THE Queensland Resources Council (QRC) has welcomed the Coordinator General’s decision to approve MacMines Austasia’s $6.7 billion China Stone coal mine in the Galilee Basin.

“Every new investment in the resources sector is good news for Queensland,” QRC chief executive Ian Macfarlane said.

“The resources industry adds $62.9 billion to the Queensland economy and supports 316,000 direct and indirect jobs.

“Our resources sector puts money in the bank for every Queenslander, from the Cape to the Gold Coast.

“It pays more than $4 billion in royalty taxes, which are used to build roads, schools and hospitals, and to pay the wages of hard-working teachers, nurses and police officers.

“The Queensland resources sector works hand-in-hand with regional communities and has a long history of co-existing alongside other important industries including agriculture and tourism.

“The economic value from the resources sector is created using just 0.1 per cent of Queensland’s land area, and our resources sector is committed to sustainable land use and rehabilitation.”

In the report on the MacMines project the Coordinator General said: "I conclude that there are significant local, regional and state benefits to be derived from the China Stone Coal project, and that environmental impacts can be acceptably managed, minimised or offset, through the implementation of the measures and proponent commitments outlined in the EIS."

Mr Macfarlane said new projects in the Galilee Basin would further strengthen the long-term outlook for the resources sector and provide direct benefits to nearby regions.

“That means more high-paying jobs for regional Queenslanders, especially in places like Mackay, Townsville and Rockhampton.

“There are up to six mines that could open in the Galilee Basin. That’s just the shot in the arm that regional towns need.”

www.qrc.org.au

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THIS SEASON, the Australian Retailers Association (ARA) and Roy Morgan predict Australians will spend in excess of $51 billion over the pre-Christmas trading period from November 9 to December 25, 2018, with the ARA anticipating that online shopping will a popular preference for consumers this Christmas.

The ARA and Roy Morgan estimate Aussie consumers will spend over $7.3 billion in the ‘Other Retailing’ category this festive season, representing a 2.7 percent jump compared to the previous year.

Russell Zimmerman, executive director of the ARA, said the ARA’s collective research from our partners at Neto and Hitwise indicate a gravitational shift towards shoppers turning to online platforms to hunt for the perfect gifts.

“Christmas is fast-becoming the most opportune season for shoppers to purchase gifts online, with online platforms offering convenience and a range of delivery options in the 24-hour marketplace,” Mr Zimmerman said.

“Online shopping accounts for over $23 billion annually in Australia, and the ARA and Neto expect even more consumers to use online platforms to get in early and avoid the rush that occurs in the lead up to Christmas.”

While Boxing Day reigns supreme as the most favourable sales day over the holiday shopping season, newer sales days including Black Friday and Cyber Monday are on the incline, with recent data from Hitwise indicating a 20 percent year-on-year increase from the previous year. The ARA believes these sales days will encourage retailers to prepare for the upcoming festive season.

“This year, we will again see Black Friday and Cyber Monday kicking off the pre-Christmas sales, and the ARA predicts these sales days will encourage retailers to prepare for the upcoming pre-Christmas scramble that occurs during the busy trading period,” Mr Zimmerman said.

With Deloitte’s Retailers’ Christmas Survey 2018, highlighting that 79 percent of local retailers forecast online sales to increase by 10 percent or more over the Christmas period, the ARA believes there are strong indications that online sales growth will be a significant contributing factor to retailer success this Christmas.

Ryan Murtagh, Founder and CEO of Neto, said Neto’s latest State of E-Commerce Report cited substantial growth in online gifting this year, with the average basket size increasing to $130, a 5 percent increase from the previous year.

“Over the last year, online retailing has experienced a 30 percent increase in sales compared to 2017, with fashion boasting the highest growth in sales with a 57 percent increase year-on-year. Homewares and Electronics follow closely behind with 13 percent average monthly sales increase across each category,” Mr Murtagh said.

The report also highlighted alternative payment options have recorded a 122 percent year-on-year increase compared to 2017, with many merchants adopting buy-now, pay-later services including Afterpay and ZipPay.

Mr Zimmerman said retailers who adopted these services will possess a significant advantage during the Christmas trading period this year.

“With a diverse range of viable payment options on offer from Buy Now, Pay Later services on the rise, merchants who offer these services to their consumers will reap the rewards of pre-Christmas sales,” Mr Zimmerman said.

“As the ARA already anticipate online retail sales to continue to increase immensely during this season, it seems likely that transactions through buy-now, pay-later services will contribute to this increase throughout the Christmas season and into the New Year.”

ARA Roy Morgan Pre-Christmas Sales Predictions: November 9 – December 24, 2018

2018 Pre-Christmas Sales Growth by Category

[ARA / ROY MORGAN]

2018 Pre-Christmas Sales Growth by State

[ARA / ROY MORGAN]

For more information on Christmas predictions and to keep up to date, visit https://www.retail.org.au/christmas-predictions/

Follow the links to view Neto’s 2018 State of E-Commerce Report and Hitwise’s Top Trends To Think About This Holiday Season  and the Deloitte Retailers’ Christmas Survey 2018.

www.retail.org.au

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THE BANKING royal commission has clearly demonstrated that industry super funds have a solid governance model that Australia’s retail banks would be well served to emulate, CFMEU Queensland state secretary Michael Ravbar said.

As the Hayne Commission exposes yet more appalling management at the very top of the Commonwealth Bank, it beggars belief that the Federal Coalition Government has pushed to upend the board structures of Australian industry funds and remake them in a more ‘corporate’ fashion, he said.

“Yesterday we heard of millions of dollars in bonuses paid to executives that even the CBA’s current chair Catherine Livingstone admits were ‘inappropriate’ – and we learn that the previous chair was ordered by the board to repay 40 percent of salary but point blank refused, and this was not disclosed to shareholders,” Mr Ravbar said.

He said this followed nearly 10 months of "utterly damnable evidence about misconduct in the banking sector, where naked greed and the pursuit of profit has been exposed as the norm".

“The Commonwealth Bank, NAB, AMP, Suncorp and other were all found to have contravened superannuation and corporations law,” Mr Ravbar said.  “And as the inquiry draws to a close still we have revelations of the most appalling disregard for members and shareholders’ interests at the highest levels of these institutions.

“And what did the Turnbull and Morrison governments – which were dragged kicking and screaming to this inquiry in the first place - want?  They wanted our industry funds to be more like the ones run by the big banks, and they wanted to give the banks a bigger chop at the default super sector.

“The lesson from this inquiry is that Australians would be better served if the banks – which are hopelessly conflicted in trying to balance the competing interests of shareholders and policy holders – were kicked out of superannuation altogether, where their track record is one of naked corporate self-interest and institutionalised theft.

“At the very least the board structures of our big banks need to be remade so they are more reflective of customer interests, and the industry super fund model would be a good template to work from,” Mr Ravbar said.

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FOLLOWING RECENT media speculation on the Parliament’s consideration of the proposed Encryption Bill, the Chair, Andrew Hastie MP, and the Deputy Chair, Anthony Byrne MP, of the Parliamentary Joint Committee on Intelligence and Security make the following joint statement:

“The Intelligence and Security Committee has consistently functioned in a bipartisan way to ensure that Australia’s national security and law enforcement agencies have appropriate powers to keep Australia safe.

"Since 2014, the Committee has considered 15 substantive national security bills and made over 300 recommendations for amendment, all of which have been accepted by government.

"These reports have been carefully developed to ensure that new powers are proportionate and appropriately balanced with human rights and privacy, and that commensurate oversight and accountability is provided.

"The Committee will hold hearings next week with relevant agencies to hear evidence regarding the necessity and urgency of the proposed powers, as reported by some in recent press. The Committee will publicly announce any changes to the scheduled hearings as advertised.”

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

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SHARES in Coles Group Limited (ASX: COL) today began trading on the Australian Securities Exchange on a deferred-settlement basis.

The listing marks a return to the ASX for Coles, which was de-listed following Wesfarmers' acquisition of the Coles Group in 2007. It follows the Supreme Court of Western Australia’s decision on Monday to approve a vote of Wesfarmers shareholders in favour of a scheme of arrangement to demerge the two businesses.

“We are pleased to be joining the ASX under our own name,” said Coles chairman James Graham.

“Listing Coles on the ASX as a standalone business marks the next phase in the evolution of a company that began as a single store in Collingwood 104 years ago. I speak for the entire board when I say it is an immense privilege to be with Coles for such a milestone, and we thank our 480,000-plus new shareholders for joining us on this journey.”

Coles CEO Steven Cain said the past 11 years with Wesfarmers had seen Coles transform into a world-class supermarket retailer.

“Our 115,000 team members can take enormous pride that their company is now listed alongside some of the largest and most recognised businesses in Australia,” he said.

“We’re all very excited for the next chapter in the Coles story as we deliver on our strategy to make life easier for our customers.”

Coles shares will be transferred to eligible shareholders on 28 November and the shares will trade on a normal settlement basis from November 29.

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SHARES in Coles Group Limited (ASX: COL) today began trading on the Australian Securities Exchange on a deferred-settlement basis.

The listing marks a return to the ASX for Coles, which was de-listed following Wesfarmers' acquisition of the Coles Group in 2007. It follows the Supreme Court of Western Australia’s decision on Monday to approve a vote of Wesfarmers shareholders in favour of a scheme of arrangement to demerge the two businesses.

“We are pleased to be joining the ASX under our own name,” said Coles chairman James Graham.

“Listing Coles on the ASX as a standalone business marks the next phase in the evolution of a company that began as a single store in Collingwood 104 years ago. I speak for the entire board when I say it is an immense privilege to be with Coles for such a milestone, and we thank our 480,000-plus new shareholders for joining us on this journey.”

Coles CEO Steven Cain said the past 11 years with Wesfarmers had seen Coles transform into a world-class supermarket retailer.

“Our 115,000 team members can take enormous pride that their company is now listed alongside some of the largest and most recognised businesses in Australia,” he said.

“We’re all very excited for the next chapter in the Coles story as we deliver on our strategy to make life easier for our customers.”

Coles shares will be transferred to eligible shareholders on 28 November and the shares will trade on a normal settlement basis from November 29.

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THE CARAVAN Industry Association of Australia along with the Residential Land Lease Alliance (RLLA) have released Long Term Residents in Caravan Parks and Manufactured Housing Estates: A Census 2016 Social Trends Report.

The report shows that more than 70,000 Australians lived in manufactured housing estates (MHEs) and caravan parks and that this living arrangement is a vital aspect of affordable housing from both the supply and demand side.

The report found that approximately 2 percent of Australians aged over 65 live in MHEs or caravan parks with the sector undergoing a large shift in the past decade.

MHEs and caravan parks, during the mining boom, provided an important source of temporary housing solutions in remote Australia to cater for the large amounts of support personnel required to sustain fly-in fly-out (FIFO) communities.

With the end of the mining boom, the demographic shift in communities has shown a strong take up from people aged 60-plus.

The research shows that 37 percent of residents in MHEs and caravan parks live alone – highlighting the important social benefits of living in land-lease communities which are increasingly providing facilities to encourage interactions between residents. 

From the supply side, MHEs provide an affordable downsizing option for the baby-boomer  generation who tend to have much equity tied up in their property, especially households with mid-lower income brackets. This downsizing also frees up housing supply in with ageing demographics.

The report highlights the need for government support in this sector as residents living in MHEs are nearly three times as likely to require assistance with core activities compared to Australian averages.

In terms of connectivity; only 64 percent of dwellings in MHEs and caravan parks reported having an internet connection, compared to the Australian average of 90 percent of dwellings. 

www.caravanindustry.com.au

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THE Financial Services Council (FSC) has begun consulting with its members on the Financial Adviser Standards and Ethics Authority (FASEA) Standards Blueprint and the two draft legislative instruments.

FSC CEO Sally Loane said the draft instruments - the Work and Training (Professional Year) and the Provisional Financial Adviser Term - were the first to be released following submissions to FASEA on the standards during 2018.

”FASEA’s release will provide FSC members with further guidance on what they and their advisers and authorised representatives will be required to meet from 1 January 2019 onwards,” Ms Loane said.

The FSC notes it will make submissions on the released draft legislative instruments by November 30, 2018 and the remaining legislative instruments as they are announced.

www.fsc.org.au

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.

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