RECOMMENDATIONS to support Australia’s newspaper services in rural, regional and remote areas will be laid out in a report released today by the House of Representatives Standing Committee on Communications and the Arts.

Committee Chair, Anne Webster MP said, "Regional newspapers in Australia represent a large and diverse industry, which has experienced significant challenges over the past decade. With the transition to digital news and the ongoing COVID-19 pandemic, assessing the health of our regional newspapers is more important than ever before."

The Committee made 12 recommendations aimed at addressing core sector issues, and implementing alternative and sustainable business practices, to ensure the longevity of local newspapers across Australia.

The Committee also recommended a multi-pronged approach to support the long-term viability of the sector, particularly for small and independent newspapers based in regional and remote Australian communities. The approach includes the funding and development of a project to gather and analyse core longitudinal data on regional newspapers in Australia.

"For people in regional, rural, or remote communities, regional newspapers are the main source of local information. It also plays an important role in maintaining an interconnected community, and a healthy democracy," Dr Webster said.

"A diversity of opinion from all sides of the political spectrum and coverage of local, as well as national issues, is essential to public debate. It is important we ensure the sector remains viable in the long-term," Dr Webster said.

The report can be accessed from the committee’s website.

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A VITAL mental health service for first responders must be given permanent funding and the NSW Government should step in if the Federal Government won’t, according to the Public Service Association (PSA) and the Fire Brigade Employees Union (FBEU).

Funding for the Black Dog Institute’s Traumatic Stress Clinic has not been renewed, meaning the vital mental health support for first responders to bushfires, floods and other natural disasters will end on June 30.

The unions, which have members working across emergency services including Fire and Rescue NSW, RFS, SES, Police and 000 call operators, say the funding must be secured, either by the Commonwealth or the state.

“Post traumatic stress and mental trauma doesn’t stop once the flood dries and the fires are out,” PSA general secretary Stewart Little said.

“If the Commonwealth won’t fund the Black Dog Institute’s Traumatic Stress Clinic for first responders then the Premier needs to step in and do it.

FBEU secretary Leighton Drury said, “First responders are ordinary women and men who do extraordinary things.

“They're there for us in our hour of need, we shouldn’t abandon them. We should be investing in their mental health and resilience.”

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THE House of Representatives Standing Committee on Tax and Revenue has today released its report titled The Australian Dream: inquiry into housing affordability and supply in Australia.

The report follows a seven-month parliamentary inquiry in which the committee heard from the Australian Federal Government, state and local governments, industry groups, peak bodies, think tanks, academics, economists, unions, and the general public. In its report, the committee makes 16 recommendations to improve housing supply and affordability across the country.

Chair of the committee, Jason Falinski MP said, "It should not need to be stated, but home ownership matters. It matters for reasons as diverse as wealth equality, mental health, childhood outcomes and democratic stability.

"But at the end of our months-long investigation, it does need to be reasserted that our nation was founded to be a classless society in which everyone got a chance to own their own home.

"The primary driver of growing house prices is the lack of market response. We need to reform broken planning systems, fix inefficient regulation, and stop new home buyers unfairly bearing the brunt of taxes and charges that are designed to raise funds, not living standards.

"This report identifies opportunities for all levels of government to unlock more housing supply, create more affordable homes and increase home ownership," Mr Falinski said.

Many of these recommendations focus on increasing housing supply. By recommending the Australian Government implement policies which financially incentivise state and local governments to adopt better planning and property administration practices, upwards pressure on supply will be mitigated. Further, incentivising state and local governments to directly tie taxes and levies to actual and meaningful infrastructure improvements will also serve to mitigate this upward pressure.

The committee is cognisant of the fact that a housing deposit is the largest barrier for first home buyers. Therefore, one of the key recommendations is that first home buyers be allowed to use their superannuation assets as security for a home loan. The report also makes recommendations regarding emerging housing models in Australia, including rent-to-own and build-to-rent housing.

It is evident that there are serious and large-scale issues in Australia’s housing market. In many parts of the country, an increasing number of Australians are struggling to buy a home, find an affordable rental property that meets their needs, and afford housing costs. Meanwhile, home ownership rates continue to fall. This situation has severe implications for us now and future generations.

The committee said it hoped this report would pave the way for effective government action and cooperation to address this critical issue, and has thanked all of those who contributed to the inquiry.

A full copy of the committee’s report can be found on the Inquiry’s website.

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THE Australian Small Business and Family Enterprise Ombudsman Bruce Billson has marked Harmony Day (March 21, 2022) by thanking migrant-led small and family businesses for their valuable contribution to the vibrancy of the community and vitality of the national economy.

Mr Billson said one in three small businesses were run by people who have moved to Australia from overseas and these businesses contribute more than their entrepreneurial share across a range of measures including job creation, innovation, revenue and growth aspirations.

“Harmony Day is a timely opportunity to recognise and celebrate the significant contribution of more than 600,000 migrant-led small businesses in Australia today,” Mr Billson said.

“According to CGU’s Migrant Small Business Report about a third of migrant-run small businesses plan to grow their businesses by hiring new staff, with projections indicating the creation of 200,000 new jobs by 2027.

“By 2050 it’s predicted that migration will contribute $1.6 trillion to Australia’s GDP – adding 15 percent to the nation’s workforce participation rate.

“Migrant small business leaders are educated (51% have a bachelor degree or higher), entrepreneurial and driven, with 42 percent working in excess of 40 hours per week. So many of their stories are inspiring and there is no doubt our culture, local business communities, and choice of good and services available to consumers and other businesses, are enriched by their presence.

“My agency is keen to share these stories and to raise awareness about the assistance and advocacy work we do for small and family businesses in Australia. We welcome contact from small and family business owners of all cultural backgrounds, to hear about their experiences and insights about how we can help make Australia the best place to start, grow and transform a business. We have access to translator services if helpful in sharing this knowledge.”

Small and family businesses in dispute are encouraged to reach out to ASBFEO on 1300 650 460 or via email This email address is being protected from spambots. You need JavaScript enabled to view it. To share your story email This email address is being protected from spambots. You need JavaScript enabled to view it..

Watch the Ombudsman’s Harmony Day video here.

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THE Queensland Resources Council (QRC) has welcomed the Australian Government’s commitment to support new investment in critical minerals projects, which is a key growth area for Queensland’s resources sector.

QRC chief executive Ian Macfarlane said investments in critical minerals will become increasingly important as Queensland looks to play to its advantages in resources to create new jobs and support Australia’s national security.

“Queensland’s resources sector is an economic stronghold, underwriting the state economy to the tune of $84.3 billion and supporting more than 420,000 jobs,” Mr Macfarlane said.

“Investment in a range of commodities, including critical minerals, will also strengthen Australia’s energy security and self-sufficiency in areas as diverse as defence and the advanced manufacturing of renewables.”

The Australian Government has this week announced a new Critical Minerals Strategy, backed by a $200 million grants program, to accelerate prospective projects plus $50 million to support research and development.

The government also announced $243 million for investments in critical minerals manufacturing initiatives, including $45 million for a high purity alumina production facility near Gladstone to meet demand for lithium-ion batteries and LED lights.

“Queensland is fortunate to have diverse potential in critical and new economy minerals including vanadium, nickel, cobalt and scandium projects, which has been recognised by the State Government and is a key measure in the draft Queensland Resources Industry Development Plan,” Mr Macfarlane said.

“The QRC has previously welcomed the State Government’s investment in common user infrastructure to support the vanadium industry in North Queensland, and we believe more infrastructure like this is needed to drive further industry growth.

“The Queensland resources sector has proven to be a reliable partner for local communities over decades, and especially so during the COVID pandemic,” he said.

“Investments in our traditional commodity strengths as well as in the commodities of the future will help ensure the resources sector can continue to play that steady role to support Queensland jobs, our economy and our security.

“The QRC looks forward to working with the State and Federal Governments to maximise the return on investments in the critical and new economy minerals sector.”

www.qrc.org.au

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THE House of Representatives Standing Committee on Economics today tabled a report on the implications of common ownership and capital concentration in Australia.

Committee chair Jason Falinski said, "The magic source of free markets is competition. It is the element above all else that promotes and provokes innovation, invention and delight in customers. There is a misconception that free markets are efficient, but this is less than half the story, what they are really good at is being dynamic, and competition is the key to that dynamism.

"The problem is that as capital markets become more concentrated, especially in Australia, that owners of capital have conflicting interests with consumers. There is an emerging field of study that is providing compelling evidence that concentrated capital is driving out competition."

Capital concentration can occur when large institutional investors dominate equity markets and influence how firms behave in the marketplace. Common ownership refers to a situation in which an investor simultaneously owns shares in competing firms.

"If financial markets are dominated by a small number of large investors, or if the same investor owns a significant stake in competing businesses, the evidence is piling up that competition suffers," Mr Falinski said. "That can lead to higher prices, lower quality goods and services, and lower relative wages — all of which are serious concerns.

"Further, the concerns of capital are not necessarily the same as the concerns of people, it is not just as consumers that we suffer, but also as employees, investors, voters, citizens and human beings."

The committee has recommended that measures be introduced to increase transparency in respect of the holdings and behaviours of institutional investors. The report also calls for Australia’s financial regulators to actively monitor capital concentration and common ownership.

Mr Falinski said, "This is an emerging issue, and some of the world’s top economic thinkers supported the committee in its inquiry. By taking steps now to empower our regulators to be proactive in monitoring and potentially responding to these phenomena, we can avoid having to deal with a larger issue in the future."

A full copy of the committee’s report is available on the committee’s website.

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HESTA has reached a key milestone, with its in-house Australian Equities team actively investing as the $68 billion industry superannuation fund embarks on the next phase of its ambitious internalisation investment program.

Plans to bring its fixed interest and cash teams in-house are well underway, with HESTA targeting at least 15 percent of its portfolio being internally managed in the short-to-medium term.

HESTA CEO Debby Blakey said the fund’s hybrid strategy – which combines direct investment capability alongside leading external asset managers – aims to continue generating strong, competitive, long-term investment performance at a lower cost, directly benefitting members.

“This is an exciting and new chapter for our fund that builds on a track record of delivering outstanding investment performance for members," Ms Blakey said.

“Our internal asset management team will help bring us even closer to capital markets, giving us greater access to cutting-edge global investment thinking. This will help us continue to deliver strong, long-term returns and ensure members’ investments are well positioned for a dynamically changing world.”

HESTA CIO Sonya Sawtell-Rickson said the internalisation program aims to enhance investment thinking across the whole portfolio, as well as its responsible investment activities, with its internal Australian equities team to strengthen the fund’s established direct engagement program.

“Our HESTA impact program has a strong focus on identifying investment opportunities arising from long-term sustainability trends such as the transition to a low carbon future and the outperformance companies with strong, inclusive and diverse cultures can achieve," Ms Sawtell-Rickson said.

“We’re well placed to continue developing first-hand knowledge of company business models that can increase our ability to generate competitive, sustainable returns, while amplifying the positive impact we can have on behalf of members."

The internalisation program resulted in a new leadership structure with a number of key appointments made over the last two years including general m for growth assets Steven Semczyszyn, who joined in 2020, to lead the internal Australian Equities team. 

“Our senior leadership structure has been carefully designed to help deliver the overall investment program and portfolio strategy and is aimed at enhancing an innovative, leading investment team, with plans to support future growth in capability and capacity," Ms Sawtell-Rickson said.

The fund has further invested in its systems and data, including the implementation of a whole-of-fund portfolio management system which can be leveraged for internalisation across asset classes.

“We’re bringing in some of the best and brightest minds to help manage a growing and significant pool of assets. Over the next two years we plan to have half of the active Australian Equities money managed in-house," Ms Sawtell-Rickson said.

Recruitment of the fund’s fixed interest and cash teams is well underway and expected to be fully operational by late 2022.

“We’re continuing to build capability across a range of asset classes that will allow us to keep delivering outstanding results for members,” Ms Sawtell-Rickson said.

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THE Parliamentary Joint Committee on Intelligence and Security (PJCIS) will hear evidence from critical industries and government agencies on proposed new laws to protect Australia’s infrastructure from sophisticated cyber attacks.

The Security Legislation Amendment (Critical Infrastructure Protection) Bill 2022 addresses outstanding elements of new cyber laws passed by the Parliament last year, as recommended by the PJCIS in its Advisory report on the Security Legislation Amendment (Critical Infrastructure) Bill 2020 and Statutory Review of the Security of Critical Infrastructure Act 2018.

The committee will hear from witnesses representing a range of industry sectors including: IT, telecommunications, education, health care, logistics, energy, utilities, and key union groups. The committee will also hear from key government agencies, such as the Australian Signals Directorate and the Department of Home Affairs.

"Australia’s security outlook has never been more uncertain, and so it’s critical that government and industry are working hand in glove to identify and counter sophisticated cyber attacks," PJCIS Chair Senator James Paterson said.

 "The second tranche of cyber laws aims to achieve just that, and I look forward to hearing from the government and private sector alike to ensure a unified response to threats against our nation," Senator Paterson said.

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

Public hearing details

Wednesday, 16 March 2022
​10am – 5pm (AEDT)
​Committee Room 2S1, Parliament House, Canberra

A program for the hearing is available online and the hearing will be broadcast live at aph.gov.au/live.

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