THE Credit and Investments Ombudsman (CIO) has slammed Australia’s big banks and their dispute resolution scheme, the Financial Ombudsman Service (FOS), for calling for the creation of a single industry Ombudsman scheme in the financial services sector.

Financial services businesses are required by law to join an Ombudsman scheme approved by the Australian Securities and Investments Commission (ASIC). CIO and FOS are the only two Ombudsman schemes currently approved by ASIC. Neither are statutory schemes.

“A single Ombudsman scheme would mean that about 37,000 licensed businesses would be forced by law to join and pay membership and service fees to a single private sector provider. No other provider would be allowed to operate in the sector," said Mr Raj Venga, CEO and Ombudsman, CIO.

“This would be a bizarre outcome. It’s like legislating that compulsory superannuation contributions should only be made to a named industry super fund. Or that a person can receive the Government’s private health insurance rebate only if they take out private health insurance with a named mutual health fund (both of these are not-for-profits, like CIO and FOS).

“It would be extraordinary for any government to mandate that its citizens and businesses financially contribute to, and comply with the requirements imposed by, a private sector provider operating to the exclusion of all other providers," Mr Venga said.

"Apart from being completely unacceptable and offensive to Australian norms, one wonders what its legal and constitutional basis is.

"And a single Ombudsman scheme like that being proposed by the big banks, FOS and, oddly enough, some consumer advocates, would essentially be a non-statutory private sector monopoly capable of dictating terms to businesses. It would not be subject to efficiency and cost disciplines. It could set any price it wanted. There would be little or no incentive to improve its services or performance, or to respond to the legitimate interests of its stakeholders”, Mr Venga continued.

“CIO’s 23,000 members, 97% of whom are sole traders and small businesses, would be forced to join a single Ombudsman scheme that would be beholden to the big end of town which generates the most number complaints and pays the most fees. Who’s looking out for the small guy?  It tends to be forgotten that these small businesses are also consumers.

“The paradox in all this is that the proposed solution to address the sins of the major banks is a measure which will do nothing more than entrench their dominant position to the detriment of consumers, businesses and the economy.

"A single Ombudsman scheme proposed by, and beholden to, the major banks will serve their interests in maintaining the status quo in the Australian financial sector. Imposing a ‘big end of town’ solution on smaller and more innovative financial services providers will damage their ability to compete with the major banks and will continue to leave Australian consumers and businesses with an uncompetitive financial system.

“A statutory scheme or tribunal is not the answer either because a large bureaucracy would be legalistic, less flexible and substantially less consumer-friendly, and this would have a negative effect on turnaround times, service levels and innovation.

“We believe that the present two Ombudsman scheme model has served both consumers and financial services providers exceptionally well.  The existence of two separate Ombudsman schemes has allowed each scheme to benchmark its performance against the other. This has produced better outcomes for businesses and consumers alike, and can’t be achieved under a single Ombudsman monopoly.

“Any consolidation of CIO and FOS would mean that businesses, particularly small businesses, who are dissatisfied with service levels or costs, will have absolutely nowhere else to go,” Mr Venga concluded.

The Credit and Investments Ombudsman (CIO) is an alternative dispute resolution scheme approved by the Australian Securities and Investments Commission to provide consumers with an alternative to legal proceedings for resolving disputes with financial services providers who are members of CIO. These include finance brokers, non-bank lenders, building societies, mutual banks, credit unions, financial planners, finance companies, debt purchasers, small amount short term lenders and mortgage managers.

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THEHouse of Representatives Standing Committee on Infrastructure, Transport and Cities will tomorrow hold a public hearing on new technologies in mass transit, including Hyperloop.

Committee Chair John Alexander MP says the hearing will include presentations from Hyperloop One, Bishop Austrans, Newhaven Wealth, the Korean Government and Consolidated Land and Rail Australia (CLARA), who will present their vision of how value capture could transform rail travel in Australia.

“Investment in new technology is vital to improving transport connectivity in our cities and regions,” Mr Alexander says.

“There are concepts coming on line now which have the capacity to completely transform the way we move about.

“High Speed Rail has the capacity to create opportunities for urban and regional development that do not currently exist. In addition, concepts like Hyperloop and Austrans offer completely new visions of the future.”

Hyperloop uses electric propulsion to accelerate a passenger or cargo vehicle through a tube in a low-pressure environment at speeds of up to 1,200 km/h using magnetic levitation. Austrans is a small vehicle, automated transit system developed in Australia.

Further information on the committee’s inquiry into transport connectivity, including the full terms of reference, is available on the Committee website. The Committee is expected to report by the end of the year.

Public Hearing: 9:30am Friday 28 October 2016, Macquarie Room, Parliament House, Sydney

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

Further information about the inquiry can be accessed via the Committee’s website. 

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AMMA has today released a detailed record of the dysfunction and political in-fighting plaguing Australia’s so-called independent workplace relations tribunal, in a letter urging Minister for Employment Michaelia Cash to launch a full investigation into the Fair Work Commission’s (FWC) structure and approach to administering Australia’s workplace laws.

The resource industry employer group’s correspondence to Minister Cash raises a number of serious issues which are seeing the national tribunal ‘failing to support the interests of employers and employees in contemporary Australian workplaces’.
 
“All evidence points to the FWC being highly dysfunctional, not serving users well and appearing to pursue political agendas rather than assisting constructive workplace relations outcomes for employers and employees,” says AMMA chief executive Steve Knott.
 
“We are seeing FWC members, many with trade union backgrounds, operate outside of long-standing conventions and issue decisions at odds with long-standing industrial principles.
 
“The dysfunction is becoming personal with senior members of the tribunal attacking the decision making of their peers when reviewing controversial or contentious decisions.
 
“AMMA's analysis of several significant FWC decisions reveals a toxic culture of conflict between key FWC members, on open display for all to see in competing judgements. This comes at significant cost to users of the FWC, namely employers, employees and the taxpayer.”
 
AMMA’s concerns about the operation of the FWC, highlighted to Minister Cash, include:

• Entrenched dysfunction that is blurring the line between respectful, constructive, collegiate differences of opinion and outright denigration and hostility.
• The propensity of the FWC’s President to intervene in high profile industrial disputes which many believe is beyond the accepted precepts for the head of an industrial relations tribunal.
• The need for the Coalition Government to urgently redress the imbalance in FWC appointments following the former Labor Government’s six year bias towards trade union appointees with little to no business experience.
• Increasing incidences of individual FWC members handing down decisions which directly contradict established Full Bench principles and approaches.
• The growing number of successful appeals against some tribunal members who have a record of handing down contentious decisions, leaving taxpayers to foot the bill.

Mr Knott says the examples in AMMA’s letter ‘not only challenge the credibility of the tribunal in its role as independent umpire, but threaten to further diminish employer confidence in our workplace system’.
 
“A review of the FWC should examine the merits of having a specialist appeals body of industrial relations jurists; something found in other international employment systems such as the United Kingdom,” he says.
 
“These concerns are not solely for industrial relations specialists, but are at the heart of growing our economy through making Australia a more positive and rewarding place for employment.”
 
Replacing the Fair Work Commission with a set of ‘modern, balanced employment institutions’ is one of the 5 key workplace reforms identified by resource employers in a 2016 survey. Click here to learn more.

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THE GSMA and the Metro Atlanta Chamber have today confirmed the final agenda for the ‘GSMA Mobility Live! – North America’ conference being held next week (1-2 November 2016) in Atlanta.

More than 90 senior executives representing over 70 companies will feature across the two-day conference programme, which will cover topics such as 5G, connected cars, cyber security, digital health, fintech, the Internet of Things and augmented reality.

“We are looking forward to bringing the mobile world to Atlanta next week, for a stimulating event that will highlight North America’s role in pioneering the next generation of mobile services and technologies,” said Michael O’Hara, Chief Marketing Officer at the GSMA. “The world-class speaker line-up features leading executives from both the mobile ecosystem and from vertical industries that are being transformed by mobile such as automotive, consumer goods, leisure and sports.”

“With the presence of so many Fortune 500/1000 companies in metro Atlanta, we are pleased to host this dynamic event and to share the abundance of knowledge those company executives are bringing to the GSMA Mobility Live! – North America audience,” said David Hartnett, Chief Economic Development Officer of the Metro Atlanta Chamber. “Partnering with GSMA offers us the opportunity to highlight metro Atlanta’s significant role in the future of the mobile ecosystem in our region and beyond.”

There are four keynote sessions on the conference programme:

Keynote 1: The State of the Industry (Tuesday: 09:00 – 10:15 EST)

The event’s opening keynote will explore the role of today’s mobile industry in driving technology innovation and transforming the lives of consumers and businesses. Speakers include:

• Glenn Lurie, President and CEO, AT&T Mobility and Consumer Operations, AT&T

• John Dwyer, President, Cricket Wireless

• Michael O’Hara, Chief Marketing Officer, GSMA

• Hala Moddelmog, President and CEO, Metro Atlanta Chamber

Keynote 2: Media & Content (Tuesday: 10:45 – 12:00 EST)

At a time of major disruption across the entire content value chain, this session will debate how mobile devices and connectivity is unlocking new opportunities in entertainment and interaction. Speakers include:

• Michael Archer, Chief Strategist, Akamai

• Allie Kline, CMO, AOL

• Glenn Lurie, President and CEO, AT&T Mobility and Consumer Operations, AT&T

• Gregory Lee, President and CEO, Samsung Electronics North America

• Jeremy Legg, CTO, Turner

Keynote 3: Connected Stadiums (Tuesday: 16:30 – 17:15 EST)

A session dedicated to the evolution of sports stadiums, which are responsible for delivering some of today’s most innovative consumer mobile experiences. Speakers include:

• Steve Cannon, CEO, AMB Group

• Jared Miller, CTO, AMB Sports & Entertainment

Keynote 4 (Wednesday: 09.15 – 10.30 EST)

This session focuses on a wide range of topics, including Atlanta’s flourishing tech scene; the importance of collaboration within the ecosystem; and how connectivity is transforming the fan experience at the Philips Arena, home of the NBA’s Atlanta Hawks. Speakers include:

• Peter Sorckoff, Chief Creative Officer, EVP Brand and Innovation, Atlanta Hawks and Philips Arena

• Doug Lodder, SVP, Business Development, Boingo Wireless

• Jane Schachtel, Global Head of Technology and Telco Strategy, Facebook

• Alan Dabbiere, Founder and Former Chairman, AirWatch; Chairman, Wandering Wifi

The full conference agenda and complete list of speakers is available at http://www.mobile360series.com/north-america.

Alongside the conference programme, the ‘Showcase’ area offers interactive demonstrations and expert discussions from GSMA programmes and GSMA Mobility Live! sponsors. Among the demonstrations, the GSMA Connected Living programme will highlight how US operators will scale the IoT with licensed low-power wide area networks.

Sponsors and partners for the event include AT&T (Platinum Sponsor); Weather Channel (Gold Sponsor); Huawei (Global Industry Supporter); Gemalto (Registration Sponsor); and Flex, Home Depot, Perficient (formerly BlueTube), SAP, Sequans Communications, Syniverse and VMware AirWatch (Silver Sponsors).

GSMA Mobility Live! – North America is part of the GSMA’s Mobile 360 Series of global conferences. Registration for GSMA Mobility Live! – North America is open at http://www.mobile360series.com/north-america/#register.

Follow the latest developments and updates on Twitter, using the #GSMAMOBILITYLIVE hashtag or following @GSMA, on Facebook at www.facebook.com/Mobile360Series and LinkedIn on www.linkedin.com/company/gsma-mobile-360-series.

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THE House of Representatives Standing Committee on Indigenous Affairs has announced that its inquiry into educational outcomes for Aboriginal and Torres Strait Islander students from the 44th Parliament has been re-referred to the Committee for further inquiry. 

The Chair of the Committee, Ms Melissa Price MP said “the cessation of the 44th Parliament prevented the Committee from completing this important inquiry so it has been re-referred to the Committee for that purpose.”

“The aims of the inquiry are to identify the best opportunities and pathways we can give to Indigenous students to assist them to succeed in school, regardless of whether they live in a remote community or in a regional or urban centre.”

The Committee invites submissions to the inquiry by Friday 25 November 2016.

For advice on making submissions see the Committee’s website at www.aph.gov.au/indigenousaffairs or contact the committee secretariat on (02) 6277 4559.  If you made a submission to this inquiry in the 44th Parliament, it is not necessary to make another submission unless you have further information which you believe the Committee should receive

Terms of Reference

The Committee will inquire into and report on key aspects of educational opportunities and outcomes for Aboriginal and Torres Strait Islander students up to school leaving age, including but not limited to:

• access to, participation in and outcomes of pre-schooling
• the provision of boarding school education and its outcomes
• access to, participation in, and benefits of different school models for indigenous students in different parts of Australia
• engagement and achievement of students in remote areas
• impacts on, and support for, families and communities whose children experience different models of educational services
• best practice models, both domestically and internationally, and
• comparisons of school models in the transition to further education and employment outcomes.  

For background:
House of Representatives Standing Committee on Indigenous Affairs
(02) 6277 4559
This email address is being protected from spambots. You need JavaScript enabled to view it. 
www.aph.gov.au/indigenousaffairs

Interested members of the public may wish to track the committee via the website. Click on the blue ‘Track Committee’ button in the bottom right hand corner and use the forms to login to My Parliament or to register for a My Parliament account.

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AUSTRALIAN companies now have an innovative way to get involved in the multi-billion dollar LAND 400 Phase 2 armoured vehicle program.

Minister for Defence Industry, Christopher Pyne, announced a new Australian Industry Opportunity Roadmap which helps Australian companies cash in on the work available.

“Australian industry involvement is at the centre of the Government’s plans for the project,” Minister Pyne said.

“Projects like LAND 400 give us the opportunity to modernise our defence capability while keeping jobs in Australia and boosting domestic manufacturing.

"We want to encourage Australian industry participation – particularly in assembly, systems design, integration, testing and evaluation, and support of the capability."

“This is the chance for Australian defence employers and suppliers to get their slice of a very big pie,” he said.

The Opportunity Roadmap was developed by the two shortlisted tenderers, BAE Systems Australia and Rheinmetall.

It lists opportunities for Australian industry to become involved in the acquisition and support for the project.

“This roadmap was one of the significant recommendations arising from the Deloitte Review of Australian Industry Opportunities for LAND 400 that was announced by the Turnbull Government,” Minister Pyne said.

“Both companies will participate in a series of industry showcase workshops before the end of the year, once responses to the Roadmap have been received.”

LAND 400 Phase 2 involves the purchase of 225 Combat Reconnaissance Vehicles for the Army, replacing the Australian Light Armoured Vehicle.

“BAE Systems Australia and Rheinmetall have been contracted to participate in the next stage of tender evaluation, involving extensive testing of supplied vehicles, before a final selection is made.

“I urge all Australian companies with services or capabilities sought on the Opportunity Roadmap to register for the Australian Industry Showcase Workshops now, as the closing date for registrations is Friday, 21 October 2016,” Minister Pyne said.

The Australian Industry Capability Opportunity Roadmap has now been published on Defence’s LAND 400 website.

http://www.defence.gov.au/casg/Multimedia/roadmap-9-7762.pdf

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QUEENSLAND’s first Chief Entrepreneur will officially open a startup incubation space to nurture the next generation of business leaders at QUT on Friday, October 21.

The QUT Foundry, a co-working and mentoring space at QUT’s Gardens Point campus, will be launched by Queensland Chief Entrepreneur Mark Sowerby at 9am.

mr Sowerby is one of the state’s most successful entrepreneurs and best known as the founder and former Managing Director of Blue Sky Alternative Investments Ltd, an ASX-listed diversified funds manager focussed on alternative assets. 

As the inaugural Chief Entrepreneur, Mr Sowerby helps set Queensland’s strategy to identify, attract and nurture opportunities to best position Queensland as the Startup State.

The QUT Foundry, powered by QUT’s innovation, venture and investment company qutbluebox, is a space for QUT student entrepreneurs, staff and alumni to devise and develop ideas. As well as mentoring opportunities, QUT Foundry startups will have access to regular events and advice from industry experts.  

WHAT: Queensland Chief Entrepreneur Mark Sowerby to open startup space at QUT
WHEN: 9am, Friday, October 21
WHERE: P Block, QUT Gardens Point campus

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THE Standing Committee on Infrastructure, Transport and Cities, has recommenced its inquiry into transport connectivity, with a public hearing to be held in Canberra tonight (October 18). CSIRO and RMIT will address the Committee.

Committee Chair, John Alexander MP, says enhanced transport connectivity is key to the economic and social development of our cities and regions.

“Greater transport connectivity will transform our cities and regions, making them economically more efficient and socially more connected,” Mr Alexander says.

“It will also raise the value of property along transport corridors and around transport nodes. Capturing the value of this increase will allow us to pay for enhanced connectivity, especially transformational projects like High Speed Rail.”

RMIT, in conjunction with CSIRO and others, is conducting research into how patterns of settlement may be changed by the development of transformational infrastructure like high speed rail, and what impact value capture may have on this development. This research has included a series of ‘Design Studios’ to test an Australian idea of urban density; and explore how a new inland city of 250,000-400,000 inhabitants might be planned.

Further information on the inquiry, including the full terms of reference, is available on the Committee website. The Committee is expected to report by the end of the year.

Public Hearing: 5pm Tuesday 18 October 2016, Committee Room 1R3, Parliament House, Canberra

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

Further information about the inquiry can be accessed via the Committee’s website. 

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