Tasmanian Business Reporter February 2019

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8 Tasmanian Business Reporter - FEBRUARY 2019 THOUGHT LEADERSHIP Jobs numbers building Sarah Courtney Building and Construction Minister TASMANIA’S building and construction sector is going from strength to strength. The extraordinary momentum in the industry is also helping to underpin broader economic confidence statewide. It is shaping up to be another great year for the industry in 2019, but these results have not happened by accident. The Hodgman Liberal Government has been working hard to ensure we have the right conditions in place to stimulate more construction, create jobs and boost the economy. These strong results have been achieved in partnership with the entire industry, which has shown hard work and dedication in responding to this optimism with investments growing strongly across the commercial, residential and industrial sectors. Building and construction jobs are at industry highs with more than 23,000 Tasmanians currently working in the sector. We are cutting red tape and continually working with industry to further streamline processes to make it easier, faster and cheaper to build in Tasmania. The increase in the total value of building approvals achieved the highest growth rate in Australia in the year to November 2018, up 39 per cent, with the number of dwelling approvals increasing by 14 per cent over the same period. The value of total completed construction Construction workers are being kept busy. work increased by 11.3 per cent to $2.9 billion in the year to the September 2018 quarter, nearly seven times higher than the national growth rate. Importantly, this record growth is set to continue, with a 59 per cent increase in the value of Picture: Honed Architecture engineering construction work commenced in the year to September 2019, and a near-doubling in the estimated value of work yet to be done to a year ago. I am proud of these achievements and motivated to continue supporting growth by ensuring we have a skilled workforce which can meet the growing demand in Tasmania. The success of this industry benefits all Tasmanians with more homes, better infrastructure and importantly, more jobs. www.tcci.com.au Care for the vulnerable INQUIRIES into the abuse of vulnerable people raise the paramount question of just who is accountable when the worst happens. Professor Pamela Hanrahan, Deputy head, School of Taxation and Business Law, UNSW Business School, says the worst nightmare for any director of a non-government organisation working with vulnerable people is that someone under their organisation’s care is abused by one of its employees. The recently announced Royal Commission into Aged Care Quality and Safety, which launched hearings in mid-January, will likely bring community focus back to the accountability of thousands of NGOs now contracted or funded by governments to provide human services, including aged care, disability support services, child care and family and community services. NGOs and the individuals who serve on their governing boards and committees accept a heavy burden when contracting with government to provide human services to vulnerable people. Given the difficult legal position, the basis on which NGOs should be legally accountable when employees commit offences against the people they are charged to protect will likely be an important part of deliberations by the aged care Royal Commission. That’s why it is crucial for all organisations involved in the care of the vulnerable to be fully aware of their governance obligations and their duty of care. Registrations are now open for a new course offered by the Australian Institute of Company Directors (AICD): “Governing to protect vulnerable people” to be held on Thursday, March 14, 2019 at the Tasmanian Divisional Office in Hobart. Applicants can register via www.companydirectors.com.au/SWT OUR PERSONAL LOANS come with low rates from 5 .99% 6 P.A. VARIABLE RATE .27% P.A. # COMPARISON RATE bankofus.com.au | 1300 306 716 *The small, small print: Bank of us lending criteria, terms and conditions including fees and charges apply. Full details are available on application. ^Rate available for new personal loans secured by boat, motor vehicle, caravan or motorcycle up to 2 years old and subject to change. #The comparison rates are calculated on the basis of a secured loan of $30,000 over a term of 5 years. WARNING: These comparison rates apply only to the examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate, but may influence the cost of the loan. Bank of us is a trading name of B&E Ltd ABN 32 087 652 088 AFSL & Australian Credit Licence 236870 Tasmania I Community I Customer
Tasmanian Business Reporter - FEBRUARY 2019 9 Incat ferries in demand Super shakeup NEWS Tasplan hails focus on fees HSC Saint John Paul II in sea trials before departing for her new home in Malta. SEA trials are under way for Incat’s latest vessel as the ship builder confirms it has another international order to complete. As we go to print, the 110 metre HSC Saint John Paul II is set to depart for her new home with Virtu Ferries in Malta servicing the route between Malta and Sicily. The wave piercing catamaran will be the largest high-speed catamaran in the Mediterranean, with a service speed up to 38 knots. “Work commenced on HSC Saint John Paul II in 2017, and together with other export orders has been a catalyst for the significant increase in workforce numbers at Incat over the past two years,” Incat Chairman Robert Clifford said. Incat has also confirmed work is under way on a new vessel for the Government of Trinidad and Tobago. The new fast passenger and cargo ferry will have capacity for 1000 people, including 224 VIP seats, and will carry 239 cars or a combination of trucks and cars. The Trinidad & Tobago inter-island seabridge has previously been served by two Incat vessels, the T&T Express and T&T Spirit. The new vessel will be delivered in 2020. TASPLAN Super has welcomed the Productivity Commission investigation into efficiency and competitiveness. CEO Wayne Davy said while the organisation was yet to digest the full detail of the 700-page report, any initiatives which encouraged better returns for members, improve fund performance and reduce fees were to be welcomed. “Super is our nest egg for our future retirement, with the aim of ensuring people can live comfortably when their working life comes to an end, so any initiatives that can increase the amount of super is to be welcomed,” Mr Davy said. “Removing unintentional multiple super accounts could save thousands of dollars for members, while for young people entering the workforce today, the Productivity Commission predicts over $500,000 in extra savings by the time they retire. Mr Davy said as a profit-for-members super fund, Tasplan has always been transparent with its fees and charges, but as the banking royal commission has shown, for-profit funds have not been as open and transparent with their charges, so any moves in this area would see better outcomes for consumers. “If Tasmanians have learned anything out of the royal commission, it’s that there are super funds run by banks to make a profit and there are industry super funds, such as Tasplan which are run solely for the benefit of their members,” Mr Davy said. “The Royal Commission has made it clear that industry-based funds, such as Tasplan have a much better track record when it comes to fees and charges.” Mr Davy said any initiative that encouraged better financial returns to members was also to be welcomed, but cautioned against any radical approach to changing the way funds operate. “Any system that can promote better performance should be encouraged, but sometimes funds can take a number of years to generate strong returns and so financial returns must be looked at over the longer term such as five to 10 years, rather than a simplistic year on year comparison. “Super savings are about taking a long-term compounding approach to savings and so when comparing fund investment return, a long-term view must also be taken. Supporting those making a better community. Just one reason why our members voted us number one for customer satisfaction in Australia, two years in a row! * Mitch McPherson Founder, SPEAK UP! Stay ChatTY We’re your number one health insurer. Talk to us today! 1300 651 988 stlukes.com.au for Customer Satisfaction* two years in a row! * #1 Roy Morgan Customer Satisfaction Awards: Private Health Insurer of the Year – 2016 & 2017. St.LukesHealth ABN 81 009 479 618 180376
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Tasmanian Business Reporter February 2019

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