TODAY’S announcement that Indian miner Adani’s $22 billion Carmichael coal, railway and port project will be based in Townsville and begin construction from early 2017 is overwhelmingly positive news for regional Queensland, the state and the nation.
 
“After spending years obtaining the appropriate approvals, mining leases, demonstrating its commitment to environmental management and fighting continuous and often mischievous legal challenges, today’s strong progress on Adani’s Carmichael coal project is warmly welcomed by Australia’s resource industry,” says AMMA chief executive Steve Knott.
 
“This project is expected to inject 500 new jobs into regional Queensland in its first phase, create up to 10,000 direct and indirect jobs throughout its construction period, and employ an ongoing workforce of 4,500 during its long-term production phase.
 
“New multi-billion dollar mining projects are an extreme rarity in the challenging economic conditions currently facing resource operators globally. In recent years more than $160bn worth of potential resources projects have been dropped from consideration in Australia, almost half of which was flagged for Queensland.
 
“Adani’s Carmichael project will be much more than a short-term boost for Queensland’s economy. With an operating life of up to 90 years, it will create opportunities for small business and provide taxation and royalties that will fund schools, hospitals and other community infrastructure for almost a century.”
 
AMMA notes that despite obtaining almost all approvals needed to begin construction, and complying with more 200 environmental conditions, efforts are still underway by minority activist and community groups to derail the project through continuous court challenges, appeals and protests.
 
Mr Knott says Australia can learn from the excessive and unnecessary costs and delays in getting the Carmichael project to its pre-construction phase, in seeking to improve our processes for assessing and approving future job-creating developments.
 
“It is not missed that as most of the country celebrates one of very few new major resource projects in Australia coming closer to fruition, there are ongoing strategies by vocal minority activist groups to frustrate and stall the project through Australia’s courts,” he says.
 
“While nobody should be denied their right to legally and responsibly object to a development on legitimate grounds, the continuous legal activism known as ‘lawfare’ seen in the Adani case is counter-productive to our nation securing future projects and the community benefits they bring.
 
“The irony of the anti-coal brigade is that Australia supplying developing nations such as Indian with their coal energy needs is not only good for our economy and jobs, but ultimately better for global CO2 emissions  due to the cleaner burning properties of Australia’s high quality thermal coal.
 
“In doing so, Australia is also strengthening our relationship with one of our most important emerging international trade partners, and doing our part in helping bring billions of people out of poverty.”

www.amma.org.au

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THE House of Representatives Standing Committee on Infrastructure, Transport and Cities has today presented its report, Harnessing Value, Delivering Infrastructure, on the role of transport connectivity in stimulating development and economic activity in urban areas and regional Australia.

The Committee has recommended development of value capture mechanisms as a means of funding new transport infrastructure and the development of high speed rail to facilitate new patterns of settlement in Australia.

Committee Chair Mr John Alexander MP says the effective planning and development of transport infrastructure in our major cities and regions would optimise not just our potential for growth but also quality of life and cost of housing.

“We should give effect to urban renewal and densification while rebalancing the pattern of settlement through strategic decentralisation,” Mr Alexander says. “The key to this is high speed rail funded by value capture.”

The Committee has also recommended:

• developing a framework for the specification and evaluation of proposals for the development of a High Speed Rail Network in Eastern Australia
• investigating options for private funding of High Speed Rail through value capture
• the monitoring and investigation of other technological innovations for transport connectivity
• recognising the potential contribution towards the costs of new transport infrastructure of value capture
• developing a system for coordinating the planning and funding of major infrastructure projects across all levels of government
• coordinated procurement of vehicles and rolling stock for transport infrastructure
• establishing value capture mechanisms for individual transport infrastructure projects as a condition of federal funding
• developing a toolkit of value capture mechanisms that can be applied by all levels of government
• continued roll-out of City Deal-type agreements with the various state, territory and local governments
• developing a consistent and coordinated approach to the application of value-capture to major infrastructure projects, with the Australian Government acting as the single-point for the collection of value capture revenues.

A copy of the report can be obtained from the Committee’s website or from the secretariat on (02) 6277 2352.

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GLOBAL political unrest and change may place further strain on Australia’s economic position, according to the Institute of Public Accountants (IPA).

“Australia faces a tremendous economic challenge as we position ourselves in an increasingly competitive region,” said IPA chief executive officer, Andrew Conway speaking at the launch of the IPA Deakin SME Research Centre recently.

“The emergence of the Trump government in America comes with uncertainty over current and future free trade agreements which may impact on our international relationships with other countries.

“And I am sure that discussions around Brexit will shortly shift to ‘Brentry’; as in, which markets the UK will seek to enter.

“Australia is uniquely placed to influence trade and investment opportunities in new markets.

“Critical to this will be whether small business has the confidence to employ and to explore. Employing more people and exploring new markets will help ensure small business owners, their families and our communities are in a position to seize the growth potential.

“However, this cannot happen with a blind expectation that government has the capacity to solve these problems and lay these policy foundations in isolation. 

“Our stagnating productivity growth as a nation threatens our quality of life. One of the critical levers that government and industry must acknowledge and trigger is to unleash productive capabilities of small business.

“Our job is to think big and back that up with reasoned and sound evidence and that is the role of our SME research centre

“However, research is not an end in itself; it is an enabler. Research is about building a seminal body of evidence to support a proposition. Our proposition is how do we turn Australia into the best place in the world to start, run and grow a small business?

“Our vision for the research centre is that it becomes the credible voice for small business. That policy makers continue to come to us first for advice as a sounding board and we get it right,” said Mr Conway.

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 with more than 35,000 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.  The IPA was recognised in 2012 as Australia’s most innovative accounting organisation and listed in the top 20 in the 2012 BRW Most Innovative Companies List.  

publicaccountants.org.au

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A CAMPAIGN calling for all Australian businesses to pay their bills on time has been launched today by the Council of Small Business of Australia (COSBOA), the Australian Industry Group (Ai Group) and the Australian Institute of Company Directors (AICD).

Peter Strong, CEO, COSBOA; Innes Willox, CEO, Ai Group and John Brogden, MD and CEO, AICD, claim that Australia’s business sector has developed a culture of paying invoices well past the internationally accepted 30 day standard.

This campaign calls upon the CEOs of Australia’s major companies to take the lead and make a public statement that their company will be paying on 30 day terms by June 2018.

Mr. Strong  commented that while small businesses form the backbone of the economy and are often the fountain of innovation, the lifeblood of small business is cash flow.

“Not many people are aware of how entrenched this behaviour has become in our business world. It has become increasingly more common for a 90 day payment frame to be included in B2B contracts. In some cases this has extended out as far as 120 days,” he said.

“This behaviour has even extended to the payment of individual contractors who, in some cases, are now facing 60 day payment terms. I Individual contractors, unlike B2B payments, often rely on this money to live, to pay mortgages and to put food on the table. In these instances, late payments can have a huge impact.”

The joint campaign comes as Kate Carnell,  Australian Small Business and Family Enterprise Ombudsman, launches an inquiry into the payment times and practices for B2B payments.

AICD MD & CEO John Brogden said it was time to change this culture of late payment that has become predominant in Australian businesses. 

”Best practice in governance demands that businesses pay on time. Without surety of cash flow it is hard for any business to achieve strong and consistent performance,” he said.

“I believe there is a common desire to fix this problem and for all Australian businesses to pay on time, every time.”

Ai Group CEO Innes Willox said the call for 30 day payment terms was also supported by Australian regulators.

"We should all be getting behind this campaign. Paying on time is the right and fair thing to do," he said.

For more information visit: http://www.cosboa.org.au/blog/pay-on-time-send-your-supporting-statement/

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ABU DHABI Global Market (ADGM) and Innovate Finance headline the unique FinTech event in Bahrain, this December 2016.

The very first Enterprise Excellerate (E-Squared) will be launched on the 1st day of the 23rd World Islamic Banking Conference (WIBC) 2016 with the strategic support of the Bahrain Economic Development Board (EDB).

The conference will endeavor to strengthen the entrepreneurial ecosystem in Bahrain and will feature discussions on the FinTech revolution and the challenges that exist within this space. The event will take place alongside WIBC 2016 on December 5 at the ART Rotana Hotel, Amwaj Islands, Kingdom of Bahrain.

E-Squared will focus on three themes: FinTech, Digital Banking and Start Ups. On this regard, the event will gather over 200 delegates from the technology, finance, entrepreneurial, and banking space to spur discussions on how the Middle East can keep up with the global trends and thus create new digital and tech startups in Bahrain whilst attracting investments for the development of the economy. Leading organizations will be joining this exciting forum to engage in the informative sessions and contribute to the growing entrepreneurial ecosystem.

Amongst the organizations joining E-Squared is the Abu Dhabi Global Market (ADGM) - a broad-based international financial center for local, regional and international institutions that support member institutions with the regulatory framework, legal jurisdiction and attractive business environment for sustainable business growth. The Executive Director of Capital Markets at ADGM, Mr. Wai Lum Kwok will be joining the conference and will speak to the effect of highlighting the GCC as a greater influential hub for global commerce.

In addition to this, Innovate Finance - an association representing UK’s global FinTech community - will join in as an Associate Partner to the conference. Innovate Finance will contribute to the conference through a riveting speech by their CEO, Lawrence Wintermeyer on the trajectory of the FinTech industry within a global standpoint.

E-Squared will feature discussions on topics relevant to the current market scenario including sessions related to the FinTech Revolution, Digital Banking, the Rise of Robo-advisors, Blockchain and Crypto-currencies and much more. The event will also see the exclusive launch of "The Venture Capital Report" by Thomson Reuters.

The conference further welcomes a large roster of speakers who by and large are connected to the financial technology sector. Some of the confirmed speakers include:

• David Parker, Executive Director - Financial Services, Bahrain Economic Development Board
• Lawrence Wintermeyer, CEO, Innovate Finance
• Stuart Hutton, CIO, Simply Ethical
• Azzeddine Chaibrassou, Founder, Qardz
• Areije Al Shakar, Vice President and Deputy Head, Development Services, Bahrain Development Bank
• Haider Al-Mosawi, Co-Founder, Sirdab Lab
• Erkki Aaltonen, Executive Director, startAD, NYU Abu Dhabi
• Bader Alzahrani, Managing Director, Endeavor Saudi Arabia
• Ola Doudin, CEO, Co-Founder, BitOasis
• Jan Skoyles, Research Executive, GoldCore.com Infosys
• Greg Simon, Co-Founder, Loyyal
• David Martinez de Lecea, Founder, Finerd
• Junaid Wahedna, CEO, Wahed Invest
• Martin Young, CEO, Farringdon Asset Management
• Ashar Nazim, Partner, Head of Global Islamic Banking Centre,EY
• Wissam Khoury, Managing Director, Middle East & Africa, FIS
• Othman Abdullah, Managing Director, Silverlake
• Nasser Saleh, CEO, MadfooatCom
• Mohammad Raafi Hossain, CEO, Finocracy
• Isa Ahmed Al Doseri, Assistant Manager of Investment Division, Bahrain Development Bank
• Michael Mellinghoff, Managing Director, Techfluence
• Omar Rana, Co-Founder & Director, Strategy & Finance, Finalytix
• Dilip Sankarreddy, Founder and CEO, QuietGrowth
• Mr. V. Ramkumar, Senior Partner, Cedar Management Consulting International
• Ali Mohsen, Chief Product Officer, Level Z
• Dr. Amer Alzaidi, Head of Information System Department, Vice-Dean Faculty of Computing and Information Technology, University of Jeddah

Enterprise Excellerate will be a one day event that will take place on the 5th of December 2016 at the ART Rotana Hotel, Amwaj Islands, Kingdom of Bahrain. For more details log on to: http://e2.wibc2016.com

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A HOUSE of Representatives committee today announced a new inquiry into the social implications of driverless vehicles.

The Standing Committee on Industry, Innovation, Science and Resources will inquire into the social issues relating to land–based driverless vehicles in Australia, including cars, trucks, buses and trains.

Committee Chair Michelle Landry MP says the inquiry will bridge an important knowledge gap in the growing body of research about this emerging technology.

“Our inquiry will focus on issues such as the social acceptance of the technology, how it might benefit Australians with limited mobility, and the potential social implications for driverless vehicles in the industrial and public transport sectors.”

“Other investigations have started to address the technological aspects of driverless vehicles or possible regulatory approaches, and Australia is already at the forefront of using or trialling this new technology. For example, there is currently a driverless shuttle bus on trial in Perth, millions of tonnes of iron ore are already being transported on driverless haulage trucks, and driverless trains are to be used on a new Sydney metro line.

“This inquiry will take the next step with the Committee seeking to understand and encourage open discussion on some of the complex social issues that have yet to be tackled.”

The full Terms of Reference for the inquiry are set out below.

Submissions are due on 6 February 2017. The Committee will then hear additional evidence at public hearings. To make a submission or find out more about the work of the Committee, please visit the Committee’s website.

Terms of Reference—Driverless Vehicles Inquiry

The Committee will inquire into the current and potential social issues relating to land­ based driverless vehicles in Australia.

The inquiry will consider different types of transport (such as cars, trucks, buses and trains)-as well as different driverless options (such as directly controlled, remotely controlled and fully autonomous vehicles).

In particular, the Committee will inquire into and report on:

1. What social issues are relevant-such as:
   a.       general social acceptance levels
   b.      passenger and non-passenger safety
   c.       legal responsibility and insurance
   d.      potential impacts on employment and different industry sectors (such as the taxi industry)
   e.      access and equity issues (such as increasing individual mobility for the elderly and people with disabilities)
   f.        potential public transport applications
2. How each social issue is being handled—including the opportunities and challenges for each issue
3. Recommendations to progress action on the social issues identified

When undertaking this Inquiry the Committee should have regard to:

• non-social aspects relating to driverless vehicles—such as regulatory status, infrastructure, technological readiness, data management and cyber security  issues
• the experience of other jurisdictions and nations
• how Australia might best position itself to contribute to global driverless vehicle initiatives
• the respective roles of the Australian government, the Australian Parliament, other jurisdictions and other stakeholders
• how issues identified from this inquiry might inform work on other emerging technologies

Interested members of the public may wish to track the committee via the website. 

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THE House Standing Committee on Tax and Revenue has commenced an inquiry into taxpayer engagement, specifically considering the experiences of individuals and small businesses in interacting with the taxation and superannuation system.

The Chair of the Committee, Mr Kevin Hogan MP, said the committee is particularly interested in examining the cash or black economy and the ongoing digitisation of Australia’s taxation system.

“There has been a lot of commentary recently about how to deal with undeclared cash income. This is just one aspect of the inquiry—albeit an important one—as it says just as much about the community’s acceptance of the ‘hidden economy’, as it does about those who do not declare cash income.”

He also noted that, “It is, however, important not to dampen innovation and micro‑business start‑ups, or to create a new unintended black economy in the pursuit of closing the cash economy tax gap.

“We will be very interested to consider the different experiences of both digital natives (who have recently started to, or will soon be paying income tax) and at the other extreme, the older generation of new digital adopters,” Mr Hogan said.

The inquiry will investigate how taxpayers view and operate with each other, with tax agents and other intermediaries—and ultimately with the Australian Taxation Office.

A number of overseas taxation agencies have used behavioural economics to inform the development of their tax systems; in particular, developing the social norm that paying your share of tax is expected behaviour.

“We would like to hear about what taxpayers believe are their—and other taxpayers’—obligations and why they think this way. Furthermore, we’ll be exploring why individuals and small businesses behave in certain ways, not only about lodgement and meeting tax payments but also about declaring taxable income,” Mr Hogan said.

Written submissions addressing one or more aspects of the terms of reference are requested to be lodged by Thursday, 9 February 2017.

Further details about the inquiry, including the full terms of reference, an explanatory paper and information on how to contribute, can be obtained from the Committee’s website at www.aph.gov.au/taxrev or by contacting the Committee secretariat on 02 6277 4821 or emailing This email address is being protected from spambots. You need JavaScript enabled to view it.           

Interested members of the public may wish to track the committee via the website. 

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THE passage of legislation clearing the way for the re-establishment of the Australian Building and Construction Commission (ABCC), along with the Security of Payments Working Group, marks a new era of fairness and productivity in the building sector, Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell said.

“For too long, many small businesses involved in the construction industry have had their livelihoods undermined by unproductive, inappropriate and heavy handed conduct at the hands of unions, who have used their power to either twist the arm of small business owners into signing unfair industrial arrangements, or worse still force the little guys off the project altogether,” Ms Carnell said.

“The re-establishment of the ABCC will ensure there’s a tough cop on the beat; it will prevent union coercion and put a stop to bullying, ensuring mum-and-dad small businesses have greater access to major construction projects, which will ultimately bring down rapidly rising building costs here in Australia.”

Ms Carnell congratulated Senator Nick Xenophon for his work in relation to security of payments for subcontractors.

“For a small business, gaining access to a building site doesn’t mean anything unless you get paid at the end of the day.  The reality is, many small businesses in the building sector have been stung by rogue head contractors who either don’t pay their subbies on time, or worse still, the lead contractor goes bust and simply doesn’t pay their subbies at all,” Ms Carnell said.

“The work by Senator Xenophon regarding security of payments will hopefully help stamp out this practice in the future, so small businesses get paid the money that’s rightfully theirs.

“The role of the new Security of Payments Working Group is something my office will look at as part of our current Payment Times and Practices Inquiry, which is investigating the payment terms of big businesses and governments in relation to their commercial arrangements with small businesses, and the measures that can be implemented in the future to ensure the little guys are paid on time.”

www.asbfeo.gov.au

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