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New state plan for resources to provide decades of jobs

THE SUCCESSFUL implementation of a bold new industry development plan for Queensland’s $82.6 billion resources sector will provide decades of jobs for Queenslanders, the Queensland Resources Council (QRC) said today.

QRC chief executive Ian Macfarlane said today’s launch of a Queensland Resources Industry Development Plan (QRIDP) by Resources Minister Scott Stewart was a crucial step towards building the state’s global reputation as a low-emissions energy superpower.

“The State Government is delivering on its pre-election commitment to work with the QRC and other stakeholders to develop a plan that maximises the benefits and addresses the challenges facing resources companies and resources communities at a critical time in world history,” he said.

“The next step is to make sure a clear plan and set of actions is developed in a timely way, for government and industry to take forward to secure the future of our industry and the future of Queensland.”

Mr Macfarlane said the global pandemic had made people more aware of the importance of a strong, stable state economy to their everyday lives.

“A new development plan for the resources sector will concentrate on promoting industry growth as well as responsibly unlocking resources and using low-emission energy to lower power costs,” he said.

“This is a genuine opportunity for the government and resources sector to work together to fix what isn’t working, remove unnecessary red tape and inefficiencies and set targets and pathways for growth.”

Mr Macfarlane said the plan would expand the Queensland economy and create more jobs and business opportunities, placing the state in a prime position to benefit from the world’s ever-increasing demand for energy from a mix of low and zero emission sources.

“We know from decades of exploration data that Queensland has a broad and abundant mix of resources, ranging from coal and gas to copper, zinc, lead, bauxite, nickel and silver, as well as critical minerals such as vanadium, titanium, scandium and cobalt which are essential in the production of renewable technologies,” Mr Macfarlane said.

“Queensland also has 300 days of sunlight a year to support a growing solar power industry, is closely located to expanding Asian markets particularly South-East Asia, has a critical mass of skilled resources workers and a strong safety culture to support future expansion.

“We have all the ingredients we need to support Queensland’s rise as a major supplier in the global energy market and secure our state’s long-term future.”

Other QRIDP priorities include:

  • maximising social and economic community benefits from the resources sector;
  • streamlining of government regulatory processes;
  • opportunities to expand advanced processing of resources in Queensland;
  • minimum 12-week consultation process for regulatory change of material impacts;
  • continued support for explorers through initiatives such as the Collaborative Exploration Initiative;
  • identification of further growth opportunities for Qld’s Mining Equipment, Technology and Services (METS) sector;
  • prioritising best practice environmental protections and rehabilitation based on Queensland’s landmark financial provisioning laws;
  • facilitating access to the state network of common user ports, rail lines and electricity infrastructure to create new opportunities.

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ATO and Tax Practitioners Board target identity fraud in partnership with tax profession

THE Australian Taxation Office (ATO) and the Tax Practitioners Board (TPB) are focused on measures to intercept attempted identity fraud targeted at registered tax practitioners and their clients.

New guidelines will strengthen and modernise the practices and controls that registered tax practitioners follow when verifying the identity of their clients.

The ATO has seen an increase in attempts by criminals to commit refund fraud by stealing the identities of taxpayers which has coincided with an increased reliance on technology and remote working practices. Having your identity compromised can have devastating financial consequences.

A lack of consistency to verifying the identity of clients has left individual tax practitioners vulnerable to attack. Practices that retain client identity documents insecurely are also at greater risk of having these documents stolen through physical break-ins.

The ATO’s draft guidance encourages tax practitioners to voluntarily start adopting the new client verification standard immediately, with the view for the standards to become compulsory in the future following an initial transition period and further consultation with the tax profession.

ATO Assistant Commissioner Sylvia Gallagher confirmed there was not an expectation that tax practitioners need to go back and verify the identity of their entire client base as part of the transitional approach.

"We’re asking that they perform identity checks from this point on, at the next opportunity in their normal dealings with clients,” Ms Gallagher said.

Inviting feedback on the TPB’s draft guidance, the TPB chair Ian Klug said, “We value the support of the tax profession in implementing these important controls to better protect the Australian community from tax fraud through identity crime.’’

Mr Klug further said the TPB’s guidance would apply to all registered tax practitioners regardless of whether they use the ATO’s online services or not.

“The Tax Agent Services Act 2009 does not expressly set out minimum requirements for tax practitioners to verify a client’s identity. However, there are implications under this Act if tax practitioners fail to take reasonable steps to ensure the identity of their clients is established. Our draft guidance provides practical guidance and examples so tax practitioners do not fall foul of their obligations and put their registration and business at risk,” Mr Klug said.

Tax practitioners who are unable to successfully verify a client’s identity and suspect potential fraud should contact the ATO on 1800 467 033.

The ATO’s draft guidance is available on the ATO website. The ATO is seeking feedback from tax practitioners. Submissions can emailed to This email address is being protected from spambots. You need JavaScript enabled to view it..

The TPB’s draft practice note is available on the TPB website. Submissions can be emailed to This email address is being protected from spambots. You need JavaScript enabled to view it. or sent by mail to GPO Box 1620, Sydney NSW 2001.

Submissions are due to the ATO and the TPB by June 10, 2021.

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International Day of Mourning for nurses killed by COVID

ON THIS International Day of Mourning, which commemorates those who have died at work, The End COVID for All campaign and the Australian Nursing and Midwifery Federation (ANMF), have come together to pay tribute to the 3,000 nurses across the world who have died from COVID-19 since the pandemic began.

Tragically, that is more nurses than the total of nurses who died throughout the entirety of World War One.

“Nurses around the world have been at the forefront during the fight against COVID-19. Today, we stop and reflect on their extraordinary commitment, dedication and the sacrifices they made for those people in their care,” ANMF acting federal secretary, Lori-Anne Sharp, said today.

“Sadly, their efforts in caring for people suffering from COVID-19 has come at a considerable cost, with thousands of nurses across the world losing their lives. And we must honour their service to the community.

“Many nurses across the region are exhausted and depleted. They have been running on adrenaline to keep their communities healthy and stop the spread of COVID-19. A lot of nurses are experiencing burnout and stress, related to the pandemic response.”

TShe said there must be increased investment in the size and training of the Asia-Pacific health workforce and sufficient supplies of vital Personal Protective Equipment (PPE), adequate fit testing and access to appropriate diagnostic and medical equipment.

“We need a serious financial and political commitment to expand nurse numbers and provide nurses with the training and equipment needed to provide safe patient care and prevent healthcare worker infections," Ms Sharpe said.

The End COVID for All campaign is calling for the Commonwealth Government to invest at least $1 billion to boost the COVID-ravaged health systems of the Asia-Pacific, to better support nurses and their patients on the frontlines of the pandemic.

Reverend Tim Costello, of the End COVID for All campaign, said the Australian Government could do its part to strengthen the regional effort.

“Right now in Papua New Guinea, top health experts warn we could have one million COVID cases within weeks. In this crisis it’s hard to think of a smarter investment than in nurses and health support for our near neighbours,” he said.

“Whilst the Australian Government have made a contribution in the region, they can and must go further. We must invest in the nurses, hospitals and health equipment that gets our mates in nations like PNG through this crisis and helps them to rebuild for the future.

“Many of our neighbours were already battling diseases like tuberculosis, HIV and malaria before COVID hit. The pandemic has made that so much harder. They need our support."

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Intelligence and Security Committee holds hearings into extremist movements and radicalism

THE Parliamentary Joint Committee on Intelligence and Security will hold two public hearings this week for its Inquiry into extremist movements and radicalism in Australia.

Various government agencies and organisations will speak at the hearing on Thursday while the Friday hearing will hear from civil society groups, academics, and tech companies.

Committee chair Senator James Paterson said, "These hearings will provide the committee with a solid base of evidence to this Inquiry. The committee is looking forward to discussing this significant national security topic with some of the leading experts in the field of extremism and radicalisation."

Due to COVID-19 restrictions, teleconference and video conference facilities will be used to connect witnesses to committee members. The hearings will be broadcast live on the Watch Parliament website.

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

Public Hearing Details:

Thursday, 29 April 2021
10am – 4pm (AEST)
Committee Room 2R1, Parliament House, Canberra

Friday, 30 April 2021
10am – 4.30pm (AEST)
Committee Room 2S1, Parliament House, Canberra

Programs for both hearings can be found on the Committee's website.

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Genomics: a health investment trend in 2021

COVID-19 has drawn more investor interest to the health sector, particularly companies using genomics technology. It is shaping up as a hot area for venture capital firms in 2021, according to Stoic Venture Capital.

Genomics uses an organism’s whole DNA sequence to develop treatments such as vaccines or drugs. Stoic Venture Capital partner Geoff Waring said the COVID-19 pandemic revealed a greater need for investment in Australian genomics innovation.

Dr Waring said there was not enough Australian capability in the mRNA technology behind the fastest developed and highest efficacy vaccines, such as the Pfizer/BioNTech and Moderna vaccines.

“Venture capital firms see big potential for genomics technologies,” Dr Waring said.

“Example promising applications are mRNA vaccines for diseases such as malaria or HIV, precision patient-specific pharmaceuticals, or genetically engineered Chimeric Antigen Receptor (CAR) T cells which had miraculous results for even late stage cancer.”

Australian companies spun out from research in genes and genetic data are developing promising solutions that could dramatically change health care in areas such as cancer and cardiovascular disease, he said.

“The incredible efficacy and safety of mRNA COVID-19 vaccines has driven increased interest into genomics research and the genetic diagnosis and treatment of disease,” Dr Waring said.

“Using a different angle, some startups are also using artificial intelligence to identify patterns giving insights into complex genetic conditions.”

Genomics has potential application across many areas. Ophthalmology has seen promising results in Exonate, a drug development company using genomics from Australian research out of University of NSW. In February 2021 they began their phase 1b/2 clinical trial in collaboration with Janssen Pharmaceuticals.

“Exonate’s drug modulates alternative mRNA splicing to address wet age related macular degeneration, which is the leading cause of severe vision impairment for people older than 40,” Dr Waring said.

Dr Waring said investor interest in the health sector would continue to increase post-COVID-19, with venture capital firms providing critical funding to help these companies grow.

“They have to have the right value proposition, but start-ups translating genomics research into human trials are of interest,” Dr Waring said. “We are fortunate to have genomics-based research developed at leading organisations such as the Garvan Institute of Medical Research.

“Venture capital firms that understand the work of university researchers and clinicians have the best access to and understanding of the most promising innovations in life sciences.”

 

About Stoic Venture Capital

Stoic Venture Capital provides financing for early-stage companies, particularly those arising from university research. Stoic is unconditionally registered as an Early-Stage Venture Capital Limited Partnership (ESVCLP) and takes a collaborative approach to investing in the highest potential companies. Atlas Advisors Australia AFOF is the major limited partner for the Fund. www.stoicvc.com.au

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CoreLogic’s Q1 Rental Review reveals diversity of rental conditions countrywide

CORELOGIC's Rental Review for the March 2021 quarter revealed a surge in national rental rates of 3.2 percent, however the drivers of this growth are diverse, with the regions, Darwin and Perth collectively driving much of the increase.

Across the combined regional markets, rents rose 4.1 percent in the first quarter of the year while rents in the combined capitals increased 2.9 percent. Regional units recorded the highest quarterly rental growth of 4.8 percent compared to the 2 percent rise in capital city units. Capital city house rents were up 3.3 percent while regional houses rose by a higher 4 percent in the three months to March.

Houses and units in Darwin showed the strongest growth in rental rates over the quarter, up 8.2 percent and 7.0 percent respectively.

CoreLogic’s research director Tim Lawless said, "While housing rents are rising at the fastest pace since 2007, the headline reading hides the sheer diversity of rental conditions around the country. At one end of the spectrum we have Perth and Darwin where annual rental growth is well into double digits and accelerating. At the other end is Melbourne and Sydney where rents are down over the year.

“The annual decline in rents across Australia’s two largest cities is attributable to falling rents in the unit sector, where closed international borders have created a demand shock in a market that was already challenged by high supply. Melbourne unit rents have fallen by -8.2 percent over the year and Sydney unit rents are -4.9 percent lower.

“Some inner city precincts of Melbourne have seen unit rents fall by more than -20 percent over the past 12 months. Prospects for a material improvement in rental conditions across these inner city high density precincts are largely dependent on a return of tenancy demand from international students and visitors, who were previously a key component of rental demand," Mr Lawless said.

“Although rents are generally rising, housing values have been rising at a faster rate which has seen rental yields compress across most of the capital cities.  The exceptions are Perth and Darwin where rents have risen at a faster pace than housing values, driving a rise in yields. The opposite is true in Sydney and Melbourne where rental yields are plumbing new record lows.

“Outside of Sydney and Melbourne, with mortgage rates so low, yields are generally high enough to provide investors with positive cash flow opportunities from the outset,” Mr Lawless said.

Key highlights – March Quarter

  • National rental rates rose by 3.2% over the first quarter of 2021; the largest quarterly increase in the national rental index since May 2007.
  • Combined capital city dwelling rents rose 2.9% in the March quarter, while regional rents increased 4.1% over the same period.
  • Unit rents rose across both regional and capital city markets, with regional units recording the highest quarterly rental growth of 4.8% compared to the 2.0% rise in capital city units.
  • Capital city house rents were up by 3.3% over the three months to March 2021 and rents across regional houses rose by a higher 4.0% quarterly.
  • Houses and units in Darwin show the strongest growth in rental rates over the quarter, up 8.2% and 7.0% respectively.
  • Canberra was not only the most expensive market to rent a house across the capital cities, but also the most expensive capital city unit rental market in the quarter at $513p/w.
  • Melbourne recorded the weakest growth in rents over the three months to March 2021, with house rents up 1.6%, while unit rents were unchanged over the quarter.
  • National gross rental yields were recorded at 3.55%, down from 3.71% over the December quarter and 3.76% a year earlier as dwelling values outperform rental growth.
  • Darwin was the highest yielding capital city, up 21 basis points over the month to 6.21%. Sydney remains the lowest yielding at 2.74%.

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Indigenous participation inquiry travels to the Central Coast and Western Sydney

WITNESSES on the Central Coast of New South Wales and in Western Sydney will speak to the Indigenous Affairs Committee this week as part of its inquiry into pathways and participation opportunities for Indigenous Australians in employment and business.

The Committee will also make site visits to The Glen Centre and Yarpa Business Hub.

Stakeholders appearing will include representatives from land councils, Indigenous enterprises and business associations, including: Barang Regional Alliance, Darkinjung Local Aboriginal Land Council, NSW Indigenous Chamber of Commerce, Speaking in Colour, Asquith Workforce, BlaQ Aboriginal Corporation, Muru Mittigar, and NSW Aboriginal Land Council.

Committee Chair Julian Leeser MP said, "These hearings will contribute significantly to the existing body of evidence for this inquiry. The committee looks forward to discussing gaps and opportunities in the workforce and future growth sectors that could result in employment and enterprise options for Indigenous Australians.

"We look forward to hearing from Indigenous business owners about their experiences running successful enterprises. It will be particularly useful to learn about present challenges and how the Government can better facilitate business opportunities," Mr Leeser said.

Public hearing details

Date: Wednesday, 28 April 2021
Time: 10am to 1:15pm AEDT
Venue: Mercure Kooindah Waters Hotel, Wyong. 

Date: Thursday, 29 April 2021
Time: 9am to 1pm AEDT 
Venue: Yarpa Business and Employment Hub, Liverpool.  

Interested parties can listen to the audio live streaming.

A full program is available at the inquiry website.

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Ombudsman, Australia Post work towards perishable goods solution

THE Australian Small Business and Family Enterprise Ombudsman Bruce Billson met with Australia Post today in a collaborative effort to resolve issues with delivery of perishable goods to support small business food producers.

Mr Billson described the first meeting with Australia Post as productive, saying he is looking forward to working closely with Australia Post and all relevant stakeholders to ensure small businesses can continue to count on essential delivery services of their products.

“This initial meeting with Australia Post gives me confidence that we can work together to identify what the problems are and to find solutions to make a pathway forward,” Mr Billson said.

“My office has made it clear to Australia Post that many small business food producers, especially those in regional areas, are reliant on the continuation of postage services to fulfil their orders.

“Australia Post has demonstrated a willingness to work through issues in its delivery network, including ongoing discussions with industry regulators. My state-based Small Business Commissioner colleagues are also well-placed to play a key role in this problem-solving process if it is a matter of complex and differing food regulation requirements across the states.

“It’s vital we all roll up our sleeves to achieve an outcome that provides e-commerce-enabled small businesses with the confidence that their good will be delivered by Australia Post," Mr Billson said.

“Our next steps include identifying case studies, finalising plans for consultation and forming an industry working forum to meet in May. Ensuring regulatory bodies, government agencies and e-commerce representatives are at the table to work towards a resolution to this important issue is necessary.

“In the meantime, my office is encouraging small business food producers who rely on Australia Post’s delivery services, to get in contact with my office as we want to make sure they are a meaningful part of this conversation," he said.

“Ultimately, this thorough consultation process is both about resolving the issues Australia Post identifies as well as ensuring essential services such as postage of goods are meeting the needs of small business food producers.”  

Small business food producers can email This email address is being protected from spambots. You need JavaScript enabled to view it.

www.asbfeo.gov.au

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Emissions Reduction Auction signals new chapter on climate policy says Carbon Market Institute

THE Carbon Market Institute saw the 12th auction under former Prime Minister Tony Abbott’s Emissions Reduction Fund (ERF) -- with $108 million results announced -- as marking a turning point in federal climate policy.

Carbon Market Institute CEO John Connor said,  “Let’s hope this is a turning point for a more evolved and sophisticated approach to carbon markets by the Morrison Government under stronger market driven climate policy that leads to more ambitious 2030 and 2050 goals.”

Mr Connor said a similar size auction due in September later this year will need to draw on PM Morrison’s Climate Solution Fund commitments of just under $2 billion over the next 15 years.

He said the average $15.99 carbon price in this auction is lower than the spot market prices of around $18 that Australian companies are paying in voluntary or compliance emissions trades.

“The ERF became a lifeline to carbon and some other emission reduction activities after the Gillard government’s emissions trading scheme was removed,” Mr Connor said.

“The Morrison Government has begun making some welcome pragmatic changes to the Emission Reduction Fund carbon market, and is seeking to expand accessibility. We continue to recommend strengthening the safeguard mechanism so emission intensive businesses become the primary funder cutting emissions rather than the taxpayer.

“The safeguard mechanism already requires most major emitters measure and manage their emissions, and make compliance investments if they exceed set baselines. Those baselines could, with appropriate reforms, be aligned against strengthened 2030 and 2050 Australian climate goals that provide clearer investment guidelines for business transitioning to net-zero emissions,” Mr Connor said.

“US President Joe Biden’s Summit has shown us all that Australia will need to do more on climate change if it wishes to avoid penalties put in place by our trading partners -- such as carbon border adjustments that are looming in Europe and Japan.”

About the Carbon Market Institute

The Carbon Market Institute is an independent industry association for businesses leading the transition to net zero emissions. Its members include primary producers, carbon project developers, Indigenous corporations, legal and advisory services, insurers, banks and emission intensive industries developing decarbonisation and offset strategies.

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Ombudsman working with Australia Post to support food producers

THE Australian Small Business and Family Enterprise Ombudsman Bruce Billson said today’s decision by Australia Post to continue shipping perishable goods across the country will bring joyful relief to small business food producers.

Mr Billson has welcomed the invitation to co-chair an industry working forum, which will work collaboratively to resolve any issues Australia Post is experiencing across its delivery network, to support small business food producers.

“I look forward to working closely with Australia Post and all relevant stakeholders to ensure small businesses can continue to count on these essential delivery services,” Mr Billson said.

“Small business food producers, especially those in regional areas, are breathing a huge sigh of relief today that they can continue doing what they do best – growing their business – with confidence that their goods will be delivered by Australia Post.

“Australia Post has positioned itself as the delivery partner to small businesses and family enterprises, particularly to those businesses that moved to selling their products online as a result of the COVID crisis.

“This partnership has benefited both sides of the relationship and consumers," Mr Billson said.

“It was not right to unilaterally declare an end to vital delivery services to the detriment of these small businesses and the customers who depend on them. Australia Post is doing the right thing for its small business customers by reversing this decision.

“Now is the time to be working together to identify what the problems are and to find solutions to make a pathway forward.

“Let’s roll up our sleeves so that we can achieve a much better outcome for e-commerce powered small businesses who rely on Australia Post to fulfil their orders.”

The Ombudsman will meet with Australia Post next week and then again with the broader industry group in May. Mr Billson will collaborate closely with his state-based Small Business Commissioner colleagues to ensure their valuable perspective and regulatory insights are part of the problem-solving approach.

Regular sessions will be held with key regulatory bodies, government agencies and e-commerce representatives to work towards a resolution on this important issue.

www.asbfeo.gov.au

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Qld Govt opens up free public access to exploration data in ‘momentous’ day for state’s explorers

ALL EYES are on exploration in Queensland this week, with a second announcement from the State Government that supports the future development of Queensland’s mineral wealth. 

Yesterday’s opening of the fifth round of funding through the Collaborative Exploration Initiative was followed by today's public release of new and historical exploration data that will help explorers in their quest for the next big discovery. 

Queensland Resources Council (QRC) chief executive Ian Macfarlane has welcomed the announcement by Resources Minister Scott Stewart in Parliament that almost 20,000 new exploration reports spanning the past 50 years are now publicly and freely available. 

“Today’s announcement places Queensland firmly in front of competing resources jurisdictions,” Mr Macfarlane said.

“Both the QRC and our exploration arm, the Queensland Exploration Council (QEC), have been advocating for many years for the government to provide access to this information, most recently in our 2020 QRC Streamlining Report,” he said. 

“Combined with 60,000 existing reports, the expanded database will be a boon for our explorers and should further lift investment in exploration activity in Queensland. And it couldn’t be a timelier boost for the resources sector to maintain its vital role in economic recovery during and after the COVID pandemic.” 

QEC chair Kim Wainwright said access to pre-competitive geoscience data is a key driver in growing exploration activity. 

“This data release will contribute significantly to discoveries of the mineral and gas resources required to meet the world’s transition to a low-emission economy,” Ms Wainwright said. 

“Much of this data has never been made publicly available before, so it is a momentous collaborative achievement by the resources sector and the Queensland Government to get to this day.” 

The QEC's annual Exploration Scorecard shows that pre-competitive geoscience data is highly valued amongst the state's explorers, with nearly half placing it as one of the top three government initiatives beneficial to their business in 2020. 

Click here to view the Geological Survey of Queensland Open Data Portal.

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