ABF 2015-16 General Information Document

AUSTRALIAN BUSINESS FORUM 2015-16 INFORMATION DOCUMENTWWW.ABF.EVENTS | [email protected] | 03 8689 9898

Melb, Syd, Bris Nov 2015

ABOUT AUSTRALIAN BUSINESS FORUMAustralian Business Forum provides a platform for Australian business to engage and form relationships in China. Targeting Australian companies either currently engaged with China or looking to engage with China, Australian Business Forum has created a wide range of initiatives across its platform to facilitate Australian-Chinese engagement. With 8 high profile events in 2015, along with a dedicated digital and print media platform, Australian Business Forum is an organization dedicated to strengthening business ties between China & Australia.

A strong focus on enabling Small & Medium Enterprise (SME) to effectively engage with Chinese investors and the Chinese marketplace, is at the core of Australian Business Forums mission. Building a framework that is supported by strong relationships with domestic and international government bodies, industry associations and media agencies, Australian Business Forum provides extensive opportunities for SMEs to successfully engage with China, or refinetheir China strategy.

ABF has developed a range of SME-focused events which are supported by our media platform and ABF Corporate Club services. ABF’s media platform includes three dedicated websites, weekly E-Newsletter, print and digital magazines. ABF’s annual program of events includes Australia China BusinessWeek (Held in Australia & China) China Digital Conference, B2B Expo & our program of inbound delegations from China.

JULY AUGUST SEPTEMBER OCTOBER NOVEMBER MARCH APRIL

2016

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5-6

8-11

18-20

21-23 27

24-25 6-7

23-25

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13Australia-China BusinessWeek Brisbane

Australia-China BusinessWeek Adelaide

Australia-China BusinessWeek Sydney

Australia-China BusinessWeek Xiamen

Australia-China BusinessWeek Guangzhou

B2B Expo 2015Melbourne

Fortune New Economic Global Forum

Australia-China BusinessWeek Hobart

Australia-China BusinessWeek Melbourne

B2B Expo 2016 Sydney

China Digital Conference Brisbane

2015

ABF 2015-2016 CALENDAR

China Digital Conference Sydney

China Digital Conference Melbourne

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[email protected]+61 3 8689 9898

ACBW 2015 - Australia

ACBW 2015 - China

AUSTRALIA-CHINA BUSINESSWEEK (ACBW) 2015ACBW 2015 provides enterprises engaged or about to enter the China market with a series of high profile forums showcases networking and business matching functions, case studies and workshops. Over one hundred high profile industry leaders, keynote speakers, China experts and government representatives from Australia, China and Asia will attend the 2015 forum series across Australia & China.

ACBW 2015 will host over 4000 delegates and VIPs in Australia as well as a large business delegation to China in May. ACBW 2015 will also host high net worth and business delegates from China and Australia, and present forums in Mandarin as well as English.

ACBW 2015 will be presented in the following cities: Melbourne, Sydney, Brisbane, Adelaide, Hobart, Guangzhou & Xiamen

• THE MAJOR NATIONAL SINO-AUSTRALIAN BUSINESS FORUM, TARGETED TO THE SMALL MEDIUM ENTERPRISE SECTOR

• NOW IN ITS 8TH YEAR, ACBW IS THE ONLY FORUM PRESENTED NATIONALLY IN FIVE CITIES IN AUSTRALIA AND CHINA-GUANGZHOU & HONG KONG

GUANGZHOU

HONG KONG

BRISBANE

SYDNEY

MELBOURNEADELAIDE

HOBART

• MELBOURNE MARCH• HOBART MARCH• BRISBANE JULY• ADELAIDE JULY• SYDNEY AUGUST

• XIAMEN SEPT• GUANGZHOU SEPT

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What's New in 2015?

• ACBW continues its success,taking in Brisbane, Adelaide & Hobart for the 1st Time

• Alibaba Co-Hosts Guangzhou China Business Mission

• Hong Kong has been added to ACBW 2015 China

• 100+ Leading Industry Speakers

• 6000+ Delegates expected to attend

MARK HAWTHORNESenior EditorThe Age

DOMINIC TRINDADEConsul-General, Australian Consulate-General Guangzhou

THE HON. MALCOLM TURNBULL MPMinister for Communications

SANDRA CHIPCHASECEO Destination NSW

ALAN OSTERGroup Chief EconomistNational Australia Bank

THE HON. ANDREW STONER MPDeputy Premier, NSW

JULIE-ANNE NICHOLSSenior Trade Commissioner, Austrade Guangzhou, Deputy Consul-General, Australian Consulate-General Guangzhou

Alan KohlerFinancial JournalistEureka Report

CHER JONESTrade and Investment Commissioner for South China and Hong Kong, NSW Government

H.E. CONSUL GENERAL LI HUAXINConsulate-General of the People’s Republic of China, Sydney

26

functions 4

cities4000+ delegates

100 + speakers

AUSTRALIA-CHINA BUSINESSWEEK 2014 - EVENT REVIEW

THE AIM OF AUSTRALIA-CHINA BUSINESSWEEK IS TO CREATE A CREDIBLE BUSINESS PLATFORM FOR SMES & MID MARKET ENTERPRISES TO ENGAGE

ACROSS AUSTRALIA & CHINA AND TO DEVELOP SUSTANABLE COMMERCIAL RELATIONSHIPS.

RAY EVANSFounder & CEOAustralian Business Forum

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DELEGATES PROFILE - BASED ON ACBW 2014

55.6% FIRST TIME

ATTENDANCE

44.4% REPEAT

ATTENDANCE

13.7%

9.7%

10.0%

9.2%

4.5%

9.2%

3.1%

AGRIBUSINESS

TOURISM

HEALTH

PROFESSIONAL SERVICES

EDUCATION

LEGAL GOVERNMENT

INDUSTRIES

FINANCIAL SERVICES

Head of Primary, Institutional Banking Bank of New Zealand

Associate Director China Desk/Global Trade Finance Commonwealth Bank

Business Development Executive Western Union

General Manager China Banking & Country Head NAB

Head of Financial Services AMP

Head of International Customer Services Bank of Melbourne

FOOD & AGRIBUSINESS

Managing Director Bellamys Organic

CEO Tatura Milk

General Manager of Export McCain Foods

Director Agribusiness Association of Australia

Managing Director Freedom Foods

TOURISM

Strategic Partnerships Manager Flight Centre

CEO Destination NSW

Country Head-Australia China Southern Airlines

Senior Marketing Manager Air New Zealand

Communications Manager Queensland Tourism Industry Council

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Senior Management

CORPORATESMEGOVERNMENT/ INDUSTRY

COMPANY SIZE

Middle Management

38%

21%

44%43%

44%

13%

Associate Level

ACCOUNTING & LEGAL

Business Development Manager Herbert Smith Freehills

Director PWC

Director Cross-Border Business Pitcher Partners

Senior Account Director CMAX Advisory

Partner Holding Redlich

IT SERVICES

Marketing Manager Australia & New Zealand - International

Telstra

Business Development Manager - Corporate (Region: South East Asia & APAC)

CSC Global

Director Digital IQ

CIO Asia Pacific Digital

Metro Business Director CSG

DELEGATES PROFILE - BASED ON ACBW 2014

ACBW 2014 PARTNERS & SUPPORTERSOrganiser

Naming Sponsor

ACBW 2015-16 AUSTRALIASYDNEY

BRISBANE-HOBART-ADELAIDEMELBOURNE (2016)

ACBW 2015-2016 AUSTRALIA OVERVIEWNow in its 8th year-The Major Sino-Australian National Business Forum

Growth of Delegate Attendance of 25% in 2013-2014, Over 8000 expected in 2015 and 2016.

Presented in ALL Australian Eastern State Capital Cities: Melbourne, Sydney, Hobart, Brisbane &

Adelaide.

• ADELAIDE 8 JULY 2015• BRISBANE 16 JULY 2015• SYDNEY 5-6 AUGUST 2015• MELBOURNE MARCH 2016• HOBART MARCH 2016

The inaugural Australia China BusinessWeek (ACBW) 2015 Adelaide will be held at the Intercontinental Hotel, on July 23rd. Australia’s only national conference focused on business relations between Australian and Chinese SMEs, over 200 delegates are expected to attend Australia China BusinessWeek 2015 Adelaide.

China’s role in South Australian business has continued to grow as the states largest two way trading partner in goods and services, accounting to $3.35 Billion AUD in 2013. South Australia’s strategic advantages in mineral reserves, food & beverage production and clean tech advanced manufacturing have attracted continued interest from China and will receive a strong focus throughout the conference.

The largest Australia-China business event to occur in Brisbane following the G20 in November 2014, Australia China BusinessWeek will be taking place in Brisbane on July 16th, at the Hilton Hotel.

Australia’s ‘New World City’, Brisbane has seen rapidly expanding investment from China, which has been fuelled by Queensland’s favourable climate, strong educational institutions and growing property market. With major Chinese firms, Dalian Wanda Group, Yancoal and Greenland Holding Group already engaged in the Queensland market, interest from China in the state continues to grow.

Following the historical and successful visit by President Xi in November and the focus on Tasmania, the inaugural Australia-China BusinessWeek 2015-Hobart (ACBW) is ideally positioned to showcase the many business & investment opportunities that will be a focus of this major Sino-Tasmania Forum.

Australian Business Forum is proud to present the Inaugural Australia China BusinessWeek in Hobart. A key hub of Chinese investment in Australia, Tasmania represents an excellent opportunity for the development of Australia-China business relations, and is leading the way in Agribusiness and many other key industries.

ACBW 2015 ADELAIDE8 JULY HILTON HOTEL

ACBW 2015 BRISBANE16 JULY HILTON HOTEL

ACBW 2016 HOBARTMARCH WREST POINT HOTEL

ACBW 2015 CHINAXIAMEN, GUANGZHOU

ACBW 2015 SYDNEY5-6 AUGUST FOUR SEASONS HOTEL

ACBW 2016 MELBOURNEMARCH INTERCONTINENTAL HOTEL

Now in the 8th year, Australia China BusinessWeek 2015 Sydney returns on August 5-6th, at the Intercontinental Sydney. The largest event across the Australia China BusinessWeek 2015 roadshow, over 1400 delegates attended ACBW Sydney in 2014 from both Australia & China.

Australia-China BusinessWeek 2015 Sydney is tailored towards China-active or early stage SMEs and mid-sized companies wanting to develop and refine their China strategy. Australia-China BusinessWeek offers an effective business platform for professionals and investors from Australia and China to connect, network and participate in business matching.

ACBW 2015 Sydney includes eight high profile events: ACBW 2015 Sydney Breakfast & Keynote Luncheon, ACBW English Forum, Agribusiness Forum, Pathways To China Forum, Mandarin Forum, Investment Showcase & Mix at Six Networking Function.

Australia China BusinessWeek 2016 (ACBW) returns to Melbourne on the March at the Intercontinental Hotel. Now in the 9th Year the Melbourne Forum includes 9 high profile events and will be presented over two days. The expanded has been introduced to the Melbourne Forum following the success at ACBW Sydney in September with a record attendance of over 1500 delegates.

ACBW 2016 is an excellent platform for companies already “engaged in or about to enter the China market”. New forums include Pathway to China which provides valuable case studies and a range of keynote and panel discussions from Industry and China Experts on topics designed to fast track entry to the China market.

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ACBW 2015 CHINAXIAMEN, GUANGZHOU

ACBW 2015 CHINAOVERVIEWNow in its 3rd year, Australia China BusinessWeek China Business Mission returns in 2015, visiting key cities Guangzhou & Xiamen. Suitable for either early entry or established Australian businesses in China, ACBW 2015 China Business Mission provides an excellent opportunity to engage with key leaders and business, on the ground in China.

Delegates on the ACBW 2015 China Business Mission will attend 8 high profile functions and be able to exhibit their products and services at two Investment Showcases. Delegates on the ACBW 2015 China Business Mission will also be granted attendance to International Investment Forum in Xiamen, One of the biggest and

most prestigious international investment expo in China.

• XIAMEN 8-11 SEPTEMBER

• GUANGZHOU 18-20 SEPTEMBER

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AUSTRALIA-CHINA BUSINESSWEEK 2015XIAMEN, 8-11 SEPTEMBER

The China International Fair for Investment and Trade (CIFIT), approved by the State Council of the People’s Republic of China, takes place in September every year in Xiamen, China. Themed on “Introducing FDI” and “Going Global”, CIFIT focuses on nationality and internationality, investment negotiation and investment policy promotion, coordinated development of national and regional economy, as well as economic and trade exchanges across the Taiwan Strait.

CIFIT is currently China’s only international investment promotion event aimed at facilitating bilateral investment. It’s also the largest global investment event approved by the Global Association of the Exhibition industry. CIFIT has the following major components: investment

and trade exhibition, the International Investment Forum (IIF), a series of seminars on hot investment issues, and investment project matchmaking symposia.

CIFIT not only comprehensively showcases the investment environments, policies, projects and corporate products in all provinces, autonomous regions and municipalities t in China, but also attracts investment promotion agencies from more than 40 countries and regions. CIFIT offers optimum opportunity for business people at home and abroad to get an overview on the investment climates in China and other countries. It also provides them with the one-stop shopping service for multilateral investment cooperation, helping them to select from the widest range of investment projects and business partners.

THE CHINA INTERNATIONAL FAIR FOR INVESTMENT AND TRADE

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SAMPLE OF PAST DELEGATES

Camphin Boston Partner Financial Services

AquaGas Corp MD Resources

Blue Bay Cheese Managing Director Food/Agribusiness

Crown Realty Investment Specialist Property

Marco Polo Advisory Managing Director Professional Services

Sunrise property group Director Property

Matakana Estate Wine Specialist Food/Agribusiness

CS Group CFO Health

The Australia-China Business Week event was to essentially realise the growing commercial links between Australia and China in practical terms.

As a direct result of attending and participating in this event, Aus International and our clients benefited both from the immediate exposure and will continue into the future to profit from the ongoing strategic relationships that were established. The event provided delegates with a rare opportunity to connect with Chinese partners and to showcase Australian products, services, projects and investment

opportunities to interested Chinese parties.

- CATHRYN AUSTIN, Director of Aus International (ACBW China Previous

delegate)

AUSTRALIA-CHINA BUSINESSWEEK 2015GUANGZHOU, 18-20 SEPTEMBER

Guangzhou is a sprawling port city northwest of Hong Kong on the Pearl River. Considered the birthplace of dim sum, it has a thriving food scene. Its markets specialize in wares ranging from eyeglasses to electronics. The sandbar Shamian Island, across a canal from Guangzhou, has leafy streets and grand mansions that are a legacy from its time as a foreign concession.

CHINA DIGITAL CONFERENCE 2015BRISBANE, MELBOURNE, SYDNEY


Page 15


OVERVIEWCDC 2015 is a national conference series, focussing on the Chinese digital marketplace. Delegates at CDC 2015 will gain information on the latest trends and opportunities to successfully doing business in the Chinese digital space.

With a highly digitized consumer base, China presents an excellent opportunity for Australian companies to market their products to a highly dynamic and expansive market.

CDC 2015 TOPICS

Social Media Strategies

E-Commerce Strategies

Mobile Platform

Video Marketing

Data Analytics

Search Engine Optimisation

CHINA DIGITAL CONFERENCE (CDC) 20159 NOV BRISBANE HILTON 11 NOV SYDNEY FOUR SEASONS 13 NOV MELBOURNE INTERCONTINENTAL


Page 16


B2B EXPO 201521-23 OCTOBER

MELBOURNE EXHIBITION CENTRE

Page 17


B2B EXPO 2015-16MELBOURNE, 21-23 OCT 2015, CROWN EXHIBITION CENTRESYDNEY, 6-7 APRIL 2016

OVERVIEWDescription: Targeted to the SME Business Sector, the B2B Expo will be presented on 21-23 October 2015, at the Melbourne Exhibition Centre.

This High Profile Event provides a showcase of Business services including: Technology, international trade, government , Financial Services, Business for Sale, Investments, E-commerce and professional Services .

Functions including:

The B2B Mix-at-Six Exhibitor Networking function allows exhibitors to forge strong personal relationships with fellow businesses and exhibitors across various industry sectors. Mix-at-Six will be held at the close of the 1st day of B2B Expo, on October 21st.

Interactive Seminars will be held during B2B Expo for delegates and exhibitors to gain the latest insights and opportunities for Small and Medium Enterprises doing business in Australia. Topics within the B2B seminar series will address the multitude of issues.

The inaugural B2B Expo 2015 Breakfast will be held on Day 1 of the Expo, acting as an opening to activities over the following 3 days. A high-profile function for sponsors, select exhibitors and VIPs, the B2B Expo 2015 Breakfast will feature addresses from key leaders from government and private industry.

B2B 2015 SEMINAR SERIES B2B 2015 BREAKFASTB2B 2015 NETWORKING FUNCTION

Wed 21 Oct, 5.30pm-7.00pmWed 21 Oct & Thu 22 Oct, 11.00am-4.00pmFri 23 Oct, 11.00am-3.00pm

Wed 21 Oct, 8.00am-9.30amTime: Time: Time:

Page 18


The ABF Magazine & Bulletin serves an important audience, connected within the Australia-China space. The ABF Digital Magazine is a quarterly magazine, distributed to a network of over 20,000 subscribers. The ABF Print Magazine will be release in March & August 2015 to an audience of 50,000 in both Australia & China. Release of the ABF Digital & Print Magazine corresponds with ABF’s event calendar to capitalise on readership.

ABF MEDIA CAMPAIGN CHANNELS

ABF WEBSITEENGLISH & CHINESE

ABF MAGAZINE & BULLETINPRINT & DIGITAL

PRESSNEWSPAPER & 3RD PARTY MAGAZINES

Engage with Chinese InvestorsRefine your China Strategy

Become China Active

Presents

Organiser

Naming Sponsor

Thurs & Friday, 4-5 Sept, Shangri-La Sydney

REGISTER NOW @ www.ABF.Events

Australia-China BusinessWeek 2014

Mark HawthorneSenior Editor,The Age

Mike LoganCEO, Dairy Connect

Rory MacleodManaging Director, Freedom Foods

Danny ArmstrongGeneral Manager, China Banking & Country Head, China , NAB

Dr Ken Cato AOChairman, Cato Brand Partners

Mark HawthorneSenior Editor,The Age

The Hon. Malcolm Turnbull MPMinister for Communications

T: + 61 3 8689 9898 | E: [email protected] | w: www.ABF.Events

C

M

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CM

MY

CY

CMY

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ACBW 2014 syd house-A4-0813.pdf 2 16/08/2014 2:39:37 PM

1HERSA1 A022

© 2014 National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686 A110750-0814 SBPJ923-H_SMH

If you’re ready for more in Asia, we’re ready for you.Register at abf.events/nab

NAB is proud to sponsor Australia-China Business Week – a showcase of tools, resources and networks to get more out of your China strategy. The Hon. Malcolm Turnbull MP will present the Australia-China Business Week 2014 keynote address.

Australia-China Business Week 2014Shangri-La Hotel Sydney – 04-05 September

In 2014 there’s more opportunities in China for Australian businesses to talk about.

Kickstart your China strategy today.

Useful sessions include:

China economic outlook

Australian business case studies in China

Chinese investment into Australian agriculture

What does the Shanghai Free Trade Zone

mean for Aussie businesses?

Accessing China’s premium market

Expert speakers from The People’s Republic of China, University of Sydney, China UnionPay, Australia China Business Council, AustCham HK, AustCham China, China Spectator and NAB. Australian business case studies including Jurlique, StarTrack and Dick Smith.

THE SYDNEY MORNING HERALD MONDAY, AUGUST 25, 2014

22 BUSINESSDAY NEWS

AgribusinessHopes foreign cashwill trigger further deals

Fund pours millions into dairy farms

Production drive: Australian milk output has fallen about 20 per cent in 10 years. Photo: Craig Sillitoe

Jared Lynch

A Scandinavian pension fund haspoured $20 million into Australiandairy farms to help lift stagnantlocal milk production.Australia’s biggest milk pro-

cessor, Murray Goulburn, sourcedthe cash that has bought nine dairyfarms, which have been leased tothe farmer-owned co-operative.Gary Helou, Murray Goulburn’s

managing director, said the invest-ment had added about 30 millionlitres to the co-operative’s milksupply, which is about 39 per centof the national pool.He hopes the foreign cash will

trigger more deals in Australianagriculture, which domestic fundshave traditionally shied away frombecause of the risks associatedwith primary production.Mr Helou said Asia’s fast-

growing middle class, which is ex-pected to grow to 3.2 billion by2030, had made agriculture moreappealing. International pensionfunds, particularly in the US andEurope, have beenmore inclined toinvest in farms.‘‘The superannuation funds are

interested in the sector,’’ Mr Helousaid. ‘‘They like the concept of Aus-tralian and New Zealand milk go-ing into Asia.’’Fairfax Media reported last year

that European super funds were

looking for a 5 per cent return fromthe Murray Goulburn program aswell as capital growth. The farmsare sublet through the co-operativeto ‘‘accomplished farmers’’.Marcus Elgin, executive chair-

man at Australian AgribusinessGroup, sourced the overseas cashon behalf of Murray Goulburn, buthe declined to comment on the pro-gram’s details, citing commercial inconfidence.‘‘I won’t take you through the de-

tails of the transaction because we

will like to do more of these and wethink it’s much more to our advant-age not to excite the market toomuch about what we are doing,’’ MrElgin said.‘‘So I’m not really interested in

blowing the horn on that side of thatequation.’’Murray Goulburn’s executive

general manager of shareholder re-lations, Robert Poole, said despitethe Scandinavian interest, attract-ing capital from superannuationfunds for agriculture projects con-

tinued to be difficult. ‘‘I think agri-culture will successfully attractmore and more non-farm capitalbut companies like Murray Goul-burn are going to have to work hardto facilitate that,’’ Mr Poole said.‘‘Wedidn’t necessarilywant to go

into this avenue but we could seethat if we were going to grow milksupply and attract capital weneeded to be a party . . . and as a co-op we were well placed to linkequity to farmers.’’Milk processors are employing a

range of strategies to boost milkproduction, which has fallen about20 per cent in the past decade fromabout 11.2 billion to 9 billion litres ayear.Lino Saputo jnr, chief executive

of Canadian dairy company Saputo,which owns 88 per cent of Warr-nambool Cheese and Butter, hascalled on farmers to increase theirherds to step up production, sayingtheWCB will process all their milk.‘‘Whatwe are trying to do inAus-

tralia is appeal to the dairy farmersand say, ‘Look, we can be a goodhome for yourmilk. If you choose toincrease your herd size and you’reproducingmoremilk, wewill put onthe infrastructure to process thatmilk’,’’ Mr Saputo said.But he did notmention any finan-

cial incentives such as farm gateprice increases or investment re-bates to encourage farmers to liftproduction.Fonterra, the world’s biggest

dairy exporter, has said it will helpfarmers develop a business planand co-fund the expansion of theirbusiness to boost production.The New Zealand co-operative

said it would help fund the buyingor leasing of neighbouring proper-ties,more cows to increase herds orupdate farm equipment. In return afarmer has to enter a three to five-year supply contract, depending onthe investment.

4 News Tuesday26August2014TheAustralianFinancialReview | www.afr.com

PhillipCooreyChiefpoliticalcorrespondent

Pleas by solar andwind companies toleave the Renewable Energy Targetuntouchedhavefallenondeafearswiththe government deciding to proceedwithaphasingdownofthescheme.While a final position will not be

announceduntil nextmonth,TheAus-tralian Financial Review understandsthe intent is to cut the scheme harderthan a compromise scenario that wasbeing pursued by the EnvironmentMinister,GregHunt.The end result will be closer to the

abolition scenario advocated by PrimeMinister Tony Abbott which wouldend the scheme by closing it to newentrants and grandfathering existinglargescaleprojects.Seeking to overcome the cabinet

split,MrHunt,MrAbbottandIndustryMinister Ian Macfarlanemet on Sun-daytodiscussapolicypositiontobeputto the bureaucracy for analysis andthentothecabinetforafinaldecision.The government is being guided by

the findings of the review into theRET conducted by businessman DickWarburton, a person the industry hasargued is ill-suited to the task becauseheisaclimate-changesceptic.The guiding principles of the final

decisionwillbe tobalance investorriskwith the impact of the RET on house-hold and business power bills. MrAbbottclaimstheREThashadasignifi-cant impact onpower prices. The gov-ernment’sownmodellingshowswhiletheREThasadded$40ayeartoaveragehousehold power bill, prices will falloverthemediumtermasmorerenewa-bleenergyisproduced.Theindustry isrampingupitswarn-

ings that any dilution of the currentschemewill not only jeopardisemorethan$11billionintherenewableenergyinvestment pipeline, but create abroader sovereign risk perceptionforAustralia.

Philip Green, the London-basedpartner of the Children’s InvestmentMaster Fund (TCI),whichhas a 33percent stake in renewable energy com-pany Infigen, said the issue was being

watched closely. “Sovereign risk hasalreadyincreasedinAustraliagiventhemedia coverage of the carbon debateand now the RET. Sovereign risk willincreasemore if the stories about cutsto theRETare confirmed,’’ he said in astatement.“This comes at a cost to the nation

throughhigher capital costs as it seeksfutureinvestmentininfrastructure.“TheAustralianREThad strong bi-

partisan political support [includingfromthecurrentprimeminister]. Itcantake a long time to restore trust and insomecases this is only achievedwithachangeinleadership/policy/party.”Under theRET, apolicywhichhith-

ertohadbipartisansupport,20percentof Australian’s energy production by2020 would come from renewablesources.Basedonearlierpredictionsofpower production in 2020, this 20 percent targetwascalculatedatanannualproductionof41,000gigawatthours.But the 2020 production total has

beendowngradedfollowingthedeclineof themanufacturing sector, includingautomotiveandaluminium.Consequently, 20 per cent of the

revised production target is 27,000GWh.This is the “real 20per cent” sce-narioforwhichMrHuntisadvocating.Under the push by Mr Abbott,

renewableenergyoutputwouldbe fro-zen at current levels of about16,000GWh.Any proposed change faces a near

impossiblepassage through theParlia-ment with Labor and the Greensopposed to any alteration, while ClivePalmer says he will not allow anychange unless Mr Abbott goes tothe next election in 2016 and winsamandate.

CoalitionfailstobudgeonRETpruning

KeypointsCompromiseonRETcuts,pursuedbyGregHunt,looks tohavebeenscotched.

Industrywarns thatchangesmay threatenmorethan$11b in renewableenergy investment.

Tuesday, the first dayback.Absent aresuch measures as the proposed fueltaxincrease, theabolitionoftheminingtax and eight associated spendingmeasures and a proposed increasetothePharmaceuticalBenefitsSchemeco-payment, all of which are costingthe government lost revenue thisfinancialyear.An increasingly anxious business

sector is watching events closely andsaid it was time to consider the prob-lemscreatedbythebudgetimpasse.“The priority now is to get some

agreement on the consequences offailing to address Australia’s fiscalproblems and a time frame forresolving them,” Business Council ofAustralia chief executive Jenni-ferWestacottsaid.“Fiscal resilience is an essential part

of building a productive and competi-tive economy. Every dollar we spendpayingtheinterestonournationaldebtis a dollar we don’t have to spend onsomethingproductive.”AgricultureMinisterBarnaby Joyce

issuetheSenateabluntwarning.“If you’re trying to turn the finances

ofournationaround, therearegoingtobeharddecisions tobemadeand ifwedon’t,wegobroke.,”hesaid.On Sunday, Finance Minister

Frompage 1 Mathias Cormann said unless spend-ing was brought under control, it wasinevitable that taxeswouldhave to riseif thebudgetweretobebalanced.This was perceived as a threat

by Labor, the Greens and the Senatecrossbenchers.ThePalmerUniteParty, the support

ofwhich is critical, hadmetonSundayand leader Clive Palmer told The Aus-tralian Financial Review it has notchanged itsmind on themany budgetmeasuresitopposed.PUP Senator Glenn Lazarus con-

firmedthiswithastatementlashingoutat Senator Cormann and thegovernment, saying he “would not bebullied into agreeing to budgetmeasures which are unfair, cruelandunnecessary”.“This is simply another hollow and

desperate threat on the part of a veryarrogant and out-of-touchAbbott gov-ernmenttopushthroughharshbudgetmeasures so they can fund their ownpetprograms,”SenatorLazarussaid.“Iwas voted in to look after thepeo-

ple of Australia, not to take basic sup-port away from pensioners and hard-workingAustralians.“I think it would be political suicide

for the Abbott government if theydid try and introduce more taxes tothe Australian public and I can’t seethathappening.”LikeMrPalmerbeforehim,Senator

Lazarus said Australians did not votefor the more harsh budget meas-ures last year and “if the Abbott

government wants proof of this, theyshouldgobacktothepolls”.He advocated income tax cuts to

stimulate theeconomyandsingledoutfor specific disdain the proposals toapply a Medicare co-payment andderegulate theuniversity sector,whichwouldcause the cost of adegree to spi-ral. “Education is one of the mostimportant assets in our society andweshouldbemaking itmoreaccessible toour people, not making it moreexpensiveanddifficult toaccess,”Sena-torLazarussaid.Coalition MPs, especially those in

marginal seats, preparing for theresumption of Parliament weredespairing at the performance of theirseniorcolleaguesoverthewinter.Most singled out for criticismwere

Treasurer JoeHockey forhis“poorpeo-ple don’t drive-cars” statement, aswellasAttorney-GeneralGeorgeBrandis.Opposition leader Bill Shorten said

thefactthegovernmentwasnowfocus-ing on strategy emphasised that thebudgetwasalostcause.“Down the hall, they are having

another political strategy meeting totalkabout thebudgetmessage,”he toldtheshadowcabinet.“They’re bringing in consultants to

tell themnot to insult Australians – orperhaps explain to Joe Hockey whatpoorpeoplelooklike.“Thegovernment simplydoesn’t get

it.Theydon’thaveasalesproblemwiththeir budget, they’ve got an unfairnessproblemwiththeirbudget.”

‘Nomoreideology,’cabinettold

BCA chief Jennifer Westacott says the government’s priority is to solve fiscal issues. PHOTO: GETTY IMAGES/CHRISTOPHER PEARCE

FBA 004

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ABF 2015-16 General Information Document