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FSC releases guidance on divesting Russian assets

THE Financial Services Council (FSC) has today released guidance to assist superannuation trustees and fund managers with divestment of Russian assets.

Despite superannuation funds only having a small exposure to Russian investments in the context of the $3.5 trillion superannuation system, the guidance reinforces the resolve of the financial services sector in ensuring that it meets the strong expectations of divestment outlined by the Australian Government.

FSC CEO Blake Briggs, said, “Divestment of Russian assets complements a range of Russian sanctions imposed by the government. The guidance supports superannuation trustees implement sanctions, cease new investments, and divest from Russian assets.

”By providing guidance, we aim to ensure that divestment occurs in a way that is consistent with the best financial interests of members and trustees’ legal and fiduciary obligations.”

The guidance, which is available on the FSC website sets out guiding principles for superannuation trustees; asset managers directly investing superannuation capital; and asset managers operating managed investment schemes with superannuation funds as investors.

The guidance covers:

  • what constitutes a ‘Russian asset’;
  • steps to be taken by superannuation trustees:
  • issues in relation to ownership and control; and
  • how the investment process will achieve divestment.

Mr Briggs said the FSC was confident this contribution will assist the broader industry in ensuring divestment occurs so that the superannuation sector can play its role in supporting international sanctions against Russia.

www.fsc.org.au

 

About the Financial Services Council

The FSC is a peak body which sets mandatory standards and develops policy for more than 100 member companies in one of Australia’s largest industry sectors, financial services. FSC Full Members represent Australia’s retail and wholesale funds management businesses, superannuation funds, life insurers and financial advice licensees. Supporting Members represent the professional services firms such as ICT, consulting, accounting, legal, recruitment, actuarial and research houses. The financial services industry is responsible for investing $3 trillion on behalf of more than 15.6 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.

 

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FWC appointment welcome but more needed says AMMA

Australian Resources and Energy Group,  AMMA has welcomed the appointment of Paul Schneider to the Fair Work Commission FWC), announced this morning by Attorney-General and Minister for Industrial Relations Michaelia Cash.

"Mr Schneider is well known and widely respected within Western Australia's industrial relations community," AMMA chief executive Steve Knott said.

"He brings significant experience from across the resources industry -- the powerhouse of Western Australia's economy -- and in particular the offshore and maritime support sectors where industrial relations can be both complex and challenging."
 
Mr Schneider's appointment as a Commissioner comes shortly after the news Deputy President Amanda Mansini will leave the FWC to assume her new appointment as Judge of the Federal Circuit and Family Court of Australia.
 
AMMA noted "with some concern" the FWC would remain as having 43 statutorily appointed members -- a historically low level of resourcing.
 
"The Morrison Government should very seriously consider additional appointments to the FWC prior to the 2022 Federal Election," Mr Knott said.
 
"When the ALP left office in September 2013 there were 46 tribunal members and Australia's labour force contained some 11.6 million people.
 
"Today the FWC has 43 members and the labour force contains approximately 13.4 million people.
 
"Not only is the FWC administering an employment system with 1.7 million additional users than when the ALP was last in office, but matters are increasing in both volume and complexity.
 
"This includes a raft of COVID-19 related workplace disputes that are swamping the commission currently and are only expected to grow.
 
"AMMA congratulates the Attorney-General for making a high quality FWC appointment today.
 
"It is AMMA's firm view that at least three more appointments would not only be well justified prior to the Election, but very necessary to maintain the functioning of the FWC."

www.amma.org.au

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Australia's deteriorating security environment leads to surge in PJCIS workload

AUSTRALIA'S rapidly deteriorating security environment, which is characterised by unprecedented levels of foreign interference, cyber attacks and terrorism, has led to a record high workload for the Parliamentary Joint Committee on Intelligence and Security in the 46th Parliament,according to the Chair of the Committee, Senator James Paterson

He said throughout the term, the PJCIS tabled 38 reports, including 23 tabled in the past 12 months alone. This is equal only to the workload of the 45th Parliament, and far exceeds the 22 reports tabled in the 44th Parliament and the ten reports in the 43rd Parliament.

"Given this workload, the committee reiterates its recommendation in its Annual Report 2020-21 that the parts of the Intelligence Services Act 2001 which govern the work of the committee should be referred to the PJCIS at the commencement of the 47th Parliament," Senator Patterson said.

Of note the committee recommended passage of:

  • the Surveillance Legislation Amendment (Identify and Disrupt) Bill 2020 establishing three new warrants that give law enforcement agencies effective powers to enable swift and decisive action against the rising challenge of serious online crime;
  • the Security Legislation Amendment (Critical Infrastructure Protection) Bill 2022 which establishes critical tools that will bring together government and industry to strengthen defences against significant threats from nation state adversaries and criminal actors;
  • the Intelligence Oversight and Other Legislation Amendment (Integrity Measures) Bill 2020 ensuring that vital oversight and scrutiny keeps pace with new intelligence service capabilities to retain public confidence and ensure scarce resources are most effectively targeted to the most serious risks; and
  • securing the listings of both Hamas and Hezbollah, in their entirety, as terrorist organisations.

In addition, the committee’s ground-breaking Inquiry into national security risks affecting the Australian higher education and research sector report made 27 bipartisan, unanimous recommendations to address the serious threats posed by foreign interference to our most critical research institutions.

The Inquiry into Extremist Movements and Radicalism in Australia remains ongoing, with the committee presenting an interim report recommending the PJCIS of the 47th Parliament conclude this important work.

An inquiry into the Telecommunications (Interception and Access) Amendment (Corrective Services Authorities) Bill 2022 – referred to the PJCIS on 21 February 2022 ­– will commence in the 47th Parliament, if the government chooses to progress it, as will the Review of the Migration and Citizenship Legislation Amendment (Strengthening Information Provisions) Bill 2020.

The committee’s Review of Administration and Expenditure No. 20 (2020–21) – Australian Intelligence Agencies and Statutory Reviews of the Foreign Influence Transparency Scheme Act 2018 and of the Counter-Terrorism (Temporary Exclusion Orders) Act 2019 have commenced and will be finalised by the newly appointed Committee in the 47th Parliament.

The committee has agreed to launch a review of the listing of the eight terrorist organisations, including Hamas and the National Socialist Order, for consideration by the PJCIS of the 47th Parliament.

Senator Paterson said the PJCIS would continue to experience a heavy workload as threats to the nation escalate.

"The most important task of the PJCIS is to help keep Australia safe and free," he said. "With foreign interference, cyber threats and terrorism at their highest levels yet, this task has never been more important.

"Our strategic environment is experiencing the most consequential realignment since the Second World War and we need to ensure security agencies have the right tools to protect our nation, and the right oversight mechanisms to ensure they retain public confidence for their important work.

"I thank all members of the committee for their tireless commitment to this task over the 46th Parliament," Senator Paterson said.

Further information on the review as well as a copies of the reports mentioned above, can be obtained from the Committee’s website.

 

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First periodic report on Human Rights tabled in Parliament

THE Joint Standing Committee on Foreign Affairs, Defence and Trade presented its First periodic report on Human Rights in the Senate yesterday.

"This report outlines the range of issues the committee has considered during this term of parliament, and is intended as a precedent for future periodic reports to the parliament about human rights matters," Kevin Andrews MP, Chair of the Human Rights Sub-Committee, said.

"During this parliament, the committee has proposed Magnitsky-type legislation for Australia, made recommendations about the human rights of women and girls in the Pacific, and measures to help eliminate child and forced marriage. The Human Rights Sub-Committee has also held many private briefings and public round tables on specific issues," Mr Andrews said.

"However, it has not yet tabled a general report on human rights issues. Periodic reporting on human rights will help ensure that the voices of the most marginalised and persecuted populations can be heard, and that their concerns are placed on the public record," Mr Andrews said.

The report includes an overview of some of the issues raised with the committee in the private briefings it has received. The report also provides a summary of public hearing round tables held by the committee on foreign interference in Australia and on human rights abuses in Ethiopia.

This work was conducted as part of the Committee’s inquiry into the Department of Foreign Affairs and Trade Annual Report 2019–20. Details of the inquiry and a copy of the report are available from the Committee’s website.

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Committee to review listing of Hamas, National Socialist Order and six other terrorist organisations

THE Parliamentary Joint Committee on Intelligence and Security (PJCIS) has commenced a review of the listing and re-listing of eight organisations as terrorist organisations under the Criminal Code Act 1995 (the Criminal Code).

The listing of these organisations, made by regulations tabled in Parliament this week, triggers the application of a number of offences under the Criminal Code relating to membership of, support for or associating with the organisations.

Hamas is listed for the first time in its entirety, replacing the previous listing of Hamas’ Izz al-Din al-Qassam Brigades (the military wing of Hamas). This follows a recommendation of the PJCIS to the Federal Government to consider broadening the listing in October 2021.

The government has determined that Hamas is an ideologically and religiously motivated violent extremist organisation, which supports a strategy of armed resistance in pursuit of its goals of establishing an independent Palestinian state, and destroying Israel as a political entity. Hamas’ leadership has stated that there is no neat separation between the organisations’ political and paramilitary components and implied that the Brigades’ activities, including the use of terrorism, are sanctioned by and carried out as part of the wider Hamas organisation. Public statements made by Hamas’ political leaders have supported and advocated terrorism-related activities.

National Socialist Order (NSO), formerly known as Atomwaffen Division, has been listed as a terrorist organisation for the first time. The government has determined that NSO is a nationalist and racist violent extremist group, founded in the United States in 2015, which advocates the use of violence to initiate a race war and establish a white ethno-state.

Two organisations, Hay’at al Tahrir al-Sham and Hurras al-Din, are listed for the first time in place of the previously-listed organisation Jabhat Fatah al-Sham, on the basis that these two groups are successors to Jabhat Fatah al-Sham, which is now defunct.

Four groups previously listed as terrorist organisations have been re-listed for a further three years by these regulations: Abu Sayyaf Group, Al Qa’ida, Al Qa’ida in the Lands of the Islamic Maghreb and Jemaah Islamiyah.

Under section 102.1A of the Criminal Code, the committee may review listings of terrorist organisations and report its findings to each House of the Parliament within the 15 sitting day disallowance period for the relevant regulations.

Members of the public can make submissions to this review, for likely consideration by the new PJCIS once formed in the next Parliament after the election. Submissions should be provided no later than Friday May 13, 2022.

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

 

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Treaties Committee supports ratification of Protocol to Forced Labour Convention

THE Joint Standing Committee on Treaties has recommended the Federal Government ratifies the International Labour Organization Protocol of 2014 to the Forced Labour Convention.

Committee Chair Dave Sharma MP said, "The Protocol aims to address gaps in the existing forced labour conventions to combat the evolving nature of forced labour.

“The committee is of the view forced labour should, without exception, be outlawed and notes Australia is already in compliance with the obligations established by the Protocol. Australia’s commitment to eliminating forced labour is clear and unequivocal.”

The Committee agreed ratification of the Protocol would enhance Australia’s standing in the international community and ability to address the practices authoritatively, particularly in the Asia-Pacific region.

The committee acknowledged that notwithstanding the progress being made to address forced labour, there was further work to be done, and was also  encouraged to see the detail of future action in the Australian Government’s National Action Plan to Combat Modern Slavery 2020–25.

In addition, Mr Sharma said, the committee was of the view that if a significant proportion of entities reporting under the Modern Slavery Act continued to miss mandatory reporting requirements, the Australian Government should consider steps beyond the current approach of educating and encouraging relevant entities.

The report can be found on the Committee website, along with further information on the inquiry.

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Government procurement to support sovereign security

A NEW Parliamentary inquiry report highlights that government procurement has an important part to play in supporting the development of Australia’s sovereign industry capability.

John Alexander OAM MP, Chair of the House of Representatives Standing Committee on Infrastructure, Transport and Cities, today tabled the report for the committee’s inquiry into procurement practices for government-funded infrastructure.

"Since starting the inquiry last year, these issues have become even more significant and pressing," Mr Alexander said. "Sovereign security has in recent times, become an important issue for our country, as tensions between great power competitors come into sharp focus, with real concern for the impact this has on our exports and the flow-on effects to our economy.

"Over many decades, sovereign security has been compromised due to our expedient choices in seeking the lowest price over best value for our procurement. This has diminished our capacity to deliver fit-for-purpose infrastructure and a sustainable industry," Mr Alexander said.

"The lack of long-term planning has resulted in a piecemeal, ad hoc and reactive delivery process, which thwarts the development of efficiencies in the construction industry that could be attained if there was a steady pipeline of projects available. Industry needs the confidence to gear up in line with the opportunities available, which would build up industry capacity and productivity.

"‘In the 88 percent male dominated construction workforce, more needs to be done to address the cultural practices and norms within the construction industry that disincentivise women from entering or staying."

The committee makes eight recommendations aimed at:

  • improving the planning, procurement and delivery of government-funded infrastructure projects;
  • improving collaboration between the tiers of government;
  • enhancing opportunities for Tier 2 and 3 companies and Australian businesses to participate in the significant Australian infrastructure pipeline;
  • improving technology uptake by both governments and industry; and
  • improving the construction industry’s capacity and sovereign capability.

The report is available on the committee’s website.

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Strengthening Australia's relationships with the Pacific: report published

THE Joint Standing Committee on Foreign Affairs, Defence and Trade presented its report into Strengthening Australia’s relationships with countries in the Pacific region in the Senate yesterday.

The Chair of the Foreign Affairs and Aid Sub-Committee, Dave Sharma MP said, “This report seeks to build upon the success of the Pacific Step-up and identify further prospective areas for deepening and strengthening Australia’s engagement in the Pacific.

“At a time of intensifying geopolitical competition and growing global challenges, especially that of climate change, fostering and strengthening Australia’s relationships with the Pacific has assumed a new importance and urgency.”

The committee made several recommendations, including:

  • that Australia lead a large-scale, multi-year post-COVID-19 aid and recovery package;
  • that Australia builds upon labour mobility schemes to provide better career development options and permanent residency pathways;
  • that support for climate change mitigation and adaptation be a high priority in Australia’s immediate regional assistance program;
  • that the Federal Court of Australia’s judicial capacity-building programs in the Pacific continue to be supported;
  • the creation of a dedicated Pacific component to Australia’s permanent migration intake, akin to the New Zealand model;
  • expanding Australia’s media and broadcasting footprint in the Pacific, recognising this is a key element of soft power; and
  • exploring ambitious proposals for deeper integration, such as a long-term compact of free association

Further information about the inquiry, including the report, submissions, transcripts, and responses to questions on notice, can be found on the Committee’s website.

 

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Much more needed to tackle social housing crisis says CFMEU

FEDERAL Labor’s promise to commit $10 billion to build affordable social housing is welcome, but only scratches the surface of what is now a housing crisis in Australia.

If Labor leader Anthony Albanese is serious about reducing housing poverty in Australia, he must commit the party to spending at least $20 billion over the next five years, according to CFMEU Construction and General national secretary Dave Noonan.

“Housing is a fundamental human necessity," Mr Noonan said. "In fact it is a basic human right, but right now home ownership is simply out of reach for most Australians.”

Successive Australian governments have failed to take the steps necessary to ensure that all Australians have access to affordable housing, resulting in a massive increase in homelessness, rental stress and housing insecurity, Mr Noonan said.

“Quite simply, as skewed tax incentives and low housing stocks have seen property prices skyrocketing and rents rising by an average of 20 per cent in the past two years, social housing construction has failed to keep pace with the growth in waiting lists.”

“The ensuing homelessness and housing insecurity affects parts of the community disproportionately; in particular younger people, First Australians and women over 50.”

Mr Noonan said the small positive gains made, such as industry superannuation investing in affordable housing through National Housing Finance and Investment Corporation bonds, is still too little and too slow to address the problem.

“Australia’s stock of social housing has not grown for 30 years, and the share of social housing has fallen from six percent to four percent today, leading to the shortfall of 100,000 dwellings that we now face," he said.

“At the CFMEU’s national conference this week delegates voted unanimously on a resolution demanding Labor at least double its investment to $20 billion to make inroads into this crisis.”

The conference also called for a full, independent, inquiry into affordable and social housing policy, including the interaction between federal and state governments, tax policy, future needs, and other relevant factors.

“This is a task for all levels of government, along with financial institutions such as super funds, to substantially increase investment in social and affordable housing immediately.  A failure to act is a failure of leadership, and a betrayal of future generations,” Mr Noonan said.

 

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Tabling of the Road Safety Committee's final report

THE Joint Select Committee on Road Safety today tabled the final report for its Inquiry into Road Safety.

The report examines factors contributing to fatal and serious injuries on Australian roads and considers opportunities to improve road safety outcomes through measures which:

  • support the design, construction, and maintenance of high-quality road infrastructure that minimises the likelihood and severity of road crashes;
  • encourage the uptake of modern vehicles fitted with proven safety features;
  • effectively manage speeds to safe levels and deter unsafe behaviours;
  • ensure all road users are equipped with the knowledge and skills to identify and respond appropriately to road safety risks;
  • embed road safety as part of ‘business as usual’ in public and private sector organisations;
  • promote safety for gig economy participants who use the road as a workplace;
  • enhance road safety in the heavy vehicle sector; and
  • contribute to effective post-crash response and trauma support.

The report also identifies a need for effective leadership and oversight in relation to road safety at the national level, noting that efforts to improve road safety in the past have been stymied by poor governance, a lack of clearly defined responsibilities for reducing road trauma, and failures to report progress towards set targets in a meaningful way.

In addition, the report highlights the importance of high-quality research and reliable, accurate data to understanding the road safety environment and to the design, implementation, and evaluation of innovative measures to improve road safety outcomes.

The report includes 61 recommendations relating to these matters.

Committee Chair, Darren Chester MP, said, "Road trauma touches the lives of all Australians, whether as victims of a road crash or as family members, friends, first responders, or members of the wider community. The causes of road trauma are complex and demand innovative solutions supported by strong leadership, reliable, accurate data, and high-quality research.

"The committee’s report outlines a series of measures that may be taken to improve road safety in the short term, while also highlighting some of the steps that should be taken if we are to achieve sustainable reductions in road trauma into the future.

"While the committee’s report outlines several areas where road safety can be enhanced, what is crucial is that governments at all levels take responsibility for reducing fatal and serious injuries on our roads, including implementing as a matter of urgency recommendations of this and other inquiries. As this report coincides with the federal Budget, the committee also calls on the Government to invest in safety for all Australians by committing sustainable funding to measures which reduce deaths and serious injuries on our roads."

The committee has thanked all who contributed to the inquiry by lodging submissions, giving their time to provide evidence at hearings, providing additional information, or expressing views via correspondence.

The report is available on the committee’s website.

 

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Cooperative Research Australia to showcase 30 years of CRC science and tech innovations in Canberra

COOPERATIVE Research Australia will showcase Australian cutting-edge technologies and innovations from 30 Cooperative Research Centres, spin-out companies and universities at a special event at Parliament House in Canberra on Thursday, March 31.

The Innovation Showcase is part of Cooperative Research Australia’s Collaborate Innovate Conference, which also marks the 30th anniversary of the Australian Government-funded Cooperative Research Centres program. The conference brings together Australia’s senior leaders and participants in industry-research collaboration.

Innovation highlights of the exhibition include:

  • Low carbon bricks and plasterboard samples from Mineral Carbonation International;
  • Cameras and sensors to create more efficient transport systems from iMOVE CRC;
  • A sample carbon fibre wheel from Innovative Manufacturing CRC;
  • Silicon carbide wafers, a microfluidic pump, EEG headset, Biowraps, 3D printed wrist bones and femoral deformity device and smart garments from Griffith University;
  • Hives and honey from the CRC for Honey Bee Products;
  • · Upcycled food waste products and materials from the Fight Food Waste CRC;
  • A smart bed for monitoring the aged for falls and other vitals from Sleeptite;
  • · A model satellite from SmartSat CRC;
  • A soil monitor protype from the Soil CRC.

“Celebrating 30 years of the Cooperative Research Centres program, the Innovation Showcase features interactive exhibits from CRCs and CRC Projects displaying practical examples of their technologies, products and services that are improving the competitiveness, productivity, and sustainability of Australian industries," Cooperative Research Australia CEO Jane O’Dwyer said.

"The showcase will be an opportunity to see the outcomes of Australian innovation firsthand and speak to those who have driven new ideas to reality,” 

One of Australia’s most significant and distinguished champions of innovation, David Thodey AO, will deliver the keynote address at Cooperative Research Australia’s 30th Anniversary Gala Dinner (March 31).

See here for full list of showcase exhibitors: https://pdfhost.io/v/y9IkuTUy9_Showcase_List_v2convertedPDF

See full conference program here: https://collaborateinnovate.com.au/program/

 

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