Quarterly economics
As we entered 2021, CME continued with a clear and consistent message on the need for cost certainty to support continued growth in our sector and in turn, facilitate broader economic recovery from the impacts of COVID-19.
In late January, CME liaised with the Australian Petroleum Production and Exploration Association and Minerals Council of Australia to align industry views and lodged a Federal pre-Budget submission. Our key recommendations included the need for:
- A stable and competitive fiscal regime;
- Promoting workforce mobility;
- Continuing the momentum on deregulation.
Following from our State Pre-budget submission last year, CME wrote to three major political parties, reinforcing this message. In February, CME received correspondence from the Labor, Liberal and WA National parties committing to no new royalties or taxes on the resources sector in the next term of Government.
Final reminder on survey participation
Last call for member company data on payments to employees, businesses, community organisations and government during the 2019-20 financial year. Please reach out to survey@cmewa.com if you are unsure of your company’s participation to date.
Open consultations
Consultation on the following has opened:
- Draft Taxation Ruling 2020/21 Income tax and fringe benefits tax on employee accommodation, food and drink expenses, travel and living-away-from-home allowances.
- Draft Practical Compliance Guideline 2020/21 on determining if allowances or benefits provided to an employee relate to travelling on work or living at a location.
- Inquiry into prudential regulation of investment in Australia’s export industries. The Hon. Keith Pitt MP has stated a key focus of this inquiry will include looking into recent announcements by some banks and superannuation companies to withdraw investment in coal.
- Inquiry into Australia’s resilience and vulnerability to global supply chain disruptions, with the Productivity Commission to provide a final report on Australia’s role as an exporter in May 2021. The Commission is interested in understanding:
– How firms manage and respond to disruptions in export market conditions and access;
– The impact these disruptions can have, including in regional areas. - Evaluation of the foreign investment reforms, with the Department of the Treasury to complete the review by 10 December 2021.
Members interested in providing comments or feedback on the above should get in touch with L.Nguyen@cmewa.com.