform. And congratulations to the many passionate advocates that have driven this conversation over the last decade. The hard work has paid off, and resulted in a rule change that will deliver lower energy bills for everyday Australians.”

www.eec.org.au

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UNIVERSITY research projects and jobs are being given a vital boost with prominent early-stage venture capital fund Stoic Venture Capital increasing its investment in start-ups that are commercialising university inventions.

Stoic is bucking the trend of other venture capital funds that are backing away from university research and start-up companies because of heightened volatility and risk.

Stoic Venture Capital managing partner for investments, Geoff Waring said the impact of COVID-19 was exacerbating the short supply of early stage venture capital in Australia leaving universities unable to commercialise their innovations.

“Stoic presents universities with a critical source of seed stage capital to help transform their research into emerging companies,” Dr Waring said.

“This will ensure that many high potential university research projects can move out of the lab and into development or trials despite the impact of COVID-19.”

Stoic is an Early Stage Venture Capital Limited Partnership (ESVCLP) which gives investors rare access to disruptive companies not available elsewhere with added tax benefits.

Stoic’s team includes executive chairman of Atlas Advisors Australia and former chief executive officer of award-winning private bank Macquarie Private Bank Guy Hedley, executive director of Atlas Advisors Australia Fiona Zhuang and Dr Waring. 

“Our close partnership with university-backed investment fund Uniseed gives Stoic investors access to returns commensurate with the rich opportunities coming out of Australia’s top universities,” Dr Waring said.

“These leading universities produce some of the country’s highest potential technology addressing global unmet needs.

“Investing in unlisted start-ups via top performing venture capital funds presents higher long term returns than top fund managers in more established asset classes such as property, public equities or bonds. 

“It also offers diversification benefits with less exposure to market volatility and risk because of their lower correlation with traditional asset classes.”

Stoic’s portfolio of investments includes some of Australia’s most game-changing products in robotics, computer hardware, medicine, science, agritech and biotech.

These include Agerris (robotics), Aurtra (power management), Cardihab (telehealth), Certa (biotech), Ena Therapeutics (immunity enhancer), Exonate (eyedrops for macular degeneration), Ferronova (cancer diagnostic) Forcite Helmet Systems (motorcycle tech), Kinoxis (treating addiction), Nexgen Plants (genetics), PERKii (probiotic armour), Que Oncology (drug) and Wildlife Drones (tracking).

“These companies are potentially Australia’s future exporters that will help grow our economy, jobs and reward investors,” Dr Waring said.

About Stoic Venture Capital

Stoic Venture Capital provides financing for early-stage companies, particularly those arising from university research. Stoic is unconditionally registered as an ESVCLP and it takes a collaborative approach to investing in the highest potential companies.

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SLATER AND GORDON has filed a class action against Commonwealth Bank, alleging the Big Four bank sold its customers junk credit card and personal loan insurance.

The class action, filed in the Federal Court, is the fourth in the #GetYourInsuranceBack campaign.

The Commonwealth Bank has admitted that these products were worthless, even though they were sold to hundreds of thousands of their customers, Slater and Gordon claimed.

During the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, it was revealed the bank’s CEO Matt Comyn, had pushed for the bank to stop selling the junk insurance in 2015. Mr Comyn was, however, told by the then CEO to “temper [his] sense of justice”, and the products continued to be sold until March 2018.

Existing policies, however, have simply been rolled over and many customers are continuing to be charged thousands of dollars in fees for the worthless products to this day.

Slater and Gordon practice group leader Andrew Paull said the class action gave a voice to those who were vulnerable and duped into buying worthless insurance. It would allow those customers to hold the bank to account for its wrongdoing.

Mr Paull said he hoped the class action would help the customers get their money back, while keeping corporate giants honest.

“A 2018 review of the Commonwealth Bank’s sale of consumer credit insurance products revealed that more than 200,000 people who were unemployed or not working full time had been sold this type of policy, meaning it was very unlikely they would have been able to claim against the insurance,” Mr Paull said.

“This is reprehensible behaviour by the bank, which has chosen to compensate only a negligible portion of its customers, despite their admission that they knew the insurance was worthless.

“This move to return only a small portion of its customers premiums seems to have been a tokenistic effort to protect the bank’s brand, rather than a genuine attempt to make good its past wrongdoing.

“Slater and Gordon is still being contacted by large numbers of Commonwealth Bank customers who should never have been sold the products, yet have never been remediated.”

Mr Paull called on the Commonwealth Bank to do the right thing and properly address the claims brought in this class action by ensuring that all aggrieved customers are compensated.

Slater and Gordon recently settled a class action against NAB for $49.5 million and is preparing to start distributing compensation in the coming month. The firm filed similar class actions against ANZ and Westpac earlier this year.

Consumers who purchased either Credit Card Plus, or Personal Loan Insurance and have paid a premium since 2010 may be included in the class action.

The class action is being run no-win, no-fee.

www.slatergordon.com.au

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