TODAY the Commonwealth Bank of Australia (CBA) announced an industry leading profit of $10.2 billion "and yet is trailing NAB in its pay offer to staff" according to Finance Sector Union (FSU) national secretary Julia Angrisano.

Ms Angrisano said CBA was posting the biggest profit of the big four banks and should be offering industry leading pay rises.

“Very obviously, the CBA can afford to pay more," Ms Angrisano said. "Their proposed pay rise would be a pay cut in real terms, given inflation.  The finance industry would expect the CBA to provide industry leading wage increases given their industry leading profits.”
 
Ms Angrisano also said there was no reason, given the CBA profit, for them to continue to close branches and offshore jobs.
 
“They are abandoning communities and Australian jobs in the interests of profit," she said. "Retail branch staff continue to turn up to work without sufficient resourcing whilst experiencing the threat of future branch closures whilst back-office workers continue to lose colleagues to offshoring."
 
FSU recently lodged a dispute at the Fair Work Commission regarding the banks direction that workers return to the office 50 percent of the time.

"These are the same workers that have delivered a $10.2 billion profit, yet the bank continues to ignore the impact this is having on their staff," Ms Angrisano said.
 
“CBA’s record profit demonstrates that staff can continue to work productively while maintaining their current work from home arrangements. The Return to Office mandate is clearly not necessary and we are therefore disappointed that CBA has chosen not to address these significant concerns during the Fair Work proceedings.
 
“The lack of self-awareness from the bank’s leadership, posting profits this big while denying their own workforce any recognition for their hard work and contribution, is actually quite alarming. The CBA is out of step with community expectation and out of step with Australian values.”

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THE Australian Taxation Office (ATO) is giving taxpayers with simple affairs the ‘green light’ to lodge their annual income tax returns.

ATO Assistant Commissioner Tim Loh said most taxpayers with simple affairs would find the information they need to lodge has now been pre-filled in their tax return.

"Most of the information we collect from employers, banks, private health insurers, share registries, and other institutions is now ready to go," Mr Loh said. "So, if your financial affairs are fairly straight-forward, you’ve got a ‘green light’ to lodge – but remember you still need to check your details are accurate before you hit submit."

Regardless of whether people  lodge using a registered tax agent or personally through myTax, pre-fill information will be automatically available in your tax return, he said.

Mr Loh also reminded taxpayers that some income may need to be manually added – for example, income from rental properties, some government payments or income from ‘side hustles’.

"Just because you’ve got a green light that doesn’t mean you should rush," he said. "Take your time and make sure to check that all your information is included."

Mr Loh offered some tax tips for this year's returns:

1. "Include all of your income: If you picked up some extra work through online activities, the sharing economy, interest from investments, a capital gain (e.g. from the sale of an investment property), or received a cash payment for any work, you will need to include this income in your tax return."
2. "Assess your circumstances this year: If your job or circumstances have changed this year, it is important to reflect this in your claims. For example, you may have worked at home less in 2022–23 than in the year before, as many of us returned to the office. The way you calculate working from home deductions has also changed, so consider which method is right for you."
3. "Records, records, records: To claim a deduction for a work-related expense, you must have a record to prove it. The ATO app makes it easier and more convenient to keep records in one place, including photos of your receipts and invoices."
4. "Wait for your notice of assessment: Your tax estimate in myTax or from your registered tax agent may not match your final tax outcome. We recommend waiting for your notice of assessment before making plans for how you will use any expected tax refund this year."
5. "Stay alert to scams: Remember that the ATO will never send you a link to login to our online services or ask you to send personal information via social media, email or SMS."

Mr Loh said, "Calling us won’t speed up the processing of your return, but you can keep track of your return by logging into the ATO app or through myGov, regardless of whether you lodged yourself or through a registered tax agent.

"We normally process online returns within two weeks, but if your return hits a speed bump, we’ll contact you," Mr Loh said.

The ATO reminded taxpayers that the outcome of tax returns this year may be different than in previous years, with some people receiving a lower refund than expected, or even a tax bill.

"There are a number of factors that can impact your final tax assessment," he said.

"In simple terms, if you don’t receive a refund, it just means that you’ve paid the correct amount of tax throughout the year. If you receive a bill, it may mean you didn’t pay enough tax – this can be for a number of reasons," Mr Loh said.

"When you lodge your own return, the due date for payment is November 21, regardless of when you lodge. If you are using a registered agent your due date may be later.

"If you’ve received a bill and you can pay, you need to do so by the due date to avoid interest accruing. If you’re experiencing financial difficulties, we have payment plan options available to support you, which you may be able to set up yourself on the ATO website," Mr Loh said.

"You can reduce your taxable income by making sure you’re claiming the deductions you’re entitled to – the ATO has over 40 occupation guides that can help you understand the deductions that are available to you depending on your job.

"It might be tempting to inflate your deductions, but if you’re considering this, we want you to hit the brakes and remember, we have sophisticated data-matching capabilities which provide us with the clues we need to spot deductions that don’t add up," Mr Loh said.

www.ato.gov.au

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MORE THAN 150 mining executives will convene at the Women in Mining Summit in Brisbane on Tuesday, August 8, to discuss equality, diversity, inclusion, discrimination, harassment, safety, mental health, as well as industry trends and emerging technologies.

Chair of the Queensland Exploration Council, Kim Wainwright will be chairing Day One of the Women in Mining Summit.

Expressing her enthusiasm, Kim Wainwright said "It is an honour to chair the Women in Mining Summit, a significant platform for collaboration across the mining sector.

"This summit offers a unique opportunity for industry to come together to learn, network, and share effective solutions to the challenges we collectively confront. Together, we can drive meaningful change, fostering a mining industry that is more diverse, inclusive, and equitable."

As conference chair, Ms Wainwright will leverage her extensive experience and insights to ensure a rewarding and inspiring experience for all participants.

A distinguished figure in the mining industry and WIM100 Global 2023 recipient, Ms Wainwright will also host a one-on-one conversation with Elizabeth Broderick AO, Australia’s longest serving Sex Discrimination Commissioner and Independent Expert to the United Nations. Ms Broderick is the renowned author of the groundbreaking Report into Workplace Culture at Rio Tinto.

"These discussions hold paramount importance in shaping our industry's future. Through the panel conversations, we aim to underscore the indispensable role of leadership in effecting positive change, promoting equality, and motivating others to excel. We will also delve into the pivotal partnership between men and women in fostering an authentically inclusive work environment," Ms Wainwright said.

"The one-on-one exchange with Elizabeth Broderick AO presents an invaluable opportunity to glean insights from her pioneering report and apply best practices to ensure a workplace culture that is safe and empowering for all," she said.

"Chairing the inaugural day of the Women in Mining Summit is a privilege. This momentous occasion pledges to propel the mining industry towards a more promising and equitable future.

"By uniting leaders, experts, and advocates, we will foster meaningful dialogues and collaborative endeavors to surmount the challenges faced by women in the mining sector," Ms Wainwright said.

For more information about the Women in Mining Summit:

View the Women in Mining Summit agenda online: https://www.womeninminingsummit.com.au/agenda/day-one  

View the Women in Mining Summit speaker information: https://www.womeninminingsummit.com.au/speakers

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THE PARLIAMENT House Standing Committee on Procedure has tabled its report reviewing parliamentary practice and procedure to implement recommendations 10 and 27 of Set the Standard. 

These recommendations, by Sex Discrimination Commissioner Kate Jenkins, related to eliminating sexist, exclusionary or discriminatory language, behaviour and practices in the Chamber and improving safety and respect, as well as looking at the sitting calendar and order of business.

“Set the Standard built a case for change across Commonwealth parliamentary workplaces," Committee Chair Shayne Neumann MP said.

"The recommendations in our report aim to create change in the Chamber itself — by strengthening the Speaker’s powers, clarifying expectations and improving Members’ understanding — and to raise the standard in the House,” he said.  “This includes recommending amendments to the standing orders to make it clearer that Members must not use discriminatory language against each other.”

Deputy Chair Ross Vasta MP said, “The report proposes practical and sensible changes to the standing orders.

“To expand the Speaker’s toolkit for managing misbehaviour in the Chamber, the committee has recommended amendments to standing order 94(a). In addition to the current one-hour withdrawal period, the ability to exclude a Member for three hours would provide the Speaker with more options to address disorderly conduct swiftly and proportionally,” Mr Vasta said.

Mr Neumann said, “While the committee has not recommended changes to sitting hours, the committee will maintain a watching brief on the hours and days of sitting to monitor the careful balance between making the most of Members’ time in Canberra and maintaining wellbeing and safety."

The committee made a number of other recommendations, including that training and guidance material for Members be reviewed to ensure Members are aware of their obligations and how they can draw potentially disorderly conduct to the Speaker’s attention.

The committee having made its recommendations, it is now a matter for the House of Representatives whether it wishes to consider making any changes to the Standing Orders.

The report and further information about the inquiry can be found on the Committee’s website.

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THE House of Representatives Standing Committee on Social Policy and Legal Affairs will hear from Carers Australia and two individual carers at its first public hearing on Tuesday, August 8, for its Inquiry into the recognition of unpaid carers.

Chair of the Committee, Peta Murphy MP, said, "in 2020 it was estimated that there were 2.8 million unpaid carers in Australia providing nearly 2.2 billion hours of unpaid care.

"This hearing will be an opportunity to hear from Carers Australia, the national peak body representing Australia’s unpaid carers, about its views on whether the current Carer Recognition Act 2010 is fit for purpose and whether it appropriately recognises and values the diversity of such a large cohort.

"The Committee will also hear personal stories from two individual carers to better understand the significant contribution of carers and their challenges," Ms Murphy said.

"A lot has changed since the Act was established in 2010, and demographic shifts suggest there is a growing gap between demand for care and the capacity of Australians to take on caring roles. The Committee is examining the Act with a view to strengthening and modernising it," Ms Murphy said.

The committee will conduct further public hearings in August 2023. Submissions to the inquiry close on Friday, August 11, 2023, however late submissions will still be considered.

Public hearing details

Date: Tuesday, 8 August 2023
Time: 4:30pm to 6pm AEST
Location: Committee Room 1R3, Parliament House, Canberra

The hearing will be live streamed on the APH website: www.aph.gov.au/live.

Further information about the inquiry, including the terms of reference and published submissions, are available on the inquiry webpage.

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AUSTRALIA Parliament House’s façade will be sporting green and gold this Sunday and Monday night with a striking illumination to show support for the mighty Matildas in the FIFA Women’s World Cup.

President of the Senate, Sue Lines and the Speaker of the House of Representatives, Milton Dick MPsaid the government was proud to be supporting the FIFA Women’s World Cup by illuminating the nation’s parliament.

“We are delighted to shine the light on women’s sport. The Matildas are wonderful role models for our next generation of athletes and Parliament House will be cheering them on when they play Monday night,” president Sue Lines said.

“Sport has always had a way of uniting Australians, and the Matildas are part of this history. And what better way to recognise this, than by lighting up our iconic Australian Parliament House,” Speaker Milton Dick said.

The green and gold illumination of Parliament House for the Matildas will be on Sunday, August 6 and Monday August 7 from 5.45pm to midnight.

All are welcome to come along to the Parliament House forecourt to show support for Australia’s Matildas.

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THE Joint Standing Committee on Treaties (JSCOT) has tabled a report recommending the ratification of two treaties.

They are the Agreement between the Government of Australia and the Government of the Democratic Republic of Timor-Leste on Cooperation in the Field of Defence and the Status of Visiting Forces (Canberra, September 7, 2022) (Timor-Leste Agreement) and the Agreement between Australia and the Republic of Serbia on Social Security(Belgrade, January 20, 2023) (Serbia Agreement).

The Timor-Leste Agreement establishes a legally binding framework to govern defence cooperation activities between Australia and Timor-Leste. The Agreement would facilitate a range of cooperative activities including the conduct of maritime military and other operations; exchanges and exercises; international humanitarian assistance and disaster relief; education and training; and logistics support.

Committee Chair, Josh Wilson MP said, “This agreement would deepen the strong relationship between Australia and Timor-Leste. It would provide for closer and improved cooperation on defence activities with Timor-Leste and allow Australia’s significant international support for Timor-Leste to grow.”

The Serbia Social Security Agreement allows each country to pay a benefit that reflects a person’s association with that country’s social security system. The Agreement covers the age pension for Australia and pension and disability insurance for Serbia. The Agreement would allow for a claim for a benefit to be lodged in either country and for the sharing of information.

Mr Wilson said, “The Agreement would help maximise the income of Australian residents and further strengthen ties between Australia and Serbia.”

The reports can be found on the Committee website, along with further information on the inquiries.

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THE Reserve Bank of Australia’s decision to hold interest rates is a welcome reprieve to households as ABS data released today shows more bad news for Australia’s housing crisis with new home building approvals falling by 7.7 percent in June, said Master Builders Australia CEO Denita Wawn.

“We can already see the impact of interest rate rises exacerbating the housing crisis," Ms Wawn said.

“Attention needs to be turned to addressing the structural undersupply challenges of the housing market. The rental market is feeling the brunt of this pressure with higher-density home building approvals sinking by 21 percent in June.

“New apartment and unit building is a key source of new supply for Australia’s rental market. These results come on top of last week’s figures showing that rental inflation has shot to its highest rate in 14 years.

“Sadly, the uptick in higher density approvals in May was short-lived with approvals returning to low levels since before the pandemic. Right now, many new home building projects are failing to get off the ground due to the combination of high costs and a declining investment appetite, inflamed by rising interest rates.

“We need to see governments working to make it easier for new projects to get the green light by kickstarting private investment and reducing development costs and delays," she said.

“Taxes, regulations and the industrial relations environment all have an impact on the cost of construction.

“The building and construction industry continues to implore the Opposition and crossbench to pass the Housing Australia Future Fund legislation,” Ms Wawn said.

www.masterbuilders.com.au

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