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Combatting cyber interference in elections

THE Joint Standing Committee on Electoral Matters will hold a public hearing on cyber interference in elections. The hearing is part of the Committee’s inquiry into the 2016 Federal Election.

”Although there has been no evidence of cyber manipulation or ‘fake news’ interference in Australia’s elections to date, from international events, it is important that the Electoral Matters Committee takes the initiative and is at the forefront of investigating ways to tackle this issue before it is of concern to future elections in Australia,” said Committee chair, Senator James McGrath.

The Committee will hear from a range of experts on the use of intentional dissemination of disinformation and micro targeting to influence voters; the use of data harvesting by social media platforms and associated apps and measures to bring more transparency to social media, particularly during elections.

”This Committee is just one of many parliamentary committees around the world grappling with this issue. The Committee is watching events in other jurisdictions closely and will be making recommendations in its final report aimed at safeguarding the integrity of Australia’s electoral system,” Senator McGrath said.

Public Hearing Details: 9:00am – 12:00pm, Tuesday, 20 November, Committee Room 2R1, Parliament House, Canberra.

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FASEA CEO Stephen Glenfield to make first public address at FPA Congress in Sydney

THE Financial Planning Association of Australia (FPA) is delighted to confirm Stephen Glenfield, CEO of the Financial Adviser Standards and Ethics Authority (FASEA), is addressing delegates at the FPA Professionals Congress at the International Convention Centre (ICC) on Thursday 22 November 2018 from 9am.

Notably, it will be his first public address since assuming the post of FASEA CEO in June. Mr Glenfield will be on stage to discuss the upcoming changes to the education and professional standards framework for financial planners.

Commenting on Mr Glenfield’s choice to make his first public address at the FPA Congress, FPA CEO, Dante De Gori CFP® said: “This is a powerful opportunity for delegates to hear direct from the CEO of FASEA for the first time about issues we know are weighing on their minds, such as mandatory education and training requirements, financial planner examination, and the formation of a code of ethics for all advisers.

“As we prepare for FASEA to announce the final professional and education standards framework, one thing is for sure – the financial planning profession is at a pivotal moment. We look forward to Mr Glenfield providing more clarity on the new standards, so we can work together to the advantage of all Australians."

The FPA has previously published a summary of its key recommendations for each area of the FASEA framework, and has also made copies of its full submissions available on the FPA website. As FASEA begins to confirm each of the standards for the adviser framework, the FPA is focused on developing resources for members to help them navigate the new landscape. 

About the FPA

The Financial Planning Association of Australia (FPA) represents the interests of the public and Australia’s professional community of financial planners. The Association is unrivalled in its reach of the financial planning market, influence on government and regulators, standards set through a world-class Code of Professional Practice, unique position as the certification body in Australia for the global CFP® designation, and reputation for quality professional development. With a growing membership of more than 14,000 members and affiliates, the FPA is home to Australia’s 5,700 CFP professionals. Building on a 20 plus year legacy, the FPA represents the changing face of the financial planning profession. For more information, visit www.fpa.com.au

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QRC: Victoria's message to manufacturers is 'send your jobs to Queensland'

THE Queensland Resources Council (QRC) has urged Victorian manufacturers and large gas users to relocate to Queensland if they want access to the gas needed to keep people in their jobs.

QRC chief executive Ian Macfarlane said an announcement on Friday from the Andrews Government in Victoria that it intended to permanently ban unconventional gas exploration and development means there would be less investment, fewer jobs and higher gas prices down south, but instead more opportunities in Queensland.

“Victoria is shutting up shop when it comes to gas exploration. That means it’s also shutting down opportunities for manufacturers and other gas users,” Mr Macfarlane said.

“If Victoria doesn’t want the jobs and investment, then Queensland does.

“In complete contrast to what’s happening in Victoria, in Queensland our gas industry is continuing to invest and explore to supply the gas the East Coast market needs and to keep people in their jobs.

“Just yesterday we saw the Palaszczuk Government call for tenders on a block designed specifically to supply local manufacturers. On top of that the Queensland Government awarded Armour Energy and a Shell/Santos Joint Venture (JV) rights to explore for more than 900 square kilometres of land near Surat, with conditions that the gas supply the domestic market.

“Queensland has a long and successful history of balancing the development of the resources industry with the ongoing prosperity of the agricultural industry. That’s translated to more than $387 million in payments to farmers who co-exist with the gas industry, proving to be an important extra source of income during the drought.

“Not only is Victoria sending a message that it doesn’t want to keep jobs and investment at home, the fact is it will also rely on Queensland gas flowing down south to keep the lights on.

“Victoria’s loss is Queensland’s gain. Our Queensland resources industry supports more than 300,000 jobs, pays more than $4 billion in royalty taxes and creates opportunities for regional communities. The more resources investment we have, the better for all Queenslanders.”

www.qrc.org.au

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ARA supports Tasmanian Government’s initiatives to legislate for bag check code

THE Australian Retailers Association (ARA) has commended Tasmanian Premier, Will Hodgman MP and the Tasmanian Government on their initiatives to implement the Tasmanian Bag Check Code of Conduct (the Code) ahead of the Security and Investigations Agents Amendment Bill 2018 (the Bill) debate in Parliament next week.

Tasmanian Minister for Resources, Sarah Courtney MP, will be making an announcement this Sunday regarding the Bill, which fulfils the Tasmanian Government’s election commitment to crackdown on shoplifting.

Russell Zimmerman, executive director of the ARA, said the Bill and the Code together will assist in alleviating the significant financial burden shoplifting places on small and large retailers.

"Annual retail industry turnover amounts to over $310 billion across Australia and in Tasmania alone, retail turnover is in excess of $6.1 billion. With an approximate loss of $216 million from theft in Tasmania, this is an ongoing concern for the retailers and the industry," Mr Zimmerman said.

"With Christmas just around the corner, shoplifting is set to be at its highest across this peak trading period. Current laws stipulate that retailers must employ a licensed security guard if they want to search a customer’s bag when on the business premises, which adds further costs to retailers."

The Tasmanian Government is legislating to allow retailers large or small to enable bag checks to be physically inspected by retail staff as a condition of entry. The Bill is intended to protect the livelihood of Tasmanian retailers and provide stability to protect the longevity of the retail industry.

"The passage of this legislation will deliver certainty to consumers, by assisting in reducing retail theft by ensuring bags checks are conducted in an appropriate and regulated manner," Mr Zimmerman said.

"We would like to thank the Tasmanian Government for not inventing new guidelines, but for using the ARA guidance material that was originally developed for retailers in New South Wales," Mr Zimmerman said.

"The ARA encourages all States and Territories across Australia to follow in the lead of New South Wales and Tasmania in implementing the ARA’s guidelines to ensure a nationally consistent approach."

Retailers can stay informed and up-to-date with the latest developments and guidance by visiting www.retail.org.au.

About the Australian Retailers Association:

Founded in 1903, the Australian Retailers Association (ARA) is Australia’s largest retail association, representing the country’s $310 billion sector, which employs more than 1.2 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 7,500 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.

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FSC welcomes new FTA with Hong Kong but urges govt to fast-track Double Tax Agreement

THE Financial Services Council welcomes the new Free Trade Agreement with Hong Kong but urges the Australian Government to expedite the long overdue Double Tax Agreement with Hong Kong at the conclusion of the FTA negotiations.

“Yesterday’s announcement that the agreement will feature a new Bilateral Investment Treaty to enhance two-way investment flows is welcomed,” FSC CEO Sally Loane said.

“The agreement is an important building block to improve export of Australian financial services into Asia and further enriches Australia’s trade relationship with Hong Kong

 “To ensure the benefits are maximised for Australia, we need to ensure our tax and regulatory settings are competitive with Hong Kong, otherwise we Australia will lose out.

“This agreement emphasises the need for Australia to put in place a long overdue Double Tax Agreement (DTA) with Hong Kong, one of the largest fund management industries in the region.

“The FSC congratulates the Australian and Hong Kong Governments and the respective central banks for achieving this significant outcome for financial services.”

 

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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ARA supports Tasmanian Government’s initiatives to legislate Bag Check Guidelines

THE Australian Retailers Association (ARA) has commended Will Hodgman and the Tasmanian Liberal Government on their initiatives to legislate Tasmanian Bag Check Guidelines  ahead of the Security and Investigations Agents Amendment Bill 2018 debate in Parliament next week.  

Minister Courtney will be making an announcement this Sunday regarding the Tasmanian bag check legislation, which fulfils the Tasmanian Government’s election commitment to crackdown on shoplifting.

Russell Zimmerman, executive director of the ARA, said the legislation will assist in alleviating the significant financial burden shoplifting places on small and large retailers.

"Retail industry turnover is over $310 billion across Australia and in Tasmania alone, retail turnover is in excess of $6.1 billion. With an approximate loss of  $216 million from theft, this is an ongoing concern for the retailers and the industry,” Mr Zimmerman said.

“With Christmas around the corner, shoplifting is at its highest during this peak trading period. Current laws stipulate that retailers must employ a licensed security guard if they want to search a customer’s bag when on the business premises which incurs further costs to retailers.”

The re-elected Hodgman Liberal Government will legislate to allow retailers large or small to authorise bag checks to be physically inspected by retail staff on the condition of entry. The legislation is intended to protect the livelihood of Tasmanian retailers and provide stability to the longevity of the retail industry.

“The passing of this legislation will deliver certainty to consumers, assist in reducing retail theft and will also protect consumers by ensuring bags checks are conducted in an appropriate and regulated manner, ” Mr Zimmerman said.

“We would like to thank the Tasmanian Government for not reinventing new guidelines, but for using the ARA guideline that was developed for NSW,” Mr. Zimmerman said.

“The ARA encourages all States and Territories across Australia to follow in the lead of NSW and Tasmania in implementing these guidelines.”

Retailers can stay informed and up-to-date with the latest developments and guidance by visiting www.retail.org.au.

About the Australian Retailers Association:

Founded in 1903, the Australian Retailers Association (ARA) is Australia’s largest retail association, representing the country’s $310 billion sector, which employs more than 1.2 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 7,500 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.

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Queensland gas powering local industry

QUEENSLAND is strengthening its position as the most reliable supplier of gas on the East Coast, the Queensland Resources Council (QRC) said today.

QRC chief executive Ian Macfarlane welcomed announcements from the Palaszczuk Government of a call for tenders for gas exploration on a block designed specifically to supply the manufacturing industry, and to award Armour Energy and a Shell/Santos Joint Venture (JV) rights to explore for more than 900 square kilometres of land near Surat.

Mr Macfarlane said the Queensland Government understands the only way to drive down gas prices is to increase supply. 

“The economics of supply and demand are simple, if demand for gas is strong you need to increase supply to put downward pressure on prices,” Mr Macfarlane said.

“This is another example of Queensland leading the way when it comes to unlocking new gas reserves, with industry and Government working together for the benefit of all. I congratulate Armour Energy, Shell and Santos for investing in regional Queensland.”

Armour won a tender to explore 457sqkm of land south of Surat while the Shell/Santos JV won rights to explore 393 kilometres of land east of the Surat, both releases have a domestic-only condition with the gas being sold in Australia. 

Meanwhile, Minister Lynham announced a Queensland first, opening tenders for a 18sqkm block of land in the Surat Basin with all gas to be supplied to local manufacturers. 

“If manufacturers are able to reduce their energy bills they can hire more people so this is a good initiative to ensure Queensland’s manufacturing industry remains competitive,” Mr Macfarlane said. 

The Queensland resources sector provides one in every six dollars in the Queensland economy, sustains one in eight Queensland jobs, and supports more than 16,400 businesses across the State all from 0.1 percent of Queensland’s land mass.

www.qrc.org.au

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Sydney and Melbourne hearings for inquiry into the implications of removing refundable franking credits

THE House of Representatives Standing Committee on Economics will hold hearings in Sydney and Melbourne for its inquiry into the implications of removing refundable franking credits.

The chair of the committee, Tim Wilson MP, said, "The committee is examining how the removal of refundable franking credits would affect investors, in particular older Australians who have planned for their retirement based on the existing rules and whose financial security could be compromised.

"The committee has received hundreds of submissions from retirees who are concerned they will be forced on to the aged pension if the ability to claim a refund on their franking credits is removed.

"There will be time during these hearings for short public statements so that people can speak into the microphone and tell us how they will be affected."

The Alliance for a Fairer Retirement System, who will appear at the hearing in Sydney, said in its submission that it is "very concerned that public policy should in any way drive people onto welfare, particularly when citizens have made every effort to save for retirement and be either fully or partly self-funded in retirement".

The Institute of Public Accountants, who will appear in Melbourne, commented in its submission, "The refunding of imputation credit policy has been in operation for close to two decades and removing it in a piecemeal way without dealing with the consequences is fraught with danger.

Mr Wilson said, "The committee looks forward to hearing from a range of stakeholders and members of the public about who would be affected by the removal of refundable franking credits, if it would result in increased reliance on the pension, and the stress and complexity it would create for older Australians in adjusting their investments."

Public hearing details:

SYDNEY: 9.30am to 3pm, Tuesday, 20 November, Law Society of NSW, Training Room, Level Three, 170 Phillip Street, Sydney

MELBOURNE: 9.30am to 1.30pm, Thursday, 22 November, Legislative Council Committee Room, Parliament House, Spring Street, East Melbourne

Program information will be available closer to the event on the inquiry webpage. The hearings will be webcast live (audio only).

Further public hearings will be announced as the inquiry progresses. 

A number of submissions have been received and are available on the committee’s webpage at: www.aph.gov.au/economics. Submissions can be made online or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it..

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NBN users continue shift to higher speed plans - ACCC

 

ALMOST 4.5 million residents now have an NBN broadband connection at home, and nearly half of them are on fast plans with speeds of 50Mbps or more, the latest ACCC quarterly Wholesale Market Indicators Report shows.

The ACCC’s report for the September quarter shows the number of NBN residential broadband connections rose from about 4.1 million last quarter (up almost 8.6 percent).

More than 2.2 million consumers are now on these high-speed plans, an increase of 20 percent on the previous quarter. Of these, there are now 1.8 million services on the 50Mbps speed tier, a more than a ten-fold increase compared to about 159,000 residential customers on 50Mbps plans in December 2017.

This reflects NBN Co’s pricing strategies to encourage Retail Service Providers (RSPs) and their customers to higher speed plans, as well as various other initiatives including the ACCC’s advertising speed guidance project.

“The NBN Co’s Focus on 50 promotion has demonstrated that RSPs and their customers are willing to move to higher speed plans if the incentives are right,” ACCC chair Rod Sims said.

“We expect these incentives will continue to operate as NBN Co transitions to longer term bundled pricing for the higher speed plans.”

However, at the same time, the number of customers choosing the most basic NBN services also continues to rise. Just over 1.2 million consumers are on the lowest 12Mbps speed plan (up by 4.3 percent).

“Consumers on 12/1 plans still represent more than a quarter of all NBN services. It is important that NBN Co recognises the needs of this significant cohort of consumers for an affordable and reliable service,” Mr Sims said.

Average CVC per user also continued to rise this quarter, up by 2.9 percent, from 1.66Mbps in June 2018 to 1.71Mbps in September 2018. In March 2017 it was 1.00Mbps.

“It is important RSPs maintain sufficient CVC capacity to ensure consumers get the service they have paid for, particularly in the busy period,” Mr Sims said.

“The ACCC will continue to monitor CVC utilisation under its record-keeping powers. The ACCC’s Monitoring Broadband Australia Program will also continue to rank RSPs by whether they are providing the speeds expected by consumers.”

This quarter’s report also includes, for the first time, the number of services provided over Fibre to the Curb (FTTC) technology, with 39,204 FTTC services in operation at the end of September.

Overall market shares remained relatively stable; smaller RSPs increased their market share slightly from 6.1 percent to 6.3 percent (adding about 27,000 more services).

All 121 POIs had at least six access seeker groups (including Telstra, Optus, TPG, Vocus and Aussie Broadband) acquiring NBN services directly from NBN Co. There were seven access seeker groups at 118 of the 121 POIs.

The ACCC will continue to monitor the evolution of the NBN broadband market to help consumers make an informed choices about broadband plans.

Key points from the September 2018 report:

  • The number of 50Mbps services continued to increase, reaching more than 1.8m services at the end of September, a 26 percent increase on the June quarter.
  • Plans with speeds of 50Mbps services or more now account for just under 50 percent of all NBN residential broadband services.
  • At the end of September 2018, NBN Co was supplying a total of 4,488,295 wholesale residential broadband access services (up from 4,133,791 in the June quarter).
  • FTTC services were reported by NBN for the first time. Over 39,000 services provided over this new technology were in operation at the end of the quarter.
  • There were at least six access seeker groups present at all 121 POIs.
  • The average CVC per customer increased an additional 2.9 per cent.

Further information, including time series data, is available at September quarter 2018 report.

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Second public hearing on the Encryption Bill

THE second public hearing on the Telecommunication and Other Legislation Amendment (Assistance and Access) Bill 2018 will be held on Friday, November 16, 2018 in Sydney.

The Committee will hear from academics, statutory oversight agencies, and industry peak bodies.

Public hearing details: 9am – 3.15pm, SMC Conference & Function Centre, 66 Goulburn St, Sydney (Carrington Room)

The hearing will be live streamed (audio only) at www.aph.gov.au/live.

The full program of the hearing is available at https://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Intelligence_and_Security/TelcoAmendmentBill2018/Public_Hearings

Additional hearings will be held in Canberra on November 27 and 30.

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

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IPA: The real implications of removing refundable franking credits

A PUBLIC HEARING hearing will be held in Melbourne next week by the House Economics Committee as it conducts an inquiry into the implications of removing refundable franking credits - an inquiry that has been welcomed by the Institute of Public Accountants (IPA).

“This inquiry will heighten community understanding of a well-established feature of our taxation system,” IPA chief executive officer, Andrew Conway said.

“The Labor Party is proposing to change the rules to remove the ability for individuals and superannuation funds to claim their full entitlement to franking credits.

“The inquiry will highlight the significant implications attached to any change in government policy on refunding imputation credits.

“If we were designing a new tax system today, you would most likely not have full imputation where the taxation is assessed in the hands of the recipient and any excess franking credits are refunded. 

“In today’s economic circumstances it would be difficult to justify from a fiscal sustainability perspective.

“However, the refunding of imputation credit policy has been in operation for close to two decades and removing it in a piecemeal way without dealing with the consequences is fraught with danger.

“The case for removing dividend imputation is not strong and any tinkering needs to be assessed against some alternative benchmark tax system such as removing dividend imputation entirely and replacing it with a discounted tax rate.

“More importantly we need to be looking at how we tax all forms of savings more consistently. A more holistic approach to taxing personal savings across all asset classes as recommended by the Henry Review would be more beneficial than changing one aspect in isolation.

“We do not support any changes in the removal of refundable franking credits unless it is associated with more holistic tax changes to the treatment of savings more broadly.  A survey of our members also shows that 95 percent of respondents do not support any change,” said Mr Conway.

The IPA will be appearing before the inquiry next week.

www.publicaccountants.org.au

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