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                    [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:

ASIC consulted on its guidance and relief in June 2017 and has now published Report 544 Response to submissions on CP 288 and CP 289 on crowd-sourced funding (REP 544), detailing ASIC’s response to that consultation (refer: 17-195MR).

See the ASIC website for further information on crowd-sourced funding, including information on applications:
  • 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.
See ASIC's Moneysmart page on crowd-sourced funding for further information on how to invest through crowd-sourced funding. The following information is available on ASIC’s website:   [post_title] => Seeking crowd-sourced funding? Talk to ASIC [post_excerpt] => ASIC has released guidance to support the new crowd-sourced funding (CSF) regime. [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => seeking-crowd-sourced-funding-talk-asic [to_ping] => [pinged] => [post_modified] => 2017-09-22 09:52:59 [post_modified_gmt] => 2017-09-21 23:52:59 [post_content_filtered] => [post_parent] => 0 [guid] => https://governmentnews.com.au/?p=28094 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [1] => WP_Post Object ( [ID] => 28078 [post_author] => 670 [post_date] => 2017-09-21 20:49:44 [post_date_gmt] => 2017-09-21 10:49:44 [post_content] => The Australian Information Industry Association (AIIA) has released the findings of a national survey on Australians’ attitudes towards technology and its impact on future employment opportunities. While nearly all Australians believe that innovation is important to Australia’s future prosperity (99%) and feel positive about future work and job opportunities (97%), only one in four attribute their positive outlook to the belief that government will develop the right policies in areas such as education and training. Instead, people were more likely to attribute their positive attitude about the future to the fact that technological revolutions throughout history have always resulted in the emergence of new industries and jobs (54%), Australia is a strong, stable country that will be able to adapt to change (52%), and because Australian entrepreneurs will take advantage of emerging opportunities in new industries (45%). The survey on Australians’ attitude towards innovation, jobs and future employment was conducted by Galaxy Research on behalf of AIIA*. “There is widespread commentary that technological disruption will cause job loss without job replacement. However, our poll indicates the majority of Australians are actually positive about the future, despite fear mongering about loss of jobs as technology develops,” said Rob Fitzpatrick, CEO of AIIA. “The survey also found that the majority of Australians believe they will need to take charge of their own careers and reskilling as jobs evolve due to technology advancements, irrespective of the industry in which they are working.” To adapt to technological change, Australians say workers need to stay up to date with changing technology in their industry (76%), undertake self-learning/further education (55%), access professional development through their workplace (53%), and be prepared to change careers or jobs as new roles emerge (51%).  “History has demonstrated that technology and automation have increased productivity, improved the quality of goods and services, reduced prices and led to improved standards of living. It’s great that people are prepared to manage their own careers, however, it’s crucial that industry and government also respond appropriately to ensure Australians are well positioned to take advantage of new jobs and industries that will emerge on the back of new technologies,” said Mr Fitzpatrick. The survey indicated many Australians believe it is vitally important to support young people so they are prepared for the jobs of the future. The most popular approach is to improve education standards and the curriculum in STEM subjects (68%), while large numbers also said Australia should provide more workplace training opportunities for university and high school students (64%), develop more relevant vocational and education training programs (59%), and develop programs that promote resilience and confidence in young people (53%). Areas respondents would like to see embracing innovation and technology include medical research and development to deliver cures and better health management (72%), helping disadvantaged people gain better access to appropriate support services (65%), and investing in technological change in existing Australian industries such as manufacturing and agriculture (58%). The survey results coincide with the release of AIIA's Skills for Today, Jobs for Tomorrow whitepaper, which focuses on the urgent need for a practical strategy and action plan for the future of jobs. “ICT and digital leaders must work proactively with governments and communities to develop practical strategies to build Australia’s digital literacy capabilities to prevent social and economic dislocation,” said Mr Fitzpatrick. “While history shows technology will ultimately add productivity and economic growth, our whitepaper is the start of what needs to be an ongoing conversation about developing an action plan to ensure Australians are adequately prepared for the jobs of the future,” he said. * The Galaxy Poll was conducted online among a nationally representative sample of 1,004 Australians 18 years and older. [post_title] => Technology, jobs, and government input [post_excerpt] => What impact will new technologies have on future employment, and what's the government's role? [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => future-jobs-technology-government-input [to_ping] => [pinged] => [post_modified] => 2017-09-21 20:52:10 [post_modified_gmt] => 2017-09-21 10:52:10 [post_content_filtered] => [post_parent] => 0 [guid] => https://governmentnews.com.au/?p=28078 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [2] => WP_Post Object ( [ID] => 28052 [post_author] => 670 [post_date] => 2017-09-18 13:21:00 [post_date_gmt] => 2017-09-18 03:21:00 [post_content] => [caption id="attachment_28053" align="alignnone" width="300"] Cameron Offices on the corner of College Street and Chandler Way, Belconnen, ACT. Source: Wikipedia user Adz.[/caption] With the aim of driving greater efficiency in the management of the Commonwealth’s property portfolio, three property service providers have been appointed. The providers are Broadspectrum Property Pty Ltd (Broadspectrum), Evolve FM Pty Ltd (Evolve FM), and Jones Lang LaSalle (ACT) Pty Ltd (JLL). They will provide leasing and facilities management services to over 90 Commonwealth entities. These appointments are part of the Government’s plan to realise further savings in excess of $100 million in property-related expenditure over the four years of the contracts, including through consolidating the Commonwealth’s buying power. The new property service provider arrangements complement other efficiency measures already in place, including Operation Tetris (see below), which had a goal of realising savings of $300 million over 10 years through reductions in surplus leased property holdings. The appointment of the providers followed an open tender process and represents strong outcomes for Indigenous business and small to medium enterprises (SME). Each Property Service Provider has committed to exceed the Indigenous Procurement Policy targets of 3 per cent for levels of Indigenous employment and/or engagement of downstream contractors. The Property Service Providers are also required to meet or exceed the Government’s SME targets of 10 per cent of downstream contract value. Broadspectrum and JLL are large, established global providers. Evolve FM is an Australian-based, Indigenous-owned company. The appointments are for an initial term until 30 June 2021, with possible extensions of up to a further four years. Operation Tetris squeezes more in The Department of Finance’s property efficiency program consists of:
  • 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.
In support of Operation Tetris, the government established a ‘Whole-of-Australian-Government’ coordinated procurement system for property-related services. This arrangement covers leasing services and property and facilities management for domestic office accommodation and shopfronts. The coordinated approach for property-related services is designed to improve the efficiency of property services across the Commonwealth and maximise the value for money that can be achieved by consolidating the Commonwealth’s purchasing power. All non-corporate commonwealth entities (NCCE) will be required to commence using the arrangements for their outsourced property needs once their existing contracts expire. NCCE will, however, be able to enter into new contracts, including any extensions or expansions to existing property-related arrangements (excluding leases), as long as those contracts expire before 30 June 2018. Lease arrangements will remain subject to Resource Management Guide 504 (RMG 504) in respect of endorsement by the Minister for Finance. Since the national roll-out, the government claims Operation Tetris has successfully filled over 60,000 square metres of vacant and surplus office space in the ACT and a further 7,000 square metres in other capital cities, including:
  • 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.
  [post_title] => Govt outsources office management [post_excerpt] => The Commonwealth has appointed three service providers to manage its property portfolio. [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => commonwealth-outsources-office-management [to_ping] => [pinged] => [post_modified] => 2017-09-18 13:30:37 [post_modified_gmt] => 2017-09-18 03:30:37 [post_content_filtered] => [post_parent] => 0 [guid] => https://governmentnews.com.au/?p=28052 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [3] => WP_Post Object ( [ID] => 28045 [post_author] => 670 [post_date] => 2017-09-15 12:29:39 [post_date_gmt] => 2017-09-15 02:29:39 [post_content] => Representatives from the rail industry came together to meet with Commonwealth ministers to discuss the need for a National Rail Industry Plan for the Benefit of Australia. “Today is a significant day for the rail industry as we build momentum for a National Rail Industry Plan and meeting with Commonwealth ministers is our first step,” said Danny Broad, chief executive officer of the Australasian Railway Association (ARA). “The rail industry makes a significant contribution to the Australian economy. Investment in rail by Australian governments will be in the order of $100 billion through to 2030. We are meeting with Commonwealth ministers today to say: we need a plan to coordinate this effort and we need your support. “Through better coordination and long-term certainty, we can ensure the industry is well positioned to take advantage of all the lessons from the past and position ourselves for the future. “The Commonwealth Government will be investing $89 billion in naval shipbuilding through to 2055. This investment will be supported by a Naval Shipbuilding Plan. Rail’s contribution to Australia is no less than shipbuilding. “Next we will be meeting with state and territory governments, as well as opposition representatives to discuss our plan, seeking their support. “To get this right we really need a combined effort by Commonwealth, state and territory governments, as well as industry support.” The emphasis of any National Rail Industry Plan will need to include five key areas of focus, Mr Broad said:
  1. Recognising the importance of rail for Australia’s infrastructure development, urban planning and freight movements
  2. Harmonising standards, minimising regulations and maximising economies of scale
  3. Growing the capabilities of individuals and companies
  4. Maximising opportunities for rail companies
  5. Fostering innovation, research and development.”
Federal Government happy to help Federal Minister for Infrastructure and Transport Darren Chester, together with the Minister for Industry, Innovation and Science, Senator Arthur Sinodinos and the Minister for Urban Infrastructure, Paul Fletcher, met with key rail stakeholders in Canberra to canvas ideas for growing Australia's rail industry. Mr Chester said engagement with stakeholders, including business and industry groups, was essential for securing a strong national transport system that meets the needs of our freight and passenger rail task in the future. “Rail plays a significant role in the productivity of our nation, and I am always keen to hear the views of industry on how we can ensure rail continues to meet the needs of both commuters and industry,” Mr Chester said. Mr Chester said rail was a core component of the Australian Government $75 billion infrastructure investment program, including a $20 million commitment to examine faster rail. “Through the 2017-18 Budget, the Australian Government committed $20 billion toward the delivery of rail projects, including the $10 billion National Rail Program, and the $8.4 billion Inland Rail,” he said. “This significant investment will not only support freight operators and commuters, but also directly invest in the rail industry by providing high-quality — and road-competitive — rail links. “Industry engagement will continue to play an important role in ensuring we get the policy and investment settings right.” Mr Chester said supporting the rail industry—including investing in major projects—had the potential to boost national prosperity. “The Inland Rail will deliver 16,000 direct and indirect jobs at the peak of construction,” he said. “It will stimulate complementary private sector investments, such as fleet upgrades, new metropolitan and regional terminals and integrated freight precincts. “I am looking forward to seeing the roll-out of the National Rail Program and projects like Inland Rail, Perth Metronet and the Victorian Regional Rail Package.”   [post_title] => Rail: $20 billion spending, 16,000+ jobs [post_excerpt] => The rail industry met with Commonwealth ministers to discuss a National Rail Industry Plan. [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => rail-20-billion-spending-16000-jobs [to_ping] => [pinged] => [post_modified] => 2017-09-15 12:30:46 [post_modified_gmt] => 2017-09-15 02:30:46 [post_content_filtered] => [post_parent] => 0 [guid] => https://governmentnews.com.au/?p=28045 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [4] => WP_Post Object ( [ID] => 27975 [post_author] => 670 [post_date] => 2017-09-08 10:00:57 [post_date_gmt] => 2017-09-08 00:00:57 [post_content] => [caption id="attachment_27976" align="alignnone" width="300"] The NorthConnex in Sydney is one of IA's projects.[/caption] In time for Julieanne Alroe commencing her role as the new chairwoman of Infrastructure Australia (IA), the organisation has begun the process of updating its Infrastructure Priority List (IPL), with the next full edition to be published in February 2018. Welcome Julianne Roe – and four more Chief executive of Infrastructure Australia Philip Davies welcomed Ms Alroe to her new position, who has been a member of the board since 2015. In turn, Ms Alroe welcomed three new board appointments — Deena Shiff, a former senior Telstra executive, Andrew Ethell, a former senior Toll executive, and Dr Peter Wood, a former Evans & Peck executive. They will be joined in January 2018 by Reece Waldock, the former Director-General of the Western Australian Department of Transport. Updating the IPL As part of this update, Infrastructure Australia is calling on Australian governments and non-government bodies to identify infrastructure problems and opportunities of national significance. The 2018 IPL will build on the current list, with new initiatives to reflect emerging infrastructure priorities across Australia, as well as update existing initiatives. Infrastructure Australia says it is open to submissions for all types of infrastructure, including programs of related works and programs for network optimisation. The submission period will close on 27 October 2017. Mind the framework Proponents should align their submissions with IA’s recently updated Assessment Framework. The Infrastructure Australia Act requires that the Assessment Framework be reviewed at least every two years. This ensures that it remains current, and consistent with similar frameworks used elsewhere in Australia and overseas. The Assessment Framework sets out the process Infrastructure Australia uses to consider initiatives and projects for inclusion on the Infrastructure Priority List. The Assessment Framework provides information about what Infrastructure Australia does and how initiatives and projects are assessed, to enable proponents to develop their submissions. The Assessment Framework was most recently updated in June 2017 with a focus on improving usability and readability. This included:
  • Merging the Assessment Framework overview and the detailed technical guidance into a single document.
  • Updating the existing templates, and developing new checklists, to simplify the submission process for proponents.
  • Providing better clarity on the role of Infrastructure Australia and the proponent at each step of the five-stage assessment process.
Proponents can make a submission via the Infrastructure Priority List—Call for submissions page.   [post_title] => Infrastructure Australia is open to new ideas [post_excerpt] => Infrastructure Australia has begun updating its Infrastructure Priority List. [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => infrastructure-australia-open-new-ideas [to_ping] => [pinged] => [post_modified] => 2017-09-08 10:22:10 [post_modified_gmt] => 2017-09-08 00:22:10 [post_content_filtered] => [post_parent] => 0 [guid] => https://governmentnews.com.au/?p=27975 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [5] => WP_Post Object ( [ID] => 27979 [post_author] => 670 [post_date] => 2017-09-08 08:27:47 [post_date_gmt] => 2017-09-07 22:27:47 [post_content] => Volkswagen has been ordered to publish a nationwide notice  concerning the class actions related to the global Dieselgate emissions scandal. The Federal Court has ordered that the notices be displayed on the VW, Audi and Skoda corporate websites and Australian Facebook pages, in what is believed to be first instance of Facebook being used in a federal consumer class action. Abridged versions of these notices are also to be published in major state and national newspapers from next week, clarifying key issues relating to the voluntary recall being undertaken by the manufacturers. Law firm Maurice Blackburn had requested Court orders that the notices be issued, in part to better inform those unwittingly caught up in the global diesel emissions scandal. In handing down judgment on the issue, presiding Judge, Justice Lindsay Foster, remarked that it was “necessary to put the record straight” on suggestions from Volkswagen that the Australian vehicle approval authority, the Department of Infrastructure and Regional Development (DIRD) had said the voluntary recall work would have no impact on performance, fuel economy or service intervals of affected vehicles, when they hadn’t. Class action principal at Maurice Blackburn running the case Jason Geisker said ever since the emissions scandal broke VW has attempted to gloss over its failings and only ever provided a one-sided story to motorists. “A real issue needing clarification for VW, Audi and Skoda customers relates to controversial suggestions about the impact of the proposed voluntary ‘fix’ on the performance, fuel economy and service requirements of the vehicles – these class actions will determine whether these claims are accurate or not,” Mr Geisker said. “We think it is important for affected motorists to understand that any suggestion that Australian authorities have confirmed that the voluntary recall has no impact on these vehicles is simply not true. “These notices will help ensure that affected motorists are better informed about the issues being decided by the court through the class actions arising out of the diesel emissions scandal, including the controversies surrounding the voluntary recall.” Key aspects of the notices that will appear on the car manufacturer websites and pushed out to their social media accounts include the following: “The Volkswagen, Audi and Skoda software update does not simply remove the test mode. The software update will affect the manner in which the engine runs. It will:
  • Change the fuel injection settings, the number, timing and fuel quantity of injections used.
  • Increase the production of particulate matter (soot), which likely will lead to more frequent regeneration of the diesel particulate filter.
  • Increase the fuel injection pressure.
  • Increase the extent of exhaust gas recirculation into the engine.
  • In the case of Audi Q5 vehicles equipped with an SCR system, change its operation resulting in the use of a larger amount of AdBlue.
Further details will include telling customers that:
  • Having the recall work done is not compulsory. Your consent is required before any recall work is done. Contrary to what we know some VW customers have been told, people are still entitled to access servicing, repairs or spare parts for their vehicle whether or not they’ve chosen to have the recall work done.
  • In addition, there is no impact on existing warranties for those that have decided not to have the recall work performed on their vehicles and not getting the recall work is not a waiver of any of your rights in our class action or otherwise.
  [post_title] => Volkswagen ordered to come clean, even on Facebook [post_excerpt] => Volkswagen has been ordered to publish a nationwide notice on the Dieselgate emissions scandal. [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => volkswagen-ordered-come-clean-even-facebook [to_ping] => [pinged] => [post_modified] => 2017-09-08 10:22:53 [post_modified_gmt] => 2017-09-08 00:22:53 [post_content_filtered] => [post_parent] => 0 [guid] => https://governmentnews.com.au/?p=27979 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [6] => WP_Post Object ( [ID] => 27953 [post_author] => 670 [post_date] => 2017-09-06 14:51:11 [post_date_gmt] => 2017-09-06 04:51:11 [post_content] => The Australian National University (ANU) has announced a 10-year program to drive an artificial intelligence revolution in Australia. The expansion will be led by one of the world’s top technologists, Professor Genevieve Bell, and will be based within the ANU College of Engineering and Computer Science. Professor Bell recently joined ANU from Intel as the first of five appointments under the ANU Vice-Chancellor’s Entrepreneurial Fellows scheme. She has also been appointed the inaugural Florence Violet McKenzie Chairperson at ANU, named in honour of Australia’s first female electrical engineer. Under the expansion, Professor Bell will lead a new Autonomy, Agency and Assurance Institute, to be known as the 3A Institute, co-founded with CSIRO’s Data61, Australia’s largest data innovation network. The 3A Institute will bring together researchers from around the world and a range of disciplines to tackle complex problems around artificial intelligence, data and technology and managing their impact on humanity. ANU Vice-Chancellor Professor Brian Schmidt said ANU was driven to help solve the most pressing problems facing the world and the new institute will drive innovation, research and policy responses. “It isn’t just about engineering and computer science, it’s also about anthropology, sociology, psychology, economics, philosophy, public policy and many other disciplines – you have got to put it all together to get to the best answers possible,” Professor Schmidt said. “Professor Bell’s extraordinary experience and depth of knowledge in this area will ensure Australia remains prepared to meet the big social, cultural and political questions around our technological future.” Data61 CEO Adrian Turner said the 3A Institute would build on Australia’s strengths in cyber systems. “Australia has an opportunity to be a leader and to seed new industries of global relevance as IT, biological and advanced materials disciplines converge and become data-driven,” he said. “Building on our national strengths in cyber-physical systems, interdisciplinary research is needed now more than ever to understand how we can integrate resulting new technologies into our lives for economic and societal benefit. “The 3A Institute will be an important way for us to achieve this and move the nation forward. Data61 is delighted to be contributing talent and resources towards this collaboration as Founding Partner.” Professor Bell said there was a critical set of questions to be answered around autonomy, agency and assurance if the world is to meet challenges of future technology. “We, as humans, are simultaneously terrified, optimistic and ultimately ambivalent about what it’s going to be like,” she said. “How are we going to feel in a world where autonomous agents are doing things and we aren’t? How are we going to be safe in this world? “We will be looking closely at risk, indemnity, privacy, trust – things that fall under this broad term ‘assurance’.”   [post_title] => ANU, CSIRO to drive AI revolution [post_excerpt] => The ANU has announced major expansion to drive societal response to the artificial intelligence revolution. [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => anu-csiro-drive-ai-revolution [to_ping] => [pinged] => [post_modified] => 2017-09-08 10:49:02 [post_modified_gmt] => 2017-09-08 00:49:02 [post_content_filtered] => [post_parent] => 0 [guid] => https://governmentnews.com.au/?p=27953 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [7] => 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.
The opposition disagrees Labor said today’s Equal Pay Day marks the 66th extra day since the end of the financial year that women must work to earn the same as men. Shadow Minister For Education and Shadow Minister For Women The Hon Tanya Plibersek MP said in a statement: “For 20 years, there has been no real progress reducing gender pay inequity in Australia. And earlier this year, a Federal Government agency told Parliament that Australia is 50 years away from closing the pay gap. “A recent Senate Inquiry, led by Labor Senator Jenny McAllister, found Australia needed a national policy framework to achieve gender pay equity. “Instead, the government has thrown his full support behind cuts to penalty rates, which have been proven to have a disproportionate impact on women.” (Such as childcare workers, earning on average $21 per hour.)     [post_title] => How far have we come on Equal Pay? [post_excerpt] => Equal Pay Day was on Monday - what have we achieved? [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => far-come-equal-pay [to_ping] => [pinged] => [post_modified] => 2017-09-04 16:11:24 [post_modified_gmt] => 2017-09-04 06:11:24 [post_content_filtered] => [post_parent] => 0 [guid] => https://governmentnews.com.au/?p=27956 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [8] => WP_Post Object ( [ID] => 27947 [post_author] => 670 [post_date] => 2017-08-31 21:05:12 [post_date_gmt] => 2017-08-31 11:05:12 [post_content] => Flat electricity demand puts price rises squarely on network charges: The Audit. The Australia Institute has released the Electricity Update of the National Energy Emissions Audit (The Audit) for August 2017. The report, by energy analyst Dr Hugh Saddler, shows flat demand across the National Energy Market (NEM). “Total annual demand for electricity in the NEM is dead flat. With both national economic activity and population continuing to grow, electricity consumers are continuing to respond to ever rising prices by using electricity more efficiently, as they have been doing for most of the past seven years,” Dr Saddler said. “This year consumers have seen a very sharp rise in electricity price due to generation costs.  However, for the last six years price rises seen by consumers were almost entirely caused by network ‘gold-plating’. “This report shows that electricity consumers are continuing to pay for the policy failures of the last decade in the regulation of monopoly network businesses. “The reduction in brown coal production in the NEM is being met by increased black coal as well as increased renewable production – notably wind power, which bounced back to another all-time production record in July.”  “The retirement of decrepit brown coal plants in Victoria had the potential to limit supply and cause price rises, but South Australian wind has come to the rescue keeping the lights on and putting downward pressure on wholesale prices,” Dr Saddler said. The Audit In June 2017, The Australia Institute launched the National Energy Emissions Audit (The Audit), written by energy analyst and ANU Honorary Associate Professor Dr Hugh Saddler, which tracks Australia's emissions of greenhouse gases from the combustion of fossil fuels. The National Energy Emissions Audit will be published on a quarterly basis, in September, December, March and June each year. In each intermediate month the NEEA Electricity Update will report on changes to emissions from electricity generation in the National Electricity Market (NEM).     [post_title] => Electricity update [post_excerpt] => Flat electricity demand puts price rises squarely on network charges. [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => electricity-update [to_ping] => [pinged] => [post_modified] => 2017-08-31 21:05:12 [post_modified_gmt] => 2017-08-31 11:05:12 [post_content_filtered] => [post_parent] => 0 [guid] => https://governmentnews.com.au/?p=27947 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [9] => WP_Post Object ( [ID] => 27912 [post_author] => 670 [post_date] => 2017-08-28 15:12:56 [post_date_gmt] => 2017-08-28 05:12:56 [post_content] => Michael Aaron For a technology that started out as the basis of cryptocurrency, blockchain has evolved to be so much more. Today, blockchain is poised to disrupt the way dozens of industries are operating, and set to revolutionise the public sector. Indeed, nine in ten government organisations globally plan to invest in blockchain for use in financial transaction management, asset management, contract management and regulatory compliance by 2018, and here in Australia, the trajectory looks similar. Last year, Data61 and Australian government agencies announced that they are undertaking a detailed study to determine what blockchain could all mean for both government and industry. The review will look to provide practical use cases where blockchain technology could be piloted in government services and the private sector, such as sharable registry information, verifiable supply chains and assessment of aggregate risk exposure in the financial services sector. Blockchain is a distributed database that can be used by individuals who want to complete transactions involving multiple parties. Large organisations can use it to collaborate across multiple organisational silos. Large, cross-industry ecosystems may want to use blockchain to handle complex transactions across multiple jurisdictions, and governments may want to use blockchain to help their citizens or in the delivery of new government applications. Trust has never been more important for governments in Australia and around the world. Globalisation means that governments need to find ways to expand the economy, and new ways to improve citizen engagement and accountability. The integration of blockchain technology into government activities will help local, state and federal governments move past a lack of trust, providing transparency for transactions. Ledgers have been used for centuries by governments and businesses to keep account of assets and liabilities, property, records and relevant transactions. But traditionally, ledgers were private and guarded, seen only by an internal few, or auditors. Blockchain takes this old and simple concept and takes it to a new level. Simply put, blockchain acts as a distributed open ledger that can be used to register and record property transactions, healthcare initiatives to track medical records, citizen services and much more. Day-to-day, blockchain can also help government processes and purchases more efficient, reducing the chances of fraud and error. In Australia, private sector organisations are already looking to blockchains as a potential new disruptor. For example, Agricultural technology business AgriDigital, executed the world’s first live settlement of the sale of an agricultural commodity on a blockchain with the sale of 23.46 tonnes of grain in central NSW. Australia Post, announced last year that it was looking at a blockchain technology project for the storing of digital identities, while AGL Energy will test how using blockchain technology could allow households to trade surplus energy from their rooftop solar panels. This initiative will also involve IBM and distributed energy advisers Marchment Hill Consulting and it is hoped it will highlight the regulatory and system changes needed to make the market work effectively, the value in peer-to-peer energy markets, as well as how blockchain technology can be leveraged to make it more effective. Because participants in a transaction on a blockchain have access to the same records, there is no need for third-party intermediaries to validate transactions or verify identities or ownership. Business licenses, property titles, vehicle registrations and other records could all be shifted to blockchains, freeing citizens from the need for lawyers, notaries and trips to government offices to certify that transactions are legal. Additionally, with blockchain consumers, business partners and government groups alike could know with certainty how things are made, stored, transported and sold – whether those assurances relate to child labor, materials or the environment. In a recent global study by IBM’s Institute for Business Value (IBV) and the Economist Intelligence Unit, it was found that government organisations around the world are prioritising blockchain to help reduce innovation roadblocks and inaccurate or incomplete information across their organisations. The results of the study show:
  • Seven in ten government executives predict blockchain will significantly disrupt the area of contract management, which is often the intersection of the public and private sectors
  • 14% of 'trailblazer' government institutions expect to have blockchain in production at scale by 2017, and are utilising blockchain to help reduce time, cost and risk in regulatory compliance, contract engagement, identity management and citizen services.
  • Six in ten governments recognise regulatory constraints as the greatest barrier to the adoption of blockchains, followed closely by what they perceive as immature technology and lack of executive buy-in
The study also found that Asia Pacific is setting the pace of adoption along with Western Europe, with North America trailing. But unlike Western Europe (which ranked 'financial transaction management' as the top area for new business models) and North America, (which focused on the potential of 'borderless services'), Asia Pacific governments expected 'citizen services' to be the area that delivered the greatest innovation through blockchain. Countries in the Asia Pacific region, including Australia, are set to be among the first to really grasp blockchain technology, with the government agencies taking on the technology. This could potentially see these governments begin to make transactions that in the past, they wouldn’t have – this comes down to blockchain addressing the lack of trust issue. Disruption, especially in bureaucratic institutions is rare. Decades later, even the Internet hasn’t drastically changed how governments operate and rarely do they compete in personalized citizen services. That could change as blockchains evolve to bring closer collaboration among citizens and government institutions. Open data (e.g. data that helps pinpoint the optimal location for a new retailer or record soil conditions for farmers) is arguably among a government’s greatest assets. As the societal value from that data grows, government organisations will need to ensure that their data is easily accessible, free to use and available in a consumable format. Likewise, institutions will need to take greater safeguards to protect that data from cyber-attacks. Open data on blockchains meets these imperatives, and can help governments become open governments. Through blockchain technology, government will be better able perform its dual role of facilitating the business innovation of citizens and, at the same time, co-creating better services for citizens, founded on openness and trust. Michael Aaron is the Blockchain leader at IBM.     [post_title] => Blockchain: from e-government to open government [post_excerpt] => The blockchain is set to revolutionise the public sector and disrupt the way dozens of industries are operating. [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => blockchain-e-government-open-government [to_ping] => [pinged] => [post_modified] => 2017-08-28 15:17:31 [post_modified_gmt] => 2017-08-28 05:17:31 [post_content_filtered] => [post_parent] => 0 [guid] => https://governmentnews.com.au/?p=27912 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [10] => WP_Post Object ( [ID] => 27895 [post_author] => 670 [post_date] => 2017-08-24 20:15:53 [post_date_gmt] => 2017-08-24 10:15:53 [post_content] => The Commonwealth Government has announced significant reforms to the way businesses can sell IT services to the government. Starting immediately, government IT contracts will be capped at a maximum value of $100 million or three years’ duration. This is to allow small- and medium-sized businesses the opportunity to bid for smaller components of larger projects. Assistant Minister for Digital Transformation Angus Taylor said the Government was aiming to inject an additional $650 million annually into small Australian tech companies. “Government is targeting an increase of 10% of its annual $6.5 billion IT spending to smaller operators,” Assistant Minister Taylor said. “A cap is now in place to limit the term and value of government IT contracts. We are reducing the number of IT panels to make it easier for small players to supply services. We are actively encouraging small innovators to sell us their ideas.” The reforms were recommendations from the ICT Procurement Taskforce report. The taskforce found “a culture of risk-aversion in government procurement had undermined the freedom to innovate and experiment”. The ten recommendations from the taskforce cover issues such as developing ICT-specific procurement principles, building strategic partnerships, data-driven reporting, enhancing the Australian Public Service’s procurement skills, and new procurement methods. Work will continue over the next 12 months to deliver more pathways to improve coordination and reduce duplication of ICT procurement across government. The DTA’s increased oversight of the government’s IT investment portfolio and its work to build digital capability will address the calls for a more strategic IT procurement approach and a stronger technical workforce. The ICT procurement taskforce was established within the Department of the Prime Minister and Cabinet in October 2016 and became the responsibility of the Digital Transformation Agency in February 2017, the Minister said. Industry welcomes the move Rob Fitzpatrick, chief executive officer of the Australian Information Industry Association (AIIA) said the changes were an important step forward to make it easier and less expensive for smaller Australian ICT companies to bid for components of larger projects and have the opportunity to do business with the Government. “We welcome the government’s commitment to build improved procurement capabilities and introduce new ICT procurement options aimed to streamline and speed up processes for both government and vendors. “These changes are in line with recommendations made by AIIA to provide a more level playing field. “We are particularly pleased to hear the Minister’s strong commitment to cloud services across government and to reforming existing panel arrangements. “To succeed, it will be important to implement the spirit of these changes effectively, and industry looks forward to working with the government to ensure an effective rollout.” [post_title] => Federal Govt restructures IT procurement worth $6.5bn [post_excerpt] => The Commonwealth has made significant changes to the way businesses can sell IT services to the government. [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => federal-govt-restructure-procurement-worth-6-5bn [to_ping] => [pinged] => [post_modified] => 2017-08-24 21:55:30 [post_modified_gmt] => 2017-08-24 11:55:30 [post_content_filtered] => [post_parent] => 0 [guid] => https://governmentnews.com.au/?p=27895 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [11] => WP_Post Object ( [ID] => 27883 [post_author] => 670 [post_date] => 2017-08-22 08:13:46 [post_date_gmt] => 2017-08-21 22:13:46 [post_content] => The Australian and Victorian Governments are committing significant funds to connect the Port of Melbourne to major freight hubs using the existing rail network, but container operators are warning that the success or otherwise of the concept is in the detail. Governments come up with the money Expressions of interest will soon to be sought to deliver a series of rail freight ‘shuttle’ initiatives on the existing rail network by connecting the port to major freight hubs and businesses. Federal Minister for Infrastructure and Transport Darren Chester said the proposal would take advantage of rail’s ability to shift larger volumes of freight than trucks. “[We] are seeing a boom in exports, which has led to trucks taking more produce and freight to the ports. This project will provide the ability to shift larger volumes of freight via rail compared to trucks, and reduce congestion on our roads,” Mr Chester said. “The freight and logistics industry had identified rail’s potential to reduce transport costs by about 10 per cent, with the proposal potentially improving Australia’s competitiveness.” Victorian Minister for Roads, Road Safety and Ports Luke Donnellan said the initiative will take trucks off local roads in Melbourne’s inner west. “The Port of Melbourne will remain our primary freight hub for a generation. With container numbers expected to double over the next two decades we need to act now to share the load between road and rail. “Alongside the West Gate Tunnel, 24-hour truck bans in the inner west and the Port’s rail access plans, this project will help shift containers from residential streets onto dedicated routes to the port.” The Australian Government has committed $38 million and the Victorian Government will provide $20 million to the initiative. Funding will be available to upgrade rail connections and improve terminal access. The devil’s in the detail The largest conglomeration of container transporters in Victoria the Container Transport Alliance Australia (CTAA) has welcomed the recommitment of $58 million in funding by the State and Federal Governments towards port rail shuttle services in the Port of Melbourne, but has warned that there is ‘much to do’ to make metropolitan rail freight services commercially viable. “There is no doubt that moving more containerised freight to and from the Port of Melbourne and metropolitan intermodal terminals must be part of the future for Australia’s largest container freight port,” CTAA director Neil Chambers said. “To date, however, next to no containers move to and from metropolitan areas and the port due to the lack of adequate rail infrastructure and the added costs of using rail for intermodal movements. “The optimal landside movement of an import container once discharged from a ship involves around six “lifts” if delivered direct from wharf to customer then direct to the empty container depot for de-hire by road.” “This number of ‘lifts’ rises with the current situation where many containers are ‘staged’ through transport yards to take account of the mismatch of operating hours and other logistics management reasons, both the full container as well as the empty. This can increase the number of ‘lifts’ to as many as ten. “However, unless we can achieve true ‘on-dock’ rail operations to remove the need for the last-mile movement of the containers within the Port to be undertaken by truck or some other form of transfer vehicle, the number of ‘lifts’ for a typical intermodal operation would be twelve or more. “Every time you touch the container it costs money, and the current lack of rail integration is the killer from a competition point of view. “Truly viable intermodal terminals in Australia and overseas also provide the value-added services in situ that reduce local freight journeys and strip out costs for the cargo owner. This is what we need to aspire to through strategically located intermodal terminals in Melbourne’s west, north and south-east. “It’s important, therefore, that the Port of Melbourne complete its rail strategy development in a timely manner, that the state’s overall freight strategy is refreshed, and the national freight strategy finalised, to ensure that intermodal rail operations are considered as a complete system, not just a series of disjointed nodes with no adequate integrated port connections and infrastructure “I think we need to be cautious that the community isn’t given the impression that rail intermodal operations will be a panacea to the removal of trucks from our roads,” Mr Chambers said. “That won’t be the case, because even if we get this right, which we all hope we will, the future still involves thousands of truck movements to and from the port, as well as to and from intermodal terminals for final delivery to the end user. “We need integrated planning that enhances and protects the future viability of road and rail freight, reduces community amenity impacts where possible, but doesn’t harm freight productivity and cost competitiveness.”   [post_title] => Will Melbourne’s port shuttle work? [post_excerpt] => Governments are committing millions to connect the Port of Melbourne to major freight hubs, but operators are warning of more work needed. [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => melbournes-port-shuttle-go-ahead-will-work [to_ping] => [pinged] => [post_modified] => 2017-08-22 10:22:17 [post_modified_gmt] => 2017-08-22 00:22:17 [post_content_filtered] => [post_parent] => 0 [guid] => https://governmentnews.com.au/?p=27883 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [12] => WP_Post Object ( [ID] => 27867 [post_author] => 670 [post_date] => 2017-08-21 11:45:30 [post_date_gmt] => 2017-08-21 01:45:30 [post_content] =>   The Australian Border Force (ABF) has identified a number of labour hire intermediaries sourcing illegal labour and sending money derived from this exploitation overseas. Following an Australia-wide operation codenamed Bonasus, more than 225 people working in breach of their visa conditions were also located during the operation. Video footage of the operation can be viewed here. ABF officers inspected 48 properties, including businesses and residential premises, as part of the operation targeting organised visa fraud, illegal work and the exploitation of foreign nationals. The illegal workers were from Malaysia, Indonesia, China, Vietnam Tunisia, Pakistan and Bangladesh. They were located working in industries ranging from agriculture to retail and hospitality. In addition, more than 300 individuals were refused entry into Australia as part of the operation. ABF Commander Field and Removal Operations Robyn Miller said the operation should act as a warning to both employers of illegal workers and non-citizens who are, or are intending to, work illegally in Australia. "The facilitation of, and engagement in, illegal work can have lasting negative impact on Australian communities and individuals," Commander Miller said. "This includes significant underpayment and substandard living conditions for foreign workers, and reputational damage for rural and metropolitan industry sectors. "Small and medium businesses are also disadvantaged due to the unfair competitive advantage gained by those who do not adhere to the law." Investigations into these labour hire intermediaries are continuing. Penalties for businesses organising illegal work range up to ten years imprisonment and/or fines of up to $210,000. Individuals caught working illegally may be detained and removed. Individuals also face being banned from re-entering Australia for three years and may be liable for the costs of their removal. A majority of the unlawful non-citizens and foreign nationals caught working illegally have been removed to their country of origin. A small number of the group are assisting the Department of Immigration and Border Protection to resolve their immigration status. Anyone who is aware of an individual, business or employer who may be facilitating visa fraud or illegal work is urged to contact Border Watch on 1800 009 623 or visit www.border.gov.au/report. Information can be provided anonymously.
State/Territory Number of warrants Illegal workers located Locations
Victoria/Tasmania 14 More than 50 Warrants occurred in metropolitan Melbourne, Mildura, Shepparton, and Sunbury.
NSW/ACT 16 More than 110 Warrants occurred in metropolitan Sydney, Coffs Harbour, Mittagong and Griffith.
Queensland 4 More than 25 Warrants occurred in metropolitan Brisbane, Bundaberg and Mareeba.
Western Australia 12 Almost 40 Warrants occurred in metropolitan Perth.
South Australia/Northern Territory 2 Fewer than 5 Warrants occurred in Golden Heights and Whyalla Stuart.   
Total 48 More than 225  
The Department does not report on cohorts fewer than five for privacy reasons.   [post_title] => Customs targets employers of illegal workers [post_excerpt] => ABF officers have inspected businesses and residential premises targeting organised visa fraud and illegal work. [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => customs-targets-employers-illegal-workers [to_ping] => [pinged] => [post_modified] => 2017-08-21 13:31:17 [post_modified_gmt] => 2017-08-21 03:31:17 [post_content_filtered] => [post_parent] => 0 [guid] => https://governmentnews.com.au/?p=27867 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [13] => WP_Post Object ( [ID] => 27847 [post_author] => 670 [post_date] => 2017-08-17 16:27:31 [post_date_gmt] => 2017-08-17 06:27:31 [post_content] => The Federal Government has released a consultation paper that outlines the government’s proposal to create a Modern Slavery in Supply Chains Reporting Requirement. This will require large corporations and other entities operating in Australia to publish annual statements outlining their actions to address slavery. Responding to exploitation in supply chains is a key focus of Australia’s National Action Plan to Combat Human Trafficking and Slavery 2015-19. Consistent with this focus, the National Roundtable established an expert Supply Chains Working Group to bring together relevant stakeholders from business, civil society and government agencies. This working group subsequently recommended that government introduce a modern slavery in supply chains reporting requirement. The proposed reporting requirement will support the business community to respond more effectively to modern slavery. It will raise business awareness of this issue, create a level playing field for businesses to share information about what they are doing to eliminate modern slavery, and encourage businesses to use their market influence to improve workplace standards and practices. The proposed reporting requirement will also improve information available to consumers and investors about modern slavery. The Attorney-General’s Department will lead a national consultation process to refine the Government’s proposed model. This consultation process will provide an important opportunity for the business community and civil society to help design a reporting requirement that is simple, sensible and as effective as possible. It will also ensure that the proposed reporting requirement reflects community expectations. Consultation paper available now The consultation paper outlines the Australian government’s proposed model for a Modern Slavery in Supply Chains Reporting Requirement. The proposed reporting requirement will require large corporations and other entities operating in Australia to publish annual statements outlining their actions to address modern slavery in their operations and supply chains. Key elements of the Government’s proposal include the following:
  • The introduction of a requirement to produce an annual Modern Slavery Statement.
  • The reporting requirement would be applicable to a range of entities:
    • with a proposed revenue threshold no lower than $100 million total annual revenue, and
    • headquartered in Australia or that have any part of their operations in Australia.
  • Entities will be required to report on their actions to address modern slavery in both their operations and supply chains (including beyond first tier suppliers).
  • Entities will be required to report, at a minimum, against four criteria (which cover the optional criteria set out in the UK Modern Slavery Act):
    • the entity’s structure, its operations and its supply chains;
    • the modern slavery risks present in the entity’s operations and supply chains;
    • the entity’s policies and processes to address modern slavery in its operations and supply chains and their effectiveness (such as codes of conduct, supplier contract terms and training for staff), and
    • the entity’s due diligence processes relating to modern slavery in its operations and supply chains and their effectiveness.
  • Modern Slavery Statements would need to be approved at board level and be signed by a director.
  • Entities would be required to publish their Modern Slavery Statement within five months after the end of the Australian financial year.
  • Entities would be required to publish their Modern Slavery Statement on their websites, with the Government also proposing a publicly accessible central repository.
  • Punitive penalties for non-compliance are not proposed but options for oversight are being considered.
  • The Government will provide guidance and awareness-raising materials for business.
The Commonwealth Attorney-General’s Department will lead a national consultation process with business and civil society to refine the Government’s proposed model over August – December 2017. Submissions for the consultation will close on 20 October 2017. [post_title] => Federal Government to target modern slavery [post_excerpt] => A consultation paper outlines the government’s Modern Slavery in Supply Chains Reporting Requirement. [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => federal-government-target-modern-slavery [to_ping] => [pinged] => [post_modified] => 2017-08-17 19:12:05 [post_modified_gmt] => 2017-08-17 09:12:05 [post_content_filtered] => [post_parent] => 0 [guid] => https://governmentnews.com.au/?p=27847 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) ) [post_count] => 14 [current_post] => -1 [in_the_loop] => [post] => 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: ASIC consulted on its guidance and relief in June 2017 and has now published Report 544 Response to submissions on CP 288 and CP 289 on crowd-sourced funding (REP 544), detailing ASIC’s response to that consultation (refer: 17-195MR). See the ASIC website for further information on crowd-sourced funding, including information on applications:
  • 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.
See ASIC's Moneysmart page on crowd-sourced funding for further information on how to invest through crowd-sourced funding. The following information is available on ASIC’s website:   [post_title] => Seeking crowd-sourced funding? Talk to ASIC [post_excerpt] => ASIC has released guidance to support the new crowd-sourced funding (CSF) regime. [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => seeking-crowd-sourced-funding-talk-asic [to_ping] => [pinged] => [post_modified] => 2017-09-22 09:52:59 [post_modified_gmt] => 2017-09-21 23:52:59 [post_content_filtered] => [post_parent] => 0 [guid] => https://governmentnews.com.au/?p=28094 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [comment_count] => 0 [current_comment] => -1 [found_posts] => 1450 [max_num_pages] => 104 [max_num_comment_pages] => 0 [is_single] => [is_preview] => [is_page] => [is_archive] => 1 [is_date] => [is_year] => [is_month] => [is_day] => [is_time] => [is_author] => [is_category] => 1 [is_tag] => [is_tax] => [is_search] => [is_feed] => [is_comment_feed] => [is_trackback] => [is_home] => [is_404] => [is_embed] => [is_paged] => [is_admin] => [is_attachment] => [is_singular] => [is_robots] => [is_posts_page] => [is_post_type_archive] => [query_vars_hash:WP_Query:private] => fb72b5c23e7ec9459b9165c170bf8d06 [query_vars_changed:WP_Query:private] => 1 [thumbnails_cached] => [stopwords:WP_Query:private] => [compat_fields:WP_Query:private] => Array ( [0] => query_vars_hash [1] => query_vars_changed ) [compat_methods:WP_Query:private] => Array ( [0] => init_query_flags [1] => parse_tax_query ) )

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