NewzIntel.com

Category: Australia

  • MIL-OSI Australia: Publicly available data to help understand tax compliance

    Source: Australian Department of Revenue

    Understand tax compliance in Australia

    An important feature of the Australian tax system is that the details of income earned and taxes paid by taxpayers are kept confidential. This applies for both people and entities. We believe this confidentiality supports full and honest disclosure to us.

    However, an interested person can use a range of tools to better understand a company’s tax position. New data sources are available to help the community understand more about the tax compliance of large corporate groups.

    We encourage community enquiries. These support an informed debate about tax compliance in Australia. Informed debate can balance speculation about low or no tax paid by some corporate groups. It can also address concern about non-compliance by the large corporate groups population in general.

    Sources of information

    Relevant sources of information about a company’s tax position include:

    • reports prepared by the corporate group itself, especially reports written under the voluntary tax transparency code
    • financial reports prepared by the corporate group and lodged, directly or indirectly, with the corporate regulator, ASIC
    • our annual publication of key financial and tax data relevant to large corporate groups under the corporate tax transparency measure
    • informed analysis and media commentary of particular corporate groups or industries including    
      • analysis of annual reports prepared by a corporate group in Australia
      • reports filed by the overseas headquarters of a multinational with operations in Australia.

    How large corporate groups are taxed

    In looking at the tax paid by a particular large corporate group, it is important to remember:

    • income tax isn’t paid on gross income, it’s paid on taxable income, meaning they may pay less or no tax in subsequent years
    • even very large corporate groups sometimes make losses that may mean they don’t pay tax in that year and, subject to integrity provisions in the law, they can carry forward and claim these as a tax deduction in future years
    • Australia generally doesn’t tax the offshore profits of corporate groups where they are comparably taxed overseas
    • the profits of businesses run through trusts are usually taxed at the investor level, not the trust level.

    Voluntary tax transparency code

    We encourage large corporate groups to adopt the voluntary tax transparency code (the Code). This includes entities treated as companies for Australian tax purposes and foreign multinationals with operations in Australia.

    The Code was developed by the Board of Taxation and endorsed by the Australian Government in the 2015–16 federal Budget. It’s designed to encourage greater transparency within the corporate sector, particularly by multinationals. It will improve the community’s understanding of the corporate sector’s compliance with Australia’s tax laws.

    We’re encouraged by the number of corporates volunteering to produce tax performance reports. By 31 August 2023:

    • over 140 corporates published reports for 2021–22
    • over 120 corporates published to date for 2022–23
    • over 20 corporates published to date for 2023–24.

    We believe this will support more informed community debate about the tax system.

    The first Voluntary Tax Transparency Code reportExternal Link for 2015–16 was published on data.gov.au in September 2016. It is updated as we receive more reports from businesses and currently includes 8 years of data. Over 210 corporates have become signatories to the Code.

    Requirement to lodge general purpose financial statements

    Most large corporates file detailed accounts with ASIC. These general purpose financial statements (GPFS) provide some tax payment details, including:

    • the amount they expect to pay as tax liabilities
    • a tax note explaining material tax adjustments, for example, profits and dividends or both from a foreign subsidiary may be exempt for income tax purposes, but treated as income in the accounts
    • any amended assessment received, subject to principles of materiality
    • information on substantial tax disputes, where the reporting entity has to disclose contingent liabilities under the Corporations Act 2001.

    Some large global entities with Australian operations may not have been required to provide full GPFS to ASIC. Sometimes they’ve been able to lodge special purpose financial statements. Separately, grandfathering provisions provided exemptions from filing GPFS with ASIC for some Australian large private companies.

    However, recent changes made to legislation means these companies will no longer be exempt from lodging financial statements with ASIC. The exemption now only applies to financial years ending on or before 9 August 2022 when the Act received royal assent.

    For income years beginning on or after 1 July 2016, legislation now requires significant global entities to lodge GPFS with us if they don’t already provide them to ASIC. We pass these to ASICExternal Link and they make them public in their document register.

    This measure increases the transparency of large multinational companies operating in Australia. Since its introduction, we’ve sent over 15,000 GPFS to ASIC.

    Corporate transparency report

    We publish limited tax details of certain large corporate taxpayers in accordance with tax returns as lodged. This is part of a global push to improve transparency and inform public debate about tax policy.

    The law requires us to publish this information each year. We also provide supporting commentary to give context to the data and help users understand the tax adjustments that may be relevant in arriving at the taxable income. Importantly, this data doesn’t get updated for subsequent ATO-initiated amendments to the returns lodged.

    The information published is drawn from tax return labels and covers:

    • name
    • ABN
    • total income
    • taxable income
    • tax payable
    • petroleum resource rent tax (PRRT) payable.

    Many companies prepare additional information available to the public that provides context to the data we publish.

    We released the 2022–23 Report of entity tax information in November 2024, published on data.gov.au.

    For more information, see:

    Other sources of information

    Some media and professional analysts study corporations and/or industries. These reports sometimes draw on detailed financial updates filed by multinational enterprises in their home jurisdiction. They can indicate taxes paid globally and sometimes taxes paid here in Australia.

    Other analyses of a corporate group’s financial and tax position might arise upon a significant or material event. This may include a merger, acquisition or takeover proposal, or a major change in their financial position following receipt of an amended tax assessment.

    MIL OSI News –

  • MIL-OSI Australia: The OECD four pillars of compliance

    Source: Australian Department of Revenue

    Large corporate group registration

    As significant contributors to the Australian tax system, we’re confident large corporate groups who should be registered in the system are registered. With sophisticated business operations of $250 million or more in revenue annually, these groups are well aware of their tax obligations.

    Large corporate group lodgment

    Large corporate groups predominantly lodge on time. These businesses have significant internal capacity and capability to lodge. Failure to lodge is likely to be symptomatic of broader issues within the business.

    Of those that don’t lodge on time, many are late by less than one month and most are late by less than 3 months. We have specific engagement strategies for these entities. There are also higher penalties for significant global entities that fail to lodge on time.

    Occasionally we may find individual entities within a large corporate group not meeting their lodgment obligations. Often this is due to the entities being dormant or non-trading, which is not a revenue risk under ordinary circumstances.

    Figure 1: Large corporate groups lodgment performance, 2022–23

    Correct reporting

    Measuring assurance and confidence in tax consequences

    Tax assured helps us demonstrate our confidence in the tax system. We consider amounts of tax to be assured where we have evidence they have been reported correctly. We collect evidence from a range of sources including directly from taxpayers.

    Where we can’t gather evidence to assure tax, we rely on our broader risk management approaches to provide us with confidence in tax reporting.

    Tax assured complements other measures, including tax gaps and total revenue effects. Together they provide insight into how well the tax and super systems are performing. We use this insight to assist Treasury with shaping the future design of the systems and our strategies for addressing potential non-compliance.

    We have assured $36.9 billion of income tax reported by large corporate groups for 2021–22 and $39.2 billion for 2020–21.

    You can also find out about How we gain confidence the right amount of tax is being paid.

    Preventative action

    We undertake a range of activities aimed at preventing non-compliance. We do this:

    • across the large corporate groups population generally
    • through direct action with the largest taxpayers in this population.

    You can find out more in Population wide approaches to preventing non-compliance and how we engage with specific taxpayers in Active prevention: one-to-one.

    Corrective action

    Corrective action targets those cases where taxpayers seek to push the boundary of acceptable tax planning. We identify these cases based on:

    • intelligence
    • data analysis
    • risk assessments.

    Where we suspect a particular arrangement is being used by multiple large corporate groups we address the potential non-compliance in a targeted and coordinated way. This includes investigating both taxpayers and advisers we suspect are involved. We also provide early warning to the market of our concerns, often in the form of a taxpayer alert.

    Results from our compliance activities

    Our compliance activities and the results we obtain act as a visible deterrent against large corporate groups choosing not to comply with their Australian tax obligations.

    The significant fluctuation in the outcomes of our corrective action each year reflects the characteristics of the large corporate groups population:

    • There are low levels of systemic tax avoidance, so we don’t have a regular program of audits on the same fact pattern leading to similar audit results across years.
    • The size of the taxpayers and their transactions is such that a single audit case may amount to significant sums in additional tax payable.
    • Complex transactions may be subject to multi-year investigations and subsequent litigation before the taxpayer pays additional taxes and penalties.
    Table 1: Corrective action targeting large corporate groups income tax, 2018–19 to 2023–24

    Corrective action targeting large corporate groups income tax

    2018–19
    $m

    2019–20
    $m

    2020–21
    $m

    2021–22
    $m

    2022–23
    $m

    2023–24
    $m

    Total debits (liabilities) (see Note 1)

    1,876

    2,053

    2,818

    2,666

    1,974

    2,824

    Audit yield (cash) (see Note 2)

    1,136

    1,373

    1,051

    1,428

    1,276

    1,669

    Note 1: Liabilities raised in a given year may relate to multiple years of assessments and include additional tax, penalties and interest.

    Note 2: Audit yield is actual cash collected (or estimated to have been collected) against liabilities raised (in the year and prior) and includes collections on tax, penalties and interest.

    The complexity inherent in the law and the business affairs of large corporate groups can lead to significant differences in interpretation of how the law applies in a given circumstance. Taxpayers can and do dispute amended assessments made by us, sometimes all the way to the courts. The result is not always in our favour.

    Sometimes we settle disputes for a lesser amount than originally assessed. This means the additional cash we collect from an audit doesn’t always equal the amount of additional tax liabilities we raised under the amended assessment.

    Observed behaviours

    Some large corporate groups may engage in tax minimisation or avoidance. But typically, they are not reckless and do not evade tax.

    Where we see an incorrect application of the law and reasonable care hasn’t been taken, we can apply a range of administrative penalties. These vary, depending on the behaviour involved.

    Our analysis of culpability penalty rates imposed confirms a strong compliance culture among large corporate groups. We have not raised a penalty in cases where the taxpayer made a voluntary disclosure or, in our view, had a reasonably arguable position and it is otherwise appropriate to not impose a penalty.

    Even where we have applied penalties, in most cases we considered there was, at most, a lack of reasonable care and not recklessness or intentional disregard. We may reduce a penalty where appropriate based on the facts and circumstances of the case.

    Figure 2: Culpability penalty rates applied to large corporate groups, 2018–19 to 2023–24

    You can also view data for Culpability penalty rates applied to large corporate groups, 2018–19 to 2023–24 in table format.

    On-time payments

    Most large corporate groups generally pay their tax obligations on time and almost all tax is paid within 365 days or within agreed upon timetables.

    As with lodgment obligations, our work managing debts of large corporate groups focuses on cooperative relationships. We also emphasise:

    • transparency
    • prevention before correction
    • early assurance
    • certainty for all parties.

    This is our starting position for working with all businesses. Most businesses work this way with us.

    Figure 3: Large corporate groups payment times, 2022–23

    Large corporate groups income tax debt is relatively small compared to the total corporate income tax reported. Similarly, the income tax value of debt owed by these groups represents only a small percentage of their total tax paid on time, and the majority of this debt is disputed.

    Disputed debt covers tax outstanding that is subject to:

    • an objection with us
    • a review via the Administrative Review Tribunal
    • appeal to the Federal Court.

    We expect that in such a large and complex system we will have disputes. Our intention is to resolve disputes as early as possible, in a way that is fair and respectful.

    A very small amount of debt is owed by former large corporate groups that are now under some form of insolvency administration.

    Figure 4: Large corporate groups debt as a proportion of corporate income tax, 2022–23

    MIL OSI News –

  • MIL-OSI Australia: Tax and Corporate Australia

    Source: Australian Department of Revenue

    An effective tax system supports the social benefits we all enjoy. The key to an effective tax system is a high level of willing participation. This is built on the community having confidence:

    • that all taxpayers are paying the right amount of tax
    • in us as administrators.

    We share our tax system insights with you to improve awareness and encourage voluntary compliance.

    The community is especially concerned with the income tax compliance of large corporate groups. This population is made up of 2,081 groups. Each has a turnover of more than $250 million and makes a significant contribution to our tax system and the Australian economy.

    Based on our detailed knowledge of the system, most large corporate groups pay the right amount of tax. There will always be some who deliberately avoid their tax obligations. Our message to businesses operating in Australia is clear: you must pay the right amount of tax on the profits you earn here.

    We take our responsibility to the Australian community seriously. Here you can find out how we are:

    • improving the system for those who want to comply
    • taking firm action against those who choose not to.

    We hope it provides you with an increased understanding of how Australia’s tax system is operating for the largest corporations.

    MIL OSI News –

  • MIL-OSI New Zealand: Public servants should use cheaper taxi options

    Source: ACT Party

    ACT’s Finance spokesperson Todd Stephenson has written to Public Service Commissioner Sir Brian Roche, congratulating him on his appointment and suggesting that he allow public servants to use rideshare services like Uber as a more taxpayer-friendly alternative to traditional taxis.

    “There seems to be a widespread rule that public service employees are not able to claim back or expense a rideshare service used in the course of their employment, and this is unnecessarily costing taxpayers money,” says Mr Stephenson.

    “Rideshare services are typically more affordable than traditional taxi services, and there is no justification for a blanket ban on their use.

    “A 2017 report from the Taxpayers’ Union estimated savings of upwards of $3 million a year if public servants used rideshare services instead of taxis. The savings are likely to be even greater today.

    “There could be other benefits. Rideshare apps offer live location tracking and number plate verification, enhancing safety for public servants. Digital receipts that show journey start and end points add another layer of accountability that ensures travel privileges are used appropriately.

    “While ACT hopes the new Commissioner will be looking far more widely for ways to improve value for money in the public service, I hope he’ll take my suggestion on board as a ‘small, but easy’ change.”

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Tables – Tax compliance of Australian corporations

    Source: Australian Department of Revenue

    Demographics of large corporate groups – data table

    The table details the data used in figure, the contribution to tax revenue from 2017–18 to 2022–23 for large corporate groups.

    Table: the contribution to tax revenue from 2017–18 to 2022–23 for large corporate groups

    $b Income tax payable

    2017–18

    2018–19

    2019–20

    2020–21

    2021–22

    2022–23

    Large Diversified Miners

    8.0

    10.2

    11.5

    14.9

    23.1

    21.0

    Oil & Gas

    1.2

    1.9

    1.3

    0.6

    1.4

    12.0

    Other Mining, Energy and Water

    6.9

    10.8

    12.1

    16.6

    18.0

    22.3

    Major Banks

    11.4

    10.1

    9.2

    8.4

    8.4

    9.9

    Other Financial Services

    6.5

    6.8

    6.4

    7.4

    8.7

    7.3

    Wholesale, Retail and Services

    13.6

    12.6

    12.5

    15.1

    17.3

    18.4

    Manufacturing, Construction and Agriculture

    3.9

    3.8

    3.7

    4.0

    5.6

    4.8

    Total large corporate groups income tax reported

    51.4

    56.2

    56.6

    67.1

    82.6

    95.6

    Macro-level analysis is giving us confidence – data tables

    The table below details the data used in figure, indexed income tax payable and pre-tax profits of ASX-listed companies.

    Table: Indexed income tax payable and pre-tax profits of ASX-listed companies

    Year

    Income tax payable ($m)

    Pre-tax profit ($m)

    Indexed income tax payable

    Indexed pre-tax profit

    2018

    28,549

    157,674

    100.0

    100.0

    2019

    29,938

    164,157

    104.9

    104.1

    2020

    31,080

    146,335

    108.9

    92.8

    2021

    37,877

    190,778

    132.7

    121.0

    2022

    43,353

    246,988

    151.9

    156.6

    The table below details the data used in figure, tax-to-income ratios of Australian public and majority foreign-owned large corporate groups.

    Table: Tax-to-income ratios of Australian public and majority foreign-owned large corporate groups from 2017 to 2023

    Year

    Majority Foreign-owned

    Australian – Public

    Australian – Public (excluding largest 10)

    Private

    2017

    1.57%

    3.19%

    1.80%

    1.44%

    2018

    1.82%

    3.25%

    1.92%

    1.81%

    2019

    1.90%

    3.44%

    1.91%

    1.44%

    2020

    1.72%

    3.47%

    1.72%

    1.51%

    2021

    1.63%

    4.13%

    1.76%

    1.79%

    2022

    2.32%

    4.29%

    2.15%

    1.72%

    2023

    3.00%

    3.72%

    2.37%

    1.48%

    The OECD four pillars of compliance – data table

    The table details the data used in figure 2, culpability penalty rates applied to large corporate groups, 2018–19 to 2023–24.

    Table: Culpability penalty rates applied to large corporate groups from 2018–19 to 2023–24

    Culpability penalty

    2018–19

    2019–20

    2020–21

    2021–22

    2022–23

    2023–24

    0 rate

    0.4

    0.7

    0.3

    0.3

    0.7

    0.4

    10% rate

    0.1

    0.1

    0.3

    0.3

    0.0

    0.3

    25% rate

    0.3

    0.1

    0.4

    0.3

    0.2

    0.3

    50% rate

    0.2

    0.1

    0.1

    0.1

    0.1

    0.0

    75% rate

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    MIL OSI News –

  • MIL-OSI Australia: We assist and assure the tax compliance of large corporate groups

    Source: Australian Department of Revenue

    How we engage with large corporate groups

    One of our strategic aims is to sustainably reduce the tax gap. We know old approaches centred on active compliance programs of reviews and audits will not achieve that aim. Instead, our first focus is on active prevention.

    We believe the majority of taxpayers prefer to avoid tax risk where possible. To do so, they need to know where our concerns lie and our compliance stance on various aspects of the law or areas of the economy. Our goal is to only have taxpayers entering into disputes with us where they know what our position is and have made a conscious decision to operate contrary to it.

    To achieve this goal, we’re more explicit about where we have concerns. We communicate our thinking across all aspects of our compliance activities. We’re more creative and flexible in the type and form of guidance we produce. This means we now have tailored guidance products for specific purposes as well as our traditional public rulings.

    Public guidance also supports community confidence in the system by letting the public know we are identifying and dealing with matters of concern.

    Through early engagement and private advice, we also work directly with large corporate groups. This helps to identify higher risk transactions and reduce disputes. It allows us to work with the taxpayer to agree on the appropriate tax treatment before they lodge their tax return.

    Sometimes we can’t avoid disputes, and we’ll pursue matters through audit and to litigation where necessary. The community expects us to take strong action against deliberate non-compliance where we find it. A credible compliance presence also deters others from pushing the bounds of acceptable behaviour.

    Population-wide approaches to preventing non-compliance

    Large corporate groups have multiple tax obligations. The complexity in fulfilling these obligations can be costly. We’re improving the system to give more certainty and reduce corporate administrative costs. This includes continuing our focus on public guidance.

    We’ll continue to monitor the environment to understand what’s happening in the economy, tax system and business. This will ensure we provide relevant and timely guidance.

    We’ll also consult with stakeholders on their needs, so our advice is practical and contemporary. This consultation has already resulted in us developing new guidance products.

    Law companion rulings

    Law companion rulings (LCRs) provide practical certainty, in the form of a public ruling, on how we will apply significant new law. LCRs cover income tax, super and GST measures.

    Recent LCRs include:

    • LCR 2021/1 OECD hybrid mismatch rules – targeted integrity rule
    • LCR 2021/3 Temporary full expensing.

    Practical compliance guidelines

    Practical compliance guidelines (PCGs) are designed to provide a practical compliance solution where there is uncertainty, impracticality or discord between the law and current commercial practices. They may also provide our view of what constitutes a low or high-risk activity or arrangement in relation to a specific area of the law. PCGs issued cover income tax, excise and GST matters.

    Recent PCGs include:

    • PCG 2021/1 Application of market value substitution rules when there is a buy-back or redemption of hybrid securities – methodologies for determining market value for investors holding their securities on capital account
    • PCG 2021/5 Imported hybrid mismatch rule – ATO’s compliance approach
    • PCG 2024/1 Intangibles migration arrangements.

    Taxpayer alerts

    We use taxpayer alerts to flag arrangements of concern with the community, taxpayers and advisers.

    Each taxpayer alert describes an arrangement and our concerns about it. Taxpayer alerts don’t provide our interpretation of the law but outline where we currently have concerns and what we’re doing to address them. They also invite taxpayers to seek advice from independent advisers or us. We encourage this if they have or are considering entering into a similar arrangement as described in an alert.

    Taxpayer alerts help taxpayers and their advisers make more informed decisions. They stop the proliferation of tax schemes. They also support community confidence in the tax system.

    Recent taxpayer alerts include:

    • TA 2020/1 Non-arm’s length arrangements and schemes connected with the development, enhancement, maintenance, protection and exploitation of intangible assets
    • TA 2020/2 Mischaracterised arrangements and schemes connected with foreign investment into Australian entities
    • TA 2020/3 Arrangements involving interposed offshore entities to avoid interest withholding tax
    • TA 2020/4 Multiple entry consolidated groups avoiding capital gains tax through the transfer of assets to an eligible tier-1 company prior to divestment
    • TA 2020/5 Structured arrangements that provide imputation benefits on shares acquired where economic exposure is offset through use of derivative instruments
    • TA 2022/2 Treaty shopping arrangements to obtain reduced withholding tax rates.

    Working with the tax profession

    Advisers play an important role helping taxpayers meet their tax and super obligations. Because the laws are complex, we encourage taxpayers to seek high quality tax advice.

    Most tax professionals provide support for the integrity of the tax system. We work with the tax profession and explain our concerns to them at the earliest opportunity. In this way, we support them to provide appropriate advice to their clients. We also use our strong relationships with tax professionals and their representative bodies to develop our approaches.

    The Large Market Tax Advisor Principles (published August 2022) are a voluntary framework developed by the 4 largest tax advisory firms with input from the ATO and Tax Practitioners BoardExternal Link (TPB). All firms offering tax advisory services may choose to adopt the principles.

    The 4 firms have each published the principles and explanatory information on their websites, see:

    Firms that adopt and follow the principles provide added confidence to their clients, the community and the ATO about the quality of their tax advice. Adopting the framework provides confidence the firm has processes in place aimed at preventing it from being involved in proscribed engagements and particular governance arrangements for when it is advising on higher risk engagements.

    We do not regulate the framework, but we will work closely with the firms to understand how the principles are operating in practice.

    The design and publication of the framework is a positive innovation for the Australian tax profession. Increasing transparency of the role of advisers further strengthens the integrity of the tax system.

    We also seek to positively influence ethical and professional standards in a range of areas relevant to tax advisers.

    We’ll act quickly with advisers who undermine the integrity of the tax system or facilitate non-compliance. In addition to the regulatory work of the TPB, we collaborate with professional associations to uphold the reputation of the tax profession. In serious cases, promoter penalty laws may apply to promoters of tax avoidance schemes.

    The types of behaviour that cause us concern include:

    • engaging in conduct designed to frustrate and prevent the collection of facts and information and the proper administration of tax laws
    • the promotion of tax avoidance schemes.

    On 6 August 2023, the Government announced a range of reform measures to strengthen the regulatory framework to combat advisor misconduct, focused on deterring the promotion of tax exploitation schemes to large market taxpayers. We will act quickly and decisively to ensure the tax system is protected from abuse.

    Using our formal information gathering powers

    We issue formal notices to advisers and their firms known to be associated with arrangements covered by our taxpayer alerts. The notices ask for information and documents for taxpayers to whom they provided advice.

    We issue the notices to identify:

    • information about the involvement of certain known taxpayers in the schemes
    • any other taxpayers who may have been involved in the schemes
    • who designed the schemes, why they were designed and the processes involved in their design
    • what promotion of these schemes has taken place.

    We pursue a range of cases to obtain documents, including testing claims for legal professional privilege, and for the consequences of breaching information notices, which include criminal sanctions.

    Legal professional privilege

    Legal professional privilege (LPP) protects confidential communications between a lawyer and their client for the dominant purpose of providing or seeking legal advice. LPP also protects confidential communications prepared for the dominant purpose of actual or reasonably anticipated legal proceedings.

    LPP is an important common law right, as it:

    • protects a client’s privacy
    • encourages full disclosure between the client and their lawyer when obtaining and providing legal advice or services.

    We want taxpayers to get high quality advice, as this underpins the self-assessment system. Most advisers, whether at accounting or law firms, provide this and support the tax system.

    We had been concerned that in some instances, taxpayers and their advisers were incorrectly claiming LPP in an attempt to withhold material facts and evidence from us.

    In some cases, it appeared that non-legal services or services provided by non-lawyers had been artificially packaged under a purported legal services engagement to support a subsequent LPP claim.  In other cases, we saw:

    • blanket claims of privilege being made over thousands or tens of thousands of documents
    • the over-claiming of privilege
    • a lack of transparency in claims.

    This risked constraining the application of the law for the provision of information to us and hindering our audit function.

    These issues largely arose in large business privilege claims where we had issued a notice requiring them to produce information as part of an audit. In most of our engagements with large businesses, they provide us with information we need and we do not experience difficulties with managing LPP claims.

    In recognition of the need for greater coverage in education and better practices to improve its use and understanding, we developed the Compliance with formal notices – claiming legal professional privilege in response to formal notices – Legal professional privilege protocol (LPP Protocol).

    This protocol:

    • helps taxpayers and advisers making LPP claims in response to requests for information and documents we make under our formal information gathering powers
    • contains our recommended approach for identifying communications covered by LPP and making LPP claims to us
    • will result in a more efficient resolution of LPP claims for taxpayers and the ATO if steps are followed and properly embedded in a firm’s engagement and legal services practices.

    Businesses that choose not to follow the protocol and do not provide sufficient information to support their LPP claims can expect further enquiries from us.

    One-to-one engagement with large corporate groups

    We engage one-to-one with large corporate groups. This gives us assurance over approximately two-thirds of all corporate income tax.

    Differentiated engagement

    We assess the risk of each corporate group in the entire population based on our professional judgment of the:

    • transparency of their engagement with us
    • choices and behaviours evidenced in their tax affairs
    • level of risk they exhibit.

    We use the outcomes of our assessment to tailor our engagement with each large corporate group.

    Given Australia’s highly concentrated corporate tax base and the significant impact the Top 100 public and multination businesses can have on the health of our tax system, we engage with them on an ongoing basis to manage their compliance and assure their tax performance.

    We seek to clarify issues and risks as they arise. Being transparent about issues that concern us provides a catalyst to resolve them early.

    For more information about our differentiated engagement, see:

    How we gain confidence the right amount of tax is being paid

    We’re focusing on whole-of-taxpayer profiling and risk assessment using our justified trust methodology. This helps us understand the taxpayer’s business model and any tax planning motivation and opportunities they may have.

    The profile and risks involved tell us what we need to do to gain confidence each taxpayer is paying the right amount of tax.

    We’re taking a structured approach to gain this confidence by considering:

    • the taxpayer’s tax risk management and governance framework
    • whether the taxpayer is involved in any arrangements we’ve indicated we’re concerned about or consider high risk
    • understanding the tax impacts of current business activities, particularly any significant and new transactions the taxpayer has entered into
    • if the taxpayer’s accounting and tax or GST results vary, understanding why this is the case.

    Our effective tax borne (ETB) methodology provides an approach to analyse the income tax and economic performance of corporate groups. It identifies an economic group’s worldwide profit from Australian-linked business activities and the Australian and offshore tax paid on that profit.

    Essentially, the ETB determines the weighted average of the cash tax paid ratios (cash tax paid over Australian-linked profits) for each jurisdiction. Analysing and understanding a taxpayer’s ETB provides evidence of the absence of risk and assists in identifying risk.

    For more information see Appendix 3External Link – Senate Economics References Committee report on corporate tax avoidance.

    Helping corporates strengthen their tax governance

    We developed the Tax risk management and governance review guide primarily for large public businesses. It articulates better practices that boards and management can adopt to enhance governance and manage tax risk.

    The guide is designed to help businesses self-evaluate their governance framework and manage their strategic and operational tax risks. It sets out what we believe to be better tax corporate governance practices. We also provide guidance for privately owned groups to help them develop or improve the effectiveness of their tax governance framework.

    Both guides are what we recommend, rather than mandate.

    Where we are satisfied that companies have strong and lived governance, we can have increased confidence in their financial and tax reporting.

    For more information, see Tax governance for privately owned groups.

    Active prevention: one-to-one

    We recognise that willing participation supports a healthy and strong tax system. Approaches that prevent tax risks support willing participation better than corrective approaches. Our one-to-one active prevention approach seeks to influence taxpayer behaviour. We get involved before the taxpayer reports the tax outcomes of their business transactions to us.

    We apply active prevention approaches to the largest corporate taxpayers. This is important because their compliance influences not only the revenue base but also the willing participation of other taxpayers. Our one-to-one prevention includes our:

    • pre-lodgment compliance reviews
    • private rulings
    • advance pricing arrangements.

    It may also include informal guidance and interactions.

    The key is that taxpayers have openly and transparently discussed their plans and their view of the tax implications. Active prevention succeeds when clients modify their behaviour based on the concerns we raise.

    We estimate the wider revenue effects of these strategies wherever possible. Most techniques are evidence-based. We use information supplied by clients to estimate the difference in tax paid due to engaging early. This allows us to understand their proposed tax position and the impact of shifting that position, where necessary.

    Private rulings

    Early engagement discussions are a key tool we use to assist large corporate groups seeking advice on complex transactions they are considering or have already implemented. These discussions allow for timely identification and management of tax risks. It enables businesses to enter into transactions with confidence.

    Taxpayers also have the option to provide a draft ruling for review and endorsement by us. We’ll still review the arrangement proposed and ensure the appropriate application of the law before any ruling is issued. This will deliver a more streamlined process and improve the client experience.

    We recognise taxpayers are not obliged to follow our advice under our self-assessment system. Where our risk identification processes have identified a concern, we may engage in compliance activities to test if the transaction is implemented in materially the same manner as described in the private ruling request.

    As part of our assurance reviews of the largest taxpayers, we seek confirmation of facts where we provided advice to ensure it has been followed.

    Pre-lodgment compliance reviews

    Pre-lodgment compliance reviews (PCRs) are a key approach to ensuring prevention before correction. Through early engagement and a transparent relationship, we are able to work with large corporate groups to identify and resolve potential compliance concerns as they arise and before tax returns are lodged.

    Advance pricing arrangements

    Advance pricing arrangements (APAs) lock in compliant outcomes by agreeing on the criteria for transfer prices in advance of transactions occurring. They can eliminate the need for costly post-lodgment reviews and audits. They also give the community more confidence in the compliance of multinational enterprises.

    Before we agree to an APA, we need to understand the entire value chain and allocation of profits globally. We apply the same structured approach we use to gain confidence in the tax paid by large corporate groups to our analysis to determine the basis for any APA we enter into. We don’t simply look at the immediate transaction between the Australian entity and the related party.

    Under an APA, taxpayers provide us with an annual compliance report. This demonstrates how they have complied with the terms of their APA.

    The APA and our review of the annual compliance reports assure us the taxpayer is reporting the appropriate revenue on these related party transactions in their tax returns.

    MIL OSI News –

  • MIL-OSI New Zealand: Stats show Medsafe accelerates approval assessments

    Source: New Zealand Government

    Associate Health Minister David Seymour says that Medsafe’s annual performance statistics released today show that Medsafe are accelerating their approval process.  

    “The data produced in Medsafe’s annual statistics show that in 2023/2024 Medsafe expedited their assessment process for almost every category of medicine,” says Mr Seymour.  

    For innovative new medicines (the highest risk category), on average, Medsafe completed their evaluation 55 working days faster than the previous period.  

    For generic medicines (intermediate risk), on average, Medsafe completed their evaluation 45 working days faster than the previous period.   

    Medsafe has also adopted new categories for over-the-counter medicines (low risk) which includes pseudoephedrine. For this category Medsafe are meeting 100% of their timeframe targets.   

    “While faster assessment times is a good step in the right direction, to give Kiwis the medicine access they deserve, Medsafe’s approval process needs further streamlining”, says Mr Seymour.    

    “One-way Medsafe can streamline their process further is by continuing to go outside of the box and using bespoke processes for approval where suitable. 

    “An example of where a bespoke process was very successful, was in the approval process of pseudoephedrine following the law change to allow purchase from a pharmacist without a prescription. Medsafe used a risk-based process to determine whether the medicine met their standards for consented low risk medicines. That process saw Medsafe approve 11 low risk products in 15 working days, just in time for winter. We hope to see more of this speed. 

    “The ACT-National coalition document commits to further streamline approval processes by introducing a new verification pathway. These changes will require Medsafe to approve new pharmaceuticals within 30 days of them being approved by at least two overseas regulatory agencies recognised by New Zealand.  

    “We’re committed to ensuring that the regulatory system for pharmaceuticals is not unreasonably holding back access. We want it to lead to more Kiwis being able to access the medicines they need to live a fulfilling life, not less.”

    Note to editors: Please find a link to the Ministry of Health’s landing page for performance reports here: https://www.medsafe.govt.nz/regulatory/Performance.asp

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Nation-first Information Standard for lithium-ion e-bikes and e-skateboards

    Source: New South Wales Government 2

    Headline: Nation-first Information Standard for lithium-ion e-bikes and e-skateboards

    Published: 4 November 2024

    Released by: Minister for Better Regulation and Fair Trading, Minister for Transport

    In an Australian first, NSW Fair Trading is set to introduce an Information Standard for lithium-ion battery-powered e-micromobility products, as it powers up its nation-leading effort to protect consumers from safety risks posed by the increasingly popular devices. 

    Information Standards regulate what guidance and warnings are provided to consumers about goods and services, with an aim to keep purchasers informed of the risks products carry and how they should be used to avoid those risks.

    E-micromobility products include e-scooters, e-bikes, e-skateboards, self-balancing hoverboards and their associated chargers.

    If retailers in NSW do not provide product guidance mandated by an Information Standard, they could be subject to penalties of up to $5,500 for each breach.

    NSW Fair Trading’s proposed Information Standard for lithium-ion battery-powered e-micromobility devices will provide consumer advice and warnings on: 

    Fire safety and emergency procedures – identifying signs of a fire and procedures to be followed in case of an emergency.  

    Electrical safety – warnings for consumers about lithium-ion batteries, battery charging and warnings against modification of the device. 

    Product storage – information on safe storage and protection from environmental hazards. 

    Use, service and repair – information about safe use practices, what to do if there is any damage to the device, and details about service and repair centres.  

    Road rules – information urging consumers to check the road rules applicable to their device.

    End of life – best practices for disposal of devices and lithium-ion batteries. 

    The forthcoming Information Standard, which is expected to be introduced in early 2025, will support the new product safety standards for lithium-ion e-micromobility devices.

    The safety standards announced in early August require e-bikes, e-scooters, hoverboards and e-skateboards to meet new testing, certification, and marking requirements, and will be introduced in a staged process from 1 February 2025.

    The product safety standards are intended to curb the fire-risks associated with lithium-ion e-micromobility devices by ensuring low quality and dangerous versions of these products cannot enter the market and be sold on to unwitting consumers.  

    Retailers, manufacturers and suppliers will face fines of up to $825,000 for not complying with the new safety standards.

    E-micromobility products were the single largest group of lithium-ion battery-powered devices associated with fires in 2022 and 2023, with Fire and Rescue NSW recording 90 incidents related to the products in those years. There have been 72 fire-incidents connected with e-micromobility products in 2024. 

    This work by NSW Fair Trading complements the regulatory work for batteries being undertaken by the NSW Environment Protection Authority – showing that NSW is leading the way when it comes to protecting consumers, workers and the environment from battery risks now and into the future.

    NSW Fair Trading is consulting with industry stakeholders and Government agencies to determine what should be included in the Information Standard. The public can have their say at: https://www.haveyoursay.nsw.gov.au/lithium-ion-battery-powered-micromobility-vehicles until 6 December 2024.

    For more information on the new lithium-ion battery powered e-micromobility product standards, please visit: https://www.nsw.gov.au/housing-and-construction/safety-home/electrical-safety/lithium-ion-battery-safety/new-safety-standards-for-lithium-ion-batteries-e-mobility-devices 

    Minister for Better Regulation and Fair Trading Anoulack Chanthivong said:  

    “We need to ensure we have a robust regulatory framework to keep consumers safe from the potential harms posed by some lithium-ion battery-powered products.

    “This Information Standard is another step in building that framework and will provide consumers with the information they need to stay safe when using e-micromobility devices.

    “The NSW Government looks forward to working with, and hearing from stakeholders and the public, about what they think consumers need to know before they buy an e-bike or other e-micromobility product.”

    Minister for Transport Jo Haylen said:

    “As we move towards legalising the use of e-scooters and other micro-mobility devices on NSW roads, it’s vital we ensure these devices are up to standard and pass strict safety standards.

    “Ensuring that high quality lithium-ion battery-powered devices are the only ones available on the shelves will keep people safe.”

    Quotes attributable to Commissioner of NSW Fair Trading, Natasha Mann:  

    “NSW Fair Trading has been working closely with consumers, industry, and other Government agencies to ensure people are protected from the risks posed by lithium-ion e-micromobility products. 

    “While new product standards for manufacturers, retailers, and suppliers are set to come into effect from 1 February next year, an Information Standard will give people access to the guidance they need when purchasing one of these products.

    “These changes are about empowering consumers to make informed decisions when they first buy a product and knowing how to use it safely through the product’s life.”

    MIL OSI News –

  • MIL-OSI Asia-Pac: The International Solar Alliance (ISA) Announces New Office Bearers for 2024 – 2026

    Source: Government of India (2)

    The International Solar Alliance (ISA) Announces New Office Bearers for 2024 – 2026

    Republic of India and Republic of France retain the Presidency and Co-Presidency of the ISA Assembly

    Posted On: 04 NOV 2024 6:04PM by PIB Delhi

     The seventh session of the ISA Assembly in progress at the iconic Bharat Mandapam in New Delhi today elected its President and Co-president for a period of two years from 2024 to 2026. While the Republic of India was the sole contender for the post of President, the Co-Presidency was contested between the Republic of France and Grenada, with the Republic of France emerging victorious.

    The Rules of Procedure of the Assembly of the International Solar Alliance provide for the election of the President, Co-President, and Vice Presidents.

    The Assembly elects the President and Co-President, with due regard to equitable geographical representation. The four regional groups of the ISA Members include Africa; Asia and the Pacific; Europe and Others; and Latin America and the Caribbean. Eight Vice Presidents of the Standing Committee, two from each of the four ISA geographical regions, are selected based on seniority in terms of submitting the instrument of ratification to the depositary on a rotation basis from the ISA Member Countries in the specific region.

    The Republic of Ghana and the Republic of Seychelles will hold office as Vice Presidents for the Africa region; the Commonwealth of Australia and the Democratic Socialist Republic of Sri Lanka for Asia and the Pacific region; the Federal Republic of Germany and the Republic of Italy for Europe and the Others region; Grenada and Republic of Suriname from the Latin America and the Caribbean region.

    As the apex decision-making body of ISA, the Assembly holds significant authority and responsibility. It represents each Member Country and makes crucial decisions concerning the implementation of the ISA’s Framework Agreement and coordinated actions to be taken to achieve its objective.

    The Assembly meets annually at the ministerial level at the ISA’s seat, underscoring the regularity and importance of these gatherings. It assesses the aggregate effect of the programmes and other activities in terms of deployment of solar energy, performance, reliability, cost, and scale of finance.

    The Seventh Session of the ISA Assembly is currently deliberating on the ISA’s key initiatives, focusing on three critical issues: energy access, energy security, and energy transition. These discussions aim to address and find solutions to these pressing global concerns.

    The ISA’s governance bodies, the Assembly, the Standing Committee, and the Regional Committees, offer an integrated approach to governance and decision-making within the Alliance. These Meetings extend the ISA Secretariat the opportunity to enhance cooperation with ISA Member Countries, as well as provide Member Countries with the ability to improve collaboration among themselves and mutually identify avenues of cooperation and partnership.

     

     

    About the International Solar Alliance

    The International Solar Alliance is an international organisation with 120 Member and Signatory countries. It works with governments to improve energy access and security worldwide and promote solar power as a sustainable transition to a carbon-neutral future. ISA’s mission is to unlock US$1 trillion of investments in solar by 2030 while reducing the cost of the technology and its financing. It promotes the use of solar energy in the agriculture, health, transport, and power generation sectors.

    ISA Member Countries are driving change by enacting policies and regulations, sharing best practices, agreeing on common standards, and mobilising investments. Through this work, ISA has identified, designed and tested new business models for solar projects; supported governments to make their energy legislation and policies solar-friendly through Ease of Doing Solar analytics and advisory; pooled demand for solar technology from different countries; and drove down costs; improved access to finance by reducing the risks and making the sector more attractive to private investment; increased access to solar training, data and insights for solar engineers and energy policymakers. With advocacy for solar-powered solutions, ISA aims to transform lives, bring clean, reliable, and affordable energy to communities worldwide, fuel sustainable growth, and improve quality of life.

    With the signing and ratification of the ISA Framework Agreement by 15 countries on 6 December 2017, ISA became the first international intergovernmental organisation to be headquartered in India. ISA is partnering with multilateral development banks (MDBs), development financial institutions (DFIs), private and public sector organisations, civil society, and other international institutions to deploy cost-effective and transformational solutions through solar energy, especially in the least Developed Countries (LDCs) and the Small Island Developing States (SIDS).

    ***

    Navin Sreejith

    (Release ID: 2070661) Visitor Counter : 23

    MIL OSI Asia Pacific News –

  • MIL-OSI: Petrus Resources Declares Monthly Dividend for November 2024

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Nov. 04, 2024 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to confirm that its Board of Directors has declared a monthly dividend in the amount of $0.01 per share payable November 29, 2024, to shareholders of record on November 15, 2024. The dividend is designated as an eligible dividend for Canadian income tax purposes.

    ABOUT PETRUS
    Petrus is a public Canadian oil and gas company focused on property exploitation, strategic acquisitions and risk-managed exploration in Alberta.

    FOR FURTHER INFORMATION PLEASE CONTACT:
    Ken Gray
    President and Chief Executive Officer
    T: 403-930-0889
    E: kgray@petrusresources.com

    The MIL Network –

  • MIL-OSI: Diversified Royalty Corp. Announces November 2024 Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Nov. 04, 2024 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) is pleased to announce that its board of directors has approved a cash dividend of $0.02083 per common share for the period of November 1, 2024 to November 30, 2024, which is equal to $0.25 per common share on an annualized basis. The dividend will be paid on November 29, 2024 to shareholders of record as of the close of business on November 15, 2024.

    About Diversified Royalty Corp.

    DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.

    DIV currently owns the Mr. Lube + Tires, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions and BarBurrito trademarks. Mr. Lube + Tires is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada’s largest coalition loyalty program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada’s leading franchisee supplemental education services. Stratus Building Solutions is a leading commercial cleaning service franchise company providing comprehensive janitorial, building cleaning, and office cleaning services primarily in the United States. BarBurrito is the largest quick service Mexican restaurant food chain in Canada.

    DIV’s objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time, in each case as cash flow per share allows.

    Forward Looking Statements

    Certain statements contained in this news release may constitute “forward-looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The use of any of the words “anticipate,” “continue,” “estimate,” “expect,” “intend,” “may,” “will,” ”project,” “should,” “believe,” “confident,” “plan” and “intends” and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specifically, forward-looking information in this news release includes, but is not limited to, statements made in relation to: the amount and timing of the November 2024 dividend to be paid to DIV’s shareholders; DIV’s objective to continue to pay predictable and stable monthly dividends to shareholders; and DIV’s corporate objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied by such forward-looking information. DIV believes that the expectations reflected in the forward-looking information included in this news release are reasonable but no assurance can be given that these expectations will prove to be correct. In particular there can be no assurance that: DIV will be able to make monthly dividend payments to the holders of its common shares; or DIV will achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information included in this news release are not guarantees of future performance, and such forward-looking information should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 21, 2024 and in its most recent Management’s Discussion and Analysis, copies of each of which are available under DIV’s profile on SEDAR+ at www.sedarplus.com.

    In formulating the forward-looking information contained herein, management has assumed that, among other things, DIV will generate sufficient cash flows from its royalties to service its debt and pay dividends to shareholders; the business and economic conditions affecting DIV and its royalty partners will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

    All of the forward-looking statements made in this news release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, DIV. The forward-looking information included in this news release is presented as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

    THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

    Additional Information

    Additional information relating to the Corporation and other public filings, is available on SEDAR+ at www.sedarplus.com.

    Contact:
    Sean Morrison, President and Chief Executive Officer
    Diversified Royalty Corp.
    (236) 521-8470

    Greg Gutmanis, Chief Financial Officer and VP Acquisitions
    Diversified Royalty Corp.
    (236) 521-8471

    The MIL Network –

  • MIL-OSI Australia: Meal timing may be crucial for night shift workers’ health

    Source: University of South Australia

    05 November 2024

    A new Australian study published in Diabetologia this week has found that overnight eating may be putting night shift workers at higher risk of chronic health conditions.

    Led by researchers from the University of South Australia, University of Adelaide and SAHMRI, the NHMRC-funded study involved a six-day trial with 55 adults in the healthy BMI range, who don’t usually work night shifts.

    Participants stayed at the University of South Australia’s Behaviour-Brain-Body Sleep Research Centre and were divided into three groups: those who fasted at night, those who had snacks, and those who ate full meals.

    All participants stayed awake for four nights and slept during the day, with a recovery day on day five to re-establish normal sleeping and eating cycles, and blood glucose testing on day six.

    Prof Leonie Heilbronn, from SAHMRI and the University of Adelaide, says results showed participants who ate meals or snacks during the nightshift had significantly worse glucose tolerance compared to those who fasted.

     “We found that blood glucose skyrocketed for those who ate full meals at night and those who snacked, while the people who fasted at night showed an increase in insulin secretion which kept blood sugar levels balanced,” Prof Heilbronn says.

    “We know shift workers are more likely to have diabetes, they’re more likely to have heart disease, and they’re more likely to be overweight. Our research suggests that meal timing could be a major contributor to those issues.”

    Insulin sensitivity was disrupted among all participants, regardless of their eating habits, adding to the body of evidence that night shifts cause circadian misalignment and impair glucose metabolism.

    “When you eat a meal, your body secretes insulin, and that insulin helps your muscles and other tissues to take up glucose. If you become resistant to insulin, then you can’t take up that glucose as effectively into your muscles and if it continues, that potentially puts you at risk of diabetes.”

    Lead investigator UniSA Professor Siobhan Banks says not eating large meals while working night shift and instead eating primarily during the day could be a straightforward intervention to manage health outcomes for many workers.

    “This could be easier for people to follow than other, more complex diets,” Prof Banks says.

    Researchers say future trials will investigate whether eating only protein snacks on night shift is a potential solution to satiating hunger without predisposing workers to negative health consequences.

    …………………………………………………………………………………………………………………………

    Media contact: Candy Gibson M: +61 434 605 142 E: candy.gibson@unisa.edu.au

    Researcher contacts: Professor Siobhan Banks E: siobhan.banks@unisa.edu.au; Professor Leonie Heilbronn E: leonie.heilbronn@adelaide.edu.au

    Other articles you may be interested in

    MIL OSI News –

  • MIL-OSI New Zealand: Health Issues – Patients and doctors are the victims in private health funding dispute – RACS

    Source: Royal Australasian College of Surgeons (RACS)

    The Royal Australasian College of Surgeons (RACS) is calling for an immediate resumption of negotiations between Australia’s only national private hospital operator and private health funds, to avoid out of pocket price escalations for patients.

    From 26 November 2024, private hospital operator Healthscope says it will begin charging an out-of-pocket fee to Bupa and Australian Health Service Alliance members in its 38 hospitals after failing to reach an agreement with the funds.

    RACS says the breakdown in discussions will have significant implications for patients and surgeons across Australia.

    “At a time when we know that cost of living pressures are hurting Australians, this is a terrible outcome,” says RACS President Associate Professor Kerin Fielding.

    “This will result in healthcare costs going up and may lead to patients deferring or cancelling their surgeries or opting to undertake them in the public hospital system. This would only create issues downstream, or add significant pressure to an already under pressure public health system.

    “Our primary concern is ensuring patients get the care they need when they need it. We also want to feel confident that surgeons have the necessary resources to provide that care, in an appropriate, high-quality manner. Patients would rightly be confused about why they are being charged an out-of-pocket fee on top of the insurance premiums they are paying, which they were told would cover the cost of these surgeries when they were needed.”

    “We urge all parties to return to the negotiating table for the sake of patients, doctors and the health system at large,” Associate Professor Fielding says.

    “We ask that they resume negotiations in good faith and find an agreement that balances the needs of patients, surgeons, and healthcare providers, while recognising the increasing costs of delivering quality surgical care.”

    Private hospitals play a vital role in the provision of healthcare in Australia, alleviating pressure on public hospitals and ensuring timely access to surgery. A viable private sector is essential for maintaining a balanced healthcare system and benefits the broader community.

    RACS remains committed to advocating for a sustainable healthcare system that provides fair access to care and encourages long-term collaboration between all stakeholders.

    About the Royal Australasian College of Surgeons (RACS)

    RACS is the leading advocate for surgical standards, professionalism and surgical education in Australia and Aotearoa New Zealand. The College is a not-for-profit organisation that represents more than 8500 surgeons and 1300 surgical trainees and Specialist International Medical Graduates. RACS also supports healthcare and surgical education in the Asia-Pacific region and is a substantial funder of surgical research. There are nine surgical specialties in Australasia being: Cardiothoracic Surgery, General Surgery, Neurosurgery, Orthopaedic Surgery, Otolaryngology Head and Neck Surgery, Paediatric Surgery, Plastic and Reconstructive Surgery, Urology and Vascular Surgery. www.surgeons.org

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Surveys – 96% believe soft skills are hiring priority with AI on track to replace hard skills – Robert Walters

    Source: Robert Walters

    • 96% believe that soft skills are either equal to or more important than hard skills
    • 92% of employers admitted to rejecting candidates due to insufficient soft skills
    • 90% of recruiters say lack of soft skills often underpins failures in the workplace
    • research from Indeed names communication as most important skill
    • recruitment CEO states AI will inevitably replace hard skills in white-collar industries.

    In a recent study, recruitment specialists Robert Walters have unveiled the increasing significance of soft skills in today’s workplace. The research, which surveyed over 2,000 white collar professionals, found that 96% believe that soft skills are either equal to or more important than hard skills. Furthermore, an overwhelming 92% of employers admitted to rejecting candidates due to insufficient soft skills.

    The Rise of AI: A Game-Changer for Hard Skills

    Robert Walters CEO for Australia and New Zealand, Shay Peters, attributes this paradigm shift to the rapid emergence of AI. Peters stated, “The growth of AI has been remarkable in recent years, and I predict that it will eventually replace almost all hard skills in white collar industries. This means that soft skills will take centre stage in talent acquisition, as the human touch becomes the distinguishing factor.”

    The Crucial Role of Soft Skills

    According to 90% of recruiters, a lack of soft skills often underpins failures in the workplace. Consequently, hiring managers are increasingly willing to pay a premium for candidates who possess exceptional soft skills.

    Peters further highlighted the growing emphasis on soft skills in client conversations, stating, “Clients are now placing greater importance on qualities such as effective communication, negotiation, and problem-solving. These attributes will set candidates apart from their peers as we continue to see AI replace hard skills. Additionally, clients are expressing the need for candidates to not only utilise AI but also collaborate with it effectively.”

    Gen Z: Leveraging the AI Advantage

    Peters also noted that Gen Z individuals have a distinct advantage, given their innate ability to adapt seamlessly to technology and incorporate it into their work practices. The ability to work harmoniously with AI is becoming an increasingly sought-after skill.

    Understanding Soft Skills

    Soft skills encompass personal attributes and interpersonal abilities that enable individuals to interact effectively with others. Unlike technical skills, which are specific and measurable, soft skills are broader and encompass traits such as communication, teamwork, and problem-solving. These skills are indispensable for fostering a positive work environment and facilitating professional growth.

    According to new research released by Indeed which asked employers what the most important skills for the future of work are, communication came out as most important skill in the future, with 55% of employers citing this. This is followed by teamwork and collaboration (52%), adaptability (48%), problem solving (48%) and tech savviness (40%).

    Investing in Soft Skills Development

    CEO Shay Peters stressed the urgency for employees and candidates to prioritise the development of their soft skills. Peters remarked, “In today’s highly competitive job market, where countless highly skilled individuals are vying for positions, your soft skills will be the ultimate differentiator. As AI inevitably replaces hard skills in white-collar industries, your soft skills will be all you have left. Investing time in improving these skills will ensure you stand out when the time comes.”

    AI can never replace human interaction and face to face communication which is why this is becoming a priority for employers. This balance between AI’s capabilities and human strengths is shaping the future of work, making soft skills a key differentiator in career success.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Health Research – Kiwi prostate cancer survivors wrestling with ED following treatment: new findings

    Source: Prostate Cancer Foundation New Zealand (PCFNZ)

    PCFNZ launching ‘Life After Treatment’ educational roadshow supporting Aotearoa New Zealand’s prostate cancer community.

    Kiwis treated for our nation’s most commonly diagnosed male cancer – prostate cancer, – report experiencing a confidence-robbing, stigmatised treatment side-effect, erectile dysfunction (ED), according to Prostate Cancer Foundation New Zealand (PCFNZ) survey findings released today.

    Nine in 10 (93 per cent) survey respondents reported developing ED after treatment; 36 per cent felt “robbed of confidence”; while 28 per cent experienced “moderate compromise” to their mental health.

    PCFNZ’s release of the new survey findings today coincides with the first of six, free, PCFNZ public information evenings for prostate cancer survivors, and their families, kicking off in Tauranga this evening.

    Featuring leading Urologists and health professional speakers, the PCFNZ ‘Prostate Cancer – Life After Treatment’ roadshow will tour Tauranga, Palmerston North, Auckland, Dunedin, Christchurch and Wellington between November 5 – 14, 2024. Running between 7:00-8:30pm, each event will canvass the potential side-effects of prostate cancer treatment, and treatment options available to help manage, and aid recovery.

    According to PCFNZ Chief Executive Officer, Peter Dickens, for the more than 4,000 New Zealand men diagnosed with prostate cancer each year, treatment can disrupt urinary, bowel and sexual function.

    “Findings from our PCFNZ ‘Life After Treatment’ survey complements data from the Prostate Cancer Outcomes Registry (PCOR-NZ), which reported sexual function as the most compromised patient outcome associated with prostate cancer treatment – 38 per cent of patients reported moderate to substantial ‘bother’, compared to bother with urinary function (10 per cent) and bowel function (5 per cent).

    “Our survey aimed to glean insights from patients treated for prostate cancer, on the physical, mental, emotional and relationship challenges they have faced,” said Mr Dickens.

    “Numerous prostate cancer survivors experience distressing sexual and urinary difficulties following surgery, which compromise their mental health and wellbeing, and intimate relationships.

    “Many men report their quality of life to be severely, or moderately affected by ED following prostate cancer treatment,” Mr Dickens said.

    “Similarly, urinary incontinence (UI) can also significantly impair a man’s quality of life following prostate cancer treatment.”

    ED is a common, yet under-diagnosed and under-treated men’s health condition 4, affecting one in every three New Zealand men aged 40-70 years.

    “Almost 7 in 10 respondents (69 per cent) to our survey reported they were experiencing ED very frequently (at least once a week), while nearly 8 in 10 respondents (78 per cent) have experienced UI, with 45 per cent describing their symptoms as either ‘moderate’ or ‘severe’,”5 said Mr Dickens.

    “Concerningly, more than two in five (42 per cent) of the prostate cancer survivors who participated in our survey reported they were neither informed, nor adequately educated on the possibility of developing ED after prostate cancer treatment.

    “We are therefore, encouraging men and their families nation-wide, to attend our ‘Prostate Cancer: Life After Treatment’ public information evenings, to learn about, and discuss management and treatment options with leading experts in the field,” Mr Dickens said.

    Urologist and Clinical Director of Urology, Health New Zealand Te Whatu Ora Waitaha Canterbury, and Clinical Senior Lecturer, University of Otago, Mr Giovanni Losco, Christchurch, said ED is an outcome of prostate cancer surgery for many men. While the cancer may be effectively treated, those who fail to seek help may face future challenges with erectile function.

    “ED can lead to feelings of shame and frustration, may compromise mental health, and even taint a man’s view of himself as being ‘complete or whole’.

    “Almost half (47 per cent) of the Life After Treatment survey respondents reported living with ED following prostate cancer treatment had ‘severely affected’ their sex drive, while 37 per cent were left feeling ‘moderately frustrated’, and 36 per cent ‘lacking confidence’,”5 Mr Losco said.

    “Living with ED can further compromise men’s work, friend, and intimate relationships, with 40 per cent of the survey respondents claiming the condition, post-prostate cancer treatment, had led to a ‘severe loss of intimacy’ with their partner.

    ”According to the Urological Society of Australia and New Zealand (USANZ) President, Professor Helen O’Connell, AO, men who have experienced, or are at risk of developing prostate cancer, need to know effective treatment is available for ED.

    “As USANZ President, I want men to know that we recognise ED and UI as important health problems.

    “Once men have both overcome, and recovered from prostate cancer surgery, I urge them to be proactive in understanding how to both prevent, and recover from ED and UI,” said Prof O’Connell.

    “Importantly, a significant cause of ED is a history of prostate cancer and its treatment.

    “Should ED persist, don’t suffer in silence. Talk to your Urologist about your treatment options, because outside treatment for prostate cancer, there are other risk factors for developing ED,” Prof O’Connell said.

    “While it may take a little bit of courage, there are potential rewards for your relationship, mental health, partner, and your partnership in addressing the underlying causes of, and accessing effective treatment for both ED and UI.”

    Semi-retiree, father-to-two, and grandfather-to-three (with another on the way), Mike, 73, Tauranga, was diagnosed with ED and UI in 2016, following prostate cancer surgery. Although his UI improved within a few months, unfortunately Mike continued to grapple with the longer-term surgical side-effect, ED.

    “Prostate cancer itself was a really big thing, but then I was forced to contend with additional changes to my body following the surgery.

    “With UI, I set myself a goal to improve my symptoms, so I could stop using [incontinence] pads as quickly as possible,” Mike said.

    “I followed up with my surgeon, visited a physio, did pelvic floor exercises, and had a nurse call in every week. I managed my UI well and recovered within two-to-three months.

    “However, managing ED proved a much more protracted, complex journey, for which my main challenge was managing my compromised mental health,” said Mike.

    “As a man, I felt a loss. When you’re in a relationship, intimacy is vital, and I feared losing that special bond.

    Today Mike has an important, but poignant message for other Kiwi men (prostate cancer survivors or otherwise) living with ED.

    “Be proactive, and take the conversation lead with your family doctor.”

    About the survey

    PCFNZ conducted an online anonymous survey open to the public that attracted responses from 123 New Zealand men aged 45+ years between October 8 – 21, 2024. The ‘Prostate Cancer – Life After Treatment’ survey strove to glean insights from prostate cancer survivors about their experience of ED and UI following prostate cancer treatment.

    About Prostate Cancer Foundation NZ (PCFNZ)

    Prostate Cancer Foundation NZ provides vital support, education and information to patients, their families and whānau across Aotearoa New Zealand, as well as reducing the impact of prostate cancer through raising awareness, funding NZ-based research and advocating for improved standards of care.

    PCFNZ is Aotearoa New Zealand’s leading male cancer charity. Our vision is to significantly reduce and ultimately end suffering from prostate and testicular cancer. We achieve this by providing support and education to the thousands of men and their families, those caring for them, and health professionals; advocating on their behalf for improved health outcomes; and investing in research that raises the understanding of the cancers, the effects on men, their families and our communities.

    To learn more about prostate cancer, ED and UI, head to prostate.org.nz or call the PCFNZ Information Service on 0800 66 0800.

    To register for a PCFNZ ‘Prostate Cancer – L ife A fter T reatment’ event in your area, visit: here: https://events.humanitix.com/host/5f32085d0b469c000a3ffbc6?c=facebook&fbclid=IwY2xjawGGlWxleHRuA2FlbQIxMAABHWKKJ2xhC7Xiku3-bGYvvx0BHkL9FY8156qyYYohxCx_BU-YakRuTIKU7Q_aem_twWLMR2tV8tsJYweP_TdJg

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Work underway to determine high-speed rail route

    Source: Australian Ministers 1

    Work has started on the New South Wales Central Coast to determine the best route for a proposed high-speed rail link connecting the region to Sydney in just 30 minutes.

    The Albanese Government is planning for a future high-speed rail network to connect Brisbane, Sydney, Canberra, Melbourne and regional communities across the east coast of Australia. 

    The first stage connects Newcastle to Sydney via the Central Coast with a fast, reliable and regular link between the two largest cities in NSW.

    Two drill rigs have started work on the Hawkesbury River at Brooklyn and at Brisbane Water in Gosford as part of geotechnical investigations to determine the optimum route alignment.

    Assembling the two barges took three days. They will drill six boreholes, some to a depth of 140 metres, in locations within Brisbane Water and the Hawkesbury River, with the barge on the Hawkesbury River to operate for about two months.

    The rock and sediment samples will be analysed, with the results helping inform construction methods and key details such as the design and depth of potential rail tunnels.

    The geotechnical work – which involves about 27 boreholes in key areas between Newcastle and Sydney – helps with planning for rail tunnel depths, recognising the geological complexities of traversing the escarpment into the Central Coast and on to Sydney and Newcastle.

    The work is being coordinated by the Australian Government’s High Speed Rail Authority (HSRA) as part of the business case being developed for the first stage connecting Newcastle to Sydney.

    High-speed rail will connect Australian regions, cities and communities – delivering more job and lifestyle choices, greater housing options and new economic opportunities.

    The Albanese Government has committed $500 million for the planning and corridor protection of the Newcastle to Sydney section, and established the HSRA to conduct the work. 

    The business case for the Newcastle to Sydney stage is due to be delivered to the Government by the end of this year. 

    Quotes attributable to Infrastructure, Transport, Regional Development and Local Government Minister Catherine King:

    “High-speed rail means generations of new opportunities for regional Australia, creating more jobs in more locations and giving people greater choices in where they live, work, study and play.

    “Our transformational investment in high-speed rail will help shape Australia for decades to come.”

    Quotes attributable to Federal Member for Robertson Dr Gordon Reid:

    “The Central Coast stands to benefit from the Australian Government’s nation-shaping investment in high-speed rail.

    “Our Government is committed to high-speed rail so we can support a growing population, better link workers with job opportunities, and deliver sustainable, low-emissions transport.

    “I know that the Central Coast community cannot wait to see this project come to fruition.”

    Quotes attributable to High Speed Rail Authority CEO Tim Parker: 

    “Journeys will be reliable, quick, convenient and comfortable.

    “Right now, we’re working on how to build a new railway in complex areas and the engineering challenges we would face.”

    MIL OSI News –

  • MIL-OSI Australia: Latest data reveals NSW’s top melanoma hotspots

    Source: New South Wales Ministerial News

    Published: 5 November 2024

    Released by: Minister for Health

    The Cancer Institute NSW’s newly released melanoma hotspot map reveals Ballina, Lismore, Byron, Clarence Valley and Coffs Harbour local government areas (LGAs) have the state’s highest rates of melanoma, with almost 350 cases projected to be diagnosed in those areas in 2024.

    Sutherland Shire, Port Macquarie-Hastings, Tweed and Kempsey and Richmond Valley LGAs are also in the state’s top 10 melanoma hotspots, while Mosman, Mid-Western Regional, Shoalhaven, Cessnock and Wagga Wagga LGAs have entered the top 25.

    Melanoma is one of the most common cancers among young Australians and the third most diagnosed cancer in NSW, with more than 5000 people expected to be diagnosed in the state in 2024.

    As the most serious form of skin cancer, melanoma can be deadly and is projected to take the lives of close to 500 people across NSW this year.

    Ninety-five per cent of melanoma and 99 per cent of non-melanoma skin cancers are caused by overexposure to UV radiation from the sun and can be prevented with proper sun protection.

    The Cancer Institute NSW has several initiatives in place to reduce the impact of skin cancer in NSW as part of its Skin Cancer Prevention Strategy 2023-2030. Initiatives include the If You Could See UV campaign, which is about to be relaunched in time for summer.

    The behaviour change campaign, which aims to motivate 18–24-year-olds to protect their skin from UV radiation, has recently received two prestigious Australian Effectiveness Awards (Effies) for Positive Change, and Insight and Strategic Thinking.

    Research shows more than 75 per cent of young people felt motivated to protect their skin from the sun after watching the campaign, which will deliver geo-targeted reminders on weather apps and outdoor advertising of the UV index in areas of NSW where young people are more likely to be outdoors. 

    The most effective defence against UV radiation is to follow these five key steps before leaving the house:

    1. Slip on protective clothing
    2. Slop on SPF50+ sunscreen. Sunscreen should always be applied 20 minutes before heading outdoors and re-applied every two hours.
    3. Slap on a wide brimmed hat
    4. Seek shade
    5. Slide on sunglasses.

    Top 25 NSW LGAs for melanoma incidence:

    1. Ballina
    2. Lismore
    3. Byron
    4. Clarence Valley
    5. Coffs Harbour
    6. Sutherland Shire
    7. Port Macquarie-Hastings
    8. Tweed
    9. Kempsey
    10. Richmond Valley
    11. Nambucca Valley
    12. Kiama
    13. Port Stephens
    14. Bathurst Regional
    15. Mid-Coast
    16. Lake Macquarie
    17. Mosman
    18. Mid-Western Regional
    19. Northern Beaches
    20. Shoalhaven
    21. Cessnock
    22. Wagga Wagga
    23. Central Coast
    24. Wingecarribee
    25. Newcastle

    More information on how to reduce your risk of skin cancer is available on the Cancer Institute NSW website.

    Quotes attributable to Health Minister Ryan Park

    “The release of the latest melanoma hotspot map is a timely reminder, particularly as we head into summer, to always take protective measures when outdoors.

    “Most melanoma hotspots are in regional areas but it’s important to remember that no matter where you live, the risk of skin cancer is ever present.

    “Australia has one of the highest skin cancer rates in the world and as a community, it’s imperative we take the threat of skin cancer seriously and follow the simple, life-saving steps needed to reduce our risk of this deadly disease.”

    Quotes attributable to Member for Wakehurst Michael Regan:

    “Here on the Northern Beaches, we love being outdoors enjoying the natural environment or being active. This is healthy, but only if you’re being sun smart. Otherwise, it can be deadly.

    “I know this all too well, losing my dad when he was 48 to melanoma. I was just 26. We know more now than we did then. The best cure is prevention. Slip slop slap seek slide is the way to go.

    “Each of us has a role to play is creating a sun smart culture, through our own behaviours and what we encourage in others.

    “Make today the day you decide to step up your sun protection game ahead of summer.”

    Quotes attributable to NSW Chief Cancer Officer and Chief Executive Cancer Institute NSW, Professor Tracey O’Brien AM

    “Two out of three Australians will be treated for skin cancer in their lifetime which is why protecting our skin from the sun from a very young age, and into adulthood, is key to reducing our risk of this devastating disease.

    “In NSW, UV radiation levels are high 10 months of the year and even short bursts of exposure to the sun can be deadly.

    “Whether you’re going to the beach or hanging the washing or walking to the shops or train station, I urge everyone to do the simple things like seeking shade when outdoors, wearing sunscreen, putting on a hat, sunglasses and protective clothing to safeguard themselves from harmful UV radiation from the sun.”

    Quotes attributable to Anne Gately:

    “I was diagnosed with melanoma at age 44 in 2010 and after having the mole and some lymph nodes removed, I was given the all clear. Eight years later I was diagnosed with stage 4 melanoma, but thankfully after receiving immunotherapy treatment I was cancer free within three months.

    “I was a tanner, so I spent a lot of time at the beach, and I also spent a lot of time playing sport, which is why I think it’s not just about personal responsibility but that we have a duty of care to others in our community when it comes to sun protection.

    “I think the campaign is spot on, in spreading the message that while you may not be able to see or feel the consequences every amount of UV exposure is adding to the damage.”

    Quotes attributable to Sonia Knight:

    “I was 43 when I noticed a mole on my arm that was changing and looked nasty and a visit to the GP confirmed it was a melanoma which had spread to some lymph nodes. I had it removed and was cancer free for five years, until July this year when I received news the melanoma had returned at stage 3c. I had surgery recently and will soon start immunotherapy.

    “I grew up on Northern Beaches and spent every weekend at the beach, I thought a tan was healthy looking but now I tell everyone, tanning is definitely not cool and how important it is to protect your skin from the sun – my daughters don’t leave the house unless they’re applied sunscreen half an hour beforehand.

    “I have lent on many services that I didn’t even know existed including Canteen, Melanoma Patients Australia and Cancer Wellness and would encourage others to seek out this sort of vital support.”

    MIL OSI News –

  • MIL-OSI Australia: Wanding Operation – Katherine

    Source: Northern Territory Police and Fire Services

    Northern Territory Police conducted a proactive Wanding Operation in the Katherine CBD between Thursday and Saturday of last week.

    During the operation 399 individuals were scanned, resulting in five arrests, one Notice to Appear and six cautions. There were 20 positive indications for weapons, leading to the seizure of multiple pairs of scissors, a screwdriver, a knife, two machetes, a bullet and 71 litres of alcohol.

    Commander Kylie Anderson stated, “Strike Force Cerberus and Katherine General Duties officers carried out this operation to prevent and deter the carrying of edged weapons which, in turn, enhances community safety.

    “By removing these dangerous items from circulation, we aim to create a safer environment for everyone in the Katherine region.”

    MIL OSI News –

  • MIL-OSI: Announcement of New Revolving Credit Facility

    Source: GlobeNewswire (MIL-OSI)

    COCONUT CREEK, Fla., Nov. 04, 2024 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”) today reported that on October 31, 2024, the Company entered into a new, $1.0 billion, five-year, revolving credit facility (the “Credit Agreement”) among WLFC, certain wholly-owned subsidiaries of WLFC, as guarantors, the lenders party thereto from time to time (the “Lenders”), and Bank of America, N.A., as administrative agent, collateral agent, swing line lender, and letter of credit issuer. The Credit Agreement replaced the existing $500.0 million revolving credit agreement, dated as of June 7, 2019 (as amended and restated, the “Existing Credit Agreement”), among WLFC, the lenders party thereto from time to time and MUFG Bank, Ltd. as agent.

    Under the Credit Agreement, WLFC may request an additional increase of the aggregate commitments from time to time up to an aggregate additional $250.0 million from the lenders, who may elect to make such increase available, upon the satisfaction of certain conditions.

    Proceeds from the revolving credit facility may be used for general corporate purposes. The credit facility will be available on a revolving basis until October 31, 2029, and WLFC may request to extend the maturity, subject to lender approval.

    Loans under the Credit Agreement will bear interest based on a floating rate (Term SOFR) plus a margin. In addition, WLFC has agreed to pay Bank of America, N.A. an unused line fee, quarterly in arrears, as well as pay other fees to Bank of America, N.A. and to the Lenders as separately agreed upon in writing.

    The Credit Agreement also requires WLFC to maintain, as of the last day of each Measurement Period (as defined in the Credit Agreement), commencing with the last day of the fiscal quarter ending December 31, 2024, a Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) of no less than 2.25 to 1.00, and a Consolidated Leverage Ratio (as defined in the Credit Agreement ) of no greater than 4.25 to 1.00 through June 30, 2025 and no greater than 4.00 to 1.00 thereafter.

    “We are very excited to have closed our new, expanded revolving credit facility,” said Scott B. Flaherty, the Company’s Chief Financial Officer. “Our new facility will provide incremental capital to support the growth we are experiencing across the WLFC platform.”

    Willis Lease Finance Corporation

    Willis Lease Finance Corporation (“WLFC”) leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Additionally, through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.

    Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and pandemics; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing reports filed with the Securities and Exchange Commission.

     CONTACT: Scott B. Flaherty
      EVP & Chief Financial Officer
      561.413.0112

    The MIL Network –

  • MIL-OSI Australia: Visit to Australia by India’s Minister for External Affairs

    Source: Australian Government – Minister of Foreign Affairs

    This week I will welcome India’s Minister for External Affairs Dr S Jaishankar to Canberra, for the 15th Australia-India Foreign Ministers’ Framework Dialogue.

    Australia and India are close partners with strong strategic, economic and community ties – almost one million Australians trace their heritage to India.

    We share a vision for an Indo-Pacific region that is peaceful, stable and prosperous.

    Ahead of 2025 – the fifth year of our Comprehensive Strategic Partnership – the Foreign Ministers’ Framework Dialogue is an opportunity to take stock of the progress we have made, and to chart the way forward for the next phase in our relationship.

    Minister Jaishankar and I will discuss how we can advance our cooperation in important sectors – including science and technology, clean energy, trade and investment – and how we can deepen our defence and maritime security engagement.
                                     
    India is the world’s fastest growing major economy, and on track to be the third largest by the end of the decade. India is an essential partner as we diversify our trade links and secure our supply chains.

    Minister Jaishankar and I will also attend ‘Raisina Down Under’, the Australian iteration of India’s Raisina Dialogue. This is an important forum to share views on the trends shaping our region.

    I look forward to what will be my 19th meeting with Minister Jaishankar and continuing to advance the Australia–India relationship.
     

    MIL OSI News –

  • MIL-OSI Australia: Australian Deputy PM: New Chair of the National Film and Sound Archive Board

    Source: Minister of Infrastructure

    The Albanese Labor Government has today announced the appointment of Ms Annette Shun Wah as the next Chair of the National Film and Sound Archive of Australia (NFSA) Board, and the reappointment of Mrs Lucinda Brogden AM as a member of the NFSA Board.

    A treasured national collecting institutions now in its 40th anniversary year, the NFSA collects, preserves and shares Australia’s audiovisual culture – providing an unbroken record of Australian creativity and diversity.

    Minister for the Arts, Tony Burke, said the Albanese Labor Government had safeguarded the NFSA’s future after a decade of chronic underfunding by the Coalition – and these two appointments would help the iconic cultural institution thrive. 

    “Both Annette and Lucinda have accomplished and varied careers in their respective fields, and both have a strong commitment to preserving Australia’s audiovisual legacy. 

    “We want to protect our beloved cultural institutions and part of that is ensuring you have experienced, knowledgeable and representative voices leading the way.

    “I want to thank the current Chair of the Board, Caroline Elliott, whose term ends in December and who has guided the Archive in its commitment to implement the National Cultural Policy, Revive.”

    Ms Annette Shun Wah is currently the Programming Adviser of the Adelaide Festival Centre’s OzAsia Festival, where she was Artistic Director from 2020-2023, and also serves as Director of the Board of the Sydney Theatre Company. 

    Ms Shun Wah has had an extensive career across radio, television, publishing and theatre, including as an actor, host, producer and writer on a range of shows and feature films since 1982. In 1996, she was nominated for an Australian Film Industry award for her supporting role in Australia’s first foreign language feature film, Floating Life. 

    In 2018, Ms Shun Wah was inducted into the Adelaide Festival Centres Walk of Fame, and in 2023 was awarded an Honorary Master of Fine Arts from the National Institute of Dramatic Art. She was appointed as the Deputy Chair of the NFSA Board in October 2023 and will commence as the Chair of the Board in December 2024.

    Mrs Lucinda Brogden AM has been a member of the NFSA Board since December 2021 and has more than 30 years’ experience in accounting, finance and organisational psychology. She currently serves on a number of boards including as Chair of the Diabetes Australia Research Trust, Director of the Corporate Mental Health Alliance, Director at Australian Unity, and a Director of Be Kind Sydney.

    Mrs Brogden was also formerly the Chair and Commissioner of the National Mental Health Commission Advisory Board and Director of the Sydney Community Foundation.

    In 2019, Mrs Brogden was awarded the Member of the Order of Australia for significant service to workplace mental health and wellbeing. 

    Lucinda is proud to be a great-niece of the late Ken G Hall AO. As a child she used to play with Ken’s Oscar and Logie; both are now in the care of the National Film and Sound Archive.

    MIL OSI News –

  • MIL-OSI Australia: New Chair of the National Film and Sound Archive Board

    Source: Australian Ministers for Regional Development

    The Albanese Labor Government has today announced the appointment of Ms Annette Shun Wah as the next Chair of the National Film and Sound Archive of Australia (NFSA) Board, and the reappointment of Mrs Lucinda Brogden AM as a member of the NFSA Board.

    A treasured national collecting institutions now in its 40th anniversary year, the NFSA collects, preserves and shares Australia’s audiovisual culture – providing an unbroken record of Australian creativity and diversity.

    Minister for the Arts, Tony Burke, said the Albanese Labor Government had safeguarded the NFSA’s future after a decade of chronic underfunding by the Coalition – and these two appointments would help the iconic cultural institution thrive. 

    “Both Annette and Lucinda have accomplished and varied careers in their respective fields, and both have a strong commitment to preserving Australia’s audiovisual legacy. 

    “We want to protect our beloved cultural institutions and part of that is ensuring you have experienced, knowledgeable and representative voices leading the way.

    “I want to thank the current Chair of the Board, Caroline Elliott, whose term ends in December and who has guided the Archive in its commitment to implement the National Cultural Policy, Revive.”

    Ms Annette Shun Wah is currently the Programming Adviser of the Adelaide Festival Centre’s OzAsia Festival, where she was Artistic Director from 2020-2023, and also serves as Director of the Board of the Sydney Theatre Company. 

    Ms Shun Wah has had an extensive career across radio, television, publishing and theatre, including as an actor, host, producer and writer on a range of shows and feature films since 1982. In 1996, she was nominated for an Australian Film Industry award for her supporting role in Australia’s first foreign language feature film, Floating Life. 

    In 2018, Ms Shun Wah was inducted into the Adelaide Festival Centres Walk of Fame, and in 2023 was awarded an Honorary Master of Fine Arts from the National Institute of Dramatic Art. She was appointed as the Deputy Chair of the NFSA Board in October 2023 and will commence as the Chair of the Board in December 2024.

    Mrs Lucinda Brogden AM has been a member of the NFSA Board since December 2021 and has more than 30 years’ experience in accounting, finance and organisational psychology. She currently serves on a number of boards including as Chair of the Diabetes Australia Research Trust, Director of the Corporate Mental Health Alliance, Director at Australian Unity, and a Director of Be Kind Sydney.

    Mrs Brogden was also formerly the Chair and Commissioner of the National Mental Health Commission Advisory Board and Director of the Sydney Community Foundation.

    In 2019, Mrs Brogden was awarded the Member of the Order of Australia for significant service to workplace mental health and wellbeing. 

    Lucinda is proud to be a great-niece of the late Ken G Hall AO. As a child she used to play with Ken’s Oscar and Logie; both are now in the care of the National Film and Sound Archive.

    MIL OSI News –

  • MIL-OSI USA: SPC Tornado Watch 706

    Source: US National Oceanic and Atmospheric Administration

    Note:  The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports.
    SEL6

    URGENT – IMMEDIATE BROADCAST REQUESTED
    Tornado Watch Number 706
    NWS Storm Prediction Center Norman OK
    525 PM CST Mon Nov 4 2024

    The NWS Storm Prediction Center has issued a

    * Tornado Watch for portions of
    Southwest Arkansas
    Southeast Oklahoma
    Northeast Texas

    * Effective this Monday afternoon from 525 PM until Midnight CST.

    * Primary threats include…
    A few tornadoes likely with a couple intense tornadoes possible
    Scattered damaging wind gusts to 70 mph possible
    Isolated large hail events to 1.5 inches in diameter possible

    SUMMARY…Thunderstorms occurring ahead of a cold front will
    continue to pose a threat for a few tornadoes this evening, with a
    strong tornado remaining possible. Otherwise, strong to damaging
    winds up to 60-70 mph will also be possible with thunderstorms
    occurring along a cold front.

    The tornado watch area is approximately along and 45 statute miles
    east and west of a line from 25 miles north northeast of De Queen AR
    to 20 miles southwest of Longview TX. For a complete depiction of
    the watch see the associated watch outline update (WOUS64 KWNS
    WOU6).

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

    REMEMBER…A Tornado Watch means conditions are favorable for
    tornadoes and severe thunderstorms in and close to the watch
    area. Persons in these areas should be on the lookout for
    threatening weather conditions and listen for later statements
    and possible warnings.

    &&

    OTHER WATCH INFORMATION…CONTINUE…WW 704…WW 705…

    AVIATION…Tornadoes and a few severe thunderstorms with hail
    surface and aloft to 1.5 inches. Extreme turbulence and surface wind
    gusts to 60 knots. A few cumulonimbi with maximum tops to 500. Mean
    storm motion vector 22030.

    …Gleason

    SEL6

    URGENT – IMMEDIATE BROADCAST REQUESTED
    Tornado Watch Number 706
    NWS Storm Prediction Center Norman OK
    525 PM CST Mon Nov 4 2024

    The NWS Storm Prediction Center has issued a

    * Tornado Watch for portions of
    Southwest Arkansas
    Southeast Oklahoma
    Northeast Texas

    * Effective this Monday afternoon from 525 PM until Midnight CST.

    * Primary threats include…
    A few tornadoes likely with a couple intense tornadoes possible
    Scattered damaging wind gusts to 70 mph possible
    Isolated large hail events to 1.5 inches in diameter possible

    SUMMARY…Thunderstorms occurring ahead of a cold front will
    continue to pose a threat for a few tornadoes this evening, with a
    strong tornado remaining possible. Otherwise, strong to damaging
    winds up to 60-70 mph will also be possible with thunderstorms
    occurring along a cold front.

    The tornado watch area is approximately along and 45 statute miles
    east and west of a line from 25 miles north northeast of De Queen AR
    to 20 miles southwest of Longview TX. For a complete depiction of
    the watch see the associated watch outline update (WOUS64 KWNS
    WOU6).

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

    REMEMBER…A Tornado Watch means conditions are favorable for
    tornadoes and severe thunderstorms in and close to the watch
    area. Persons in these areas should be on the lookout for
    threatening weather conditions and listen for later statements
    and possible warnings.

    &&

    OTHER WATCH INFORMATION…CONTINUE…WW 704…WW 705…

    AVIATION…Tornadoes and a few severe thunderstorms with hail
    surface and aloft to 1.5 inches. Extreme turbulence and surface wind
    gusts to 60 knots. A few cumulonimbi with maximum tops to 500. Mean
    storm motion vector 22030.

    …Gleason

    Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
    SAW6
    WW 706 TORNADO AR OK TX 042325Z – 050600Z
    AXIS..45 STATUTE MILES EAST AND WEST OF LINE..
    25NNE DEQ/DE QUEEN AR/ – 20SW GGG/LONGVIEW TX/
    ..AVIATION COORDS.. 40NM E/W /53N TXK – 18SW GGG/
    HAIL SURFACE AND ALOFT..1.5 INCHES. WIND GUSTS..60 KNOTS.
    MAX TOPS TO 500. MEAN STORM MOTION VECTOR 22030.

    LAT…LON 34389344 32169419 32169573 34389502

    THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
    COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
    FOR WOU6.

    Watch 706 Status Report Message has not been issued yet.

    Note:  Click for Complete Product Text.Tornadoes

    Probability of 2 or more tornadoes

    Mod (60%)

    Probability of 1 or more strong (EF2-EF5) tornadoes

    Mod (40%)

    Wind

    Probability of 10 or more severe wind events

    Mod (50%)

    Probability of 1 or more wind events > 65 knots

    Low (20%)

    Hail

    Probability of 10 or more severe hail events

    Mod (30%)

    Probability of 1 or more hailstones > 2 inches

    Low (10%)

    Combined Severe Hail/Wind

    Probability of 6 or more combined severe hail/wind events

    High (80%)

    For each watch, probabilities for particular events inside the watch (listed above in each table) are determined by the issuing forecaster. The “Low” category contains probability values ranging from less than 2% to 20% (EF2-EF5 tornadoes), less than 5% to 20% (all other probabilities), “Moderate” from 30% to 60%, and “High” from 70% to greater than 95%. High values are bolded and lighter in color to provide awareness of an increased threat for a particular event.

    MIL OSI USA News –

  • MIL-OSI Australia: Light at the end of the Coffs Harbour Bypass tunnel

    Source: Australian Executive Government Ministers

    In a major milestone for one of regional Australia’s biggest infrastructure projects, the first phase of the multi-billion-dollar Coffs Harbour Bypass is complete. 

    The Coffs Harbour bypass tunnelling team working on either side of the 410-metre-long Gatelys Road Tunnel broke through the northbound tube on Monday 28 October.

    Today, they have broken through the southbound tube, completing the first major phase of the three tunnels to be built as part of the bypass.

    Each of the three tunnels will have two tubes, with each tube capable of carrying two lanes of traffic. There will also be room to accommodate cyclists.

    The Australian Government is investing $1.76 billion towards the project, with the remaining $440 million investment provided by the New South Wales Government.

    In a sign of how quickly things are moving for the tunnelling teams, a breakthrough at the 320-metre-long Shephards Lane tunnel is expected in mid-April next year.

    The work comes despite a traditional tunnel boring machine not being feasible for use on the short tunnels due to the mobilisation time and cost.

    Workers will now start excavating the tunnel floor, carry out the permanent tunnel lining works, install drainage, build the pavement, and complete the fit-out of the mechanical, electrical, fire, safety and intelligent transport systems.

    All the equipment will then be tested and commissioned before the bypass is opened to the public.

    The bypass is expected to open to traffic in late 2026. 

    Quotes attributable to Federal Infrastructure, Transport, Regional Development and Local Government Minister Catherine King:

    “This is a major milestone for this nation-shaping project.

    “During consultation ahead of the project in 2016, the people of Coffs Harbour were very clear they wanted tunnels instead of cuttings and it is great to see progress in bringing that to fruition.

    “Being able to pass through from one side of this large hill to the other is a major achievement, and I look forward to the work over the next two years as the tunnels start to take their final shape.”

    Quotes attributable to NSW Regional Transport and Roads Minister Jenny Aitchison:

    “It’s great to see a major tunnel project in the regions that has created 600 jobs and will remove 12,000 vehicles from the CBD. This will reduce travel times and deliver vital safety improvements. 

    “We see and hear regularly about tunnel projects around Sydney where tunnellers bore largely through sandstone or similar softer materials, but here in Coffs it’s been more challenging due to the material and location.

    “I want to thank the project team for their hard work and commitment to delivering this critical piece of enabling transport infrastructure for the Coffs region and the entire country.” 

    Quotes attributable to NSW Labor’s spokesperson for Coffs Harbour Cameron Murphy: 

    “The bypass, when it opens to traffic at the end of 2026, will make Coffs Harbour an even better place to live, work and visit.

    “The tunnels are a major component of this project, and it is wonderful to see them progressing so well.”

    MIL OSI News –

  • MIL-OSI Economics: ADB, Partners Mark Start of Construction of Tina River Hydropower Project in Solomon Islands

    Source: Asia Development Bank

    HONIARA, SOLOMON ISLANDS (5 November 2024) — The Asian Development Bank (ADB) today joined project partners in Solomon Islands for a ceremony to mark the beginning of construction of the Tina River main dam structure.

    Solomon Islands Prime Minister Jeremiah Manele led the commissioning ceremony. He was joined by ADB Director General for the Pacific Leah Gutierrez, World Bank Country Director for Papua New Guinea and the Pacific Islands Stephen Ndegwa, Australia’s High Commissioner to Solomon Islands Rod Hilton, other senior government officials, and representatives from Korea Water Resources Corporation, Hyundai Engineering Corporation Limited, and Tina Hydropower Limited.

    “This transformational project will support the development of renewable energy to supply electricity to the capital, Honiara,” said Ms. Gutierrez. “This project is a testament to the power of partnerships that has prioritized climate change action, sustainability, and community development.”

    The 15-megawatt hydropower plant will be developed on the Tina River, just outside Honiara, which will reduce the country’s reliance on imported fossil fuels.

    Tina Hydropower Limited, a special project company, consisting of Korea Water Resources Corporation and Hyundai Engineering Corporation Limited, implements the project through a build-operate-own-transfer scheme.

    ADB supports the project with a $18 million loan from its concessional ordinary capital resources and a $12 million grant from the Asian Development Fund, which provides grants to ADB’s poorest and most vulnerable developing member countries.

    Other project partners include the Abu Dhabi Development Fund, Australian government, Export–Import Bank of Korea, and the Green Climate Fund. 

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Economics –

  • MIL-OSI Australia: New appointments to National Portrait Gallery of Australia Board

    Source: Australian Executive Government Ministers

    The Albanese Labor Government has today announced the appointment of Ms Sam Meers AO as a member and future Chair, the reappointment of Mrs Penny Fowler AM as interim Chair and Ms Elizabeth Dibbs as a member of the Board to the National Portrait Gallery.

    Mrs Fowler will serve as Chair for the remainder of her final term until March 2025 and will be succeeded by Ms Meers for a two and half year term. Ms Dibbs will be appointed as a member for a three year term from January 2025. 

    The National Portrait Gallery holds Australia’s largest collection of portraits of notable Australians, telling our story and increasing the understanding and appreciation of Australian people by examining their identity, history, culture, creativity and diversity. 

    Minister for the Arts, Tony Burke, said the experience and skills of the appointees would be invaluable to the Board.

    “Sam has demonstrated an ongoing commitment to the Australian arts sector and her significant experience will provide continued strong leadership for the gallery.

    “I’d also like to thank Penny and Elizabeth for their continued service and dedication to the National Portrait gallery.

    “Penny has made a significant contribution in advancing the goals of Revive at the gallery, including elevating First Nations representation in the collection and ensuring the institution can present Australian stories through the diverse and emotive genre of portraiture.” 

    Ms Sam Meers AO is co-founder and Chair of the Nelson Meers Foundation, a not-for-profit philanthropic foundation. Ms Meers has extensive experience in the arts and philanthropy sectors and was made an Officer for the Order of Australia in 2018. She is currently chairman of the Brett Whiteley Foundation and a director of Environmental Leadership Australia. Her board appointments have included chairman of Belvoir St Theatre; chairman of Documentary Australia; deputy chairman of the Federal Government Creative Partnerships Australia; a trustee of the Arts Gallery of NSW and a director of the State Library of NSW Foundation. Ms Meers holds degrees in Law and Arts and a Master of letters (literature) from the University of Sydney. She is a member of Chief Executive Women, and a Fellow of the Australian Institute of Company Directors and the Royal Society of NSW.

    Ms Elizabeth Dibbs is currently a member of the Board where she has managed the role of chair of the Audit and Risk Committee for three years. She is deputy chancellor of Western Sydney University and chair of its Audit and Risk Committee. She is also deputy chair of the ACT City Renewal Authority and chair of United Way Australia. Elizabeth has previously served as the Western City District Commissioner for the Greater Cities Commission, as a Council Member of Chief Executive Women, chair of its Scholarship Committee and as chair of YWCA NSW. 

    Mrs Penny Fowler AM has served as chair of the of the Board since January 2022 after first being appointed as a member in March 2016. She is the chair of the Herald and Weekly Times and is News Corp Australia’s Community Ambassador. She is also chair of the Royal Children’s Hospital Good Friday Appeal, chair of the Royal Botanic Gardens Victoria, a Board member of Tourism Australia, an Advisory Board member of Visy, and a Board member of Tech Mahindra. Ms Fowler is a member of Chief Executive Women and an ambassador for the Australian Indigenous Education Foundation and SecondBite. In 2024, Mrs Fowler was awarded a Member of the Order of Australia.

    MIL OSI News –

  • MIL-OSI Australia: (WIP) Defending from within: A guide to insider threat management

    Source: Allens Insights

    More than 35% of all cyber events globally originate inside an organisation—either as a result of error or misuse. This number is growing. 5 min read

    Given how hard it is to protect against sophisticated cyber attacks by external threat actors, reducing insider risk can significantly affect an organisation’s overall risk profile. But insider threats present unique challenges for organisations.

    To better prevent, detect and respond to insider threats, organisations need to ensure close cooperation between their legal, HR, risk, IT, cyber and fraud functions, and adopt a combination of technical, operational and behavioural measures.

    This guide is designed to help general counsel, HR, senior management and boards manage insider risks in a manner that is both legally compliant and ethical.

    MIL OSI News –

  • MIL-OSI Australia: ABC Radio Breakfast with Ross Solly

    Source: Australian Ministers 1

    ROSS SOLLY: The National Capital Authority recently released – or just in the last couple of weeks, released its annual report, and buried inside that report was the news that a couple of key infrastructure projects, including work it was doing on Scrivener Dam and on Commonwealth Bridge, have sort of become stuck in a bit of a quagmire. They’re going nowhere, and nobody can actually explain why. We have put in a request to the National Capital Authority on several occasions. I don’t think we’ve even got a reply to be honest. I don’t think they’ve even acknowledged our request, so it’s a bit difficult to get a response from the National Capital Authority though. Somebody who has managed to sit down and have a chat with them though is Kristy McBain, the Federal Minister for Regional Development and Member for Eden-Monaro. Good morning to you, Kristy McBain. 

    KRISTY MCBAIN: Good morning Ross. How are you going?

    SOLLY: Yeah, not too bad. I understand you had a meeting with the NCA yesterday. Did you raise with them the concerns about what’s happening with these infrastructure projects?

    MCBAIN: I meet with the NCA pretty regularly about a range of their work and their program in front of them. Obviously, we spoke about Scrivener Dam and the Commonwealth Avenue Bridge Renewal projects. Both of those projects are finalising their tender stage at the moment, and I’m really looking forward to those successful tenderers being announced in the coming weeks.

    SOLLY: I understand there have been significant delays? Did they explain why we’re well behind schedule on those projects?

    MCBAIN: When we talk about the Scrivener Dam project, it holds back 33 million cubic metres of water. It’s a pretty big project. This will be the most significant strengthening works completed on the dam since it was built in 1963. What is happening is some work on the dissipator there, so that when water spills over the damn it doesn’t erode the banks down the river. There are 700 new anchor points going into the foundation rock, 10 to 20 metres deep. So a pretty complex engineering project. Whilst the procurement has taken longer than we would have liked, it’s in the process of being finalised now. We’re six months behind where we would have wanted to be, but work will commence before Christmas, which is the most important thing.

    SOLLY: Yeah, for sure. But can I also say this is taxpayers’ money that’s been spent here and there has been a delay. Why has there been a delay? Are you satisfied with the reasons that have been put forward to you for why everything has been put back, and that we are now running behind schedule?

    MCBAIN: As I said, we’re six months behind schedule, but the project will commence before Christmas. The project is still on budget which is the most important thing for taxpayers to understand. It’s a pretty complex engineering job that is required on the Scrivener Dam. We look forward to work starting, that’s what Canberrans want to see. Obviously, the Commonwealth Avenue Bridge is another significant piece of work. It’ll be the first time major works have happened on that bridge apart from maintenance, since it was built as well. It’s really important that we get that right as well.

    SOLLY: Is that still on budget or are we now over budget for that?

    MCBAIN: No, that’s still on budget. That includes works that will strengthen and widen the bridge, making sure that those passenger and bicycle lanes are also there. It’s probably one of the most utilised assets across Canberra for both passenger vehicles, trucks and pedestrians. It’s really important that project is done well, and there’s been a range of works that have had to take place to get to the tender stage, which is important.

    SOLLY: And of course, it is also integral, isn’t it, to the whole light rail plan?

    MCBAIN: That’s right. Before this one went to tender, there was obviously some quite detailed design work, statutory, environmental and heritage assessments. A pretty big public and stakeholder consultation. Obviously, it’s one of the most utilised assets across Canberra, but it is vital for light rail. Although, the works that are being done on Commonwealth Bridge themselves are not done for light rail. Lights rail’s project is separate to what we’re doing on the bridge.

    SOLLY: That’s true. Are you still confident in the capacity of the NCA to handle these big projects? I notice that there’s some critics suggesting that maybe this is all a bit much, and there needs to be a bigger authority come in and run big projects like this. Are you confident in the abilities of the NCA to do this work, Kristy McBain?

    MCBAIN: Absolutely. Again, this nationally significant project remains on budget, which is extraordinary in the current environment, particularly the current construction environment that we see. The NCA have been doing a fantastic job on this, and the work that they’ve been doing in the lead up to this tender process shows how prepared they are, by making sure that all of the design elements are sorted before they go to tender.

    SOLLY: All right. 7:27. While I’ve got you here. Kristy McBain, I have to ask you, are you still, are you a member of the Chairman’s Lounge?

    MCBAIN: I am, I’m a member of the Chairman’s Lounge.

    SOLLY: Are you going to retain your membership?

    MCBAIN: I pay for a Rex Lounge membership. Yes. One of the reasons it’s incredibly important is a lot of times when we are travelling you’re required to have some last-minute briefings or meetings that come up, and you need to do that in an environment that you can shut a door and have an office space. I’ve done a range of media interviews in those lounges. I’ve recorded a bunch of things in those lounges. There is a lot of travel required, although most of my travel is usually in the car around the electorate. But in my ministerial role when I am travelling, it’s important to have a space sometimes to be able to get some work done in between flights.

    SOLLY: Have you ever asked for an upgrade?

    MCBAIN: No.

    SOLLY: Why not? Everyone else does, seems to be anyway.

    MCBAIN: A lot of my flights are into regional areas, and I’m travelling with Rex or Qantas into regional areas. A lot of those planes don’t have a business class for obvious reasons. You’re on smaller planes and it’s just not something that has ever happened.

    SOLLY: Just quickly on the TAFE and the HECS changes in about a minute or so, do you think that’s going to have some significant bearing in the Canberra and surrounding districts?

    MCBAIN: It’s going to be incredibly important for communities right across the country. It’s a great announcement. We know that HECS debt has been piling up. It’s a way to make it fairer for people now and into the future. Fee-Free TAFE locks in those fee-free TAFE places in critical shortage areas like our trades. We know we need more houses built across this country and it’s incredibly important that we’ve got the plumbers, the chippies, the sparkies able to do that for us and this helps those people complete apprenticeships.

    SOLLY: Good to speak to you this morning, Kristy McBain. Appreciate your time, thank you.

    MCBAIN: Thanks, Ross.

    MIL OSI News –

  • MIL-OSI USA: Cassidy Honors Veterans in Denham Springs

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy
    BATON ROUGE –On Saturday, U.S. Senator Bill Cassidy, M.D. (R-LA) honored veterans and their families in Denham Springs at a Veterans Appreciation Day event. He thanked all of those present for their service and committed to doing everything he can to get them the health care and support they need.
    “Denham Springs and Livingston Parish honored Gold Star families, Blue Star families, and our veterans,” said Dr. Cassidy. “It was a moving ceremony. My commitment to these families and these veterans is to make sure that our VA works for them as they have worked for us.”
    Cassidy has worked to expand health care options for veterans and ensure the U.S. Department of Veterans’ Affairs (VA) delivers timely and effective care. In 2022, he passed and signed into law the Solid Start Act, which ensures that the VA contacts every veteran three times by phone in the first year after they leave active duty to connect them with VA programs and benefits. Cassidy also voted for the PACT Act, which expands benefits to post-9/11 and other veterans who were exposed to toxins during their time in service.
    Additionally, Cassidy introduced legislation to create a Veterans Health Administration (VHA) Policy Advisory Commission (VetPAC) that will help ensure that the VHA effectively provides health care for the veterans it serves.
    Present at the event were veterans from across Livingston Parish, as well as members of the American Legion, the Blue Star Mothers of Louisiana, and Louisiana Women Veterans. Cassidy was welcomed by Mr. Stan McCurdy, the organizer of the event and a Gold Star Father.
    “I appreciate Senator Cassidy taking the time to meet with the veterans who came to our event and listen to their concerns,” said Mr. McCurdy. “His respect and support for veterans and our community means a lot.”

    MIL OSI USA News –

  • MIL-OSI Australia: $6.4 million for local community infrastructure projects

    Source: New South Wales Government 2

    Headline: $6.4 million for local community infrastructure projects

    Published: 5 November 2024

    Released by: Minister for Gaming and Racing

    Communities from Inverell to Albury and Bathurst to the Northern Beaches will benefit from $6.4 million funding under the NSW Government’s latest round of Infrastructure Grants.

    A women and children’s refuge, musical society, marine rescue organisation and Aboriginal youth gym are among 46 recipients to share a total of $12.75 million this financial year.

    Infrastructure Grants are funded by ClubGRANTS Category 3, which directs profits from registered clubs’ gaming machines into community projects, while clubs receive a tax concession in return.

    The grants support local community projects across four categories: sport and recreation, disaster readiness, community infrastructure, and arts and culture.

    Key projects supported in this latest funding round include:

    • $200,000 to Tumbarumba Equine Club near the Snowy Mountains for roofing, power, lighting, water troughs and an additional disaster evacuation stock holding area for large animals
    • $270,100 to Ngarabal Aboriginal Corporation in Inverell to upgrade a gym facility to provide year-round boxing, martial arts and self defence programs for youth at risk
    • $51,600 to Wagga Wagga Art Gallery for new exhibition spaces, a print workshop, expanded storage and improved environmental and safety equipment
    • $55,300 to Western Suburbs Lawn Tennis Association in Ashfield to install new lighting to two synthetic tennis courts
    • $70,000 to Parkes Musical & Dramatic Society for an upgrade of digital microphones
    • $187,600 to Marine Rescue Cottage Point on Sydney’s Northern Beaches to replace engines and electronics on two rescue vessels
    • $50,000 to Margaret House Refuge in Young for refurbishment of a cottage that provides a safe and welcoming environment for women and children fleeing domestic violence and/or experiencing homelessness.

    See the complete list of Infrastructure Grants Program recipients.

    Applications for the next round of Infrastructure Grants are open until Monday 25 November. For more information visit Clubgrants Category 3 fund.

    The NSW Government’s review into the effectiveness of ClubGRANTS is ongoing amid continuing work across government to improve integrity and public trust in grants. This is the first formal review into the scheme since 2013.

    Minister for Gaming and Racing David Harris said:

    “I’m pleased to see this round of Infrastructure Grants go to many worthy groups who work hard for their communities across the state.

    “I am impressed by the many and varied ways organisations are working to benefit their communities. 

    “Infrastructure Grants improve local facilities that bring people together, help them prepare for and recover from disasters, and promote participation in sport, recreation and the arts.”

    MIL OSI News –