Category: Australian News

The Australian Business Growth Fund (BGF) has been formally established, with the Shareholders Agreement now signed by all seven shareholders.
The Government also welcomes the appointment of Mr Anthony Healy as the inaugural Chief Executive Officer of the BGF. Mr Healy has had a senior commercial banking career with a focus on assisting SME customers to grow and succeed. This follows the appointment of the Chairman of the BGF, Will Hodgman, former Premier of Tasmania, earlier this year.
The Morrison Government will work alongside participating banks to ensure that small and medium-sized businesses (SMEs) have access to the equity finance they need as we move into the recovery phase of the COVID-19 pandemic.
The Government is making an investment of $100 million and partnering with other financial institutions to provide equity funding to SMEs through the BGF. The major banks including ANZ, CBA, NAB, and Westpac have also each committed $100 million to the BGF. HSBC and Macquarie have also committed $20 million each in support of the BGF.
This will give the BGF an initial investment capacity of $540 million, with the ambition to grow the fund to $1 billion as it matures. The BGF will operate commercially and make investment decisions independently of Government.
Established Australian businesses will be eligible to apply for long-term equity capital investments between $5 million and $15 million, where they have generated annual revenue between $2 million and $100 million and can demonstrate three years of revenue growth and profitability, allowing for the impact of COVID-19 on recent business performance.
Following the appointment of the CEO, it is anticipated that the BGF will shortly begin engaging with SMEs that are seeking patient equity investment in their business to enable them to grow and expand.
The Government’s investment in the BGF is part of its ongoing commitment to support SMEs as they seek to innovate, expand and create new jobs on the other side of the coronavirus crisis.
More information on the BGF’s investment guidelines can be found in Attachment A.
Attachment A
Australian Business Growth Fund – Investment Guidelines
The BGF will invest consistent with its objectives, which are to:

• Increase the availability of patient equity capital to Australian SMEs;
• Increase the level of investment in SMEs across Australia;
• Facilitate interstate and overseas trade and commerce; and
• Support job creation and economic growth in response to the current COVID downturn.

The BGF will invest in established SMEs with annual revenue between $2 million and $100 million, and a track record of three consecutive years of revenue growth and profitability. The BGF’s assessment of an SMEs track record will take into account uncharacteristic trends resulting from the COVID downturn.
The BGF’s investment will constitute a minority economic interest of typically between 10-40% of total, fully-diluted, share capital (on an ‘as-converted’ basis).
Each investment must be commercially viable and make a return appropriate to the underlying risk of the investment.
Over time, there must be an industry and regional spread of investments.

Australian Greens Housing spokesperson Senator Mehreen Faruqi has said that AHURI’s Renting in the time of COVID-19: understanding the impacts report, released today, has shone a light on the struggles of renters during the Covid-19 pandemic.
Senator Faruqi said:
“Renters are doing it very tough. The findings of this report confirm many of the fears we’ve had for renters throughout this crisis. Many are earning less, living precariously, and being refused rent reductions.
“The government needs a plan to manage the immense rental stress people are experiencing, and which will worsen as the government continues to withdraw income support.
“There were no measures in last week’s budget to address housing affordability or ensure that people will not have to go hungry to keep a roof over their heads.
“The government must reverse their cruel cuts to income support and invest in social housing to ensure accessible, affordable and sustainable homes for everyone who needs one.
“I call on the National Cabinet to ensure eviction bans are in place so this public health and economic crisis doesn’t leave more and more people in a homelessness crisis,” she said.

Senior Australians have been encouraged to maintain a healthy diet as the COVID-19 pandemic changes the way we live, work, study and socialise.
As part of National Nutrition Week, Minister for Aged Care and Senior Australians, Richard Colbeck, has urged people of all ages to eat well to boost their immunity and overall health.
He said this is particularly important for senior and vulnerable Australians.
“Eating well is at the foundation of our individual health but this can be challenging for many people during such difficult times,” Minister Colbeck said.
“The Australian Government maintains the Australian Dietary Guidelines which provide evidence-based advice about the amount and kinds of food we need to eat for health and wellbeing.
“By following the dietary patterns recommended in the guidelines, we will get enough nutrients essential for good health.
“It will also help reduce our risk of chronic health problems such as heart disease, type 2 diabetes, some cancers and obesity down the track.”
Only one in 20 (5.4 per cent) of Australian adults and one in 17 (6.0 per cent) children aged 2-17 years meet the recommendations in the Australian Dietary Guidelines for fruit and vegetable consumption.
Minister Colbeck praised the efforts of meal delivery services like Meals on Wheels, which plays a crucial role in supporting the health and wellbeing of over 200,000 older Australians across 592 service locations.
“With the impact of the pandemic, the care and wellbeing of senior Australians has been a priority this year, and meals services and food security have become even more important,” he said.
More than 10 million meals every year are delivered with the support of more than 76,000 Meals on Wheels volunteers.
The Government provided an additional $59.3 million to enable more prepared meals, food staples and essential daily items to be delivered to seniors in need.
Meal deliveries are available through Commonwealth Home Support Programme (CHSP).
“National Nutrition Week is a great opportunity for people to think about the foods they eat and ensuring they maintain a healthy and regular diet,” Minister Colbeck said.
For more information about the Australian Dietary Guidelines, see here.
To locate an Accredited Practicing Dietitian visit the Dietitians Australia website here.
More information about meal deliveries is available by contacting Commonwealth Home Support Package meal providers directly, or through My Aged Care on 1800 200 422.

A study released by the Australian Gambling Research Centre (AGRC) today shows that gambling companies are using the pandemic as an opportunity to prey on people who may have more time  on their hands because of lockdown or job loss and are feeling anxious and alone.
“The underhanded and sneaky tactics used by gambling campaigns through this pandemic show exactly why we need proper regulation nationally and in all States and Territories, including a national regulator and a national self-exclusion register”, Greens spokesperson on Gambling Senator Rachel Siewert said.
People are migrating to gambling online due to the nature of the pandemic and there is not enough regulation and oversight of these huge companies whose profits have gone up during COVID and who are preying on people going through a difficult time in their lives.
Gambling behaviours are connected to emotional wellbeing and mental ill health.
The relationship between the Liberal and Labor parties and the gambling industry, with gambling revenue received by state governments creates an inherent conflict of interest when implementing appropriate regulations and restrictions.
Governments need to act both State and Federally so that we have strong regulation that protects our community, not these weak regulations.
We can all agree that big companies should not be using manipulation and predatory techniques to profit off everyday Australians.
 

The Australian Greens said today Anglicare Australia’s Jobs Snapshot once again demonstrates the urgent need for a permanent increase to JobSeeker and Youth Allowance to ensure that the payment is above the poverty line.
It is absolutely shameful that in a country as wealthy as Australia the Government is not ensuring that disadvantaged people and those people on low incomes are properly supported through this crisis”, Greens spokesperson on Family and Community Services Senator Rachel Siewert said.
The Government also needs to fix the employment services system in this country, it is not fit for purpose and instead of cutting over a billion dollars from employment services that money should be invested in better delivery of service.
The budget did not deliver for many unemployed Australians, for example there are hundreds and thousands of jobs in the care economy, not only would that help vulnerable Australians obviously it creates employment.
We are not all in this together. The Government is turning a blind eye and giving the cold shoulder to the people that were out of work before this crisis and to the million people who have entered the income support system because we are in a recession.
The Government has no plan to manage the mortgage and rental stress that is coming now that Jobseeker is back below the poverty line.
It’s pretty galling that the Government keeps talking about the mental health of Australians when they are keeping so many people in limbo on whether they will be living on $40 after Christmas.
I have just introduced a Greens private senator’s bill to reinstate the original rate of the Coronavirus Supplement to $550 a fortnight for people on Youth Allowance, JobSeeker and the Disability Support Pension.
This is the sixth bill to increase JobSeeker – formerly Newstart – that I have introduced in my 15 years in Parliament. Those in Parliament who support an increase to JobSeeker should vote for their professed values.
If this bill is passed it will reinstate the original rate of the Coronavirus Supplement at $550 a fortnight for people on Jobseeker and Youth Allowance and extend the supplement to people on DSP and those on the Aged Pension accessing Commonwealth Rent Assistance.”

The Greens are again urging the Morrison Government to do more for the Arts and Entertainment Industry after a report released today shows two out of every three jobs in the live entertainment sector have been lost this year.
Greens Spokesperson for the Arts Senator Sarah Hanson-Young said:
“The Arts and Entertainment Industry was completely ignored in last week’s budget despite being the hardest hit by Covid19.
“These latest figures confirm the crisis the Industry has been telling the Government it is in for half a year now.
“Despite pleas for specific industry assistance since March, the Morrison Government continues to fail artists, creatives, support crews and all the businesses that depend on it.
“Not even the fact the industry pulls in hundreds of billions of dollars each year, which is now at great risk, is enough to motivate the PM to actually provide proper support.
”The live entertainment sector that commissioned the EY Report is calling for an extension to JobKeeper, support with insurance for events and more funding for grants programs, and the Greens back their calls.
“The PM can’t keep turning a blind eye, it’s time he reached a bit deeper into his Government’s pockets and pulled out proper support for the arts and entertainment industry.
“The PM found three times as much for the construction industry which has only suffered a quarter of the job losses. Our artists, creatives, crews and supporting businesses shouldn’t suffer just because the PM prefers tool belts to arts and culture.
“We will be pressing the government on this issue in Estimates next week.”

The Australian Government will implement key initiatives from the Roadmap for Hearing Health, investing $21.2 million over five years.
Addressing a meeting of the Hearing Health Sector Alliance today, Minister for Regional Health, Mark Coulton, said the Government’s investment reflects its ongoing commitment to improving access to hearing support services for vulnerable Australians.
“With more than 3.6 million Australians currently affected by hearing loss and that number expected to reach 7.8 million by 2060, it is vital we have the services and support that allow them to best live to their potential,” Minister Coulton said.
“That’s why the Government is investing in and reforming its hearing services to improve access and quality of services for all Australians.
“With numerous efforts already underway, including development of paediatric standards and increasing screening in remote areas, we today announce the implementation of key initiatives from the Roadmap for Hearing Health.”
Minister Coulton said the announced Roadmap initiatives focused on making Australians well aware of the importance of hearing health and ensuring services reach those who need them, especially the vulnerable.
“Targeted activities to improve outcomes for Indigenous children and efforts to upskill the aged care workforce will see better outcomes for some of the most in need,” he said.
“Regional Australians will be pleased to hear about specific measures to ensure their access to services continues and improves with funding for a rural workforce audit and summit and implementation of new tele-audiology standards to allow this tool to bridge the gap between rural Australians and necessary hearing tests.
“We expect the $5 million awareness campaign to help break down the stigmas that surround hearing loss and to encourage more Australians to get their hearing checked.
“We know how important early identification is in minimising further damage and increased awareness will certainly help.”
Minister Coulton said the initiatives announced in the Budget followed work by members of the Hearing Health Sector Alliance to develop the Roadmap.
“Members of the Hearing Health Sector Alliance played a central in role in developing the Roadmap and it is particularly pleasing to be able to discuss its implementation with them today,” Minister Coulton said.
“The Commonwealth will continue to work with states and territories to deliver further elements of the Roadmap.”
Hearing Health Sector Alliance Chair, Dr Tony Coles, welcomed the announcement, saying it was important the Government was funding the five key priority areas by the Hearing Health Sector Alliance and included in the Roadmap for Hearing Health.
“We’re delighted this funding will assist more Australians protect their hearing health, fund research into hearing loss, and support those who need greater access to audiological services.
“With one in six Australians experiencing hearing loss, and links between hearing loss, falls, depression and anxiety, cognitive impairment and dementia, it is important for Australians to protect their hearing and to gain a greater understanding to prevent, treat and manage hearing loss,” Dr Coles said.
“The Hearing Health Sector Alliance is looking forward to working collaboratively with the Federal Government to implement these important initiatives as part of the Roadmap for Hearing Health, which will improve hearing outcomes for all Australians.”
Roadmap initiatives announced in the Federal Budget are:

• $5 million hearing health awareness campaign
• $7.3 million for research to develop a sound evidence base for effective treatment, service delivery, and prevention of hearing loss
• $5 million for improvements in and early identification of hearing and speech difficulties for Aboriginal and Torres Strait Islander children
• $2 million for initiatives in the aged care sector to improve the capability of the aged care workforce to support people with hearing loss.
• $400,000 for development and adoption of new tele audiology standards for hearing services.
• $200,000 to support rural service delivery through a workforce audit and a rural hearing workforce summit.

Today’s Housing Industry Association (HIA) New Home Sales Report for September 2020 again demonstrates how HomeBuilder is providing the stimulus the construction industry needs that is protecting tradies’ jobs.
The HIA’s data shows that in the four months since HomeBuilder was announced, new home sales have risen 49.8 per cent compared to the four months to June 2020.
Also following HomeBuilder’s announcement, new home sales have been higher in each month than any month in the past two years.

This phenomenal result shows HomeBuilder is delivering on its promise to protect the jobs of Australia’s tradies by providing the stimulus the construction industry needs as we get to the other side of the COVID-19 pandemic.
HIA Chief Economist Tim Reardon said today;
“HomeBuilder has been successful in providing consumer confidence for those customers that had delayed a major investment decision earlier in the year.”
“The program has also brought buyers into the market that would otherwise not been able to purchase their first home for a number of years.”
“This increase in sales will support the construction of detached homes in the wake of the COVID recession and pull the rest of the economy forward into 2021.”
Today’s data adds to the growing number of leading indicators that show that HomeBuilder is delivering the support the residential construction industry needs. Recent data shows;

• In August 2020, the number of loans for the construction of new dwellings rose to its highest level in over a decade, up by 22.9 per cent for the month and 34 per cent through the year.

• HomeBuilder has seen first home buyers flood into the housing market. First home buyer loans rose dramatically in August to be 17.7 per cent higher for the month, up 37.3 per cent through the year – the highest level since October 2009.

• ABS Building Approvals data for August 2020 shows private sector house approvals are at their highest level since February 2019, with over 9,000 approvals recorded.

Across the board the construction industry is saying that HomeBuilder is delivering for Australia’s tradies and home buyers, which is driving stimulus in the economy at a time its needed most.
The Morrison Government is committed to doing all we can to help Australians get into a home of their own as part of our Economic Recovery Plan for Australia.

The Greens say that the Government has no excuse not to urgently act on the recommendations of the Aged care and COVID-19: a special report. 
Let’s face it, these recommendations are really the bare minimum of what the Government should have already done when this pandemic started, extra support for the workforce, infection prevention and control training, mental health support for residents and of course a national coordinating body.
It’s shambolic that we have no national coordinating body to address the COVID crisis in aged care, Greens spokesperson on Ageing Senator Rachel Siewert said.
The buck stops with the Commonwealth on Aged Care and so far they have failed dismally.
We knew about the need for infectious control prevention and accreditation after Newmarch.
Given that the Royal Commissioners have made the unusual step of releasing a special report so close to when the final report is due indicates how serious the failures of the system to deal with COVID are.
A commitment to fund these recommendations adequately must be included in next week’s budget.
The funding that the Government has announced today is not enough and there needs to be more in the budget.