The Morrison Government will undertake the most significant reforms to Australia’s insolvency framework in 30 years as part of our economic recovery plan to keep businesses in business and Australians in jobs.

The reforms, which draw on key features from Chapter 11 of the Bankruptcy Code in the United States, will help more small businesses restructure and survive the economic impact of COVID-19.

Federal Member for Bonner Ross Vasta MP said the reforms would give more support to the region’s businesses that had been hit hard by the coronavirus.

“The Morrison Government is standing by small and family businesses and doing all we can to help make sure these businesses come out on the other side of this crisis,” Mr Vasta said.

“Along with early access to super, cash-flow boosts and JobKeeper, we are doing everything we can to keep family businesses up and running.”

As the economy continues to recover, it will be critical that distressed businesses have the necessary flexibility to either restructure or to wind down their operations in an orderly manner.

The reforms will assist incorporated businesses with less than $1 million in liabilities covering around 76 per cent of Australian businesses subject to insolvencies today, 98 per cent of which have less than 20 employees.

Together, these measures will reposition our insolvency system to reduce costs for small businesses, reduce the time they spend during the insolvency process, ensure greater economic dynamism, and ultimately help more local businesses get to the other side of the crisis.

Earlier this year the Morrison Government announced temporary regulatory measures to help financially distressed businesses get to the other side of COVID-19. On 7 September 2020 the Government announced a further extension of this relief to 31 December 2020.

The new processes will be available for small businesses from 1 January 2021.

Queensland school leavers and job seekers will benefit from increased access to free or low-fee skills training under a significant investment through the JobTrainer Agreement to be rolled out across Queensland.

Minister for Employment, Skills, Small and Family Business Senator the Hon Michaelia Cash said strengthening Australia’s skills and training system was a priority as the nation responded to COVID-19.

The $1 billion JobTrainer program will provide up to an additional 340,700 training places across the country for school leavers and help upskill and retrain jobseekers in areas of demand.

“JobTrainer is central to Australia’s recovery from COVID-19. It will provide Australians with new opportunities and skills to get a job” Minister Cash said.

“It is a significant joint investment by the Commonwealth and State and Territory Governments.”

The Queensland agreement will inject an extra $201 million into the state’s vocational education and training sector.

The Australian Government will contribute $100.5 million, which will be matched dollar-for-dollar by the Queensland Government.

Federal Member for Bonner Ross Vasta MP said this was a fantastic result for Queensland which would greatly assist job seekers and young people, especially school leavers.

“The JobTrainer Fund will help lift Queensland as the state recovers from COVID-19,” Mr Vasta said.

“I have spoken to a lot of young people concerned about what the future holds and to provide more skills training opportunity will provide some certainty and confidence our economy will get back on track and there will be jobs for young people.”

Minister Cash said JobTrainer was part of the Australian Government’s $6.5 billion investment in Vocational Education and Training in 2020-21.

“As part of this investment the Commonwealth is also providing additional support with the Supporting Apprentices and Trainees (SAT) wage subsidy, which has provided more than $500 million to employers across Australia since April this year.

“As part of the SAT the Government has invested $102.89 million to assist 10,461 employers to retain 17,290 apprentices and trainees in Queensland.”

For more information about JobTrainer visit: https://www.dese.gov.au/jobtrainer-fund.

The Queensland Labor Government’s Band-Aid election commitment of $40 million to provide “accessibility improvements” to Lindum Station fails to address the dire safety situation of the level crossing and five-way intersection.

Federal Member for Bonner Ross Vasta MP said the proposal ignored the $85 million delivered by the Federal Government and $40 million delivered by Brisbane City Council to provide a long-term solution to this dangerous level crossing.

“We have had this funding on the table since 2018 to deliver a major improvement to the notorious level crossing at Lindum Station, yet Queensland Labor has created this smoke and mirrors election commitment to improve passenger accessibility to the station,” Mr Vasta said.

“This is an appalling response after our $85 million commitment.”

Mr Vasta said the brochure released by the Department of Transport and Main Roads this week declared a long-term safety solution may not even happen.

“I’m so disappointed by this latest update,” Mr Vasta said.

“They have basically said “here will chuck in some traffic lights to keep you happy” and say a long-term solution is subject to “state-wide prioritisation and funding availability”.

“In other words, it may not even happen if the state doesn’t prioritise it.

“How many more people have to die before the Queensland Labor Government commits to funding a long-term safety solution to Lindum crossing?”

Mr Vasta said traffic was only getting busier and he would not settle for meaningless cosmetic upgrades which is all the Queensland Labor Government is offering.

“Pedestrians, motorists and commuters had been crying out for major improvements to the dangerous level-crossing and five-way intersection and again they miss out,” Mr Vasta said.

“When I delivered $85 million Federal funding for Lindum Crossing, it was to deliver a long-term, safe solution for all road users in partnership with all levels of government.

“Labor’s $40 million for “accessibility upgrades” is nothing but a distraction from the fact that they won’t commit what’s needed to fix Lindum crossing.”

Mr Vasta said to make matters worse, they had tied in a 2017 election commitment with this one and packaged it up as a new deal – ignoring the fact they failed to deliver on a $5 million parking upgrade announced three years ago.

“Queensland Labor has done nothing for this region and given they couldn’t even deliver a $5 million parking upgrade; will this $40 million project even get off the ground?”

Nominations are now open to find Bonner’s Local Legends – the people in our community who have gone above and beyond during COVID-19 to help others.

Federal Member for Bonner Ross Vasta MP said the global coronavirus pandemic had brought out the best in people and he wanted to hear from the community with stories of selfless acts of kindness.

“We want to recognise our local legends,” Mr Vasta said.

“We’ve heard incredible stories of teachers going above and beyond during distance learning, frontline workers putting others first and businesses donating meals to those who had fallen on tough times.

“We’ve seen community kindness such as notes to the neighbours to see if they need help with groceries or instigating the teddy bear hunt to keep kids occupied.

“Even at our local shops we’ve seen assistants provide as much support as possible, whilst also dealing with stressful restrictions and challenging customers.

“I know there’s many more and that’s why I need your help to find them.”

Mr Vasta called on the Bonner community to come forward and share stories of someone’s selfless actions.

“Maybe you have been at the receiving end of a kind act and this could be a way to repay their good deed,” Mr Vasta said.

“If you know someone who has stepped up during COVID to help their family, friends, neighbours or even total strangers, head to my website and nominate them for the Bonner Local Legend.

“Teachers, doctors, nurses, retail staff, local charities and volunteers, this is a chance to say thank you and give them a big shout out.”

Nominations open September 16 and close Friday, October 16.

Visit www.rossvasta.com.au to nominate a Bonner Local Legend.

The Morrison Government is taking action to secure Australia’s long-term fuel supply, keep prices low for consumers and create over 1000 new jobs through a new domestic fuel security package.

As part of our 2020-21 Budget, the Government will deliver a $211 million investment in new domestic diesel storage facilities, reforms to create a minimum onshore stockholding, and measures to support local refineries.

This will be delivered through a combined market and regulatory framework, with three key elements:

• Investing $200 million in a competitive grants program to build an additional 780ML of onshore diesel storage
• Creating a minimum stockholding obligation for key transport fuels; and
• Backing the refining sector by entering into a detailed market design process for a refinery production payment.

Prime Minister Scott Morrison said Australia’s fuel security was essential for our national security and that we had been fortunate to not have experienced a significant fuel supply shock in over 40 years.

“Our positive changes to the fuel market will ensure Australian families and businesses can access the fuel they need, when they need it, for the lowest possible price,” the Prime Minister said.

“Fuel security underpins our entire economy. Not only does it keep Australia moving, the industry supports thousands of people across the country and this plan is also about helping keep them in work.

“Like all sectors of the economy, the COVID-19 pandemic is having an impact on Australia’s fuel industry. The events of 2020 have reminded us that we cannot be complacent. We need a sovereign fuel supply to shield us from potential shocks in the future.”

Minister for Energy and Emissions Reduction Angus Taylor said the Government recognised that Australian refineries are under significant financial pressure and is committed to working with the sector to ensure it has a long-term future.

“Almost all Australians are reliant on fuel and it is the lifeblood of so many sectors in our economy. Our farmers and miners rely heavily on diesel to do their jobs and provide services, while the transport sector sources 98 per cent of its energy from liquid fuels,” Minister Taylor said.

“That’s why it is critical that Australia has control over its fuel security arrangements and the Government is making sure of that.”

Federal Member for Bonner Ross Vasta MP said the construction of additional diesel storage would not only secure our diesel supplies but support up to 950 jobs, along with 75 new ongoing jobs, many in regional areas.

“Supporting our refineries will ensure Australia has the sovereign capability it needs for any event, protect families and businesses from higher prices and support thousands of jobs across the economy as we recover from COVID-19,” Mr Vasta said.

A minimum stockholding obligation will act as a safety net for petrol and jet fuel stocks, and increasing diesel stockholdings by 40 per cent.

The Government will work with industry over the next six months on the legislative and regulatory design of the package.

Refineries play an important role in securing Australia’s fuel security and putting downward pressure on fuel prices for consumers. Modelling has shown that a domestic refinery capability is worth around $4.9 billion (over 10 years) in value to Australian consumers in the form of price suppression.

The Government is committed to a sovereign on-shore refinery capacity. We will design a market system for a production payment that recognises the fuel security benefits Australia’s refinery sector provides. It will protect Australian families and businesses from the around 1 cent per litre increase that modelling shows will hit fuel if all refineries close in Australia. For refineries to receive support, they will be required to commit to stay operating in Australia.

The Government recognises that the future refining sector in Australia will not look like the past. However, this framework will protect Australian families and businesses from higher prices and will secure jobs in the fuel sector and in fuel-dependent industries, such as our farmers, truckers, miners and tradies.

Additional measures will also be introduced to reduce the burden on industry and improve fuel market information.

This includes modernising the online fuel reporting system to make it easier for industry to report stock levels to Government and improve the timeliness of data. The Government will also remove the application fees for fuel standard variation requests.

This domestically-focused package builds on Government action to purchase up to $94 million of crude oil at record low global prices to be stored in the US Strategic Petroleum Reserve for access during a global emergency.

Funding is now available for Ex-Service Organisations and other local community groups to host an event during Veterans’ Health Week this year to encourage veterans and their families to stay connected.

Veterans’ Health Week will be held from 24 October to 1 November 2020 and the theme is Social Connection.

Local community and ex-service organisations can apply for $720 in funding to support their local veteran community with a creative social activity, within their local restrictions.

Federal Member for Bonner Ross Vasta MP said the funding would help veterans to stay socially connected with their community through innovative event ideas such as meditation or yoga sessions, local catch-ups and creative workshops, all in-person or virtually.

“I encourage local organisations in Bonner to apply and host a Veterans’ Health Week event so we can keep our community spirits high while we face the coronavirus pandemic,” Mr Vasta said.

“From fitness challenges to zoom catch-ups or even a COVID Safe catch-up, there’s many ways we can still connect and support each other.”

Minister for Veterans’ Affairs Darren Chester said the global coronavirus pandemic had made it difficult for many people to physically see each other and finding ways to socially connect with one another was now more important than ever, particularly for the ex-service community.

“Social connection is one of the most important aspects for your mental health and wellbeing, and as part of Veterans’ Health Week this year we are encouraging those in the ex-service community to remain socially connected, with family, friends and local community,” Mr Chester said.

“This year we invite our local organisations to come up with more innovative ideas for hosting events and create new opportunities to connect, either in person where possible or virtually.”

For more information on Veterans’ Health Week visit the Veterans’ Health Week page on the DVA website.

You can also call 1800 VETERAN (1800 838 372) or email vhw@dva.gov.au.

Applications for funding close 9 October 2020.

Applicants must be aware of local state or territory Coronavirus restrictions that are in place and ensure their event is following all Coronavirus guidelines.

The Morrison Government is supporting millions of small businesses by helping to ensure they get paid on time.

Legislation to implement the Payment Times Reporting Scheme was passed by the Senate, which will put every big business on notice.

Under the scheme, large businesses and applicable government enterprises with a total annual income of over $100 million will have to report publicly on how and when they pay their small business suppliers.

This scheme will provide unprecedented transparency and will show Australians how big businesses pay their suppliers.

This transparency will help small businesses make more informed decisions about who they do business with, and the general public can make better decisions about the large businesses they purchase from.

We have already seen large companies change their practices following adverse media coverage. Recently, businesses such as Rio Tinto and Telstra rapidly abandoned payment practices which negatively impacted on small businesses once they were subject to public exposure.

As a result, their payment policies were shortened to ensure suppliers were paid within 20 days.

Minister for Employment, Skills, Small and Family Business, Senator the Hon Michaelia Cash said the measure would support small businesses, especially through COVID-19 challenges.

“Late payments have a significant impact on small business cash flow and inhibit the ability of a firm to invest, grow and employ,” Minister Cash said.

Federal Member for Bonner Ross Vasta MP said shining a light on large business payment performance would lead to fairer and faster payments for Australia’s 3.5 million small and family businesses.

“Bad payers won’t be able to hide, as this Scheme will expose their poor practices,” Mr Vasta said.

“The Morrison Government is committed to striking the right balance to ensure faster and fairer payment terms to local small and family businesses in Bonner.”

The Government developed the legislation following extensive consultations with industry associations and representatives of small and large business since early 2019.

Their feedback has directly informed the design and operation of the scheme.

The Coalition Government has a strong record when it comes to ensuring small and family businesses get paid on time.

Since July 2019, Commonwealth agencies have paid invoices for contracts up to $1 million within 20 calendar days or paid interest on any late payments.

This captures approximately 95 per cent of procurement contracts entered into by the Commonwealth.

The scheme will begin on 1 January 2021.

Last night Parliament passed the Morrison Government’s extension of JobKeeper which is the largest economic lifeline in Australia’s history.

Federal Member for Bonner Ross Vasta MP said more than 5200 businesses in his electorate were currently using JobKeeper.

“JobKeeper is maintaining links between employers and workers, keeping people in jobs and supporting Australian incomes during this pandemic,” Mr Vasta said.

“I have met with many business owners in Bonner who have told me without JobKeeper, they were done and since then, many of them have fortunately recovered to the point where they won’t need this extension.

“However, for those still suffering large downturns, extending JobKeeper is providing a critical lifeline until we get through this global pandemic.”

Without JobKeeper and our other economic support measures, Treasury estimates Australia’s unemployment rate would be 5 percentage points higher.

These measures have saved around 700,000 jobs.

JobKeeper was introduced in March, with a flat payment of $1,500 per fortnight for eligible employees for six months. This meant money could be distributed quickly using existing mechanisms.

For the next stage of JobKeeper – from September until March 2021 – there will be a two-tiered payment:

• For the December quarter, payments will be $1,200 per fortnight per employee, or $750 for workers who were employed for less than 20 hours a week.
• For the March quarter, payments will be $1,000 per fortnight per employee, or $650 for workers who were employed for less than 20 hours a week.

The Australian Government is also supporting jobs with a number of other measures, including:

• Payments to more than 785,000 businesses to boost cash flow.
• A 50% wage subsidy, supporting around 180,000 apprentices and trainees.
• Up to 340,700 JobTrainer places for school leavers and job seekers to upskill.
• The HomeBuilder program, supporting the residential construction industry.
• JobSeeker and the Coronavirus Supplement.
• $750 payments in April and July to millions of Australians, including pensioners.

Further details about these measures are available at treasury.gov.au

“As we work to help the economic recovery, the Government will have Australians’ backs,” Mr Vasta said.