CPA AUSTRALIA and Chartered Accountants Australia and New Zealand have joined 14 of the world’s largest professional accounting organisations committing to a call to action in response to climate change. The organisations represent 2.5 million accountants globally. 

Chief executive of CPA Australia, Andrew Hunter said, "Climate change presents significant economic and social challenges both now and in the future – challenges that require action from governments, businesses and people from all walks of life.”

“Accountants are uniquely placed and qualified to help businesses and organisations deal with climate change,” said Chartered Accountants Australia and New Zealand chief executive Rick Ellis. “They can quantify the risks, and their financial consequences, providing robust, reliable and transparent information for decision makers, investors and the public.” 

The statement includes actions the accounting profession can take, as well as a commitment from the chief executives of the organisations to support members in the coming months with the resources, information and training needed to meet the challenges ahead.

The transition for economies will rely on adapting economic policies and associated market mechanisms. The accounting profession is central to helping achieve both of these important objectives.

Mr Hunter also said, "The call to action is consistent with, and complements actions taken by, a broad range of regulatory agencies by way of pronouncements and guidance emphasising the economic and business imperatives of response to the multi-faceted challenges of climate change. 

“It also adds to the growing momentum towards identifying strategies for a just and economically efficient transition to net zero emissions.”

Mr Ellis said, "Accountants are already playing a key role assisting organisations to manage their impact on the planet and the impact of climate change on their organisation.

“Our call to action supports both these early adopters who are quantifying risk and accountants following in their footsteps.”

 www.accountingforsustainability.org/abn-climate-action 

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FEDERAL Minister for Women, Senator Marise Payne, and Minister for Employment, Skills, Small and Family Business, Senator Michaelia Cash, were among the participants on Friday at an event in Parramatta to improve understanding of the strengths of women from diverse background in work.

Settlement Services International (SSI) hosted the event in the lead-up to International Women’s Day. It brought together nearly 200 women from culturally and linguistically diverse (CALD) backgrounds, community leaders, and representatives from the corporate world.

Senator Payne said the economy as a whole, and women themselves, were better off with greater female participation.

“There are significant social, health and wellbeing benefits for women when they work. In the case of migrant women, it is good for their integration and their social wellbeing and that of their families,” Senator Payne said.

“Our government recognises these trends and truths. It’s why we’re supporting more women to work.”

Senator Cash said migrant women faced particular challenges when it came to economic participation and financial security.

“Australia’s success as a multicultural and inclusive nation depends on the economic participation and contribution of migrants. That’s why the Morrison Government has a strong focus on ensuring we provide the support services to facilitate English language proficiency, employment and education when providing settlement assistance to migrants and humanitarian entrants to Australia,” Senator Cash said.

“Women from diverse backgrounds are skilled, courageous and resourceful. What is often missing is the opportunity to fully participate and share that skill and knowledge. This is why the Government continues to ensure its mainstream employment services feature a range of interventions, activities and complementary programs to help assist CALD and refugee job seekers, including women.”

Zena Habib, head of people and culture at the Australian National Maritime Museum, said her organisation was working hard to improve the cultural diversity of its workforce and today’s session offered invaluable insights and tips.

“Hearing first hand some of the challenges women from diverse backgrounds face and then being able to focus on solutions with two key ministers and corporates has given me not only inspiration to change things but some tools for how,” Ms Habib said.

SSI CEO Violet Roumeliotis said IWD was about celebrating women’s achievements, raising awareness against bias, and taking action for equality.

“Gender equity is not just a women’s issue, it’s an issue for everyone,” Ms Roumeliotis said. “We know that when women do well, their families, businesses and whole communities prosper.

"Empowering Women through Employment recognised that women from culturally and linguistically diverse backgrounds were at a unique intersection of gender and culture that could limit employment opportunities and career progression.

“In order to drive change on a larger scale, we need to ensure the voices of women from CALD backgrounds are front and centre. Let’s be #EachforEqual."

About SSI

Settlement Services International is a community organisation and social business that supports newcomers and other Australians to achieve their full potential. SSI works with people who have experienced vulnerability, including refugees, people seeking asylum and culturally and linguistically diverse (CALD) communities, to build capacity and enable them to overcome inequality.

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THE Joint Standing Committee on Trade and Investment Growth has commenced a new inquiry into the 2018-19 annual reports of the Department of Foreign Affairs and Trade and Austrade.

The inquiry will focus on whether there is a need to diversify Australia’s trade markets; and Australia’s level of reliance on foreign investment.

Committee chair George Christensen MP said recent international events had highlighted vulnerabilities in Australia’s economy to external impacts, and the importance of looking at ways to mitigate these risks.

"As part of its inquiry, the committee will consider whether Australia is too reliant on foreign investment and any one market for exports, and the advantages and disadvantages of its current trade and investment profile," Mr Christensen said. "The committee will also examine how global crises and bilateral trade agreements affect Australia’s export and investment relationships, as well as its domestic market.

"The action that industry and government is taking to diversify trade markets and ensure Australia is not overly reliant on foreign investment will also be examined," Mr Christensen said.

Submissions from interested individuals, businesses and organisations are invited by Thursday, April 9, 2020. The preferred method of receiving submissions is by electronic format lodged online using a My Parliament account.

More information about the inquiry, including the full terms of reference and details on how to lodge a submission, is available on the Committee’s webpage.

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THE Parliamentary Joint Committee on Intelligence and Security (PJCIS) will hold a public hearing for its Review of the mandatory data retention regime.

The chair, Andrew Hastie MP, said, "This hearing will allow the committee to hear from key users of data retained under the meta data retention regime. Hearing from Home Affairs, ASIO and law enforcement on the mandatory data retention regime will allow the committee to explore the sensitive issues around the use of telecommunications data."

The mandatory data retention regime is the legislative framework which requires carriers, carriage service providers and internet service providers to retain a defined set of telecommunications data for two years, ensuring that such data remains available for law enforcement and national security investigations.

Public hearing details

Date: 28 February 2020
Time: 8.30am – 4.3 pm
Location: Committee Room 2R1, Parliament House, Canberra

A full program for the hearing can be found here.

Further information on the inquiry can be obtained from the committee’s website.

THE Parliamentary Standing Committee on Public Works has announced that it will scrutinise one new proposal from the Department of Defence, and one from the Great Barrier Reef Marine Park Authority.

Details of the projects are:

• Department of Defence— RAAF Base Tindal Redevelopment Stage 6 and United States Force Posture Initiative Airfield Works—$1,174 million—Tindal, Northern Territory.
• Great Barrier Reef Marine Park Authority— Proposal for critical safety works for the continued safe operation of the National Education Centre for the Great Barrier Reef, Reef HQ—$26.9 million — Townsville, Queensland.

It is anticipated that the committee will conduct public and in-camera hearings for the inquiries in April and May 2020.

The committee wants to hear from all individuals or organisations interested in the inquiries. Submissions for Reef HQ will be accepted until April 3, 2020, and until April 9, 2020 for the RAAF Tindal proposal.

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.

For more information about this committee, visit its website.

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THE Institute of Public Accountants (IPA) has commended the Federal Government for finally bringing the Superannuation Guarantee (SG) amnesty for employers to fruition.

“The IPA has long advocated for this one-off amnesty which allows employers to clean the slate by paying historical SG underpayments,” said IPA chief executive officer, Andrew Conway.

“Single Touch Payroll (STP) has increased the level of transparency around when employers make SG contributions on behalf of employees.  It is, therefore, an opportune time for employers to make good any outstanding SG liability without the full draconian penalty regime applying, which has acted as a disincentive for many to come forward.

“While any non-payment of this worker entitlement represents wage theft; a practice never to be condoned, the IPA has supported this amnesty period as it incentivises employers to come forward and do the right thing by their employees by paying any unpaid superannuation in full," he said.

“We acknowledge that small businesses can sometimes experience cash flow issues, making them vulnerable when it comes to meeting their SG obligations by the required due date.  This amnesty gives them time to atone.

“At the end of the day money is being directed into employee’s superannuation accounts with some interest added and that’s a good thing. Employers now have six months to pay outstanding SG amounts to their employees.

“Those that do not take advantage of this one-off amnesty will face significantly higher penalties if they are subsequently caught. In addition, throughout the amnesty period the ATO will continue its usual enforcement activity against employers,” Mr Conway said.

www.publicaccountants.org.au

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QUEENSLAND has lost ground in the latest global survey of mining companies and investors, falling two places to number 15 in the world for investment attractiveness.

Queensland Resources Council (QRC) chief executive Ian Macfarlane said the results in the Fraser Institute Annual Survey of Mining Companies sent a clear message that Queensland can’t become complacent in a field of intense global competition.

“This is a wake-up call for Queensland that we can’t take our place as a resources superpower for granted,” Mr Macfarlane said.

“World class and abundant mineral resources are not enough. These results show that Queensland must work harder to attract international investment in the projects that create jobs and support regional communities.

“The well-respected Fraser Institute survey puts Queensland at number 15 out of 76 jurisdictions. While Queensland is well clear of both Victoria (43) and New South Wales (47) when it comes to being open for business, it is significantly behind Western Australia which is now ranked number one for investment attractiveness. South Australia (6) and the Northern Territory (13) also outrank Queensland.

“This hasn’t come out of the blue, but Queensland must heed the warning. In the past 12 months there have been several examples that have raised industry concern about policy and consultation on significant issues that could affect investment and jobs. 

"Examples include a proposed significant expansion to the area of land locked up from gas development in western Queensland under the Pristine Rivers policy, a sudden 25 per cent hike in the gas royalty rate, and lack of consultation on important issues such as methane regulations and cultural heritage.  

“QRC is also seeking to ensure appropriate consultation on matters relating to workforce and regional investment. Queensland should be on equal footing with Western Australia given both states are blessed with abundant resources and have significant regional communities with world-class skills and expertise. 

“It is essential that Queensland has policies that provide clear, consistent and transparent regulations and timeframes for project applications and assessments. It is equally as important to have a stable and transparent system for royalty taxes and a clear framework for environmental assessments and approvals.

“QRC will be consulting with the Government, Opposition and crossbench in the lead up to the state election to reinforce the importance of a long-term plan to attract new resources investments across a range of commodities. This will be especially important if Queensland wants to turn the potential of the North West Minerals Province into a reality.”

Queensland was ranked number 31 on the Policy Perception Index and number 11 on the Best Practices Mineral Potential Index.

The Fraser Institute Annual Survey of Mining Companies is available here: https://www.fraserinstitute.org/studies/annual-survey-of-mining-companies-2019.

www.qrc.org.au

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THE Parliament’s Foreign Affairs, Defence and Trade Committee will hear this today from the Department of Foreign Affairs and Trade and Austrade at a public hearing for its inquiry into activating trade and investment between Australia and Pacific island countries.

Chair of the Committee’s Trade Sub-Committee, John McVeigh MP, said the hearing will focus in part on the economic flow-on effects for Australia’s cadre of seasonal workers.

"More than 12,000 seasonal workers came from the Pacific island countries in 2018-19 to work on Australia’s farms, in our orchards and in other sectors," Dr McVeigh said.

"The World Bank tells us these workers sent an average of $9,000 each home in 2018, resulting in a net income gain of $144 million to the Pacific region. This income was especially concentrated in high participant countries such as Fiji, Kiribati and Vanuatu.’

The sub-committee wants to better understand how the Australia Government and its agencies are seeking to activate greater trade and investment opportunities with the Pacific region.

"The sub-committee will explore some issues related to the popular Seasonal Worker Programme and the more recent Pacific Labour Scheme have been raised in submissions to the inquiry and also in an earlier hearing, but also investigate what is being done to encourage more investment and trade in goods and services between Australia and the Pacific island countries," Dr McVeigh said.

The sub-committee will also investigate the latest developments and implementation of a new development-centred trade agreement, the Pacific Agreement on Closer Economic Relations Plus (PACER Plus), with 13 other members of Pacific Islands Forum.

"We’re keen to explore how PACER Plus will help Pacific island countries benefit from the regional trading system, develop economies and encourage Australian and islander businesses to grow two way trade in goods and services," Dr McVeigh said.

Public hearing details:

Date: Thursday 27 February 2020
Time: 9:45am to 11:15am
Location: Committee Room IR4, Parliament House, Canberra.

The hearing will be audio streamed live at aph.gov.au/live.

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