STRONG PROJECTIONS for key Queensland resource commodities was good news for the state’s economy, jobs, exports and royalty revenue, Queensland Resources Council chief executive Ian Macfarlane said.
 
Mr Macfarlane said the Australian Government’s Office of Chief Economist report had forecast strong market conditions for metallurgical and thermal coal, LNG, bauxite, copper and zinc.
 
“A strong and supported Queensland resources sector means a stronger Queensland,” Mr Macfarlane said.
 
“Figures in the latest Resources and Energy quarterly projects growing demand from India and south-east Asia which means even more exports, even more royalty taxes and even more jobs for Queensland.
 
“The resources sector already contributed more than $60 billion of Queensland’s exports, more than $5 billion in royalty taxes, more than 316,000 jobs across the State and will deliver an extra $1 billion in company tax to next week’s Federal Budget due to higher metallurgical coal prices. 

“I am urging Queensland community groups, charities, local councils and other industries to nominate their project and cause for this maroon money through our Maroon Fund (see link below).”

Mr Macfarlane said it was critical there was stable and predictable policy and royalty tax rates or Queensland will fail to benefit from the improved outlook across key commodities.
 
“The reality is that Queensland is a leading supplier of coal, LNG, bauxite, copper and zinc, but we are not alone,” he said.
 
“Haphazard or anti-investment policy will only allow our competitors to improve their market share, attract new investment, create new jobs and return more taxes to their own governments.”

Maroon Fund nominations.

www.qrc.org.au

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THE Australian Retailers Association (ARA) is pleased to acknowledge Australia and New Zealand Bank (ANZ) along with the Westpac bank and its subsidiaries' decision to allow retailers and merchants a choice on how Tap and Go debit card transactions are processed.

Currently, ANZ charges retailers around 25 cents to process contactless debit card payments through eftpos, while Visa and Mastercard impose a fee of approximately 1 percent of the value on a transaction.

Russell Zimmerman, Executive Director of the ARA said, while the bank’s announcement is sound news for retailers and merchants across Australia, there is still a long way to go before those who have higher value average transaction tickets recognise any marginal reductions in costs.

“Contactless payments were first introduced into Australia 13 years ago and since then major banks have automatically routed contactless debit card transactions through higher-cost processing platforms such as Visa and Mastercard, and the extra costs have been borne by retailers and merchants,” Mr Zimmerman said.

“The bank’s approach is a step forward for retailers and merchants across Australia. However, the ARA is disappointed that the banks have only gone halfway by offering merchants an 'opt-in model' and not supported 'Least Cost Routing' as per the RBA Payments System Board, who have been urging banks to adopt the least cost routing processing platform.

“Although the ANZ bank has stated that it is committed to working towards Least Cost Routing, it is difficult to understand why ANZ was unable to achieve this when Tyro, a small acquirer, was able to accomplish this in about three months,” Mr Zimmerman said.

“Furthermore, the ARA is perplexed as to why the National Australia Bank (NAB) and Commonwealth Bank of Australia (CBA) banks are still silent on this issue. While we understand that both banks will be working towards an offering, we would encourage both banks to offer a Least Cost Routing and not an opt-in model as a matter of urgency.”

While the ANZ website stipulates that merchants must disclose to customers using a sign at the point of sale, that all contactless Multi Network Debit card transactions are to be routed through a domestic ePal network (i.e.eftpos), the ARA is under the impression that this is an unnecessary measure.

“It is the ARA’s understanding -- having had past discussions with the Reserve Bank of Australia (RBA) that the RBA does not require merchants to reveal the way consumers transactions are routed, as it makes no difference to the consumer,” Mr Zimmerman said.

The ARA strongly encourage merchants to consider routing debit transactions via the eftpos network, to secure the vibrancy of the Australian retail industry and the sustainability of the economy. 

“eftpos make significant contributions to the vitality of the Australian economy. Therefore, it is imperative that transaction costs are kept low, to ensure eftpos remains a competitive force within the payments system.”

About the Australian Retailers Association:

Founded in 1903, the Australian Retailers Association (ARA) is Australia’s largest retail association, representing the country’s $320 billion-dollar sector, which employs more than 1.3 million people. As Australia’s leading retail peak industry body, the ARA is a strong pro-active advocate for Australian retail and works to ensure retail success by informing, protecting, advocating, educating and saving money for its 7,800 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.

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A STABLE transition to a post-Brexit UK for Australian exporters will be discussed on Monday by the Joint Standing Committee on Treaties.

Committee Chair, Russell Broadbent MP, said that Australian businesses exporting to the UK can be assured that work is ongoing to ensure that trade can continue uninterrupted.

"While it is still unclear when or how the UK will leave the EU, we can take steps now to ensure that Australia’s trade routes remain open," Mr Broadbent said.

The two treaties to be discussed will establish a framework for compliance assessment for Australian goods exported to the UK and ensure that the Australian wine industry can continue to export to Australia’s top wine market.

In addition, the Committee will hold a hearing on a number of other treaties, including three air services agreements, an extension to the MH17 treaty with The Netherlands, a treaty permitting family members of Australia’s diplomats in Italy to engage in employment, and an oil stocks contract treaty with Hungary. Details of these treaties are available on the Committee’s website.

Public hearing details: 11am – 1pm, Monday, April 1, Committee Room 1R5, Parliament House, Canberra

11am: Work Diplomatic Families - Italy

11.20am: Air Services – Thailand, Timor-Leste, PNG

11.40am: MH17 – Netherlands

12pm: Oil Stocks – Hungary

12.20pm: MRA – UK

12.40pm: Wine - UK

1pm: Close

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

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BRISBANE is set to welcome almost 2000 Rheumatology practitioners and specialists in April as the appeal of the city as both a leisure and a meetings destination continues to grow.

The 21st Asia Pacific League of Associations for Rheumatology Congress, co-hosted by the Australian Rheumatology Association will be held in Brisbane from April 8-11, and some 2000 delegates from across the globe are set to attend. The Congress was held last year in Kaohsiung, Taiwan.

Brisbane has a standout reputation as a host city, headlined by the highly successful 2014 G20 Leaders’ Summit which included 7000 delegates. The APLAR-ARA Congress in April will be one of the largest meetings events for the city in 2019.

To be held at the internationally award-winning Brisbane Convention and Exhibition Centre (BCEC), the Congress will provide an important global forum for exchange on cutting edge scientific and clinical information, with more than 100 national and international speakers featured over the three-day program, providing world-class research, scientific and medical advances and state-of-the-art industry innovations.

The latest breakthroughs and news in this important field of medicine will be shared direct from BCEC, and, with an estimated 350 million people worldwide diagnosed with arthritis (just one area of rheumatology), it is expected to generate much interest.

Rheumatologists, physicians, researchers, scientists, clinicians, internists, orthopaedic surgeons, clinical immunologists, physiatrists, physical and occupational therapists, paediatricians and researchers from allied disciplines make up the delegate mix, with many attendees bringing family members for the stay in Brisbane.

Hayley McLeod, congress manager from MCI Australia, said there has been an overwhelming response by delegates to attend the event once Brisbane was announced as the host city.

“The appeal of Brisbane as a meetings destination is undeniable," Ms McLeod said. The city’s liveability, transport network, range of world-class hotels and dining options and the support of State and Local Government is extraordinary.

“Of course, the Brisbane Convention and Exhibition Centre is famed around the world as a leader in meetings facilitation, so these factors, combined with the all-star weather and reputation of the city as one that welcomes visitors with open arms make it unbeatable. And our delegate response is testament to this.”

Ms McLeod said the Congress was set to generate an economic impact of almost $4 million for Brisbane and greater Queensland, according to Brisbane Marketing calculations, as many delegates were arriving early, or staying after the Congress in Brisbane, or travelling to other areas of Queensland.

The six keynote speakers set to lead the Congress represent the very best in the world and include Anne Barton, Professor of Rheumatology and leads the Centre for Musculoskeletal Research at The University of Manchester; Helen Foster, Professor Paediatric Rheumatology at the Newcastle University Medicine Malaysia; John Isaacs, Professor of Clinical Rheumatology at Newcastle University; Helena Marzo-Ortega, Consultant Rheumatologist at Leeds Teaching Hospitals NHS Trust, Eric Morand, Head of Rheumatology at Monash Health, and Yoshiya Tanaka, Professor and Chairman of First Department of Internal Medicine, School of Medicine and Dean of Graduate School of Medical Science, University of Occupational and Environmental Health, Japan.

About the Asia Pacific League of Associations for Rheumatology

The Asia Pacific League of Associations for Rheumatology (APLAR), was established in 1963 in Sydney. What began with four founding nations has now increased in scale to include 32 national rheumatology association members. The geographical region covered by APLAR reaches from New Zealand in Oceania to Jordan in the Middle East. The APLAR network of national associations represents 25,000+ rheumatologists.

Australia hosts many research institutes which specifically focus on rheumatic diseases including in Brisbane the Translational Research Institute, the Institute of Health and Biomedical Innovation (Queensland University of Technology), University of Queensland Diamantina Institute, and elsewhere the Institute of Bone and Joint Research (University of Sydney), Garvan Institute of Medical Research (Sydney), Murdoch Children’s Medical Research Institute (Melbourne), Walter and Eliza Hall Institute (Melbourne), and the Hanson Institute and Basil Hetzel Institute (Adelaide).

The large number of rheumatological research institutes reflects a diversity of research excellence including in immunology, genetics, osteoarthritis, osteoporosis, tropical medicine, epidemiology and evidence-based medicine. Australian rheumatology has also been early adopters and innovators in provision or remote care through telehealth and other approaches.

Event: 21st Asia Pacific League of Associations for Rheumatology Congress, co-hosted by the Australian Rheumatology Association (APLAR-ARA 2019)

Event dates: April 8–11, 2019

Location: Brisbane Convention and Exhibition Centre

Website: www.aplar2019.com

Congress organiser: MCI Australia, www.mci-group.com

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THE Financial Services Council (FSC) today welcomed the inaugural Industry Data and Compliance Report, prepared by the Life Code Compliance Committee (LCCC) which provides independent oversight and monitoring of the Life Insurance Code of Practice (The Code).

FSC senior policy manager, Nick Kirwan said Australia is the only nation in the world to compile and collect data in this field and the report provides evidence of work being done to strengthen the Life Insurance sector.

“The LCCC report shows life insurers made decisions on 89 per cent of all income related claims and 92 per cent of all lump sum claims within the required timeframes,” Mr Kirwan said.

“APRA data has previously shown the overwhelming majority of all claims received are paid (92 per cent), and now we also know, thanks to this report that those claims were made in a timely manner, helping customers when they need it most.

“We don’t shy away from the fact that there is more to be done. The LCCC’s inaugural report provides an important baseline to measure the industry against in future years, and insights into areas that the industry should focus its attention,” Mr Kirwan said.

“The FSC is pleased to see the high level of support from industry, with all Code subscribers providing data that underpins the LCCC report. The willingness of the sector to be transparent shows how seriously the Life Insurance industry takes the issue of building trust with consumers.”

Following the announcement of a radical overhaul of the Code in November 2018, the FSC has been working with ASIC, consumer advocates, mental health groups, GPs and geneticists to develop the next iteration of The Code, and has proposed more than 30 significant additional protections for consumers to lift standards.

The Life Insurance Code covers every individually assessed and group life insurance cover that can be taken out in Australia today. 

About the Financial Services Council

The Financial Services Council (FSC) has over 100 members representing Australia's retail and wholesale funds management businesses, superannuation funds, life insurers, financial advisory networks and licensed trustee companies. The industry is responsible for investing almost $3 trillion on behalf of more than 14.8 million Australians. The pool of funds under management is larger than Australia’s GDP and the capitalisation of the Australian Securities Exchange and is the fourth largest pool of managed funds in the world. The FSC promotes best practice for the financial services industry by setting mandatory Standards for its members and providing Guidance Notes to assist in operational efficiency. www.fsc.org.au

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THE Hayne Royal Commission reinforced the importance of trust and seeking appropriate advice from professionals and this sentiment has been echoed by the ATO acknowledging there is a gap between ‘full financial advice and smaller matters’. 

For people looking for a solution to this gap, the Institute of Public Accountants (IPA) believes they should be able to get genuine advice and support from their trusted adviser; the accountant.

“The Productivity Commission observed that 48 percent of Australian adults indicated having unmet financial advice needs.  So, obviously there is an advice gap in Australia which needs to be addressed,” IPA chief executive officer, Andrew Conway said.

“Other research indicates that there is a gap between the fees that most consumers are prepared to pay and the average fees being charged by financial planners, with the majority of consumers being open to having reviews with someone else if it meant a reduction in fees.

“To address these gaps the IPA has developed a revised financial services licensing regime for qualified accountants, which recognises their existing qualifications and experience.

“Members of the three professional accounting bodies are answerable to high levels of professional and ethical standards, subject to ongoing quality assurance evaluations, and must maintain currency of knowledge through committed and continuous professional development and training” Mr Conway said.

About the Institute of Public Accountants

The IPA, formed in 1923, is one of Australia’s three legally recognised professional accounting bodies.  In late 2014, the IPA acquired the Institute of Financial Accountants in the UK and formed the IPA Group, with more than 36,000 members and students in over 80 countries.  The IPA Group is the largest SME focused accountancy organisation in the world. The IPA is a member of the International Federation of Accountants, the Accounting Professional and Ethical Standards Board and the Confederation of Asian and Pacific Accountants.   www.publicaccountants.org.au

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THE RECENT Organisation for Economic Cooperation and Development (OECD) Value Added Tax/Goods and Services Tax (GST) Global Forum hosted by the ATO in Melbourne displayed the leading role Australia is taking in adapting the GST to respond to the online marketplace, both within Australia and globally.

Deputy Commissioner Tim Dyce said latest revenue figures show that digital marketplaces and lower value international online sales were not an impossible nut to crack.

“The digital services measure has already achieved $272m GST in the first year or 180 percent ahead of forecast," Mr Dyce said.

"We’ve collected $81 million from the low value imported goods measure in the first three months of operation, already above our full year revenue estimate of $70 million. We’re tracking at over 300 percent of forecast.

 “There was a lot of discussion prior to their introduction about whether these kinds of measures could possibly work, and in many ways it is the most significant change in the way we have collected GST since its inception almost exactly 20 years ago.

“Thanks to the right consultation and design, led by Treasury along with the ATO, and with important input from business, the measures have clearly been effective, which shows we can provide a level playing field for online and physical businesses and between domestic and foreign businesses.

“Not only have we had high levels of registration for these measures and well above forecast revenue, we’ve even had feedback from some online sellers that the registration has improved their business processes and given them greater insight into their sales performance,” Mr Dyce said.

The ATO and OECD representatives welcomed officials from over 100 countries last week to the Global Forum to hear their views on a range of GST/VAT issues facing revenue authorities. The interest in our reforms from other countries means that the ATO can look forward to increased international cooperation as more jurisdictions follow this, or similar, models.

“I’d like to thank everyone, from across six continents, who came to talk about next steps last week” Mr Dyce said. "The ATO looks forward to working with both members of the OECD and non-members to build a system that is fit for purpose as we continue to see rapidly evolving and entirely new digital marketplaces.

“International cooperation across all aspects of tax administration remains one of the most important tools we have for ensuring everyone is paying the right amount of tax and that we are protecting honest businesses from unfair competition,” Mr Dyce said.

Further information on the GST measures and other advice on international tax for business is available on the ATO website.

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THE CHANGES to Right of Entry (ROE) regulations announced on March 26 are a positive step towards achieving a stronger and fairer approach to rules about union officials entering workplaces, according to Master builders Australia.

Denita Wawn, CEO of Master Builders Australia said, “It is important to ensure worker representatives can access work sites, but it is equally important that the Right of Entry system is strong and rigorous, to make sure it is not abused by union officials who try and get on site to bully and harass small businesses.

“The building and construction industry is plagued by a history of unions breaching ROE rules, with the list of court cases and penalty decisions growing longer every day,” she said.

Since 2015, there have been breaches of ROE rules on construction sites, Ms Wawn outlined:

• By 58 individual CFMEU officials.
• At least 189 times.
• Resulting in penalties of almost $3 million, with three further penalty hearings already set for 2019. 

“Master Builders is pleased that the Government has heard the voice of the building industry, small business, and sub-contractors. Something has needed to be done for a long time to protect workers on sites who, day in day out, face the threat of bullying and abuse by construction union officials.” Ms Wawn said.

“However, more needs to be done and we will be asking both major parties to ensure they close the remaining loopholes that building unions regularly exploit, Denita Wawn said.

www.masterbuilders.com.au

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