Requiring remittance providers to provide full fee transparency: third party endorsement - Media Release
REQUIRING REMITTANCE PROVIDERS TO PROVIDE FULL FEE TRANSPARENCY: THIRD PARTY ENDORSEMENT
“The Federation of Ethnic Communities Council of Australia welcomes this policy announcement by the Australian Labor Party. We believe that it is unfair for banks and financial institutions to charge large and often unclear fees when people transfer money overseas to help their families and loved ones.”
- Mohammad Al-Khafaji, Director of Strategy and Engagement, the Federation of Ethnic Communities Council of Australia
“CHOICE was consulted on this proposal, and we offered our strong support for these changes. Transparently advertised fees for remittances are essential to helping consumers navigate this market confidently. When you purchase any other product, you should know upfront exactly how much it will cost, and whether another provider is offering a better deal. International remittances should be treated no differently. Banks and money transfer companies have been getting away with pushing poor value products onto consumers, but this reform will make the market more competitive and leave more money in consumers' pockets.”
- Sarah Agar, Head of Campaigns and Policy, CHOICERead more
WEDNESDAY, 7 NOVEMBER 2018
SUBJECT: Labor's plans to make remittances simpler and fairer.
SAM CROSBY, LABOR CANDIDATE FOR REID: I'm Sam Crosby, I’m the candidate for Reid. Reid is overwhelmingly one of Sydney’s most multicultural communities. We outstrip just about every index in the country or national average in the country for multiculturalism and migrant communities, which are obviously one of the big beneficiaries of this policy or losers under the current system. So when Andrew told me about this I thought what a fantastic idea, what a genuine help for people. So, very happy to be here.
ANDREW LEIGH, SHADOW ASSISTANT TREASURER: The basic principle of this policy is that financial institutions shouldn’t make money by bamboozling their customers. Only one in five people now realise that in addition to the flat fee, they also pay an exchange rate spread. That exchange rate spread can be big. One study suggests that if you send a $1000 to a developing country, it costs $77. That’s 7.7 per cent eaten up in transaction fees. That $77 cost is $23 more than people in America pay, it's more than people in Britain and Canada pay.Read more
THE HON TONY BURKE MP
SHADOW MINISTER FOR CITIZENSHIP AND MULTICULTURAL AUSTRALIA
ANDREW LEIGH MP
SHADOW ASSISTANT TREASURER
SHADOW MINISTER FOR COMPETITION AND PRODUCTIVITY
SHADOW MINISTER FOR TRADE IN SERVICES
SHADOW MINISTER FOR CHARITIES AND NOT-FOR-PROFITS
MEMBER FOR FENNER
LABOR TO END BAMBOOZLING PRICING FOR OVERSEAS MONEY TRANSFERS
A Shorten Labor Government will make it cheaper for Australians to send money overseas to loved ones by helping drive down international remittance and transfer fees.
Right now, many banks and money transfer companies are confusing customers with a mix of fees and exchange rate mark-ups. The result is that it is almost impossible to compare the true cost of transferring money overseas. By befuddling this customers, these organisations are making it harder for customers to shop around. Australians are being overcharged by millions of dollars for sending money overseas.
For example, one major bank’s website misled customers by saying ‘when transferring money overseas by the internet, we charge a fee of $20’ – neglecting to mention their exchange rate mark-up.Read more
LET’S GET THE ORDER OF THE PHOENIX OUT OF THE CHAMBER OF SECRETS
Dodgy phoenix directors will be named and shamed under a Shorten Labor Government as part of a range of policies designed to boost productivity, protect vulnerable workers and secure the tax base.
Phoenix activity – where dodgy directors deliberately burn companies in an attempt to avoid their obligations to employees, government and honest businesses – is estimated to cost the Australian economy as much as $5.1 billion.
In addition to our existing anti-phoenixing policies, a Shorten Labor Government would allow the Commissioner of Taxation to name individuals and entities as a penalty for the most serious tax offences.Read more
The Chronicle, 6 November 2018
Hackett shops used to have a post office, a Shell service station, a pharmacy, a butcher and a bakery. Today, it features a bike store, florist, skin clinic, exercise centre, hairdresser, Thai restaurant and osteopath. In December 1962, a four bedroom Hackett home cost just £6250. Since that era, Hackett has more dwellings, but fewer residents - 2,991 in 2016, compared with 4,384 in 1971.
It’s said that understanding yourself starts with knowing your history and local geography. Thanks to a new history of Hackett, local residents can get a better insight into both. Produced by the Hackett Community Association, we launched the book at Hackett’s recent birthday celebrations. Many former residents came along, including those who had attended the former Hackett Primary School.Read more
DOES ANYONE STILL SUPPORT GARY JOHNS?
Senior Liberals are now distancing themselves from the Australian Charities and Not-for-Profits commissioner Gary Johns after he publicly defended his decision to suppress acknowledgement of country within the commission and confirmed he still holds troubling views about charities, welfare recipients and indigenous mothers.
Indigenous Affairs Minister Nigel Scullion has written to Dr Johns, more than 11 months after his appointment to the role by the Coalition, questioning his views on restricting the use of acknowledgement of country.
After Dr Johns’ disastrous appearance before a Senate committee last month, Senator Scullion told him:
Acknowledgments of country are well-known payments of respect to Aboriginal and Torres Strait Islander Australians in recognition of their traditional ownership of the land. In my view, there is little risk of the confusion that I understand you identified in these hearings and I would encourage as many ACNC officials as are interested, to include acknowledgements of country in their signature blocks.Read more
SKY NEWS AGENDA
MONDAY, 5 NOVEMBER 2018
SUBJECTS: Qantas and unions, agricultural visas, the need for rational debate around Australia’s economy.
KIERAN GILBERT: With us now, the Shadow Assistant Treasurer Andrew Leigh. Andrew Leigh, thanks very much for your time. The warning from Qantas is quite a stark one this morning from Alan Joyce. What's your response and can you placate the airline chief’s concerns?
ANDREW LEIGH, SHADOW ASSISTANT TREASURER: Absolutely, Kieran. Labor isn’t interested in disharmony. What we want to do is get wages going again. In Australia, we’ve barely seen real wages move since the Abbott Government was elected in 2013. We got productivity growth, but we haven’t got wages growth-
GILBERT: So would you rule out industry wide bargaining then, where a series of employers can be caught within one particular bargaining claim?
LEIGH: We’ll certainly look at a range of options on industrial relations laws. We’ll restore penalty rates. We’ll ensure that labour hire firms are used to fill temporary shortages rather than being used to drive down the wages of Australians. We do know that productivity has continued to grow since the Abbott Government won office, but wages haven't kept pace and it’s really important that Australia gets a pay rise.Read more
PAY SLIPS AND THE FATES OF THE UNIONS
The Saturday Paper, 3 November 2018
In the late-1700s, one of the most dramatic transformations in world economic history took place. In previous centuries, economic growth had puttered along so slowly that shops would sometimes carve their prices in stone on the wall. Starting in Britain, the Industrial Revolution saw production move from hand work to mechanisation. Steam-powered factories massively increased the output of textiles. With the industrial revolution, output per worker began to surge.
Yet for the first half century after the Industrial Revolution began, most of the benefits did not flow to workers. Productivity rose, as workers used the new technology to produce more output. But real wages barely budged.Read more
THURSDAY, 1 NOVEMBER 2018
SUBJECTS: Housing, Labor's plans to crack down on multinational tax avoidance, Adani.
TIM SHAW: The Master Builders Association is deeply concerned, big impact on the ACT economy. Now Labor complained about the Master Builders not including the grandfathering elements to the proposition regarding changes to negative gearing, now you will grandfather negative gearing on an existing property, but will you grandfather the current 50 percent capital gains tax discount?
ANDREW LEIGH, SHADOW ASSISTANT TREASURER: Yes absolutely Tim. The changes are prospective. We recognise that people have made investments based on existing rules.Read more
THURSDAY, 1 NOVEMBER 2018
SUBJECT: Labor's plans to crack down on multinational tax dodgers.
ALI FRANCE, LABOR CANDIDATE FOR DICKSON: Good morning, it's really lovely to have Labor's Shadow Assistant Treasurer Andrew Leigh here today to talk to local businesses about how we're going to level the playing field and tackle multinational tax avoidance.
Small businesses like the ones behind us, pay their fair share of tax. But we know there are big multinational companies and wealthy individuals who operate in Australia, who don't pay their fair share of tax. Labor wants to put a stop to that. So I'm now going to hand over to Andrew to talk a bit more about how that's going to work.
ANDREW LEIGH, SHADOW ASSISTANT TREASURER: Well thanks so much Ali and it's great to be here with Ali France, Labor's hard-working candidate, taking our message of fairness to communities like Dickson.Read more