New approach to reduce large compensation payments to WA’s most senior bureaucrats.
WP_Query Object ( [query] => Array ( [category_name] => finance ) [query_vars] => Array ( [category_name] => finance [error] => [m] => [p] => 0 [post_parent] => [subpost] => [subpost_id] => [attachment] => [attachment_id] => 0 [name] => [static] => [pagename] => [page_id] => 0 [second] => [minute] => [hour] => [day] => 0 [monthnum] => 0 [year] => 0 [w] => 0 [tag] => [cat] => 8235 [tag_id] => [author] => [author_name] => [feed] => [tb] => [paged] => 0 [meta_key] => [meta_value] => [preview] => [s] => [sentence] => [title] => [fields] => [menu_order] => [embed] => [category__in] => Array ( ) [category__not_in] => Array (  => 22371 ) [category__and] => Array ( ) [post__in] => Array ( ) [post__not_in] => Array ( ) [post_name__in] => Array ( ) [tag__in] => Array ( ) [tag__not_in] => Array ( ) [tag__and] => Array ( ) [tag_slug__in] => Array ( ) [tag_slug__and] => Array ( ) [post_parent__in] => Array ( ) [post_parent__not_in] => Array ( ) [author__in] => Array ( ) [author__not_in] => Array ( ) [ignore_sticky_posts] => [suppress_filters] => [cache_results] => 1 [update_post_term_cache] => 1 [lazy_load_term_meta] => 1 [update_post_meta_cache] => 1 [post_type] => [posts_per_page] => 14 [nopaging] => [comments_per_page] => 50 [no_found_rows] => [order] => DESC ) [tax_query] => WP_Tax_Query Object ( [queries] => Array (  => Array ( [taxonomy] => category [terms] => Array (  => finance ) [field] => slug [operator] => IN [include_children] => 1 )  => Array ( [taxonomy] => category [terms] => Array (  => 22371 ) [field] => term_id [operator] => NOT IN [include_children] => ) ) [relation] => AND [table_aliases:protected] => Array (  => wp_term_relationships ) [queried_terms] => Array ( [category] => Array ( [terms] => Array (  => finance ) [field] => slug ) ) [primary_table] => wp_posts [primary_id_column] => ID ) [meta_query] => WP_Meta_Query Object ( [queries] => Array ( ) [relation] => [meta_table] => [meta_id_column] => [primary_table] => [primary_id_column] => [table_aliases:protected] => Array ( ) [clauses:protected] => Array ( ) [has_or_relation:protected] => ) [date_query] => [queried_object] => WP_Term Object ( [term_id] => 8235 [name] => Finance [slug] => finance [term_group] => 0 [term_taxonomy_id] => 8235 [taxonomy] => category [description] => [parent] => 0 [count] => 657 [filter] => raw [cat_ID] => 8235 [category_count] => 657 [category_description] => [cat_name] => Finance [category_nicename] => finance [category_parent] => 0 ) [queried_object_id] => 8235 [request] => SELECT SQL_CALC_FOUND_ROWS wp_posts.ID FROM wp_posts LEFT JOIN wp_term_relationships ON (wp_posts.ID = wp_term_relationships.object_id) WHERE 1=1 AND ( wp_term_relationships.term_taxonomy_id IN (8235) AND wp_posts.ID NOT IN ( SELECT object_id FROM wp_term_relationships WHERE term_taxonomy_id IN (22364) ) ) AND wp_posts.post_type = 'post' AND (wp_posts.post_status = 'publish') GROUP BY wp_posts.ID ORDER BY wp_posts.post_date DESC LIMIT 0, 14 [posts] => Array (  => WP_Post Object ( [ID] => 28087 [post_author] => 670 [post_date] => 2017-09-22 09:40:49 [post_date_gmt] => 2017-09-21 23:40:49 [post_content] => The Western Australian Government has moved to reduce large compensation payouts for senior bureaucrats when a contract is brought to an early end. The Public Sector Commissioner has decided to apply a new approach when determining compensation payments. Currently, senior members of the public service may seek a compensation payment of up to 12 months' remuneration, which includes salary, motor vehicle allowances and superannuation. Under the new policy, in operation from 1 September 2017, compensation payments will be applied on the basis of four months' remuneration for each full year of the contract remaining, up to a maximum of 12 months. Further legislative changes will also limit the maximum compensation payment when officers' contracts are brought to an early end, to 12 months' salary rather than remuneration. If this approach had been applied to Senior Executive Service officers since March 2017, the total compensation costs would have been reduced by about 41 per cent. As part of the government's workforce reform, legislation will be introduced to also remove the existing 'right of return' provision available to Senior Executive Service officers appointed under the Public Sector Management Act 1994 and health executives appointed under the Health Services Act 2016. Following the enactment of the legislation, a six-month transition period will be in place, enabling officers to exercise their right to return to a permanent tenure if they wish to do so. WA Premier Mark McGowan said: “A number of people leave the public service for various reasons. While there is an initial cost that the state government is trying to reduce, there is also long-term savings.” [post_title] => WA to cut back SES payouts, benefits [post_excerpt] => New approach to reduce large compensation payments to WA's most senior bureaucrats. [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => wa-cut-back-payouts-benefits-senior-bureaucrats [to_ping] => [pinged] => [post_modified] => 2017-09-22 09:42:26 [post_modified_gmt] => 2017-09-21 23:42:26 [post_content_filtered] => [post_parent] => 0 [guid] => https://governmentnews.com.au/?p=28087 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )  => WP_Post Object ( [ID] => 28094 [post_author] => 670 [post_date] => 2017-09-22 09:00:40 [post_date_gmt] => 2017-09-21 23:00:40 [post_content] => The Australian Securities and Investments Commission (ASIC) has released guidance for public companies and crowd-funding platform operators to support them in using the new crowd-sourced funding (CSF) regime, which commences on 29 September 2017. ASIC Commissioner John Price said: “Crowd-sourced funding provides an opportunity for small to medium-sized businesses to access an alternate source of capital, without the regulatory burden of traditional fundraising. ASIC's new guidance will help public companies and crowd-funding platform operators comply with their obligations under the CSF regime, while supporting investor confidence.” Regulatory Guide 261 Crowd-sourced funding: Guide for public companies (RG 261) will assist companies seeking to raise funds through CSF to understand and comply with their obligations in the new regime, particularly as many of these companies will not have experience in making public offers of their shares. ASIC has also published a template CSF offer document to help companies prepare their CSF offers. Regulatory Guide 262 Crowd-sourced funding: Guide for intermediaries (RG 262) will assist crowd funding platform operators ('intermediaries') seeking to provide a crowd-funding service, particularly as this is a new type of financial service and there are unique gatekeeper obligations for operating platforms for CSF offers. ASIC has also:
- Updated ASIC Corporations (Consents to Statements) Instrument 2016/72 to reduce the compliance burden associated with obtaining consent for statements in CSF offer documents.
- Issued ASIC Corporations (Financial Requirements for CSF Intermediaries) Instrument 2017/339, which outlines specific minimum requirements for CSF intermediaries.
- Amended ASIC class orders [CO 13/762], [CO 13/763] and ASIC Corporations (Nominee and Custody Services) Instrument 2016/1156.
- By intermediaries for an AFS licence with an authorisation to provide CSF services (refer: 17-312MR).
- To register new public companies or convert existing proprietary companies to public companies, to be eligible to raise funds using CSF and to access the corporate governance concessions.
- Regulatory Guide 261 Crowd-sourced funding: Guide for public companies (including template CSF offer document).
- Regulatory Guide 262 Crowd-sourced funding: Guide for intermediaries.
- Report 544 Response to submissions on CP 288 and CP 289 on crowd-sourced funding.
- ASIC Corporations (Amendment) Instrument 2017/817 – which amends ASIC Corporations (Consents to Statements) Instrument 2016/72.
- ASIC Corporations (Amendment) Instrument 2017/821 – which amends [CO 13/762], [CO 13/763] and ASIC Corporations (Nominee and Custody Services) Instrument 2016/1156.
- ASIC Corporations (Financial Requirements for CSF Intermediaries) Instrument 2017/339.
- Absorbing entities’ lease requirements, where feasible, into existing vacant office accommodation (Operation Tetris) undertaken in the ACT in 2015-16 and rolled out nationally from 2016-17.
- Ensuring that leases and other property services are delivered through coordinated procurements that will maximise the Commonwealth’s substantial purchasing power.
- A reduction in the median work point vacancy rate from 20.9 per cent (2015) to 13.8 per cent (2016).
- A reduction in net lettable area leased by the Commonwealth from 3.13 million square metres in 2015 to 2.89 million square metres in 2016.
Costs and benefits of casual workCasual jobs offer flexibility, but also come with costs. For workers, apart from missing out on paid leave, there are other compromises: less predictable working hours and earnings, and the prospect of dismissal without notice. Uncertainty about their future employment can hinder casual workers in other ways, such as making family arrangements, getting a mortgage, and juggling education with work. Not surprisingly, casual workers have lower expectations about keeping their current job. For example the Australian Bureau of Statistics (ABS) found 19% expect to leave their job within 12 months, compared to 7% of other workers. Casuals are also much less likely to get work-related training, which limits their opportunities for skills development. The employers of casual workers also face higher costs. High staff turnover adds to recruitment costs. But perhaps the main cost is the “loading” that casual workers are supposed to be paid on top of their ordinary hourly wage. Australia’s system of minimum wage awards specifies a casual loading of 25%. So, a casual worker paid under an award should get 25% more for each hour than another worker doing the same job on a permanent basis. In enterprise agreements, the casual loading varies by sector, but tends to be between 15 and 25%. The practice of paying a casual loading developed for two reasons. One was to provide some compensation for workers missing out on paid leave. The other, quite different, motivation was to make casual employment more expensive and discourage excessive use of it. However this disincentive has not prevented the casual sector of the workforce from growing substantially.
Casual jobs aren’t much better paidOne approach in determining whether casual workers are paid more is simply to compare the hourly wages of casual and “non-casual” (permanent and fixed-term) employees in the same occupations. This can be done using data from the 2016 ABS Survey of Employee Earnings and Hours. We compared median hourly wages for adult non-managerial employees, based on their ordinary earnings and hours of work (i.e. excluding overtime payments). If the median wage for casuals is higher than for non-casuals, there is a casual premium. If the median casual wage is lower, there is a penalty. The 10 occupations below accounted for over half of all adult casual workers in 2016. In most of these occupations, there is a modest casual wage premium - in the order of 4-5%. The size of the typical casual wage premium is much smaller, in most cases, than the loadings written into awards and agreements. Only one occupation (school teachers) has a premium (22%) in line with what might be expected. Three of the 10 largest casual occupations actually penalise this sort of work. And overall for these 10 occupations there is a casual wage penalty of 5%. This method of analysis suggests that few casual workers enjoy substantially higher wages as a trade-off for paid leave. Taking a closer look involves controlling for a wider range of differences between casual and non-casual workers. One major Australian study in 2005 compared wages after taking account of many factors other than occupation, including age, education, job location, and employer size. All else equal, it found that part-time, casual workers do receive an hourly wage premium over full-time, permanent workers. The premium is worth around 10%, on average, for men and between 4 and 7% for women. These results imply that most casual workers (who are in part-time positions) can expect to receive higher hourly wages than comparable employees in full-time, permanent positions. However, the value of the benefit is again found to be less than would be expected, given the larger casual loadings mentioned in awards and agreements. It seems that while there is some short-term financial benefit to being a casual worker, this advantage is worth less in practice than on paper. A recent study, using 14 years of data from the Household, Income and Labour Dynamics in Australia Survey (HILDA), finds no evidence of any long-term pay benefit for casual workers. The study’s authors estimate that, among men, there is an average casual wage penalty of 10% - the opposite of what we should see if casual loadings fully offset the foregone leave and insecurity of casual jobs. Among female casual workers, there is also a wage penalty, but this is smaller, at around 4%. This study also finds that the size of the negative casual wage effect tends to reduce over time for individual workers, bringing them closer to equality with permanent workers. But very few casual workers out-earn permanent workers in the long-term.
Inferior jobs, but fewer alternativesThe evidence on hourly wage differences leads us to conclude that casual workers are not being adequately compensated for the lack of paid leave, or for other forms of insecurity they face. This makes casual jobs a less appealing option for workers. This does not mean that all casual workers dislike their jobs – indeed, many are satisfied. But a clear-eyed look at what these jobs pay suggests their benefits are skewed in favour of employers. Despite this, the choice for many workers - especially young jobseekers - is increasingly between a casual job or no job at all. Half of employed 15-24 year olds are in casual jobs. In a labour market characterised by high underemployment and intensifying job competition, young people with little or no work experience are understandably willing to make some sacrifices to get a start in the workforce. The option of 'holding out' for a permanent job looks increasingly risky as these opportunities dwindle. Joshua Healy, Senior Research Fellow, Centre for Workplace Leadership, University of Melbourne and Daniel Nicholson, Research Assistant, Industrial Relations, University of Melbourne. This article was originally published on The Conversation. Read the original article. [post_title] => The costs of a casual job [post_excerpt] => The costs of a casual job are now outweighing any pay benefits. [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => costs-casual-job [to_ping] => [pinged] => [post_modified] => 2017-09-04 21:25:47 [post_modified_gmt] => 2017-09-04 11:25:47 [post_content_filtered] => [post_parent] => 0 [guid] => https://governmentnews.com.au/?p=27959 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )  => WP_Post Object ( [ID] => 27956 [post_author] => 670 [post_date] => 2017-09-04 16:05:10 [post_date_gmt] => 2017-09-04 06:05:10 [post_content] => Each year on Equal Pay Day, politicians boast about (or denigrate, depending on their political persuasion and position in parliament) the progress made towards bridging the gender pay gap and undertake to continue efforts to ensure women are equal in the workforce. This year, the Minister for Women, Senator the Hon Michaelia Cash, said it was encouraging that the gender pay gap narrowed further over the last twelve months, with latest figures showing it has fallen from 16.3 per cent to 15.3 per cent. “The further reduction in the gender pay gap demonstrates the Turnbull Government’s policies to assist women breakdown barriers in the workforce are delivering results, yet, I remain acutely aware that more work needs to be done,” Minister Cash said. Senator Cash then proceeded to list the government’s programs, for example that in July 2017 the Turnbull Government launched Towards 2025, an Australian Government strategy to boost women’s workforce participation that outlined the government’s roadmap to reduce the gender participation gap by 25 per cent by 2025. The strategy detailed actions the government was planning to take to address some of the drivers of pay inequity in Australia, including for flexible work, childcare costs and early education. “By boosting workforce participation of women we can further close the gender pay gap, raise living standards across the board and secure Australia’s future prosperity,” Minister Cash said. The programs include:
- Funding new child care and early learning reforms, which are estimated to encourage more than 230,000 families increase their workforce participation.
- Expanding the ParentsNext pre-employment program, which helps parents of young children plan and prepare for work by connecting them with services in their local community.
- Implementing the Australian Public Service Gender Equality Strategy, which requires every agency to set targets for gender equality in leadership positions and boost gender equality more broadly.
- Investing $13 million over five years in getting more women into science, technology, engineering and maths under the National Innovation and Science Agenda.
- Setting a target of women holding 50 per cent of government board positions overall and strengthening the BoardLink program.
- Partnering with businesses to support women into leadership positions through scholarships provided by the Australian Institute of Company Directors.
- Continuing funding the Workplace Gender Equality Agency.
What re-regulation would meanIf Victoria heads down this path, all retailers would have to offer customers a basic electricity service, at or below a price set by the regulator. But whether this reduces electricity bills, especially for those struggling to pay, will depend on the extent to which consumers take up the offer. There is a real risk that vulnerable but disengaged consumers will not make the switch and so will not get the benefits. Shopping around is not easy, so many consumers don’t know when or where better offers are available. Alternatively, if all consumers switch to the basic offer, electricity prices would actually increase for some consumers. This is because current offers vary widely; some consumers are on very good deals while others are paying far too much. A new regulated price is unlikely to be as cheap as the best offers currently available. The best approach would be for the regulated basic price to be available on an ‘opt-out’ basis for vulnerable customers, while everyone else would have the option to ‘opt-in’. About a third of Victoria’s residential consumers are concession customers. They should all automatically be placed on the retailer’s cheapest offer – with the option to switch to a more expensive premium product if they choose. Other consumers could choose to switch to the cheapest offer, but they would have to take the initiative to make the switch. This would ensure that vulnerable consumers are protected, while helping to keep the price of the basic offer as low as possible.
Re-regulation is no panaceaSetting a regulated price isn’t easy. Too low, and retailers will topple over. Too high, and consumers will pay more. Another risk with re-regulation is that it will quash innovation. Product innovation is particularly important now because the electricity system is changing and consumer choice can help to drive that change. The basic offer need not be the only product that retailers make available to their customers. Some consumers would be willing to pay a premium for add-ons or alternative products - such as ‘green choice’ deals that support renewable energy, packages for solar households, and fixed cost ‘all you can eat’ electricity plans. Products that help consumers manage their electricity use could help to reduce system costs for everyone. For example, retailers could offer risk and reward options that consumers sign-up for, that reward consumers for reducing their electricity use during peak times and for making valuable contributions to the grid via solar panels and battery storage. Retailers will produce such innovative products if enough consumers show that they want more than a basic electricity service. Ultimately, reducing electricity prices will require a range of reforms that extend beyond the retail market to electricity generation and networks. In the meantime though, the onus is on retailers to prove the benefits of competition through lower prices and innovative offers. Retailers will report back to the Prime Minister and the ACCC on Friday with their plans to improve affordability for their customers. The test will be: are these plans good enough to dissuade the Government from stepping in and re-regulating electricity prices? This article was first published on Pursuit. Read the original article. [post_title] => Is re-regulation the solution to Australia’s electricity price shock? [post_excerpt] => The ACCC is reviewing the competitiveness of the retail electricity sector and prices nationally. [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => re-regulation-solution-australias-electricity-price-shock [to_ping] => [pinged] => [post_modified] => 2017-08-24 16:25:24 [post_modified_gmt] => 2017-08-24 06:25:24 [post_content_filtered] => [post_parent] => 0 [guid] => https://governmentnews.com.au/?p=27890 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )  => WP_Post Object ( [ID] => 27852 [post_author] => 670 [post_date] => 2017-08-17 20:00:35 [post_date_gmt] => 2017-08-17 10:00:35 [post_content] => Dean Lacheca Conversational artificial intelligence (AI) platforms - chatbots, virtual assistants and messaging-based applications - are opening new government service delivery channels. Government CIO need to quickly determine the role of these channels, adjust their digital service delivery strategies and extend their digital government platform to exploit these new opportunities. Many are already taking notice. Governments are prioritising the implementation of virtual assistants more than many other industry vertical. A recent Gartner survey indicates that 60 percent of government organisations undertaking artificial intelligence and machine learning projects identify virtual assistants as a project goal. This is in line with growing expectation from citizens of being able to access government services via conversational applications. The Australian Taxation Office recently introduced virtual assistant Alex on its website to help support general taxation enquiries from Australian citizens. Platforms like these consist of multiple related AI technologies that support an interactive and intuitive style of communication. Conversational applications aim to increase customer satisfaction by reducing customers' need to navigate a complex website or transactional portal. At the same time, they reduce the wait time and resources required to respond to basic government inquiries. Gartner predicts that by 2020, 25 percent of customer service and support operations will integrate virtual customer assistant technology across engagement channels. Service provider and government-to-government interactions can also be delivered through conversational applications. Large departments and agencies can use virtual employee assistants to offer more consistent and efficient delivery of internally facing services such as IT help desk, legal, HR and financial services. Most government services, however, particularly those that involve care or case management, will require human involvement for the foreseeable future. Virtual customer assistants or chatbots can be offered as an alternative or supporting channel to many direct citizen and business-facing services. Where to start 1. Educate IT and customer experience leaders Conversational applications suffer from negative customer experience perceptions based on older technologies and involvement with poor implementations. Customer experience leaders need to comfortable with, and have confidence in, the quality and consistency of the service delivered by the conversational applications. This will require effort to dispel historical misconceptions. Confidence will grow as understanding and experience of the quality and potential for the service grow. It's equally important to set expectations with the business regarding the take-up of these alternate channels. Though conversational applications should form part of a multichannel service delivery strategy, accept that these channels won't be accepted by all citizens or staff in the short term. Educate customer experience leaders on the potential for conversational applications and establish vendor showcases or workshops to offer firsthand experience. Then implement an internal pilot of a virtual employee assistant to develop technical skills and create an example to help guide decisions and future strategy. 2. Identify and prioritise opportunities Many uses for conversational applications exist throughout government. They deliver the best results when the right style or combination of applications is implemented to support the right type of service. Implementing a conversational application is a significant investment and should only be considered for services that are used frequently. Given conversational applications won't be accepted by all citizens, it's important to understand the service consumer. When targeting citizens, consider factors such as demographics, including language background. When targeting businesses, assess the nature of the business digital maturity of the industry. When targeting government-to-government services, consider the digital maturity of other agencies. When targeting staff, consider the digital maturity of your own agency. Start by preparing a list of conversational application opportunities based on potential uses and the services delivered by your agency. Work in partnership with your customer experience leaders to refine and prioritise this list based on the complexity of the responses, the demand for the services and the demographics of the targeted audience, including language background. 3. Revise your digital government strategy Citizens already engage governments across different channels, and their expectation is to receive the same quality of service across all channels. Unfortunately, many agencies struggle to see service delivery channels beyond traditional digital channels like websites and portals. A digital government strategy should embed multichannel citizen engagement as a foundation of service delivery. The strategy should reinforce the importance of consistency across channels and seamless transition between channels. Multichannel service delivery should apply equally to services aimed at government staff, forming part of the digital workplace strategy. A strategic focus on multichannel service delivery will influence the architecture of your citizen/customer experience platform to support conversational applications. Develop a business case to secure funding for further AI research and projects. Dean Lacheca is a public sector research director at Gartner, helping government CIO and technology leaders with their transition to digital government. He will speak about digital government trends at Gartner Symposium/ITxpo in Australia, 30 October-2 November 2017. [post_title] => Conversational AI in government [post_excerpt] => Conversational artificial intelligence (AI) platforms are opening new government service delivery channels. [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => conversational-ai-government [to_ping] => [pinged] => [post_modified] => 2017-08-17 20:22:51 [post_modified_gmt] => 2017-08-17 10:22:51 [post_content_filtered] => [post_parent] => 0 [guid] => https://governmentnews.com.au/?p=27852 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )  => WP_Post Object ( [ID] => 27828 [post_author] => 670 [post_date] => 2017-08-14 14:43:08 [post_date_gmt] => 2017-08-14 04:43:08 [post_content] => The Federal Government announced in the 2017-18 Budget context a number of initiatives to encourage the continued development of the SII market in Australia, including funding of $30 million. By pure coincidence, the Government also gifted $30m to Foxtel. The difference between this and Foxtel’s $30m is that Foxtel will get it over two years, while SII will have to wait ten years - Ed. The government’s package includes funding of $30 million over ten years, the release of a set of principles to guide the Australian government’s involvement in the SII market, and notes that the government will continue to separately consider ways to reduce regulatory barriers inhibiting the growth of the SII market. Social Impact Investing, the government says, is an emerging, outcomes‑based approach that brings together governments, service providers, investors and communities to tackle a range of policy (social and environmental) issues. It provides governments with an alternative mechanism to address social and environmental issues whilst also leveraging government and private sector capital, building a stronger culture of robust evaluation and evidenced-based decision making, and creating a heightened focus on outcomes. It is important to note that social impact investing is not suitable for funding every type of Australian government outcome. Rather, it provides an alternative opportunity to address problems where existing policy interventions and service delivery are not achieving the desired outcomes. Determining whether these opportunities exist is a key step in deciding whether social impact investing might be suitable for delivering better outcomes for the government and community. Government agencies involved in social impact investments should also ensure they have the capability (e.g. contract and relationship management skills, and access to data and analytic capability) to manage that investment. The principles The principles (available in full here) acknowledge that social impact investing can take many forms, including but not limited to, Payment by Results contracts, outcomes-focused grants, and debt and equity financing. The principles reflect the role of the Australian Government as an enabler and developer of this nascent market. They acknowledge that as a new approach, adjustments may be needed. They also acknowledge and encourage the continued involvement of the community and private sector in developing this market, with the aim of ensuring that the market can become sustainable into the future. Finally, the principles are not limited by geographical or sectoral boundaries. They can be considered in any circumstance where the Australian Government seeks to increase and leverage stakeholder interest in achieving improved social and environmental outcomes (where those outcomes can be financial, but are also non‑financial). Accordingly, where the Australian Government is involved in social impact investments, it should take into account the following principles:
- Government as market enabler and developer.
- Value for money.
- Robust outcomes-based measurement and evaluation.
- Fair sharing of risk and return.
- Outcomes that align with the Australian Government’s policy priorities.
ASIC has released guidance to support the new crowd-sourced funding (CSF) regime.
Warnings about the financial struggles facing small rural councils should trouble us all.
The Commonwealth has appointed three service providers to manage its property portfolio.
Lake Macquarie City Council is moving to a new consolidated tender to maintain its facilities.
A ten-week study and research has shown up shortfalls in some amalgamated council figures.
The costs of a casual job are now outweighing any pay benefits.
Equal Pay Day was on Monday – what have we achieved?
The Commonwealth has made significant changes to the way businesses can sell IT services to the government.
The ACCC is reviewing the competitiveness of the retail electricity sector and prices nationally.
Conversational artificial intelligence (AI) platforms are opening new government service delivery channels.
The Federal Government has announced a number of initiatives to encourage Social Impact Investing.
That the economic divide between Australia’s cities and regions is getting bigger is a misconception.