Source: Reserve Bank of India
Ajit Prasad Press Release: 2024-2025/2118 |
Category: KB
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MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on February 10, 2025
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MIL-OSI Australia: (WIP) Stamp duty complexities in Sale and Purchase Agreements: insights from Van Dairy
Source: Allens Insights
Care required not to trigger duty or double duty 10 min read
The recent Tasmanian case of Van Dairy1 suggests that an agreement to procure a sale of property might be liable to duty as an agreement for sale, even if the owner of the property is not a party to it. This is significant because, in the context of this case, it meant the Sale and Purchase Agreement (SPA) triggered adverse stamp duty implications. This included that the purchaser became a land-rich entity before completion, so that a double duty liability was triggered by the transfer of its shares before completion of the land purchase.
To ‘change your mind’ after the contract is signed involves a major risk of incurring double duty under the landholder duty provisions of each Australian jurisdiction.
The principle in the case is potentially relevant when a corporate or other entity, which wholly controls one or more subsidiaries, undertakes to procure or arrange for those subsidiaries to sell land, shares or other assets held by them to a buyer.2 It could potentially apply to impose duty on other agreements where the owners of the relevant sale property are not parties, such as scheme implementation agreements, or global business sale agreements in which parent companies of global groups undertake to procure their subsidiaries in various countries to buy and sell relevant businesses or companies.
We understand that the taxpayers have appealed the decision, and it remains to be seen whether the decision is overturned, or whether it will be followed in other Australian jurisdictions.
The case is also a salutary lesson about the importance of establishing ownership of a special purpose entity before it enters into a contract to acquire land assets, to ensure double duty does not arise under the landholder duty provisions in any Australian jurisdiction.
Key takeaways
- A sale and purchase agreement under which a controlling entity agrees to procure the sale of property by an entity which it controls, can potentially be characterised as a binding agreement for the sale of that property, even though the entity that owns the property is not a party to the agreement. Thus, such an agreement can trigger adverse duty consequences.
- Taxpayers establishing entities to acquire land assets or other property should strive to establish them with the correct or intended ownership prior to signing any contract to purchase the assets. To ‘change your mind’ after the contract is signed involves a major risk of incurring double duty under the landholder duty provisions of each Australian jurisdiction.
- This is subject to the potential for a taxpayer that is a member of a corporate group being able to rely on corporate reconstruction exemptions and concessions, to obtain an exemption or reduction in duty for a change in ownership within a corporate group of the special purpose entity after it acquires the land assets.
Who in your organisation needs to know about this?
Members of the tax and legal teams, and others involved in negotiating SPAs and global sale agreements, and in establishing special purpose entities to acquire land or other assets.
A summary of the Van Dairy case
Facts
In October 2015, certain Tasmanian properties (the Woolnorth properties) were marketed for sale. They were then owned by two companies named Van Diemen’s Land Company (VDL) and Tasman Ferndale Pty Ltd (TFPL), both of which were wholly owned by Tasman Land Company (TLC).
Mr Lu Xianfeng (Mr Lu) wanted to purchase the Woolnorth properties and related assets that were to be sold by interests controlled by TLC. Mr Lu at all relevant times controlled the corporate appellants in the matter. On 30 October 2015, Moon Lake Investments Pty Ltd (Moon Lake) was incorporated, with Mr Lu as the sole shareholder, holding all five shares in the company.
On 20 November 2015, Mr Lu, Moon Lake and TLC executed a written agreement referred to as the SPA. Under this agreement, as per clause 3, TLC agreed to ‘procure the sale and transfer to [Moon Lake] of the Assets … with affect from Closing’. The Assets referenced were owned by ‘the group’, which consisted of TFPL and VDL, which—as noted above—were wholly owned subsidiaries of TLC.
On 12 January 2016, according to the Moon Lake share register held by the Australian Securities and Investments Commission, Mr Lu’s five shares in Moon Lake were transferred to Ningbo Kaixin Investment Co Ltd (Ningbo).
On 24 March 2016, Ningbo’s shares in Moon Lake were then transferred to Van Dairy (Hong Kong) Group Ltd (VDHK).
On 31 March 2016, completion of the sale of the land took place. Moon Lake partly funded payment of the purchase price by issuing a large number of shares to VDHK. Moon Lake received the executed land transfers from VDL and TFPL and, on around 4 April 2016, these were lodged to be assessed for stamp duty by the State Revenue Office (SRO), together with payment of estimated duty of over $8 million.
Subsequently the SRO told Moon Lake’s solicitors it would give further consideration as to whether Ningbo and/or VDHK had any liability to pay land-rich duty, separately from Moon Lake’s liability to pay duty on the acquisition of the Woolnorth properties.
On 28 January 2021, the corporate appellants received a notice from the SRO that it intended to investigate whether Ningbo and/or VDHK had acquired any relevant interest in a land-rich corporation.
On 20 April 2021, Moon Lake received further correspondence from the SRO, which included the following statement:
The acquisition by shares by [Ningbo] on 15 January 2016 and then subsequently by [VDHK] on 24 March each resulted in a separate dutiable transaction under s66 of the Act as at the time of each of those majority acquisitions, Moon Lake was deemed to be a land-rich company.
On 5 July 2021, the SRO informed Ningbo and VDHK that each were liable to pay duty interest and penalty tax in the sum of approximately $10.5 million.
On 2 September 2021, Ningbo and VDHK each lodged notices of objection with the Commissioner regarding the 5 July 2021 assessments. The Commissioner disallowed their objections (apart from a reduction in the quantum of each assessment). The assessments, as revised, were the subject of challenge in the case.
Issues
The most significant issue from a duty viewpoint was whether the SPA was an uncompleted agreement for the sale of land, despite the fact that the owners of the land were not parties to the agreement. If so, it meant the SPA had the effect of causing Moon Lake to be a land-rich corporation both at the time of the transfer of its shares to Ningbo and then to VDHK, triggering multiple duty.
The decision on whether the SPA was an uncompleted agreement for the sale of land
Under section 60(1) of the Duties Act 2001, a private corporation was land rich if:
- it had land holdings in Tasmania where the unencumbered value is $500,000 or more; and
- its land holdings in all places, whether within or outside Australia, comprised 60% or more of the unencumbered value of all its property.
A land holding included any interest in land, with some exceptions that were not relevant to the facts of the case.3
Under section 61(4), the vendor and the purchaser under an uncompleted agreement for the sale of land were each taken to be separately entitled to the whole of the land. While the land-rich duty provisions in Tasmania were subsequently replaced by landholder duty provisions (removing the 60% requirement), there is an equivalent provision in section 79(1) of the current Act. In addition, all Australian jurisdictions have an equivalent provision in their landholder duty legislation.
Before the Supreme Court of Tasmania, Ningbo and VDHK argued that s61(4) did not deem Moon Lake to be entitled to the whole of the land the subject of the SPA as it was not a purchaser under an uncompleted agreement for the sale of land. The basis of this argument was that the SPA was a contract between TLC and Moon Lake. The land was not owned by TLC, but by companies controlled by TLC. Ningbo asserted that this is different from TLC itself selling the land to Moon Lake.
Acting Justice Marshall noted that the proper interpretation of s61 was central to the resolution of this issue. Firstly, his Honour noted that the expression ‘agreement for the sale of land’ was not defined in the Act. In turning to the ordinary natural meaning of the words, his Honour held:
“The ordinary natural meaning of the words is to provide a description of an agreement which results in the sale of land. The words in the section are not “an agreement for the sale of land by a vendor and its purchase by a buyer”.
This approach highlights that the words ‘for the sale of land’ are the key element of the description of the agreement and should not be construed narrowly or pedantically. The words indicate binding agreements by which the sale of land is effected. On the facts of the case there was no doubt TLC was able to secure the sale of the land to Moon Lake as required under the SPA. Therefore, Moon Lake was a purchaser under an uncompleted agreement for the sale of land, and was treated as holding an interest in the land for the purposes of s61(1) of the Act.
The court also referred to the judgment of Justice Fullagar in Hall v Busst, where his Honour said there were ‘three essential elements’ required for a concluded agreement including the parties, the subject matter and the price.4 All three were satisfied in Van Dairy, including the parties.
Implications
The decision suggests that an agreement to procure a sale of property might be liable to duty as an agreement for sale, even if the owner of the property is not a party to it.
We understand an appeal against the decision of the Tasmanian Supreme Court has been lodged in the Tasmanian Court of Appeal by the taxpayers. Pending the outcome of that appeal, the decision remains persuasive in other jurisdictions.
It remains to be seen whether the decision is ultimately overturned, or is followed in other jurisdictions. It may be that it can be confined to its facts—although the owners of the relevant land were not parties to the SPA, their controlling parent company, TLC, undertook a binding obligation to procure that they sold the land, and there was no other agreement for sale entered into or contemplated. The SPA operated as the agreement that regulated the sale of the land. It might be different if the agreement had been drafted as an obligation of TLC to procure that its subsidiaries entered into a separate agreement for the sale of the land with the purchaser. This is often the case with global sale agreements, where the parent company of a multinational group undertakes to procure that its subsidiaries enter into separate country-specific agreements relating to the sale of downstream assets.
The result in Van Dairy might also have been different if the question was whether the deeming provision in s61(4) applied to the owners of the land as vendors, since they were not parties. Alternatively, if only TLC and Mr Lu (but not Moon Lake) had entered into the agreement, perhaps s61(4) would not have applied because Moon Lake, as purchaser, would not have been a party to the agreement.
In the case of a scheme implementation agreement in a takeover context, the target company undertakes to take steps to seek shareholder (and court) approval of a scheme for the sale of its shares by the shareholders to the acquirer. This might potentially trigger a landholder duty liability under the provisions of the duties legislation in Queensland or Western Australia. However, the target company is generally not in a position to definitely procure the sale—there is doubt about the scheme proceeding, because it generally depends on approval by the shareholders (and the court). So, on that basis, the position might be distinguishable from the decision in Van Dairy.
As indicated in Van Dairy, double duty can be triggered when ownership of a purchaser entity is not established correctly at the outset. There were two transfers of the shares in Moon Lake after the SPA had been signed, triggering two lots of duty on the transfers of shares in Moon Lake, in addition to the duty on the purchase of the land. Therefore, it is important to seek to establish the correct entities as shareholders (or unitholders in the case of a unit trust) prior to the purchaser entity entering into a contract to acquire the land. Any transfer of ownership of the purchaser entity after it becomes a landholder could potentially attract landholder duty. This is subject to whether relief might be available under exemptions or concessions for transfers within a corporate group, as explained below.
As noted above, the landholder duty legislation of other Australian jurisdictions has similar provisions deeming a company to be a holder of land where it has entered into an uncompleted agreement to purchase the land. For this reason, the Van Dairy decision will be persuasive authority on the interpretation of those provisions.
For example, under section 160(1) of the Duties Act 1997 (NSW), the transferor and the transferee under an uncompleted agreement for the sale or transfer of land are each taken to be separately entitled to the whole of the land.5
The use of the terms transferor and transferee correspond to the use of the terms vendor and the purchaser in the Tasmanian Act. If the same facts as in Van Dairy occurred in relation to NSW land, then the case would be persuasive authority for the same interpretation of the NSW legislation.
Corporate reconstruction exemptions and concessions
For the purposes of changing the structure of a corporate group or changing the holding of assets within a corporate group, a taxpayer may seek to consider corporate reconstruction exemptions and concessions. A corporate group broadly consists of a parent corporation and its subsidiaries where there is at least 90% ownership.6 Where such an exemption or concession is available, it provides some flexibility to change the ownership of a landowning entity within a corporate group even after it has acquired land or entered into a contract to acquire land.
By way of example, the Duties Act 1997 (NSW) relevantly provides for a duty concession for corporate reconstruction transactions. For eligible transactions that occur on or after 1 February 2024, the duty is reduced to 10% of the duty that would otherwise be payable.
Section 273B applies to a transaction if the Chief Commissioner is satisfied, on application by a party to the transaction, that—
- the transaction is a corporate reconstruction transaction, and
- the transaction, or the series of transactions of which the transaction is a part, is undertaken for the purpose of either or both of the following—
- changing the structure of a corporate group,
- changing the holding of assets within a corporate group, and
- the transaction, or the series of transactions of which the transaction is a part—
- is not undertaken for a purpose of avoiding or reducing duty under this Act on another transaction, and
- is not undertaken for the sole or dominant purpose of avoiding or reducing a liability for tax, other than duty under this Act, under a law of an Australian jurisdiction.
All Australian jurisdictions have broadly similar exemptions or concessions, including Tasmania. The Tasmanian exemption was presumably not available in Van Dairy for the transfers of shares in Moon Lake. In the case of the first transfer from Mr Lu to Ningbo, Mr Lu, as an individual, could not have been a member of a relevant corporate group. In the case of the second transfer from Ningbo to VDHK, presumably the two companies were not part of the same corporate group as defined under the duties legislation.
Actions you can take now
- Exercise caution when establishing the ownership of a purchaser entity and seek to have the correct ultimate shareholders in place prior to the signing of a contract to acquire land or completion of the purchase. Be aware of the double duty risk if you ‘change your mind’ later.
- Consider the duty implications of entering into sale and purchase agreements, including where the intended seller or purchaser of the property is not a party to the agreement. Seek timely advice.
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MIL-Evening Report: With ‘damp drinking’ and ‘zebra striping’, Gen Z are embracing moderation – not abstinence – from alcohol
Source: The Conversation (Au and NZ) – By Katinka van de Ven, Alcohol and other drug specialist, UNSW Sydney
Fewer young Australians are drinking. And when they do drink, they are drinking less and less often than previous generations at the same age.
It’s a trend happening all around the world.
The proportion of young people who drink infrequently is growing in the long term. In 2001, 13.6% of Australians aged 18–24 drank less than once a month. That’s since increased to 20%, or one in five.
The proportion of young people who’ve never consumed a full glass of alcohol has also more than doubled since 2001, from 7.5% to 16.3%.
But for many, abstinence is not necessarily the goal. An interest in mindful drinking means trends that encourage moderation – including “zebra striping” and “damp drinking” – have taken off on social media.
So, what are these strategies for cutting down? And are they really something new?
What is ‘zebra striping’?
“Zebra striping” means alternating between alcoholic and non-alcoholic drinks. It effectively halves alcohol consumption for most people. This reduces the risk of intoxication because it gives your body time to process the alcohol.
The term is new but the concept of alternating drinks has long been a cornerstone of harm-reduction strategies.
A UK study commissioned by a zero-alcohol beer brand found that 25% of pub goers alternate between alcoholic and non-alcoholic beer. While commercial research like this requires cautious interpretation, it does highlight a growing appetite for moderation.
Is it different to ‘damp drinking’?
The rise of “damp drinking” is another shift from all-or-nothing approaches to alcohol. In a recent survey, close to 40% of drinkers want to drink less compared to 6.5% who say they want to quit altogether.
Going “damp” – rather than completely “dry” – means reducing alcohol without cutting it out altogether.
Having a drink is reserved for special occasions, but generally doesn’t feature in everyday life. This is also known as being “99% sober”.
It’s an approach that resonates with many young people who are “sober curious”, but do not want to completely abstain from alcohol.
Moderation can be a sustainable strategy for people who are not dependent on alcohol. Sometimes even people who were dependent can achieve moderation, usually after a period of abstinence. In the past, the consensus was that people who were dependent on alcohol should only aim for complete abstinence.
Strict sobriety goals can increase risk of relapse. This is referred to as the abstinence violation effect, which can sometimes lead to a cycle of binge drinking and guilt when people feel they’ve failed.
Moderation strategies, such as damp drinking or zebra striping, are more likely to foster self-compassion and gradual change.
So what’s behind this cultural shift?
In part, popular wellness trends have promoted alcohol-free living as a positive and aspirational lifestyle.
But health concerns are only part of the answer.
Young people especially face increasing social and economic pressures, and may be more focused on professional and personal growth than previous generations.
Studies show many view excessive drinking – and accompanying anxiety and hangovers – as incompatible with their ambitions and desire to stay in control.
Read more:
Why do I get so anxious after drinking? Here’s the science behind ‘hangxiety’
Adding to this, social media can make what you do more visible to others – and serve as a permanent record. So some young people are more careful with behaviours that might lead to regret.
The increasing availability of better-tasting zero-alcohol drinks helps, too.
Zero-alcohol beer and wine, and mocktails, offer a way to participate socially without the drawbacks of alcohol consumption. These alternatives have reduced the stigma once associated with abstaining or drinking less in social settings.
This shift is also underpinned by a changing narrative around alcohol. Unlike older generations who often associated drinking with celebration and bonding, younger people are more likely to question the role of alcohol in their lives.
Binge drinking, once seen as a rite of passage, simply may not be as “cool” anymore.
Finding support for change
Given the health risks associated with drinking, such as cancer, liver disease and mental health issues, it’s great news more young people are reducing their drinking.
But four in ten young people (42%) are still consuming alcohol at risky levels.
The Australian national alcohol guidelines try to balance the social benefits and the health risks of drinking.
If you drink within the guidelines – no more than ten drinks a week and no more than four in any one day – you have a one in 100 chance of dying from an alcohol- related illness like cancer or heart disease.
If you drink above those guidelines the risk of these issues exponentially increases.
If you are looking to change your relationship with alcohol, self-reflection is a vital first step. Key questions to consider include:
• is alcohol negatively impacting my health, relationships or work?
• do I struggle to enjoy social occasions without drinking?Alcohol and other drug support organisations such as Hello Sunday Morning and Smart Recovery offer free, evidence-based, digital support and resources for people looking to change their drinking.
These services emphasise harm reduction and self-compassion, encouraging individuals to set realistic goals and achieve lasting change.
Dr Katinka van de Ven is the Research Manager of Hello Sunday Morning. She also works as a paid evaluation and training consultant in alcohol and other drugs. Katinka has previously been awarded grants by state governments and public funding bodies for alcohol and other drug research.
Nicole Lee works as a paid evaluation and training consultant in alcohol and other drugs. She has previously been awarded grants by state and federal governments, NHMRC and other public funding bodies for alcohol and other drug research. She is CEO of Hello Sunday Morning.
– ref. With ‘damp drinking’ and ‘zebra striping’, Gen Z are embracing moderation – not abstinence – from alcohol – https://theconversation.com/with-damp-drinking-and-zebra-striping-gen-z-are-embracing-moderation-not-abstinence-from-alcohol-246250
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MIL-OSI: Bitget Wallet to Power $LAYER Airdrop Claims and Trading at TGE
Source: GlobeNewswire (MIL-OSI)
VICTORIA, Seychelles, Feb. 10, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, a leading Web3 non-custodial wallet, announced its pioneering support for Solayer’s $LAYER Genesis Drop. Users can now check airdrop eligibility directly in the wallet, with full support for token claiming and trading starting at the Token Generation Event (TGE) on February 11, 2025. This streamlined process ensures easy verification, token claims, and immediate trading access.
Bitget Wallet is one of the earliest wallets to support the $LAYER Genesis Drop, demonstrating its dedication to keeping users at the forefront of token opportunities. Eligible users who staked $SOL and accumulated points can check their eligibility now by navigating to the airdrop section on Bitget Wallet’s Discover page. From February 11, users can seamlessly claim their $LAYER airdrop within the wallet. Immediately after claiming, users will have access to $LAYER trading, capturing potential market opportunities as prices evolve. Bitget Wallet also offers real-time K-line charts for dynamic trading insights, providing a one-stop platform to claim, manage, and trade $LAYER tokens.
Solayer has revealed comprehensive tokenomics for $LAYER, detailing its total supply of 1 billion tokens and an initial circulating supply of 220 million. The airdrop will allocate 12% of the token supply to over 250,000 early users who meet the eligibility criteria. Users can now check their eligibility directly within the Bitget Wallet. The allocation checker will go live on February 10, and eligible users will be able to claim their tokens starting February 11. The claiming period will extend for 30 days, with rewards structured based on the amount and duration of users’ staking activities, designed to promote sustained engagement.
Solayer is a blockchain platform designed to tackle scalability challenges through advanced hardware acceleration. Its InfiniSVM architecture enables high-throughput and near-zero latency, processing over 1,000,000 transactions per second with network bandwidth exceeding 100 Gbps. This design scales the Solana Virtual Machine (SVM) to support next-generation decentralized applications (dApps) while maintaining strong security. Through its innovative restaking feature, users can leverage their staked assets as collateral, optimizing asset use and enhancing Solana network security while offering greater reward opportunities.
Alvin Kan, COO of Bitget Wallet, stated: “By supporting Solayer’s $LAYER Genesis Drop, we enable our users to fully benefit from the evolving Solana ecosystem, whether through token claims or trading functionalities. With Bitget Wallet’s streamlined integration of these services, users can seamlessly access DeFi opportunities and play an active role in the growth of next-generation dApps.”
About Bitget Wallet
Bitget Wallet is the home of Web3, uniting endless possibilities in one non-custodial wallet. With over 60 million users, it offers comprehensive onchain services, including asset management, instant swaps, rewards, staking, trading tools, live market data, a DApp browser, an NFT marketplace and crypto payment. Supporting over 100 blockchains, 20,000+ DApps, and 500,000+ tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges, along with a $300+ million protection fund to ensure safety of users’ assets. Experience Bitget Wallet Lite to start a Web3 journey.
For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook
For media inquiries, please contact media.web3@bitget.comA photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4207dd18-d998-4406-a055-271339da889f
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MIL-OSI Australia: Albanese Government creating a better pathway for financial advisers
Source: Australian Treasurer
The Albanese Government is rebuilding a strong and sustainable financial advice industry that ensures Australians can access high quality and affordable financial advice.
The advice industry was abandoned and decimated by the former Coalition government, as the number of advisers fell from 28,000 in January 2019 to less than 16,000.
The Government will reform the education requirements for professional financial advisers to create a sustainable pathway for new advisers to enter the profession.
Currently, the professional pathway for financial advisers is composed of four requirements:
- completion of an approved qualification, with the list of approved qualifications limited to those focused specifically on financial advice;
- a 1,600 hour professional year;
- completion of the financial adviser exam; and
- continuing professional education.
The current education pathway is not sustainable. School leavers are not attracted to the specialised area of study, and it is a significant investment for career changers. Fewer Higher Education Providers are offering courses due to the lack of entrants.
Under the Government’s changes, the proposed education standard will centre around a new requirement to hold a bachelor’s degree or higher in any discipline.
Prospective advisers will need to meet minimum study requirements in relevant financial concepts such as finance, economics or accounting. They will also need to complete financial advice subjects covering ethics, legal and regulatory obligations, consumer behaviour and the financial advice process.
This provides relevant core knowledge for an adviser, streamlines entry into the industry and retains the important role of tertiary education.
It will also bring down the costs on prospective advisers and make it easier for people to change careers into financial advice later in life.
For most students studying a Commerce, Economics or Finance degree – or people moving across from other financial services careers – the cost and time to meet the requirements under the new standard will be halved.
Advisers will still need to complete a professional year, pass the financial adviser exam and undertake ongoing continuing professional education.
These reforms will complement the education requirements for the new class of financial advisers. We will ensure the pathway is aligned to enable the new class of adviser to transition into the professional advice ranks.
The Government will work with industry and higher education providers to ensure an appropriate transition to the new education standard.
Further, the Government will no longer proceed with Stage 2 of the registration process for financial advisers established by the Better Advice Act. This stage would have required individual advisers to register annually with the Australian Securities and Investments Commission from 1 July 2026.
Financial advisers are already registered by their authorising Australian Financial Services licensees under Stage 1. Not proceeding with Stage 2 removes unnecessary red tape on individual advisers.
These reforms build on the Government’s Delivering Better Financial Outcomes package to help address the current supply shortage of financial advisers, cut red tape that is not leading to better consumer outcomes, and strengthen the industry’s ability to meet the future demand for financial advice.
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MIL-OSI Australia: Address to Conexus – Advice Policy Summit
Source: Australian Treasurer
Introduction
I would like to acknowledge the Ngunnawal and Ngambri people as the traditional custodians of the land we are meeting on.
I pay my respects to their Elders past and present, and I acknowledge any First Nations Australians in attendance.
Thank you to Colin and the team at Conexus for the opportunity to contribute to your discussion this week.
Australians need access to quality and affordable financial advice.
Quality financial advice can give Australians peace of mind.
It can help protect them from the risks of scams and dodgy investments.
And it can lift their financial well‑being and set them up for the future.
But – as you well know – quality financial advice is sadly out of reach for too many Australians.
It is why I have spent my time as Minister undertaking the largest reform project to financial advice in over a decade.
Because Australians need it.
And reform was needed.
This space was left in tatters by the previous government.
Under their watch, the number of advisers fell from 28,000 in 2019 to where we are today with fewer than 16,000 advisers.
A shrinking pool of advisers became laden with higher costs that made advice increasingly unaffordable and inaccessible for Australians.
Now I am heartened by comments from the Shadow Minister and Opposition who I believe want to support our reform direction.
And I take that support at face value.
But unfortunately, their actions when in government told a different story.
Within a few months, we will be asked to vote on the direction of the country.
Australians who want better access to advice and information will need to judge the Opposition on their record, not just their rhetoric.
In contrast, the actions of our reforms have been based around 3 objectives.
We need to retain and attract more financial advisers into the industry.
We need to cut unnecessary red tape that is driving up costs without providing a consumer benefit.
And we need to ensure Australians have confidence to seek advice and engage in the financial system.
Retaining financial advisers in the industry
Before coming to government, I made a commitment to address a glaring problem in the sector.
It has been a bipartisan commitment to professionalise the financial advice industry.
The modern financial adviser will have a degree, pass an exam, adhere to a code of ethics, and undertake on‑the‑job training.
This has raised the quality of financial advice that clients expect, giving them confidence and supporting better outcomes.
However, the implementation of the requirement for financial advisers to hold tertiary education qualifications was bungled.
Long‑time advisers, who had diligently acted in their clients’ best interests, were told to go back to university or find a new line of work.
Unsurprisingly, advisers started leaving the industry in droves.
Not every exit was a tragedy.
But plenty of good advisers felt they had no choice but to abandon their work like they had been abandoned by the previous government.
This was a genuine crisis point for the industry’s viability.
I couldn’t stand by and let this continue to unfold.
So we made an election commitment to introduce a new pathway for experienced advisers with a clean record to remain in the industry.
And upon coming to government, we quickly acted to legislate this reform.
Over a quarter of the industry has now used our pathway to continue to provide Australians with the advice and information they need.
4,000 advisers who could have been lost to the industry.
It was a necessary change that was in the public interest.
Bringing new financial advisers into the industry
But this only staunched the bleeding.
FASEA put an albatross around the neck of the industry with an unwieldy and impractical education standard for advisers.
Even the opposition realised the folly of their ways and disbanded FASEA.
But its effect was not addressed.
Most people who end up in the financial advice industry have told me that they did not take a direct path there.
They didn’t know at the age of 18 that they wanted to be an adviser.
But the previous government set up a system that immediately thins the herd of potential new advisers.
Individuals are required to make a significant investment in a highly specialised degree.
That means many young people are locked out if they want to keep their options open by studying degrees that apply across many industries.
There are also very few universities offering a degree in financial planning –
And there will be even fewer if we keep on the current track as the demand is not there.
In some ways, the previous government set up a perfect process so long as you don’t need it to train new advisers.
No other industry has been treated like this and it needs to be addressed.
We’re committed to the professionalisation of the industry.
We’re committed to a high quality of advice for consumers.
And we want to repair and rebuild the sector by expanding the pool of advisers.
So today I am announcing the next step in our reform of the financial advice industry.
The government will reform the education standards for professional financial advisers to expand the supply of high quality, helpful and safe advice.
The new standard will continue to recognise the important role of tertiary education.
Under our proposal, individuals will be able to hold a bachelor’s degree or higher in any discipline.
Prospective advisers will need to meet a minimum study requirement in financial concepts such as finance, economics or accounting.
This means firms will be able to attract graduates with degrees in economics, commerce, and finance, amongst others.
They will also need to complete core prescribed accredited financial advice subjects.
This will cover ethics, legal and regulatory obligations, consumer behaviour, and the financial advice process.
This creates a better pathway for career changers who will be able to enter the industry later in life.
For example, someone with a Commerce degree may only need to do the financial advice components – if they haven’t already done it.
This will be complemented by the remaining standards that advisers need to meet –
Namely, the professional year, the financial adviser exam and ongoing education obligations – which will be unchanged.
In combination, this will give consumers confidence that they are getting value and quality.
The cost and time to meet the requirements under the new standard will be halved for most students studying a commerce, economics or finance degree.
It will be halved for people moving across from other financial services careers.
We will also ensure that the education requirements for the new class of adviser will be aligned.
This will create another logical entry‑point to rebuild the advice industry.
This is all about keeping the pipeline of prospective advisers open as wide as possible for as long as possible.
I recognise that some advisers have followed the current pathway.
And I respect the hard work they have done to enter the profession – which is not going to be taken away from them.
But the status quo is unsustainable and without change, the profession will hit another crisis point down the track.
All while the demand for advice is only going to go up because of the 5 million Australians at or approaching retirement.
Cutting unnecessary red tape
We also need to free up advisers to help their clients with relevant advice that is safe and quality.
As it stands, the law makes it difficult for advisers to satisfy themselves that they have met the best interests of their clients unless they provide comprehensive advice.
Everything flows from that.
Advice is not always targeted at what the client wants.
Statements of advice are too long and unhelpful.
And the cost of advice is too high.
The second tranche of our financial advice reform package will address this.
I will be the first to say that I wish I could give you a draft bill right now.
It is our priority and is being written as we speak.
But it is complex.
And we cannot risk endangering consumers by getting this wrong.
Or being too cautious so as to miss this moment to shift the dial.
We have worked constructively across all sectors of the industry – and will continue to do so.
That has taken time, but it has led to a better package for consumers.
There are some who are still suggesting that all the recommendations of the Quality of Advice Review should have been adopted in full.
That should be challenged.
If we had done that, the legislation would not have been supported by stakeholders or by parliament.
But I reaffirm that we are committed to modernising the best interests duty and reforming statements of advice.
Just as we are committed to introducing a new class of adviser that any financial firm can employ to give safe advice.
And we are committed to ensuring those 5 million Australians are able to access helpful advice, information and nudges through their super fund.
I also announce today that we are going further in cutting red tape.
The government will not proceed with Stage 2 of the registration process for financial advisers established by the Better Advice Act under the previous government.
This stage would have required individual advisers to register with ASIC from 1 July 2026 on an ongoing annual basis.
Financial advisers are already registered by their authorising AFSL under Stage 1.
Not proceeding with Stage 2 will retain this existing requirement but will remove an additional regulatory burden on individual advisers.
This would have simply been an additional cost for no benefit to consumers.
Confidence to seek advice and engage in the financial system
The final piece of the puzzle is to ensure that Australians have confidence to seek advice and engage in the financial system.
I was delighted to see our Scams Prevention Framework legislation pass the House of Representatives last week.
This is another step forward in making Australia the toughest place in the world for scammers to target.
Financial advice and our scams prevention work are 2 sides of the same coin.
We want to ensure that advice is affordable so that Australians go to regulated and safe sources of advice – not dodgy scammers.
Preventing scams is also necessary for Australians to feel confident to invest and engage in the financial system.
So our scams work is vital for our financial advice reform.
Sadly, Australians can get inappropriate financial advice that means they lose everything.
And there is a bipartisan commitment that consumers should have access to some redress when this occurs.
The previous government failed to implement the Compensation Scheme of Last Resort, even though they talked about doing it.
We have implemented it as recommended by the Ramsay Review and Hayne Royal Commission.
We welcomed the bipartisan support for its design – given it is the same scheme introduced into parliament by the last government.
But, I am not convinced that it is in its final form.
I am concerned about the sustainability of the scheme on its current trajectory.
It is not sustainable for financial advisers.
And it is no good for consumers if the scheme falls over.
Some people want the quick fix – and I wish there was one.
Unfortunately, 2 of the biggest cases to hit the CSLR – Dixon and United Global Capital – have very different characteristics that make a quick fix very difficult.
So I have tasked Treasury to review the CSLR immediately.
We need to ensure that it is sustainable.
And we need to ensure that it is meeting the objective that we all support.
It is not about guaranteeing investment returns.
But about ensuring genuine victims have access to some redress.
This is an important part of the financial system for advisers.
Because it gives Australians confidence that there is a back stop in situations of genuine last resort.
It’s in all our interests to ensure that is what it is doing.
Conclusion
So – more financial advisers and less red tape.
And confidence for Australians to seek advice and engage in the financial system.
It’s a big piece of work, but a piece of work that is in the public interest.
I am not the first Assistant Treasurer to say a word on financial advice.
And I won’t be the last.
But I’m confident that I am leaving the sector in a better place, and on a better path.
And I believe that Australians will be better off because of it.
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MIL-OSI New Zealand: Release: Health system will suffer from ‘let it fail’ strategy
Source: New Zealand Labour Party
National’s cutting of digital staff in our health system will put patients at risk and leave hospitals vulnerable to cyber-attack.
Feedback from Health New Zealand Te Whatu Ora staff on proposed redundancies in data and digital staff reveals deep concerns about a ‘fail early, fail often, succeed over time’ strategy.
“Patient data is too important to let the systems that manage and protect it fail. This is New Zealand’s health system – not tiddlywinks. It needs to be taken seriously,” Labour acting health spokesperson Peeni Henare said.
“National’s cuts have already affected the frontline, which is a broken promise.
“Cuts to data and digital services will have consequences for New Zealanders trying to get care, from the potential for their personal information being hacked, to accurate record keeping of their health information.
“Cuts to data management will disproportionately impact Maori, Pacific and rural communities.
“National has made a big song and dance about targets in health, but without the data to back up what they’re doing, it will only make it easier to game the system – as they have done in the past.
“On top of the crisis in leadership that Christopher Luxon is overseeing at Health New Zealand, these ongoing cuts to the frontline are only going to make it harder for everyday New Zealanders to access the healthcare they need. The cuts must stop,” said Peeni Henare.
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MIL-OSI Australia: 35-2025: *Update* Scheduled Outage: Saturday 15 February to Sunday 16 February 2025 – BICON, eCertificates, EVE, EXDOC, NEXDOC
Source: Australia Government Statements – Agriculture
10 February 2025
Who does this notice affect?
All clients required to use the Biosecurity Import Conditions System (BICON) during this planned maintenance period.
All clients required to use the Export / Next Export Documentation (EXDOC/NEXDOC) systems during this planned maintenance period.
Approved arrangements operators who will be required to view electronic government certificates (eCertificates) and relevant attachments online via external verification for…
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MIL-OSI China: Trump to announce 25-percent steel and aluminum tariffs
Source: China State Council Information Office
U.S. President Donald Trump said on Sunday that he will announce new 25-percent tariffs on all steel and aluminum imports into the United States, with the official statement to be made on Monday.
Speaking to reporters on Air Force One, Trump also said he would announce “reciprocal tariffs” as soon as Tuesday to align with those of its trading partners.
During his first term, Trump imposed tariffs of 25 percent on steel and 10 percent on aluminum imports citing national security concerns but later allowed certain trading partners, including Canada, Mexico and Brazil, to receive duty-free quotas.
Under former President Joe Biden, the United States continued some tariff exemptions introduced under Trump and extended new quotas for the European Union, Britain and Japan.
On Feb. 1, Trump signed executive orders to impose 25-percent additional tariffs on imports from Canada and Mexico and a 10-percent tariff hike on imports from China, drawing widespread opposition and immediate retaliations. He later paused the tariffs on Mexico and Canada for one month to allow negotiations.
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MIL-OSI China: Sales push as brands brace for tough 2025
Source: China State Council Information Office
Right after the Spring Festival holiday, automobile markets in China have become hectic, touting new features, offering discounts and even appearing in movies to woo potential car buyers.
Tesla announced on Wednesday, the first working day after the weeklong holiday, a time-limited discount of up to 8,000 yuan ($1,098) on its Model 3. On the same day, Xpeng unveiled five-year installment and interest-free loan offers.
But at the head of the pack was Nio, whose offer — which includes interest-free five-year loan plans — came days before the Spring Festival holiday ended.
Meanwhile, Great Wall Motor’s Tank, BAIC’s Arcfox and Dongfeng’s off-road brand Mengshi have either starred in Chinese New Year blockbusters including Ne Zha 2 or partnered with their producers in publicity campaigns.
Behind the diverse tactics is the same sense of urgency: after a brutal 2024 they believe the vehicle market this year will be more cruel, despite the China Association of Automobile Manufacturers expecting the overall market size to go up 4.7 percent to 32.9 million units.
The elimination phase has begun and many of the car manufacturers are struggling to “beat the count”, said analysts from consulting firm McKinsey in a report released on Thursday.
“Those which cannot come up with decent electric vehicles in one or two years, and those which are deep in the red but cannot offer a convincing strategy to go green, will be forced to leave the race,” they said.
In the bigger picture, Chinese brands, whose rise is the defining feature of the current market landscape, are relatively safe.
Over the past five years, the number of Chinese car brands selling more than 600,000 vehicles annually jumped from 11 in 2020 to 13 in 2024, signaling a dramatic shift toward greater market concentration.
More tellingly, for the first time, Chinese brands have broken into the ranks of those with sales exceeding 1.2 million units annually — a mark that was once the exclusive domain of foreign brands.
In January, seven out of the 10 bestselling carmakers in the country were Chinese; Geely topped the chart, followed by BYD and Changan.
These domestic brands have not only capitalized on China’s rapid push toward NEVs but positioned themselves as leaders in the transition to intelligent mobility.
However, smaller Chinese brands, especially startups, are yet to gain a firm foothold. There are currently 37 active NEV brands in China. Of them, 12 are independent startups and the rest, such as Zeekr, Voyah and Avatr, are offshoots of larger traditional manufacturers.
Now at least five of the NEV brands have become profitable. Those who cannot go green in the next 12 to 18 months, or at least come up with a feasible plan, may trigger speculation, said McKinsey.
This is particularly true after Jidu, a partnership between Geely and Baidu, and Neta got into financial trouble in late 2024, leaving car owners and even employees nowhere to resort to.
For foreign carmakers, the picture is far from rosy. Once the undisputed leaders of China’s car market, their position is becoming precarious.
A combination of technology lag, reduced brand loyalty and aggressive pricing strategies from domestic players has eroded their dominance, according to McKinsey.
It projects the market share of foreign carmakers, which once commanded over half of all car sales in China, to fall to just 30 percent by the end of this year from 40 percent now.
The decline is a direct result of the seismic shift toward electric vehicles and smart driving technology — areas where many foreign brands have struggled to keep pace.
The profit margins of joint-venture carmakers have taken a significant hit. McKinsey’s analysis reveals that, from 2017 to 2023, the profits of the top 10 leading Chinese joint-venture companies dropped by 34 percent in the country.
For many foreign brands, the situation is compounded by a weakening consumer base, especially as new domestic models with cutting-edge features flood the market.
Some foreign companies, such as Volkswagen and its premium Audi brand, have responded by forming strategic partnerships with Chinese manufacturers, seeking to import Chinese technological innovations into their own models.
However, these collaborations, though beneficial in the short term, are unlikely to be a silver bullet, said McKinsey analysts.
They said the strategy may help bridge the gap in the short term, but it does little to address the core issue: foreign brands are increasingly irrelevant to a generation of Chinese consumers that are growing more attached to homegrown offerings.
New tech prospects
Looking to the future, the next frontier in China’s automotive revolution is clear: intelligent driving and smart in-car experiences.
In 2024, intelligent driving technologies — once seen as futuristic — have become mainstream, with major manufacturers offering vehicles equipped with features that can drive themselves on highways and in cities.
The market for intelligent driving technology is growing at a blistering pace, and consumers are increasingly embracing these innovations.
A McKinsey poll shows that 76 percent of respondents tried smart driving in 2024, up from 65 percent in 2023.
Despite the rising consumer interest, however, McKinsey cautions that the industry faces challenges.
While intelligent driving technologies are rapidly improving, they have yet to find a sustainable business model.
The growing trend of “free” software upgrades, for example, has left carmakers struggling to monetize these features.
More promising is the rise of the “smart cockpit”, where cars transform from mere transportation tools into living rooms.
As intelligent driving systems become standard, the focus is shifting to in-car experiences, with carmakers investing heavily in creating more personalized, intuitive environments for consumers, said McKinsey.
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MIL-OSI China: ‘World’s supermarket’ reopens after holiday
Source: China State Council Information Office 3
A merchant adorns her store with Spring Festival decorations in the Yiwu International Trade Market in Yiwu, east China’s Zhejiang Province, Feb. 9, 2025. [Photo/Xinhua]
Yiwu International Trade Market, the world’s largest wholesale market for small commodities located in the city of Yiwu in east China’s Zhejiang Province, reopened on Sunday after the Spring Festival holiday, marking a vibrant start to the Year of the Snake.
The reopening ceremony featured traditional lion dances and drum performances, creating a vibrant and festive atmosphere.
Merchants like toy shop owner Chen Meijun voiced optimism for a prosperous year ahead.
“We received inquiries from regular customers during the holiday, and we expect sales to grow by over 10 percent this year,” Chen said, noting that she plans to expand her business internationally, with trips to Mexico and Kenya scheduled this year.
Actresses perform at the Yiwu International Trade Market in Yiwu, east China’s Zhejiang Province, Feb. 9, 2025. [Photo/Xinhua]
Dubbed “world’s supermarket,” Yiwu is an international hub for small commodity production and trade, attracting customers from around the world.
Nepalese buyer Raj Kumar Khadka was among the first clients to arrive, planning to order ceramics, glassware and other goods worth around 1 million yuan (about 139,500 U.S. dollars).
A frequent visitor who first came to the city for business 23 years ago, Khadka said Yiwu plays a crucial role in the international commodity trade.
“Yiwu taught me how to do business,” he said. “Because of this city, I was able to meet people from all over the world and learn about their languages and cultures.”
The trade market’s 75,000 shops are connected to over 2.1 million enterprises, supporting approximately 32 million jobs. Its strong purchasing demand and diverse product offerings highlight the resilience and growth potential of China’s economy.
Many businesses are capitalizing on emerging trends, such as 3D-printed toys, which have gained popularity for their vibrant colors and intricate designs.
“We have invested heavily in R&D and plan to expand our footprints in developed markets while tapping into domestic demand,” said Zeng Hao, manager of a toy company producing and selling 3D-printed toys.
A dragon dance is staged at a square of the Yiwu International Trade Market in Yiwu, east China’s Zhejiang Province, Feb. 9, 2025. [Photo/Xinhua]
In late 2024, China’s State Council approved an overall plan for deepening comprehensive international trade reforms in Yiwu, which outlines a vision to promote reforms through further opening up, along with initiatives such as innovating market procurement trade mechanisms, promoting import trade development, enhancing the functionality of comprehensive bonded zones, and strengthening cross-border e-commerce regulations.
Innovation has become a driving force behind Yiwu’s enduring success. Since 2023, the Chinagoods AI platform, launched by Zhejiang China Commodities City Group Co., Ltd., has gained attention for enabling Yiwu’s business owners to effortlessly create multilingual versions of product videos, supporting over 30 languages.
Today, more businesses are using new technologies to expand their reach and attract customers.
At a digital shop in the market, manager Bao Haigang demonstrated a headset that accurately translates over 100 languages via a smartphone app. He said this AI-powered headset launched in 2024 has seen strong sales in markets like Brazil.
“We will continue integrating AI into traditional products and expect over 30 percent sales growth this year. We are very confident,” Bao said.
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MIL-OSI Australia: Arrest – Kava seizure – Maningrida
Source: Northern Territory Police and Fire Services
The Northern Territory Police Force has arrested a 24-year-old male in relation to a Kava seizure that occurred in Maningrida on Saturday.
Around 12:00pm, local police conduced a lawful search of a property in the community after they received intelligence that the substance was present at the premises.
During the search, police located and seized 255.13kg of Kava and over $3,900 in cash.
A 24-year-old male was arrested at the scene and charged with possess commercial quantity of kava and supply commercial quantity of kava.
The alleged offender is due to appear in the Darwin Local Court on Thursday 13 February 2025.
Sergeant Timothy Gillahan said, “I commend the officers for their swift action in response to intelligence, as well as the community for their reporting.
“This seizure will undoubtedly reduce the social and financial harm within the community often caused by Kava use.
“The NT Police Force remains committed to disrupting the flow of destructive substances into restricted communities.”
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MIL-OSI Security: Coast Guard interdicts 12 aliens near Point Loma
Source: United States Coast Guard
U.S. Coast Guard sent this bulletin at 02/09/2025 11:00 PM EST
02/09/2025 10:32 PM EST
Coast Guard members interdicted 12 aliens aboard a 25-foot sail vessel approximately 12 miles west of Point Loma, Sunday. At approximately 10:19 a.m, a Customs and Border Protection patrol aircraft and a Coast Guard MH-60 Jayhawk helicopter sighted the sail vessel. -
MIL-OSI: TWAAO Clarification Statement: A Legally Compliant Trading Platform with International Accreditation
Source: GlobeNewswire (MIL-OSI)
NEW YORK, Feb. 09, 2025 (GLOBE NEWSWIRE) — Recently, the German Federal Financial Supervisory Authority (BaFin) issued a notice claiming that TWAAO was providing financial, securities, and cryptocurrency asset services in Frankfurt without the necessary authorization. TWAAO takes this matter seriously and wishes to provide its users with a detailed clarification regarding its qualifications and compliance.
Global Compliance Credentials Obtained by TWAAO
Founded in 2019 in the United States, TWAAO is an innovative cryptocurrency trading platform. The company has always adhered to the principles of legal and compliant operations, upholding the user-first value at the core. TWAAO has obtained multiple internationally recognized regulatory certifications, including but not limited to:
- U.S. MSB License
TWAAO holds a FinCEN-issued MSB license, authorizing legal cryptocurrency operations under U.S. regulatory standards.
- Canadian MSB License
Registered with FINTRAC, TWAAO’s Canadian MSB license confirms international regulatory compliance.
- License Issued by U.S. Securities and Exchange Commission (SEC)
As an SEC-registered crypto platform, TWAAO adheres to securities laws, ensuring a secure, transparent investment environment.
Background Explanation of the BaFin Announcement
The warning issued by BaFin primarily targets trading platforms that have not met its local registration requirements, such as Binance, Bybit, and Plus500, which have also been publicly listed. It does not dispute the legitimacy of these platforms. TWAAO has already obtained multiple authoritative licenses internationally, leaving no doubt about its compliance. TWAAO is actively communicating with the relevant authorities to understand the specific local regulations and is working on the registration process to ensure compliance with local market requirements.
Commitment to Legal Compliance and User-Centric Principles
TWAAO will take the BaFin compliance requirements as an opportunity to further enhance its legal compliance framework, ensuring the stability of platform operations and the safety of user rights. TWAAO will actively communicate and operate in compliance with the laws and regulations of different countries and regions, providing a safer, more transparent, and compliant trading environment for users worldwide.
Holding sincere gratitude to its global users for their trust and support, TWAAO will continue to adhere to the core philosophy of putting users first and remain committed to building a trustworthy cryptocurrency trading platform that meets international standards.
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MIL-Evening Report: As Coles slashes its product range, will well-known brands disappear from supermarket shelves?
Source: The Conversation (Au and NZ) – By Flavio Macau, Associate Dean – School of Business and Law, Edith Cowan University
Coles is reducing its product range by at least 10%, a move that has sparked public backlash and renewed discussions about the role of supermarkets in the cost-of-living crisis.
In cutting the range of items on offer Coles is moving closer to Aldi and Costco’s strategy to grow exclusive brands and limit product range.
The goal is to boost profitability by reducing costs, increasing sales, and increasing control over the supply chain.
Coles is unlikely to cut traditional brands, especially those from companies with significant market power like Coca-Cola or Nestle. In a battle between giants, the status quo is likely to prevail.
Smaller suppliers are likely to bear the load as they struggle to renew contracts and face increased competition from home brands.
To fully understand the reasons behind this move and its impact on the cost of living, insights from psychology, finance, and supply chain management come in handy.
Why cut back on brands?
The Coles move is all about profitability.
Over the past decade, competition in the Australian supermarket sector has intensified. Coles’ market share declined from 31% to 25% between 2013 and 2023, while Woolworths’ share fell from 41% to 37%.
This shift reflects the rise of Aldi, which now holds approximately 10% of the market, and its strong position in the home brand space.
Aldi’s smaller range helps to keep costs down.
Audreycmk/ShutterstockTo boost profitability with a smaller customer base, Coles needs to find ways to enhance its earnings. This can be achieved by raising prices, cutting costs, or increasing the market share of its home brands.
Raising prices vs cutting costs
Raising prices is not a viable option, as consumers are already struggling with high food prices inflation and the rising cost-of-living. However, there is room to cut costs.
One approach is to squeeze suppliers, but again this is unlikely to be effective. The consumer watchdog, the Australian Competition and Consumer Commission (ACCC), is holding an inquiry into concerns that the supermarkets are using their market power to the disadvantage of their suppliers and consumers.
Additionally, as producers exit unprofitable businesses, supermarkets risk supply chain disruptions due to increased market concentration among surviving suppliers.
Another strategy is to reduce complexity. The more product variety there is, the more complicated and expensive it becomes to manage. Tasks such as stocking shelves, adjusting prices, maintaining inventory, managing delivery schedules, and disposing of expired products all contribute to higher costs.
Anna Croft, Coles’ operations and sustainability officer, explained the strategy when telling investors in November that 13 basic table salts could be cut to five.
Simplifying the product range can also boost sales. When faced with too many options, consumers can experience “choice overload”. A widely recognised study in psychology found that people are more likely to make a purchase when presented with a limited selection rather than an extensive array of choices.
Coles has pointed to shampoo and salt as two potential product ranges that can be simplified.
I.K.Media/ShutterstockShifting to home brands
Simplifying the range will likely focus on items where Coles has a home brand. Home brands now account for 33.5% of Coles’ sales, with 6,000 products. About 1,100 were added over the past year.
This move is a response to competitors like Aldi and Costco. While Coles and Woolworths manage over 25,000 items in their stores, Aldi limits its offering to about 1,800 products.
Coles is focusing on its home brands to better compete with non-branded offerings from Aldi. In its report to the ACCC, the supermarket highlights its investment in expanding its own-brand range to provide more affordable prices, up to 40% cheaper than similar proprietary brands.
While consumers may have fewer choices, it is expected that they will benefit from better prices.
This shift towards home brands is not exclusive to Australia. In the United States, private label sales hit a record in 2023 across a range of items from beauty products to general merchandise. In the United Kingdom, home brand products now account for over half of supermarket sales.
Have we been here before?
Almost 10 years ago, Woolworths and Coles started a significant move to adjust their price positioning in response to the competition. Along with Metcash (IGA), they reduced product ranges in 2015–16 by 10% to 15% to simplify the weekly grocery shop for consumers.
At that time, the culling of products put suppliers under pressure (as now) while consumers were ambivalent: some wanted more brand variety and others preferred less.
As history repeats itself, it will be interesting to see if Woolworths and Metcash will follow the latest move from Coles and how customers, suppliers, and the ACCC will react this time.
A/Prof Flavio Macau is affiliated with the Project Management Institute (PMI)
– ref. As Coles slashes its product range, will well-known brands disappear from supermarket shelves? – https://theconversation.com/as-coles-slashes-its-product-range-will-well-known-brands-disappear-from-supermarket-shelves-249274
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MIL-OSI Australia: Charges – Property offences and Indecent assault – Lyons
Source: Northern Territory Police and Fire Services
The Northern Territory Police Force has charged a 17-year-old male following a series of property offences and indecent incidents in Lyons last week.
Between 3 and 6 February, it was observed through CCTV that the 17-year-old allegedly entered a residence on seven different occasions, stealing alcohol and personal items, and indecently exposing himself on several occasions.
On 6 February, an adult resident allegedly witnessed the male and intervened before he fled the scene.
On 8 February, about 8:30pm, Strike Force Trident Detectives attended the victim’s residence to progress their investigation, when the Detectives were notified of an alleged indecent touching incident that had only just occurred, on a female who was exercising in Lyons.
Trident Detectives swiftly located and arrested the 17-year-old male and he was subsequently charged with:
• 7 x Trespass
• 2 x Aggravated burglary
• 4 x Theft
• 2 x Indecent exposure
• Damage to property
• Indecent touching
• Breach bail
He was remanded over the weekend and will appear in court today.
Detective Acting Senior Sergeant Chris Humphries said “I commend the efforts of my Detectives for their swift response and comprehensive investigation into these incidents.
“This behaviour will not be tolerated and police will continue to put serious offenders before the courts.”
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MIL-OSI New Zealand: Release: Cuts to school bus routes put Northland kids at risk
Source: New Zealand Labour Party
The Government is putting cost-cutting ahead of kids’ safety with its decision to cut rural school bus routes in Northland.
“Expecting young students to walk along state highways and endure extreme weather just to get to school is utterly irresponsible and a slap in the face to working families,” Labour education spokesperson Jan Tinetti said.
“This Government’s decision to cut essential school bus routes is putting our kids in harm’s way. I worry that it’s only a matter of time before tragedy strikes.”
The latest reports from Northland show at least seven schools are affected, with some students facing long, treacherous walks on busy highways like State Highway 10.
The reduction of Whangaroa College’s bus service has left two dozen students without safe transport options. Local school leaders have raised concerns that the risk of accidents will increase, especially in winter when students must travel in darkness and heavy rain.
“These are not minor inconveniences, these are serious safety risks that no parent should have to worry about. Erica Stanford refuses to acknowledge the reality for working families in rural communities.
“Rural kids deserve the same access to safe and reliable education as their urban peers. Erica Stanford must step up, acknowledge the harm these cuts are causing, and restore rural school bus routes before a preventable disaster happens,” Jan Tinetti said.
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MIL-OSI Australia: The Gambia
Source: Australia Safe Travel Advisories
We’ve reviewed our advice for The Gambia and continue to advise exercise a high degree of caution due to the threat of crime (see ‘Safety’). We’ve lowered our advice for the southern border with the Casamance region of Senegal and now advise exercise a high degree of caution.
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MIL-OSI New Zealand: Congestion on SH1 north of Kaiwaka
Source: New Zealand Transport Agency
New Zealand Transport Agency Waka Kotahi (NZTA) is advising people traveling on State Highway 1 north of Kaiwaka to plan ahead and expect delays.
Contractors resealed a 650m section of the state highway last night and, due to the high volume of traffic in this area, vehicles are moving very slowly over the new surface, causing significant congestion.
It’s important to slow down and, where possible, maintain a steady speed through newly sealed sections of road because small chips can be flicked up from the road surface and damage vehicles – especially windscreens. That’s why we often keep temporary speed limits in place even after it looks like the work has been completed. As well as safety, the temporary speed limit also helps ensure the quality of the reseal. Travelling at the posted temporary speed limit allows for the chips to be embedded into the road surface and for them to remain in place as the seal cures.
Contractors have made some tweaks to traffic management to reduce delays. They are also working to protect the new surface from static traffic by using water carts and additional chip.
NZTA thanks everyone for their patience.
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MIL-OSI Asia-Pac: SJ heads to Beijing
Source: Hong Kong Information Services
Secretary for Justice Paul Lam will depart for Beijing today to attend meetings with various central ministries to discuss the work of the Department of Justice.
Mr Lam will return to Hong Kong tomorrow. During his absence, Deputy Secretary for Justice Cheung Kwok-kwan will be Acting Secretary.
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MIL-OSI Economics: Money Market Operations as on February 07, 2025
Source: Reserve Bank of India
(Amount in ₹ crore, Rate in Per cent)
Volume
(One Leg)Weighted
Average RateRange A. Overnight Segment (I+II+III+IV) 5,61,163.45 6.26 4.50-6.65 I. Call Money 14,567.31 6.26 5.15-6.55 II. Triparty Repo 3,70,891.25 6.26 6.12-6.65 III. Market Repo 1,73,895.29 6.25 4.50-6.61 IV. Repo in Corporate Bond 1,809.60 6.37 6.34-6.40 B. Term Segment I. Notice Money** 277.00 6.23 5.60-6.35 II. Term Money@@ 837.00 – 6.35-7.25 III. Triparty Repo 570.00 6.37 6.25-6.45 IV. Market Repo 0.00 – – V. Repo in Corporate Bond 0.00 – – Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off RateC. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF) I. Today’s Operations 1. Fixed Rate 2. Variable Rate& (I) Main Operation (a) Repo (b) Reverse Repo (II) Fine Tuning Operations (a) Repo Fri, 07/02/2025 3 Mon, 10/02/2025 1,33,013.00 6.26 (b) Reverse Repo (III) Long Term Operations^ (a) Repo Fri, 07/02/2025 56 Fri, 04/04/2025 50,010.00 6.31 (b) Reverse Repo 3. MSF# Fri, 07/02/2025 1 Sat, 08/02/2025 12,223.00 6.50 Fri, 07/02/2025 2 Sun, 09/02/2025 0.00 6.50 Fri, 07/02/2025 3 Mon, 10/02/2025 797.00 6.50 4. SDFΔ# Fri, 07/02/2025 1 Sat, 08/02/2025 78,315.00 6.00 Fri, 07/02/2025 2 Sun, 09/02/2025 1.00 6.00 Fri, 07/02/2025 3 Mon, 10/02/2025 18,275.00 6.00 5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]* 99,452.00 II. Outstanding Operations 1. Fixed Rate 2. Variable Rate& (I) Main Operation (a) Repo (b) Reverse Repo (II) Fine Tuning Operations (a) Repo (b) Reverse Repo (III) Long Term Operations^ (a) Repo (b) Reverse Repo 3. MSF# 4. SDFΔ# D. Standing Liquidity Facility (SLF) Availed from RBI$ 8,328.42 E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]* 8,328.42 F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]* 1,07,780.42 G. Cash Reserves Position of Scheduled Commercial Banks (i) Cash balances with RBI as on February 07, 2025 8,85,291.80 (ii) Average daily cash reserve requirement for the fortnight ending February 07, 2025 9,12,544.00 H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ February 07, 2025 77,749.00 I. Net durable liquidity [surplus (+)/deficit (-)] as on January 24, 2025 -34,103.00 @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL). – Not Applicable / No Transaction. ** Relates to uncollateralized transactions of 2 to 14 days tenor. @@ Relates to uncollateralized transactions of 15 days to one year tenor. $ Includes refinance facilities extended by RBI. & As per the Press Release No. 2019-2020/1900 dated February 06, 2020. Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022. * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF. ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015. # As per the Press Release No. 2023-2024/1548 dated December 27, 2023. ^ As per the Press Release No. 2024-2025/2013 dated January 27, 2025. Ajit Prasad
Deputy General Manager
(Communications)Press Release: 2024-2025/2116 -
MIL-OSI Russia: NSU scientists have developed a method for determining ultra-low concentrations of radioactive substances
Translartion. Region: Russians Fedetion –
Source: Novosibirsk State University – Novosibirsk State University –
Scientists Faculty of Physics, Novosibirsk State University developed a method for measuring ultra-low concentrations of radioactive substances whose decay is accompanied by gamma radiation. Data is collected using a detector made of ultra-pure germanium, which is part of the equipment of the Interfaculty Laboratory of Atomic Physics and Spectrometry of NSU; a special hardware and software complex was created for data processing. The first project implemented using this method is research work on determining the level of radioactive substances (radon) in the soil of mines and coal opencasts in the Kemerovo Region.
To measure the radioactivity of soil samples for various nuclides, gamma-ray spectra were collected using a detector made of ultra-pure germanium. This is unique equipment that allows for very precise determination of the energy of gamma quanta emitted by radioactive substances. Germanium is a rare chemical element in the Earth’s lithosphere. Like silicon, it is a semiconductor and is used in microelectronics, but its scope of application is narrow. As a detector material, its efficiency of photon registration is higher than that of silicon, so it is used in detectors of not only X-rays, but also gamma radiation. Obtaining ultra-pure germanium is a complex and slow purification process using the zone melting method, which determines the high cost and complexity of equipment manufacturing.
There are devices that can register gamma radiation with even greater efficiency than a germanium detector, but only it can distinguish closely spaced gamma-quanta energies, and therefore gamma-quanta from different radionuclides. This is called high energy resolution; for a detector made of ultrapure germanium, it is approximately 0.01% in the energy range characteristic of gamma-quanta from atomic nuclei (units of megaelectron-volt). High resolution plays a decisive role in measuring ultra-low concentrations of radioactive substances, when it is necessary to separate background radiation and sample radiation and determine specific emitting radionuclides.
NSU scientists have developed a unique, highly sensitive method that allows determining ultra-low concentrations of radioactive substances in any samples – soil, ground, rocks, etc. The method has been tested and proven effective during the implementation of a project to determine the content of radioactive substances (in particular, radon) in the soil of mines and coal mines in the Kemerovo Region. Kemerovo State University employees approached NSU with this task in the spring of 2024. The KemSU study is aimed at determining the influence of soil types, artificial (for example, mining) and natural changes in soils and climate on the radioactive environment. In the future, this may make it possible to predict the radiation environment, for example, during housing construction.
— The main difficulty of the task was that the provided soil samples had a very low concentration of radioactive substances. Therefore, it was necessary to collect a lot of statistics for a reliable result, and statistics of both the sample itself and the background, the indicators of which were then “subtracted”. The work lasted almost half a year, we involved research associates of the educational Interfaculty Laboratory of Atomic Physics and Spectrometry of NSU, as well as students undergoing practical training as part of their studies, — says Elena Starostina, senior lecturer of the Physics Department of NSU.
The first stage involved collecting data directly on the detector. In total, colleagues from KemSU provided about 230 samples weighing from 100 to 250 grams, obtained from different places and from different depths – half a meter, one meter and one and a half meters. Data was collected daily from May to November 2024, and a background spectrum was also collected every week, without samples.
The experimental setup was as follows: a detector made of ultrapure germanium, cooled by a nitrogen cryostat, is surrounded by a lead tube with a wall thickness of about 10 mm. The tube suppresses the flow of background gamma quanta from the room by about three times. The tube rests on a table with an opening for the detector. Samples were placed directly on the detector.
— In the case of measuring ultra-low concentrations close to natural ones, the main difficulty is related to the fact that there is background radiation. It can be weakened with a lead screen, which is what we did, but it is impossible to completely eliminate it. Even with all the measures, the radiation of the samples was more than 7 times weaker than the background. In order to obtain a good contrast between the background and the actual study of the samples, it is necessary to collect the spectrum over a long period. The spectrum of each sample was collected in half-hour portions, for at least three hours, then half-hour spectra of good quality were selected so that the total statistics time was at least 2.5 hours. Once a week, multi-hour background spectra were collected, — Vyacheslav Kaminsky, senior lecturer, curator of the Interfaculty Laboratory of Atomic Physics and Spectrometry of NSU, shares the details of the experiment.
Another feature of the experiment is that the geometry of the measurements is such that only about 10% of the gamma quanta from the sample get into the detector. There are well-type detectors made of ultrapure germanium, which surround the sample from almost all sides, but they can only accommodate small samples. The detector made of ultrapure germanium at NSU allows working with samples of any size, and the developed technique in a sense compensates for the insufficient efficiency of gamma quanta registration.
The experimental data are presented as spectra with peaks from gamma lines and a continuous “substrate”. The peaks have a complex shape: they resemble a Gaussian curve with different widths on the left and right, they have a “tail” on the left, and the substrate on the left and right has a different level. The width of this “bell” in energy units characterizes the detector resolution: the narrower the peak, the finer the measurements that can be made. This peak shape is provided by both the processes of interaction of gamma quanta with the detector substance and the environment (for example, the Compton effect), and the processes of charge formation during the absorption of gamma quanta in the semiconductor and its collection.
After collecting the data, the researchers were faced with the task of determining the radiation of the samples, eliminating the background. The spectra were processed and the activity of the radionuclides was calculated.
— The method consisted in the fact that in the obtained data, in which the difference between the background and the sample was very small, a joint fitting of individual gamma lines was carried out for the spectra with the sample and the background. Each isotope that emits gamma quanta can have a dozen gamma lines, they are different, at different energies and with different intensities. First, good, intense lines were selected so that they were not very close to each other. According to the set of good, intense lines, each peak was fitted, it was done simultaneously for the background and for the background with the sample. Such a complex procedure is necessary in order to measure not only the amplitude of the peaks, but also to correctly estimate the measurement error. The resulting difference between the amplitudes for the sample with the inevitable background and only the background are the indicators of the sample itself, — says Vyacheslav Kaminsky.
Several programs written in Python were developed to collect and process the experimental data. The first one was for automatic spectral acquisition, which also recorded which operator placed the sample. Another one was for selecting, calibrating and summing the spectra. The third one was for calculating the activities of radionuclides. In addition, a separate program calculated the absolute efficiency of the detector. The scientists used classical statistical methods to determine the peak parameters, such as the least squares method, implemented in the MINUIT2 software library.
The study revealed that the samples contained only radioactive isotopes potassium-40, thorium-232 and uranium-238 and their decay products, which are common radionuclides found in soils, rocks and many building materials. The specific activity of the samples ranged from 0.1 to 2 becquerels per gram (decays per gram). These values are within safe limits, but the most active sample (with an error of about 7%) is equivalent to several bananas (see “banana equivalent”, bananas are active mainly due to the potassium-40 they contain). The least active sample is equivalent to half a banana with an error of more than 50%, which indicates a very high sensitivity of the method. At the moment, the KemSU research team has received the measurement results and is processing them.
Thus, the method developed by NSU scientists allows measuring very low levels of radiation, and linking it to specific radiating agents – radionuclides. This method will find application in monitoring the environmental situation, for drawing up maps of radioactive contamination after radiation accidents, etc.
The scientists plan to register a data processing program with Rospatent, certify and license the methodology, and in the long term, create a center for collective use that will conduct comprehensive work on chemical analysis of samples using spectral methods in the optical, X-ray, and gamma ranges.
The NSU Interfaculty Laboratory of Atomic Physics and Spectrometry (Atomic Workshop) is an educational laboratory where students become familiar with a range of atomic and nuclear phenomena, including atomic radiation, light absorption, visible radiation, visible light absorption, magnetic phenomena, nuclear magnetic resonance, electron paramagnetic resonance, electron diffraction, etc. The laboratory is equipped with special equipment, including a detector made of ultrapure germanium, which allows studying radiation from natural objects. Students from the Physics Department and the Natural Sciences Department study in the laboratory, and experimental research is also conducted as part of coursework.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
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MIL-OSI New Zealand: Speech to the Financial Services Council
Source: New Zealand Government
Good morning, everyone.
I would like to begin by thanking Kirk Hope and the Financial Services Council for the opportunity to speak to you all this morning. I’d also like to acknowledge our friends at the FMA and in particular the CE, Samantha Barrass, who you will be hearing from shortly.
I’m delighted to speak to you at the start of the year. I hope everyone is refreshed after a good summer, and ready for another big year of delivering for New Zealanders. 2024 was a big year. It was a challenging year. I know all of you in the room today would have felt firsthand the economic challenges. But we got a lot of important work underway and 2025 is shaping up to be an exciting year.
At this event last year, many of you will remember that I announced plans to reform the financial services sector. As you all know, things were not in a good place.
Over successive years, governments had layered up regulations, causing a lack of clarity and excessive conservativism. My mission when I took on the Commerce and Consumer Affairs portfolio was to simplify the financial services landscape. This meant:Clarifying the roles of the various regulators to remove duplication; and
Tidying up laws and regulations that were constraining businesses from providing great financial products and services.My guiding principle was to make it simpler to provide financial services, while balancing the need for appropriate guardrails and consumer protections. Over time this equation had become unbalanced and was so risk-averse that it was harming consumers.
Many of you will have heard me talk before about the perverse outcomes of making it too hard for Kiwis to access a safe loan from a reputable provider. I am very pleased to say that these financial services reforms are now well progressed.
Democracy is a wonderful thing, but the nature of developing good policy and running a thorough consultation process means it can take a long time to for change to work its way through the system. However, we are on track to have the Financial Services Bill passed through all stages by the end of Q1 next year.
Contracts of Insurance
One key highlight of 2024 was passing into law the Contracts of Insurance Act. This work was long overdue. The Law Commission recommended that our insurance law be updated in the 1990s. It is fantastic that we finally got it over the line.
In terms of other work, the Commerce and Consumer Affairs Minister is responsible for six crown entities including the Commerce Commission and the FMA. And, according to the Department of Prime Minister and Cabinet, the Minister is broadly responsible for:corporate law and governance
financial markets
competition policy
consumer policy
protecting intellectual property; and,
trade policy and international regulatory cooperation.It’s no small list. These are absolutely foundational pieces of architecture for our economy, and in 2024 I kicked off work relating to nearly every single thing on that list.
This year I intend to tick two remaining items off that list by progressing a review of copyright and intellectual property and launching a review of the Fair Trading Act.
The Fair Trading Act is a hugely consequential piece of legislation that covers everything from product safety and product descriptions, through to contract terms and advertising standards.
Unfortunately, the structural economic issues we face – whether that be declining productivity, lack of capital, a dearth of foreign investment, or over-regulation stymieing growth and innovation – means economic reform is urgent. As a result, you should hopefully have heard me in the media or at events like this talking about work I have underway to modernise our economy, including:Reviewing the Companies Act and reforming our corporate governance laws; and
Related to this, launching a review of directors’ duties and liabilities led by the Law Commission;
Implementing a ‘consumer data right’ and laying the foundations for ‘open banking’ and ‘open electricity’ to inject more competition into our economy;
Creating a new model for the economic regulation of water services;
Initiating a more coordinated whole-of-government approach to combatting online financial scams;
Invigorating New Zealand’s capital markets by removing barriers to list on the stock exchange and making it easier for KiwiSaver funds to be invested in unlisted assets;
Reviewing our competition law to prevent excessive market concentration; and
Finally, responding to recommendations from the Commerce Commission to improve competition in the banking and grocery sector.2025
2025 is all about delivering on this work. And I know it sounds like a long and unwieldy list, but you can broadly view all the work underway through the lens of two key themes:Creating the conditions for businesses and private enterprise to thrive so that we can grow our economy.
As you have heard the PM talk about – a bigger, wealthier economy means more jobs and higher salaries for Kiwis, and it means increased tax revenue which pays for public services like schools, roads and hospitals.
This means making sure that the laws and regulations that determine the operating environment for businesses are modern, fair, and fit for purpose.The second key theme is competition.
The reality is that New Zealand suffers from overly concentrated markets in several key sectors of our economy – whether that be banking, groceries, building supplies, or parking services.
The OECD and others have drawn a link between our lack of competition and falling productivity and the spotlight is well and truly focused on invigorating completion.From the government’s perspective we will be going through every key initiative and programme of work line by line and asking ourselves and our officials: Will this grow the economy? Will this improve competition?
Will this help New Zealanders to take legitimate business risks? Will it enable them to hire more staff or access capital to invest in new equipment? Will it free up their time so it can be used more productively? Will it encourage innovation and enable them to offer new products and services? And if the answer is no, then don’t expect to see it progressed this year. If the answer is yes, then we will be working at pace to implement it.
One of my top focuses this year is improving competition.
Competition is one of the most important ways to drive productivity, grow the economy, and lift living standards. That’s why I have launched a two-part review:First, I have asked officials to update the merger and competition provisions in the Commerce Act, to ensure our legal framework is fit for purpose.
Mergers can improve market efficiencies but can also entrench market power and create monopolies. Our merger regime has not been reviewed in over 20 years and since then our economic landscape has changed significantly.
I think everyone in this room can probably point to a merger or acquisition that – with the benefit of hindsight – did not serve us well.I have also commissioned an independent review of the governance and effectiveness of the Commerce Commission to maximise its performance.
On the one hand, we need strong competition laws, and on the other hand we need a powerful and courageous regulator to enforce the law.
These are important structural changes and signify a strategic shift for our economy.
This year I am also continuing with reforms to unlock capital for the benefit of New Zealand’s economy.
I know that New Zealand urgently needs to address our falling productivity and failing infrastructure. That’s why I want to invigorate our capital markets, to encourage investment in infrastructure and productive businesses. As part of this, we are looking at changes to make it easier for KiwiSaver funds to be invested in unlisted assets, such as infrastructure projects and great New Zealand business.
We are also exploring adjustments to reduce the costs and barriers faced by companies listed, or listing, on the stock exchange. We will look at other aspects of capital markets settings in the second half of this year.
Consumer Data Right
As many of you may be aware, the Customer and Product Data Bill is currently being progressed and is set to have its second reading in Parliament’s next sitting block, which starts next week. This Bill will establish a framework to unlock the potential of customer data, driving innovation and competition in key sectors.
We recently consulted on applying the Bill to the banking sector to enable open banking and are beginning work on applying it out to the electricity sector too. The ability to provide new data-driven products and services is hugely exciting.
Possible applications for open banking include the ability to apply for a 10-minute online home loan and make instant, low-cost payments. Meanwhile open electricity will make it easier to compare electricity plans and switch providers.
Scams
Lastly, I want to talk about a big issue for the financial services sector: Scams.
Last year, New Zealanders reportedly lost around $200 million to scams, which is 15 per cent more than the previous year. However, some estimates suggest the real losses could be as high as $1 billion. This has prompted me to lead an all-of-government effort to engage with industry to tackle this growing issue.
I am working closely with telco, banking, and digital platforms and am watching the reforms being progressed in Australia. I expect to be in a position to announce progress on this work shortly.
Combatting scams is an important social and moral issue – scammers are causing harm and distress to Kiwis – but it is also a business and financial issue. As Kiwis become increasingly concerned about scams, they become distrustful and unwilling to do business online.
One of the by-products of scams is legitimate businesses are finding it increasingly difficult to get in touch with their clients. Consumers no longer want to pick up the phone to an unknown number, or respond to unexpected emails or text messages.
For all these reasons, it is vital that we work with industry to better protect Kiwis from sophisticated and devious scammers – most of whom are based overseas and fall outside our law enforcement.
ACC
Before I close, I just want to briefly talk about ACC, which is a new portfolio I have recently taken up. I am incredibly excited about my new responsibility.
ACC has nearly $50 billion under investment. And while there is a lot to be proud of about ACC, the scheme faces several significant challenges.
For the last 10 years, ACC’s performance – measured as rehabilitating injured people and getting them back to work – has continuously declined. And this comes at an enormous cost. The liability of existing ACC claims increased from $52 billion in 2022/23 to $60 billion in the last financial year. That’s an increase of $8 billion in a single year.
Clearly that’s unsustainable.
As employers, you will know that levies are set to rise around 5 per cent to help meet these rising costs. But we cannot meet the increased costs through levies alone. That’s why we have commissioned an independent review of ACC’s performance so we can address broader, underlying issues with the scheme. Turning around ACC’s performance is no mean feat. It is like turning around a super tanker.
There are a number of key actions that I will initiate early this year, but it will take a while for these actions to flow through to the front lines and for them to show up on the balance sheet. My job as Minister is to chart the course by creating a robust action plan and setting tight expectations so that within a few years, the super tanker is heading in the right direction.
I want to be clear that this is not about cost cutting. It is about ensuring ACC is fair and sustainable and can serve future generations without saddling them with unreasonably high levy increases.
One of the key principles of the ACC scheme is that future generations should not pay for today’s injuries. If we do not arrest the financial situation now, all we do is kick the can down the line and make it the next generation’s problem.
Close
As you can tell, 2024 was a busy year. And 2025 is shaping up to be just as critical. We’ve got several work streams on the go, which I’ve outlined today.
I expect to be progressing them at rapid pace, and I look forward to working with you to take our economic growth to the next level.
Thank you again to the Financial Services Council for having me here today. -
MIL-OSI Australia: Parliamentary Friends of Northern Australia Universities Alliance Event
Source: Australian Executive Government Ministers
Good morning, everyone.
It is a privilege to join you today at the Parliamentary Friends of Northern Australia Universities Alliance event.
Having worked in the University sector for over ten years, it is a subject matter that I have a keen interest in.
I begin by acknowledging the Traditional Owners of the lands on which we meet, the Ngunnawal and Ngambri people, and pay my respects to their Elders, past, present and emerging.
Before we begin can I say that the floods in large parts of north Queensland are a reminder of the struggles communities in northern Australia often face.
But its also a good reminder of how strong and resilient communities in northern Australia are.
I extend my thoughts to those who have been impacted by this event and express my sincere condolences to those who tragically lost a loved one.
I also acknowledge the work of emergency services and all those responding to – or impacted by – this devastating event. The true character of the north is once again on display, and it is truly inspiring.
My federal colleagues including Minister McAllister are working closely with the Queensland government to support all those affected and will continue in the days, weeks and months to come.
Recovering from a disaster like this can take a while, and government, industry and communities all need to work together to help out.
I’d like to acknowledge my parliamentary colleagues here today, particularly the Hon. Milton Dick MP, Speaker of the House of Representatives, for giving us access to this beautiful courtyard.
And to the co-chairs of the Parliamentary Friends of the North and our hosts today:
– Luke Gosling OAM MP, Special Envoy for Northern Australia, and
– Senator Susan McDonald, Shadow Minister for Northern Australia
Both of you work tirelessly for the north, with your sustained advocacy and efforts towards making a real difference to the region.
I want to thank the Northern Australia University Alliance and their Vice Chancellors who I will be meeting with later today:
-Professor Nick Klomp, Vice Chancellor and President of Central Queensland University
-Professor Scott Bowman, Vice Chancellor and President of Charles Darwin University; and
-Professor Simon Briggs, Vice Chancellor and President of James Cook University
Working together is what this event is all about and is at the heart of the Northern Australia agenda.
I know this all too well through the Ministerial Forum on Northern Development which has met four times since it was re-established by the Albanese Labor Government . This Forum has been critical in ensuring that the Federal, Western Australia, Northern Territory and Queensland Governments are working together.
Another important part of the Federal Government’s investment in the north is the Northern Australia Infrastructure Facility which we have topped up by $2 billion to bring their total appropriation to $7 billion.
More recently we appointed an independent panel to undertake a Statutory Review of the NAIF Act. I received an interim report including recommendations in December and I look forward to receiving the final report in coming weeks.
The NAIF has made a significant investment in northern Universities. It has provided:
- $76 million to Central Queensland University to support Digital Transformation through supporting infrastructure, enhancing campuses and remote learning through digital infrastructure;
- $151.5 million to Charles Darwin University’s education and community precinct and Casuarina Campus project; and
- at James Cook University, $140 million for the Engineering & Innovation Place and Student Halls of Residence projects
These projects are critical to attracting domestic and international students to northern universities and solidifies the role of universities in their respective regional economies.
I’m appreciative of the collaborative work and consultation that has gone into the Equity and Workforce initiative you are here this week to discuss.
Events such as this are critical in fostering new relationships, strengthening existing ones and learning more about the potential and the future of northern Australia.
As noted in the Northern Australia Action Plan I released last year, Universities are an important developing partner to ensure the needs of the north are addressed through government action.
This is why I’m looking forward to connecting with new and old friends and hearing your insights on how we can continue to work together to unlock the full potential of northern Australia.
Thank you.
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MIL-OSI Australia: Party in the Paddock patrolled by police
Source: Tasmania Police
Party in the Paddock patrolled by police
Monday, 10 February 2025 – 2:10 pm.
Police are conducting a large-scale road safety operation at Carrick today, to ensure motorists departing the annual Party in the Paddock festival are safe.
Inspector Grant Twining said “Over the weekend, we saw thousands of people descend on Carrick for the annual Party in the Paddock festival.”
“Police, including drone operators and members from Launceston and Central North Uniform, and Taskforces Raven and Scelus, were on-site for the duration of the festival conducting proactive patrols throughout the site, to ensure public safety.”
“Pleasingly, police would like to thank the large majority of attendees who were well behaved and safe during the event.”
“Disappointingly, a number of people were detected for drug related matters and will be dealt with by the courts.”
During the festival police detected a number of offences including:A 25-year-old man from New Norfolk was arrested in relation to serious drug matters. He was charged with Possess Controlled Drug, Sell Controlled Drug and Wilfully Obstruct Police. He will appear before the Hobart Magistrates Court at a later date.
Five people will be proceeded against for minor drug matters.
A 24-year-old man from South Launceston was charged with drink driving after he drove through the boundary fence to exit the festival on Saturday night. He will appear before the Launceston Magistrates Court at a later date.
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MIL-OSI China: One dead, 28 missing after landslide in SW China
Source: China State Council Information Office 2
Rescuers search for missing people in Junlian County in the city of Yibin, southwest China’s Sichuan Province, Feb. 9, 2025. [Photo/Xinhua]
As of 11 a.m. Sunday, a landslide in southwest China’s Sichuan Province had left one person dead, 28 missing and two injured, local authorities said.
The landslide occurred at 11:50 a.m. on Saturday in Jinping Village, which is located in Junlian County in the city of Yibin.
The province has mobilized 949 personnel from the armed police, firefighting, emergency response, transportation, medical, telecommunication, and other forces to carry out or assist the rescue efforts.
Over 200 rescue vehicles and equipment, including excavators, fire engines and ambulances, have been deployed for on-site rescue operations. The search and rescue efforts are being carried out in 10 grid zones.
A total of 360 people in 95 households have been evacuated. Temporary shelters have been set up, with 162 individuals currently resettled on a household basis. -
MIL-OSI China: China grants visa-free entry to ASEAN tour groups visiting Xishuangbanna
Source: China State Council Information Office 2
China allows tour groups from ASEAN countries to visit Xishuangbanna in southwestern Yunnan Province, free of visa, for up to six days, the National Immigration Administration announced on Monday.
Follow China.org.cn on Twitter and Facebook to join the conversation.ChinaNews App Download -
MIL-OSI China: Singing in a new year of musical exploration
Source: China State Council Information Office 3
This photo taken from Jingshan Park on Aug. 12, 2024 shows the National Centre for the Performing Arts on a sunny day in Beijing, capital of China. (Xinhua/Li Xin)
As the new year unfolds, the China NCPA Chorus, the resident chorus of the National Centre for the Performing Arts, is set to embark on an exciting journey with a fresh, diverse season of offerings.
Based on the core theme of “Unbounded”, the 2025 season will push the boundaries of choral art by blending classical traditions with modern interpretations and global influences, says Zhang Yao, vice-president of the NCPA.
This includes an array of choral music, operas, symphonic choral works and concerts in approximately 30 performances running throughout the year.
To celebrate the 55th anniversary of the establishment of diplomatic ties between China and Italy in 2025, the new season will explore Italian opera and folk music, blending multimedia and stage design to bring these genres to life in fresh and exciting ways under the leadership of the NCPA’s music director, Lyu Jia.
More concerts are planned to bring the world’s musical treasures to the stage, demonstrating how choral art can break boundaries and experiment with new forms. For example, World Music Tour, China NCPA Chorus: World Famous Songs Concert, conducted by Jiao Miao, will feature famous songs from around the world, including Mexican dance music, New Zealand folk music, and French love songs. The chorus will explore ways to merge vocals with musical instruments, including the free, vigorous rhythms of Africa and South America.
Choral Theater, a special themed series combining theater with sound, will invite audiences into the stories to experience emotional rhythms.
The Merriment Adventure, a concert version of the operas The Merry Widow, a comic operetta in three acts by Hungarian composer Franz Lehar, and Die Fledermaus, an operetta by Austrian composer Johann Strauss II, will present the comedic characteristics of operetta through bright, lively rhythms and lighthearted, humorous content, bringing delight to the audience through the twists and turns of the plot.
“Fifteen years ago, a group of passionate voices came together to found the China NCPA Chorus, and today, it has become a beloved pillar of the arts community in the country,” says resident conductor Jiao, who has been with the chorus since its inception. “We’ve built a large fan base over the past 15 years, and with this new Choral Theater series, we want to find a way to be innovative with contemporary Chinese choral art by telling stories with sound and cross-border collaborations.”
Jiao adds that to appeal to younger audiences, the new series will also include Cinderella, a concert based on the classic fairy tale, and The Tale of Fuxi and Nyuwa, a concert themed around the snake zodiac sign from classical Chinese mythology. These performances will help educate Chinese culture to children through music and audiovisual experiences.
The symphonic choral section will highlight some of the most beautiful pieces in the choral repertoire. Conducted by Li Xincao, the chorus will present a powerful rendition of the Yellow River Cantata in commemoration of the 120th anniversary of composer Xian Xinghai. It will also present Carmina Burana, a cantata for orchestra, chorus, and vocal soloists by the German composer Carl Orff, which is famous for its grandeur, in collaboration with the China Philharmonic Orchestra and conductor Yu Long.
As a versatile ensemble, the China NCPA Chorus will also take on four major opera productions in the first half of the season — the Chinese operas The Long March and Minning Town, and Verdi’s La Traviata and Il Trovatore.
“The full version of the Yellow River Cantata, in particular, impressed me deeply. It felt like every note told the heroic story of the Chinese people. Over time, I followed the chorus’ performances, and in 2023, when they toured Shenzhen, Guangdong province, where I live, I attended the concert. I traveled to Beijing last year for their 15th anniversary concert, which remains a great memory,” says Xing Jiachuan, a concertgoer who became a fan after watching the chorus’ performances on the NCPA’s online channel.
Famous dramatist and poet Zou Jingzhi has worked closely with the chorus. “I collaborated with the chorus on the opera Xi Shi, which I composed in 2010. Hearing them for the first time, I was deeply moved by their youthful, passionate and powerful voices. I could feel the singers’ overflowing passion for choral art,” he says.
Zou has worked with the chorus on other operas, such as The Chinese Orphan (2011) and The Long March (2016). “Their enthusiasm is infectious, and the energy they bring to the stage is unparalleled,” he adds.
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MIL-OSI China: Chinese box office hit ‘Ne Zha 2’ premieres in LA
Source: China State Council Information Office 3
A poster for “Ne Zha 2.” [Image courtesy of Coloroom Pictures]
Chinese box office hit “Ne Zha 2” made its overseas premiere Saturday night in Hollywood, Los Angeles, drawing hundreds of fans and filmmakers from both China and the United States.
Li Zhiqiang, China’s deputy consul general in Los Angeles, highlighted the film’s strong performance in China and its growing global appeal. He said at the premiere that pre-sales for “Ne Zha 2” were booming in North America and emphasized the potential for deeper collaboration between China and the United States in the film and television industry.
Hollywood producer Robert King praised the film’s quality and scale after watching the premiere, saying that Chinese films have made significant strides in storytelling in recent years. He expressed hope for stronger cooperation between Hollywood and the Chinese film industry in the future.
The animated epic fantasy film has captivated Chinese audiences with its exquisite animation production, grand visual imagination and rich cultural expression. After opening on Jan. 29, the first day of Chinese New Year, the film has smashed box office records, becoming the highest-grossing film of all time in China.
By 0220 GMT on Monday, the film had grossed over 8.15 billion yuan (about 1.15 billion U.S. dollars) in the Chinese mainland, surpassing Star Wars: The Force Awakens as the highest-grossing film ever in a single market, according to ticketing platform Maoyan.
“Ne Zha 2” is the sequel to the 2019 animated blockbuster “Ne Zha.” Both films were inspired by the classic 16th-century novel “The Investiture of the Gods.”
CMC Pictures is set to release “Ne Zha 2” in the United States, Canada, Australia and New Zealand next week.
The film, presented in Mandarin with English subtitles, will be available in around 60 IMAX theaters in 30 North American cities, including Los Angeles, New York, Toronto and Montreal, starting Wednesday.
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MIL-OSI China: Trump ‘determined’ to implement ‘revolutionary’ Gaza takeover plan
Source: China State Council Information Office 3
U.S. President Donald Trump and Israeli Prime Minister Benjamin Netanyahu hold a joint press conference at the White House in Washington D.C., the United States, Feb. 4, 2025. [Photo/Xinhua]
Israel is discussing U.S. President Donald Trump’s “revolutionary, creative vision” on the Gaza Strip, the one that Trump is “very determined to implement,” Israeli Prime Minister Benjamin Netanyahu said Sunday.
Trump’s plan “opens up many possibilities for us,” Netanyahu told a cabinet meeting after his return from Washington to Israel, according to a statement released by Netanyahu’s office.
“For an entire year, we have been told that the ‘day after’ (in Gaza) must involve the PLO (the Palestine Liberation Organization), the Palestinian Authority … President Trump has presented a completely different vision, one that is much better for the State of Israel,” Netanyahu said.
According to the statement, Netanyahu and Trump have agreed on achieving all of Israel’s war objectives, including “eliminating” Hamas, releasing all Israeli hostages, ensuring Gaza no longer poses a threat to Israel, and returning displaced Israeli residents.
Another war objective of Israel is to prevent Iran from obtaining nuclear weapons, Netanyahu added.
During a joint press conference in Washington with Netanyahu on Tuesday, Trump said the United States plans to “take control of the Gaza Strip,” move Palestinians to neighboring countries, and redevelop the coastal enclave.
On Thursday, Netanyahu suggested during an interview with Israel’s Channel 14 that “Saudis can establish a Palestinian state in Saudi Arabia; they have plenty of land there.”
Both Trump’s and Netanyahu’s remarks have sparked regional and international outcry, with many countries voicing their rejection of displacing Palestinians from their homeland and their support for the two-state solution.