{"id":77,"date":"2019-10-23T18:17:04","date_gmt":"2019-10-23T18:17:04","guid":{"rendered":"https:\/\/eportfolios.capilanou.ca\/laurieprangemartin\/?page_id=77"},"modified":"2019-10-29T08:53:57","modified_gmt":"2019-10-29T08:53:57","slug":"australia","status":"publish","type":"page","link":"https:\/\/eportfolios.capilanou.ca\/laurieprangemartin\/australia\/","title":{"rendered":"Australia"},"content":{"rendered":"\n<p><strong>Introduction and overview of Australia<\/strong><\/p>\n\n\n\n<p><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/strong>The commonwealth of Australia is the\nonly sovereign country that comprising the whole mainland of the Australian\ncontinent. It is the world\u2019s sixth largest country and the largest in Oceania. <\/p>\n\n\n\n<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia\nhas a population of 25 million people and a GDP of 1.37 trillion in total and\n53,500 per capita. (Wikipedia.org, 2019) Australia\u2019s economy is very dependent\non the mining and agriculture industries, however, the total employment is only\ntaking up to 5% of the entire workforce. (Bamber, 2016)<\/p>\n\n\n\n<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of\nJune 2016, employment have grown by 1.8% to the total of 11.9 million for the\npast 12 months. However, the annual average is still a bit over by 1.9% since\nthe early 1980s. <\/p>\n\n\n\n<p>Moreover, part-time workforce took over almost two third\nof the total employment growth, and the total amount has grown for about 6%\nsince the 2000s. On a more positive note, the unemployment rate has fallen\nslightly from 2015 to 2016 by 0.4%. However, the most recent lowest\nunemployment rate was at 2008 which means unemployment rate has been growing\nsince then, but it is finally going downward for the past three years. (Anon,\n2019) <\/p>\n\n\n\n<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For\npublic holidays, Australia shares most of the same holidays as the fellow\ncommonwealth countries such as New Year\u2019s Day, good Friday, Easter Monday,\nlabour day, queen\u2019s birthday, Christmas day, and boxing day; with a few\nAustralian local holidays such as Australia day, Anzac Day, Canberra day,\nreconciliation day. Some holidays may vary between state and territory\ngovernment. (Australia.gov.au,\n2019)<\/p>\n\n\n\n<p><strong>Recruitment practices<\/strong><\/p>\n\n\n\n<p>Australian labour law contains two\nsegments that are governed by two different sectors, commonwealth state and\ncommon law. Issues are usually dealt with separately regarding workers, unions,\nand employers. <\/p>\n\n\n\n<p>Here are a few legislations that are\nimplemented in the Australian workforce:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Fair Work Act Legislation<\/li><\/ul>\n\n\n\n<p>This\nlegislation is implemented the most, it guides workplace relationship in\nAustralia which guarantees the minimum entitlements, working hour arrangement,\nfairness and eliminate discrimination. (Fair Work Ombudsman, 2019)<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Amendment Acts<\/li><\/ul>\n\n\n\n<p>\u201cSometimes\nparliament make changes to existing acts by passing amendments known as\namendments acts.\u201d<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Corporation Act 2001<\/li><\/ul>\n\n\n\n<p>\u201cThe\nCorporation Act 2001 is the main legislation regulating companies in Australia.\nIt clovers companies and other entities, such as partnerships.\u201d<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Independent Contractors Act 2006<\/li><\/ul>\n\n\n\n<p>\u201cIndependent\nContractors Act 2006 protects the rights of genuine independent contractors to\nenter into a contract for services and prevents interference by any other\nparty.\u201d<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Freedom of Information Act 1982<\/li><\/ul>\n\n\n\n<p>\u201cThe\nFreedom of Information Act 1982 gives numbers of the public the right to access\nofficial documents of the Australian government and its agencies.\u201d<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Privacy Act 1988<\/li><\/ul>\n\n\n\n<p>\u201cThe\nprivacy act 1988 regulates how the Australian government and its agencies use\nand distribute information they collect about individuals.\u201d<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Competition and Consumer Act 2010<\/li><\/ul>\n\n\n\n<p>\u201cThe\nCompetition and Consumer Act 2010 covers most areas of the market: the\nrelationships between suppliers, wholesalers, retailers, and consumers.\u201d<\/p>\n\n\n\n<p><strong>Selection practices (Journal)<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Assisted employee choice<strong><\/strong><\/li><\/ol>\n\n\n\n<p>Arbitrarily\nlimiting the number of default funds\navailable as suggested within this model stifles innovation, provides an\nunfair advantage for the chosen few and places barriers upon new entrants to\nthe market. Good performing funds which are not selected will struggle to\nsurvive. A selection panel could be subject to external influences, such as political\ninfluence. While it is suggested that a selection panel should be accountable\nfor its decisions, how can this be monitored or enforced? How can, potentially,\nmillions of Australians be compensated for losses resulting from poor default\nfund selection by such a panel?<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Assisted employer choice (with employee protections)<\/li><\/ul>\n\n\n\n<p>MySuper was intended to provide a solution to the selection of default\nfunds (all MySuper fund are by design eligible default funds). MySuper has not\nyet reached maturity, it is still in implementation phase hence it has not\noperated in an open and unfettered market. It is therefore impossible to judge\nhow effective MySuper could be in providing a default fund selection criterion;\nor how competitive MySuper funds will become over time. It is difficult to\ncomment on the long-term investment performance of MySuper funds as they have\nonly been in existence since 2014. It is also very difficult to envisage how a\nheavy filter could be applied to funds based on investment performance, as past\nperformance cannot be used as an indication of future performance. Exposure to\nvarious asset classes generally determines the performance of an investment,\nand higher growth entails greater risk. This must be considered in light of an\ninvestor\u2019s time frame and risk appetite.&nbsp;&nbsp;\nIt would be a very brave Panel Member who would accept responsibility\nfor arbitrary decisions such as this.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3.&nbsp;&nbsp;&nbsp;&nbsp; Multi-criteria tender<\/h2>\n\n\n\n<p>We\ndo not support this model. It seems overly complicated and restricts\ncompetition. The proper implementation and possible tightening of MySuper\nfilters can achieve the same result without the need to exclude providers and\nlimit competition. The process is potentially open to political and other\npressures in the selection of the final list of default funds. Funds will\nlikely move to passive investment and will all become \u2018vanilla\u2019 as they will be\nscared to underperform in case, they are dropped off the list.&nbsp; Also, it is unlikely that there will be\nreplacement funds as any fund not on the original list will have difficulty\nsurviving in the long term.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Fee-based auction<\/li><\/ul>\n\n\n\n<p>We do not support this model. Fees are not the only factor in providing\ngood investment outcomes and member satisfaction. This model would result in \u2018a\nrace to the bottom\u2019. It is anti-competitive, stifles innovation, provides an unfair advantage for the chosen\nfund (or few) and places barriers upon new entrants to the market. Good\nperforming funds which are not selected will struggle to survive or cease to\nexist. The selected fund(s) will likely move to passive investment to save cost\nand will be scared to underperform in case they are dropped off the list. Also,\nit is unlikely that there will be replacement funds as any fund not on the\noriginal list will have difficulty surviving in the long term.<\/p>\n\n\n\n<p><strong>Miscellaneous information<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Minimum\nwages<\/li><\/ul>\n\n\n\n<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minimum\nwage refers to the basic pay for hours worked. It is dependent on the\nindustrial employment within the industry. Both employers and employees should\nbe paid at least the same than the minimum wage. <\/p>\n\n\n\n<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The\nnational minimum wage in Australia is $19.49 per hour and $740.80 per 38 hour\nweek (before tax). 25% casual loading is also given to the casual employees who\nare covered by the national minimum wage. (Fair Work Ombudsman, 2019)<\/p>\n\n\n\n<p><strong>Reference <\/strong><\/p>\n\n\n\n<p>En.wikipedia.org. (2019).&nbsp;Australia. [online] Available\nat: https:\/\/en.wikipedia.org\/wiki\/Australia [Accessed 22 Oct. 2019].<\/p>\n\n\n\n<p>Bamber, G. (2016).&nbsp;International and comparative\nemployment relations. Sydney: Allen &amp; Unvin.<\/p>\n\n\n\n<p>Anon, (2019). [online] Available at:\nhttps:\/\/www.aph.gov.au\/About_Parliament\/Parliamentary_Departments\/Parliamentary_Library\/pubs\/BriefingBook45p\/EmploymentAustralia\n[Accessed 23 Oct. 2019].<\/p>\n\n\n\n<p>Australia.gov.au. (2019). [online] Available at: https:\/\/www.australia.gov.au\/about-australia\/special-dates-and-events\/public-holidays\n[Accessed 29 Oct. 2019].<\/p>\n\n\n\n<p>Hor, J. and MacDermott, T. (2019).&nbsp;Employment &amp;\nLabour Law 2019 | Australia | ICLG. [online] International Comparative Legal\nGuides International Business Reports. Available at:\nhttps:\/\/iclg.com\/practice-areas\/employment-and-labour-laws-and-regulations\/australia\n[Accessed 29 Oct. 2019].<\/p>\n\n\n\n<p>Fair Work Ombudsman. (2019).&nbsp;Welcome to the Fair Work\nOmbudsman website. [online] Available at: https:\/\/www.fairwork.gov.au\/how-we-will-help\/templates-and-guides\/fact-sheets\n[Accessed 29 Oct. 2019].<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Latto, D. (2017). WSSA Response to the Productivity Commission Draft Report Overview March 2017 on Superannuation Alternative Default Models<\/h1>\n","protected":false},"excerpt":{"rendered":"<p>Introduction and overview of Australia &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The commonwealth of Australia is the only sovereign country that comprising the whole mainland of the Australian continent. It is the world\u2019s sixth largest country and the largest in Oceania. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia has a population of 25 million people and a GDP of 1.37 trillion in total and 53,500 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/eportfolios.capilanou.ca\/laurieprangemartin\/australia\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Australia&#8221;<\/span><\/a><\/p>\n","protected":false},"author":377,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-77","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/eportfolios.capilanou.ca\/laurieprangemartin\/wp-json\/wp\/v2\/pages\/77","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eportfolios.capilanou.ca\/laurieprangemartin\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/eportfolios.capilanou.ca\/laurieprangemartin\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/eportfolios.capilanou.ca\/laurieprangemartin\/wp-json\/wp\/v2\/users\/377"}],"replies":[{"embeddable":true,"href":"https:\/\/eportfolios.capilanou.ca\/laurieprangemartin\/wp-json\/wp\/v2\/comments?post=77"}],"version-history":[{"count":3,"href":"https:\/\/eportfolios.capilanou.ca\/laurieprangemartin\/wp-json\/wp\/v2\/pages\/77\/revisions"}],"predecessor-version":[{"id":216,"href":"https:\/\/eportfolios.capilanou.ca\/laurieprangemartin\/wp-json\/wp\/v2\/pages\/77\/revisions\/216"}],"wp:attachment":[{"href":"https:\/\/eportfolios.capilanou.ca\/laurieprangemartin\/wp-json\/wp\/v2\/media?parent=77"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}