CHARTERED ACCOUNTANTS ANZ (CA ANZ) said the Federal Government’s commitment to legislate tax deductions for small business was "a big win for those already struggling to retain talent".

Federal Treasurer Jim Chalmers announced the government’s intention to legislate initiatives which allow businesses with a turnover of up to $50 million the capacity to deduct 120 percent of expenditure on training of staff up until June 30, 2024.

Small businesses will also be able to gain a bonus 20 percent deduction which will support the uptake of digital technologies until June 30, 2023.

“This is a big win for small business, and I thank the Federal Government for moving swiftly to legislate these proposals as it is something, as a profession, we have been advocating for,” CA ANZ chief executive Ainslie van Onselen said.

“Small businesses are grappling with the capacity to retain their staff, and this move will give them certainty to invest in their people, and to give their staff some clear pathways in their professional development,” Ms van Onselen said.

“This type of investment may be the difference between a staff member staying with a business or deciding to pursue another opportunity.

“This is a great boost for smaller businesses in the lead up to the Jobs and Skills Summit in Canberra where I will be representing the accounting profession,” Ms van Onselen said.

“At the upcoming Jobs and Skills Summit, I’m looking forward to sharing solutions to address skilled migration, boost domestic skills and education, and increase the workforce participation of women, mature workers and underrepresented groups.”

www.charteredaccountantsanz.com

About Chartered Accountants Australia and New Zealand

Chartered Accountants Australia and New Zealand represents more than 131,000 financial professionals, supporting them to make a difference to the businesses, organisations and communities in which they work and live. 

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BUILDING APPROVALS data for July continues to reflect the magnitude of Australia’s existing pipeline of home building work, rather than the declines in housing demand that are evident in other leading indicators, according to Housing Industry Association (HIA) economist Tom Devitt.

The Australian Bureau of Statistics (ABS) today released its monthly building approvals data for July for detached houses and multi-units covering all states and territories.

“Building approvals for new houses in July increased by 1.0 percent compared to the previous month," Mr Devitt said. "This leaves approvals 23.0 percent lower in the three months to July 2022 compared to the same time last year. Despite this decline, house approvals in the three months to July 2022 were 12.0 percent higher than the same time in 2019.

“The strong volume of house approvals in recent months reflects the significant volume of new homes across Australia that had been sold earlier in the year, but not yet approved.

“The strong volume of approvals in July 2022 hides the impact that rising interest rates are already having on more timely data," Mr Devitt said.

“New home sales across Australia declined by 13.1 percent in July, following even earlier reports from the industry of a slowing in the number of groups visiting display sites. This will see weaker sales volumes in the second half of 2022.

“Approvals of multi units fell sharply in July, to see approvals in the three months to July 16.8 percent lower than in the same period in 2021. Despite this decline they remain comparable with volumes of approvals prior to the pandemic.

“Given the large volume of work under construction and approved but not commenced, there will be a significant lag between the increase in the cash rate and an adverse impact on new home construction.

“The long lead times in this current cycle will hide the impact of rate rises and risk the RBA over shooting with unnecessary rate increases,” Mr Devitt said.

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AUSTRALIA'S top veteran employers, employees and entrepreneurs are being celebrated today as finalists for the 2022 Prime Minister’s National Veterans’ Employment Awards are unveiled.

Minister for Veterans’ Affairs Matt Keogh said the awards provide the opportunity not only to recognise organisations that actively recruit, employ and support veterans, but celebrate the successes of veterans in their careers post service.   

“As a nation we value the contributions made by veterans and their ongoing commitment to service, and we recognise the valuable skills they bring to the civilian workforce,” Mr Keogh said.

“Making sure that our community is aware of the great benefit that veterans can bring to business is so important, that’s why these awards celebrate the businesses who work with veterans and families.

“The finalists for this year’s awards have all gone above and beyond to create environments where veterans and their families will have successful careers.

“Judges were impressed with the quality and calibre of nominations received.  It is clear to me that many Australian businesses know just how great veteran employees are.”

Mr Keogh said that these businesses have a competitive edge.

“Veterans bring with them great skills that they have gained in Defence. These are individuals with great leadership skills, teamwork capacity, analytical skills, with the ability to work under pressure and to be agile, all critical skills in the modern economy," he said.

“I am also so pleased that there’s some new categories in these awards - ‘partner employee’ and ‘partner entrepreneur’.

“It is very hard to find a good ongoing job or further your own career as a Defence spouse or family member if you are having to relocate regularly. We need to work with business so they can better understand that even if this person is only going to be employed for a short time, they are going to provide huge value to business."

The annual awards are part of the Prime Minister’s National Veterans’ Employment Program.

Winners will be announced at an award ceremony taking place in Canberra later this year.

Full list of finalists

THE AUSTRALIAN Parliament’s Joint Standing Committee on Electoral Matters is now inviting submissions to the review of the 2022 Federal Election. The committee conducts a review of the previous election early in each new Parliament.

Committee Chair Kate Thwaites MP (Jagajaga, Vic) said the inquiry is an important part of ensuring that Australia’s democracy remains strong.

"This review is an important opportunity to examine how things worked during the last election, including areas that could be improved for future elections. It helps to ensure the conduct of our elections is accountable and transparent and supports public confidence in our electoral system and our democracy,"  Ms Thwaites said.

The terms of reference for the inquiry include examining proposals to reform laws on political donations, including real time disclosure and a reduction to the disclosure threshold, and potential reforms to election funding.

Additionally, the committee expects to focus on the potential for 'truth in political advertising' laws to enhance the integrity and transparency of the electoral system; and increasing participation of First Nations People; as well as increased electoral participation and enfranchisement generally.

The committee will be interested in hearing from anyone with a view to share, whether from a major institution like the Australian Electoral Commission, or an individual who has an interest in the electoral process.

The Terms of Reference are included below and are available from the committee website.

Submissions are open until October 7, 2022. Comments are welcome on one or more of the terms of reference, or other matters of relevance to the conduct of the 2022 Federal Election.

The committee expects to hold public hearings in due course. All relevant information will be available from the committee website as the inquiry progresses.

Further information will be available on the Inquiry website. 

Terms of Reference:

That the committee inquire into and report on all aspects of the 2022 federal election and related matters, including consideration of:

(a) reforms to political donation laws, particularly the applicability of 'real-time' disclosure and a reduction of the disclosure threshold to a fixed $1,000;

(b) potential reforms to funding of elections, particularly regarding electoral expenditure caps and public funding of parties and candidates;

(c) the potential for 'truth in political advertising' laws to enhance the integrity and transparency of the electoral system;

(d) encouraging increased electoral participation and lifting enfranchisement of First Nations People;

(e) the potential for the creation of a single national electoral roll capable of being used for all federal, state and territory elections in Australia;

(f) encouraging increased electoral participation and supporting enfranchisement generally, and specifically in relation to:

1. i. accessibility of enrolment and voting for persons with a disability;
2. ii. voting rights of Australians abroad;

iii. Australian permanent residents and new Australian citizens; and

1. iv. New Zealand citizens residing in Australia; and

(g) proportional representation of the states and territories in the Parliament, in the context of the democratic principle of 'one vote, one value'.

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THE Queensland Resources Council (QRC) has welcomed the opportunity to show all Queenslanders what the resources industry is doing to continuously improve safety in the mining industry, following yesterday's announcement by the State Government of a new Parliamentary Inquiry into mine safety.

QRC chief executive Ian Macfarlane said the safety of every mine worker was a priority and a core value of every mining operation in Queensland. This has resulted in the state's mine safety record being the envy of every other mining region in the world.

"When it comes to worker safety, our industry operates on the basis we're on an ongoing, continuous cycle of improvement and that any injury or fatality is unacceptable,” Mr Macfarlane said.

"We look forward to sharing with the Queensland community just how seriously our companies take their responsibility to provide a safe operating environment, and where improvements can be made in any area, we will listen and follow the recommendations of the experts."

Mr Macfarlane said almost 1000 people are set to attend the industry's four-day, annual health and safety conference on the Gold Coast later this month, with hundreds more expected to attend online.

"Queensland's safety conference is highly regarded internationally and the largest of its kind in the southern hemisphere,” he said.

“It has been overwhelming to see the response from industry to the conference this year, after the Covid-related postponement of the past two years. This again demonstrates just how committed our industry is to our goal of zero harm.

"The conference will feature presentations by the best health and safety experts in the world as well as from leading, independent regulators and government representatives.

“The goal is to share knowledge and insights into critical health and safety issues and innovations in order to continuously improve safety in our industry."

www.qrc.org.au

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QUENSLAND’s new coal royalty regime will not affect international mining investment but will make sure current record prices deliver better returns to regional communities, the Mining and Energy Union said this week.

Mining and Energy Union president Tony Maher said it was disappointing to see the Japanese Government weigh in on royalties when Japanese mining companies have been profiting from Queensland resources for decades.

“Coal prices are at staggering highs and no mining company is making investment decisions based on these prices, or on Queensland’s new royalty rates triggered by these prices,” Mr Maher said.

“In fact, some Japanese players in the Queensland coal industry already had their coal assets on the market before the royalty changes.

“Sure, they would like to pocket a bigger share of the current super-profits on the way out, but we’ll back a new hospital for Moranbah over bigger payouts for Japanese shareholders any day," he said.

“Mining companies will make their investment decisions based on the long-term outlook for coal prices and demand. It’s absolutely appropriate for Australian governments to make sure the industry delivers for citizens, especially at a time of record high prices," Mr Maher said.

“Mining communities are calling out for a fair return for their long-term support for the coal industry and overseas governments and the mining lobby should respect this.”

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RESPONDING to the Reserve Bank of Australia's 0.5 percent rise in interest rates Master Builders Australia’s CEO Denita Wawn said the decision "to further increase interest rates is more evidence of the need for monetary policy to return to more normalised settings to combat inflation".

“However, while acknowledging the need to tackle the dire effects of inflation, we are concerned that a continuing regime of steep rate rises risks turning the economic dial too far in the opposition direction and stalling economic growth needed to for the continuing recovery from COVID,” Ms Wawn said.

“Time should be given to observe the impact of the monetary policy changes in the economy.

“Our industry is disproportionately affected by interest rises and a hard economic landing would put at risk the viability of many building and construction businesses who have managed to come through the pandemic but whose resilience has been eroded by severe supply chain pressures. Many now lack the resilience to withstand more sharp economic shocks,” she said.

“The building and construction industry has shouldered much of the responsibility for underpinning the economic recovery. Suppressing construction activity would counteract the efforts of governments and the expenditure of billions in taxpayer’s funds to shepherd the economy through the pandemic and protect growth,” Ms Wawn said.

“Today’s decision reinforces the need for the Federal Government to ensure that its fiscal policies, indeed all economic levers, must be tested against their ability to drive down inflation and increase productivity."

www.masterbuilders.com.au

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ROAD WORKERS, construction crews and other Transport for NSW workers will walk off the job for the first time in decades on Thursday, as frustrations over the NSW Government's "effective pay cut" boil over.

Workers are outraged their important contributions are being rewarded by the NSW Government with a pay offer that would represent a significant step backward in living standards, according to the Australian Workers Union.

Transport for NSW workers will down tools at 6am Thursday and not resume work again until 6am Friday. The workers, spread across 69 depots throughout the state, will gather outside the front gates of major depots at 9am, including the Sydney Harbour Bridge depot and Civic Park in Newcastle.

The Australian Workers' Union (AWU), which represents the striking workers, has committed to supporting ongoing industrial action until change is achieved.

"These men and women worked tirelessly to keep our state moving during recent bushfires and flood catastrophes," AWU NSW branch organiser Cameron Wright said.

"During the pandemic they put on their work gear and went out into an uncertain world while the rest of us were locked down.

"And now (NSW Premier)Dom Perrottet wants to tell them all to cop a pay cut. It's just not going to fly.

"The Premier likes to talk about his '3 percent' wage increase offer, but in reality it's 2.5, because he's counting the mandated increase in superannuation.

"So with inflation running at over 5 percent, the average road worker is being told to feed their family with significantly less.

"These workers don't take industrial action lightly – in fact they haven’t been on strike in a generation. But you can only be pushed so far and this state government has done that pushing.

"If Dom Perrottet and his government doesn't return to the negotiating table in a more reasonable state of mind there's going to be a lot more days like today."

Unions have given TfNSW management a commitment members will make themselves available to respond to genuine emergency situations to keep the general public safe given recent weather events.

www.awu.net.au

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