Launch Of The Australian Business Growth Fund

The Australian Business Growth Fund (BGF) has been formally established, with the Shareholders Agreement now signed by all seven shareholders.
The Government also welcomes the appointment of Mr Anthony Healy as the inaugural Chief Executive Officer of the BGF. Mr Healy has had a senior commercial banking career with a focus on assisting SME customers to grow and succeed. This follows the appointment of the Chairman of the BGF, Will Hodgman, former Premier of Tasmania, earlier this year.
The Morrison Government will work alongside participating banks to ensure that small and medium-sized businesses (SMEs) have access to the equity finance they need as we move into the recovery phase of the COVID-19 pandemic.
The Government is making an investment of $100 million and partnering with other financial institutions to provide equity funding to SMEs through the BGF. The major banks including ANZ, CBA, NAB, and Westpac have also each committed $100 million to the BGF. HSBC and Macquarie have also committed $20 million each in support of the BGF.
This will give the BGF an initial investment capacity of $540 million, with the ambition to grow the fund to $1 billion as it matures. The BGF will operate commercially and make investment decisions independently of Government.
Established Australian businesses will be eligible to apply for long-term equity capital investments between $5 million and $15 million, where they have generated annual revenue between $2 million and $100 million and can demonstrate three years of revenue growth and profitability, allowing for the impact of COVID-19 on recent business performance.
Following the appointment of the CEO, it is anticipated that the BGF will shortly begin engaging with SMEs that are seeking patient equity investment in their business to enable them to grow and expand.
The Government’s investment in the BGF is part of its ongoing commitment to support SMEs as they seek to innovate, expand and create new jobs on the other side of the coronavirus crisis.
More information on the BGF’s investment guidelines can be found in Attachment A.
Attachment A
Australian Business Growth Fund – Investment Guidelines
The BGF will invest consistent with its objectives, which are to:

  • Increase the availability of patient equity capital to Australian SMEs;
  • Increase the level of investment in SMEs across Australia;
  • Facilitate interstate and overseas trade and commerce; and
  • Support job creation and economic growth in response to the current COVID downturn.

The BGF will invest in established SMEs with annual revenue between $2 million and $100 million, and a track record of three consecutive years of revenue growth and profitability. The BGF’s assessment of an SMEs track record will take into account uncharacteristic trends resulting from the COVID downturn.
The BGF’s investment will constitute a minority economic interest of typically between 10-40% of total, fully-diluted, share capital (on an ‘as-converted’ basis).
Each investment must be commercially viable and make a return appropriate to the underlying risk of the investment.
Over time, there must be an industry and regional spread of investments.

Newcastle Libraries support people living with dementia

Newcastle Libraries has launched a new program tailored to assist people living with dementia, their families and carers, designed to foster conversation and connection.
The Memory Room uses images and items from the Local History collection to evoke memories and encourage participants to share stories and laughter.
Material and resources are now available to view online and download for free at home, while one-hour, face-to-face sessions facilitated by certified local art therapist, Alice Ropata, will be offered fortnightly from today.
Memory-Room-participants-Sarah-Greentree-Beddow-and-her-mother-Sandra-Greentree-program-facilitator-Alice-Ropata-and-Lord-Mayor-Nuatali-Nelmes.jpgMemory Room participants Sarah Greentree-Beddow and her mother Sandra Greentree, program facilitator Alice Ropata and Lord Mayor Nuatali Nelmes recall the 2007 Pasha Bulker Storm.
According to a 2019 Dementia Australia survey of more than 5,700 participants, including people living with dementia, their families, carers, health and aged care professionals, 96% of respondents believe people do not know what to say to their friend or relative who lives with dementia.
A further 74% of people living with dementia say others have not kept in touch as much as they used to.
Lord Mayor Nuatali Nelmes said Newcastle Libraries provided inclusive spaces for the young and old to gather and share stories.
“Fostering connection among the older members of our community is vitally important, and our Libraries are a safe, welcoming zone to facilitate that,” Cr Nelmes said.
“City of Newcastle is committed to creating dementia-friendly programs and library spaces. Our library staff have received training through Dementia Australia’s Dementia Friends program, so they feel encouraged to help someone living with dementia remain connected and engaged with their local library and community.”
Manager Libraries and Learning Suzie Gately said one of the Memory Room program’s aims was to provide meaningful opportunities for connection while reducing social isolation and breaking down the stigma associated with dementia.
“Dementia affects close to half a million Australians, a number which is set to double in the next 25 years,” Ms Gately said.
“A single photograph can elicit powerful memories that allow us to open up with loved ones and share stories of our past. The Memory Room encourages discussion in a friendly and supportive environment, helping to strengthen and maintain a sense of connection with others.”
Participants and their carers can book Memory Room sessions online via the Newcastle Libraries website. Other library resources can be accessed through the website to borrow, as well as Dementia Australia-led webinars on a range of topics.

THE WORLD CUP IS COMING, BUT THE HUNTER SPORTS PRECINCT ISN’T

Shadow Minister for Sport Lynda Voltz and State Member for Newcastle Tim Crakanthorp have slammed the Berejiklian Government’s go-slow on the development of the Hunter Sports and Entertainment Precinct, with little progress made three years after the precinct was announced.
In July 2017 the then-Sports Minister Stuart Ayres unveiled a draft concept plan for the redevelopment of the 63-hectare site which included a multi-purpose area, multi-purpose fields and a consolidated sports facility, calling the area “a precinct of global significance”.
Despite repeated calls for the Government to get moving on the project and requests for updates from both the Opposition and the media little information has been provided. During Budget Estimates questioning this year the Government refused to provide a progress timeline, merely stating that it was still consolidating responses from its consultation period.
With Australia today learning it was successful in its bid for the 2023 FIFA Women’s World Club, Ms Voltz said that Newcastle deserves the upgraded facilities to support these international events.
“Newcastle is in line to host round matches and a quarter-final, which is fantastic for the entire Hunter region,” she said.
“However world-class events need world-class facilities, and with the World Cup coming the Government needs to get moving.
“It will be disappointing if these upgrades are not finished before the Women’s World Cup, which would showcase Newcastle to the world events market and secure badly-needed jobs for the future.”
Member for Newcastle Tim Crakanthorp said that the state’s second largest city deserved premier sports and entertainment facilities.
“It has been a staggering three years since the then-Sports Minister waltzed into Newcastle with some pretty pictures and a draft concept plan for the site, but since then the silence has been deafening,” he said.
“There’s no time like the present to move this forward, particularly with the World Cup on its way and large infrastructure projects critical to post-COVID recovery.
“It’s not good enough to say ‘we’re working it’ – show us what you’ve done, because having so little to show for three years of work does not instil much faith.”

Two in court after woman allegedly forced into car, detained and assaulted – Lake Macquarie PD

Two people will face court today charged over the alleged detainment and assault of a woman in the state’s Lake Macquarie region.
About 11.30pm on Wednesday (14 October 2020), a 20-year-old woman, who has an intellectual disability, was travelling as a passenger in a car on the Pacific Highway at Charlestown, when it stopped at a red light near Ferris Street.
A Hyundai Elantra sedan pulled up alongside and the occupants of the vehicle – who are known to the woman – allegedly grabbed her and forced her into their car before driving off.
While she was being detained in the sedan, the woman was allegedly repeatedly assaulted and had her credit cards stolen.
Police will allege in court that the car drove to George Booth Drive at West Wallsend before it stopped and one of the passengers, a 38-year-old woman, dragged the 20-year-old woman out of the car and continued to assault her on the street.
She was then forced back into the car before she was driven to a home in Windale a short time later.
It’s further alleged that while at the home, the 20-year-old woman was forced into the shower and repeatedly assaulted while being filmed.
Officers from Parramatta Police Area Command were notified after the vision was put on social media, before officers from Lake Macquarie Police District commenced an investigation.
Investigators attended the home at Windale, where NSW Ambulance paramedics were treating the 20-year-old woman. She was then taken to Belmont Hospital in a stable condition.
Following extensive inquiries, investigators executed a search warrant at a home in Box Place, Gateshead, about 7.30am yesterday (Thursday 15 October 2020).
Several items relevant to the investigation, including a Hyundai Elantra sedan, were seized to undergo forensic examination.
A short time later, a 37-year-old man and a 38-year-old woman were arrested at the property and taken to Belmont Police Station.
The man was charged with nine offences, including:

  • robbery in company,
  • take/detain person in company with intent to obtain advantage,
  • two counts of assault occasioning actual bodily harm,
  • two counts of stalk/intimidate intend fear physical etc harm,
  • film person in private act without consent, and
  • two counts of contravene prohibition/restriction in AVO.

The woman was charged with seven offences, including:

  • robbery in company,
  • take/detain person in company with intent to obtain advantage,
  • two counts of assault occasioning actual bodily harm,
  • two counts of stalk/intimidate intend fear physical etc harm, and
  • film person in private act without consent.

Both were refused bail to appear before Belmont Local Court today (Friday 16 October 2020).
Investigations are continuing.

Hotel fined $10,000 for COVID breach – Bourke

A hotel in the state’s north-west has been issued with fines totalling $10,000 after breaching COVID restrictions.
Western Region Licensing Police allege the licensee of the hotel on Mitchell Street in Bourke breached the Public Health Orders on Friday 9 October and Saturday 10 October 2020, following a police operation in the town.
Officers from Central North Police District attended the hotel this morning (Friday 16 October 2020), and issued the hotel licensee with two infringement notices under the Public Health Act for “Fail to comply with noticed direction in relation to Section 7/8/9 – COVID-19 – Corporation”.
Each fine is worth $5000.
Central North Police District command, Superintendent Andrew Hurst, warned that officers would continue to ensure the Public Health Orders were being followed.
“It is the responsibility of everyone in this state to follow the rules and keep our community safe from the COVID virus,” Supt Hurst said.
“My officers will continue to monitor compliance within the command; anyone who needs information about the current Public Health Orders should visit the NSW Health website.”
https://www.health.nsw.gov.au/Infectious/covid-19/Pages/latest-updates.aspx
Anyone with information about breaches of the COVID Public Health Orders is urged to contact Crime Stoppers: 1800 333 000 or https://nsw.crimestoppers.com.au. Information is treated in strict confidence. The public is reminded not to report information via NSW Police social media pages.

Man charged with 20 offences following theft investigation – Lake Macquarie PD

Police have charged a second man with 20 offences as part of an ongoing investigation into alleged break, enter and steal offences in the state’s Hunter region.
Last month, officers attached to Lake Macquarie Police District’s Proactive Crime Team commenced an investigation after reports of property offences occurring in the Dora Creek and Cooranbong areas.
Following extensive inquiries, with assistance from Tuggerah Lakes Police District, three search warrants were executed on Tuesday (13 October 2020), at properties in Woongarah, Morriset and Sunshine.
During the warrants, investigators seized a number of items, believed to be stolen, including six motorcycles, camping equipment, protective motorcycle clothing, a NSW Police uniform, 30 cannabis plants, cocaine, an electronic stun device, fireworks, ammunition and a replica pistol.
A 33-year-old man was arrested at the Woongarah property and taken to Wyong Police Station, where he was charged with deal with property proceeds of crime, two counts of possess prohibited drug, possess prohibited plant, cultivate prohibited plant, handle explosive without authorising licence and possess unauthorised firearm.
The man was granted conditional bail and is due to appear before Wyong Local Court on Wednesday 4 November 2020.
Following further inquiries, an 18-year-old man was arrested at Toronto Police Station just before 5.30pm yesterday (Friday 16 October 2020).
He was charged with 20 offences;

  • four counts of aggravated break and enter commit serious indictable offence,
  • two counts of steal trailer,
  • four counts of steal motor vehicle,
  • two counts of larceny,
  • enter inclosed land not prescribed premises without lawful excuse,
  • possess or use a prohibited weapon without permit,
  • two counts of possess prohibited drug,
  • deal with property proceeds of crime,
  • supply prohibited drug,
  • possess ammunition without holding licence/permit, and
  • not police officer wear police uniform.

The Sunshine man was refused bail to appear before Newcastle Bail Court today (Saturday 17 October 2020).
Investigations continue.

Two in court after woman allegedly forced into car, detained and assaulted – Lake Macquarie PD

a woman was allegedly detained and assaulted in the state’s Lake Macquarie region.
Two people – a 37-year-old man and a 38-year-old woman – have been arrested and charged to face Belmont Local Court later today (Friday 16 October 2020).

Rental Report Reveals Tenants’ Covid Struggle

Australian Greens Housing spokesperson Senator Mehreen Faruqi has said that AHURI’s Renting in the time of COVID-19: understanding the impacts report, released today, has shone a light on the struggles of renters during the Covid-19 pandemic.
Senator Faruqi said:
“Renters are doing it very tough. The findings of this report confirm many of the fears we’ve had for renters throughout this crisis. Many are earning less, living precariously, and being refused rent reductions.
“The government needs a plan to manage the immense rental stress people are experiencing, and which will worsen as the government continues to withdraw income support.
“There were no measures in last week’s budget to address housing affordability or ensure that people will not have to go hungry to keep a roof over their heads.
“The government must reverse their cruel cuts to income support and invest in social housing to ensure accessible, affordable and sustainable homes for everyone who needs one.
“I call on the National Cabinet to ensure eviction bans are in place so this public health and economic crisis doesn’t leave more and more people in a homelessness crisis,” she said.

Liberals 'too busy' for ICAC – doing what?

Greens Leader, Adam Bandt, says the Liberal Party’s continued excuses for not having a National anti-corruption body have become utterly farcical.
“More leaked talking points, more excuses. The Liberals have spent thousands of words justifying why there’s still no Federal ICAC, when it would only take a vote in the House to implement the Greens bill that has already passed the Senate,” Bandt said.
“This has been an issue for going on a decade, and there has been legislation before parliament for several years. It has also been more than 18 months since this government announced they were fully committed to a national ICAC.
“We could have a Federal ICAC passed on Monday. The Greens’ bill has already passed the Senate and it’s right there, ready to go.
“The excuse that the government is ‘too busy’ is utterly ridiculous. They’ve found time to attack the environment, jack up fees for uni students and weaken donations laws in the most recent sittings.”
“The debacle in NSW is proof positive of why we need a Federal ICAC. Dodgy behaviour by politicians doesn’t stop at the ACT border.”
Greens Leader in the Senate and spokesperson on Democracy, Senator Larissa Waters, said:
“The reason we still don’t have a federal ICAC is because this government has so many skeletons in the closet,” Senator Waters said.
“This week the NSW ICAC once again proved how effective corruption watchdogs are for sniffing out political stink.
“The sideshow of scandals plaguing the Morrison government shows the corrupting influence dirty donations have on decision-making.
“It’s been pork barrelling on steroids with Sports Rorts 1, Sports Rorts 2, the Shine Energy saga, and too many Angus Taylor incidents to count – and those are just the scandals we know of!
“The Morrison Government isn’t ‘too busy’ to implement a federal corruption watchdog, they just want to keep their hands in the political cookie jar.”
While the Morrison government has been ‘too busy’ to implement a federal ICAC, they have managed to find the time to:
•    Change donations laws to allow political donations to be funnelled between state and federal branches, subverting stronger state donations laws (passed with Labor support).
•    Ram through EPBC laws to weaken environmental standards, checks and balances before even receiving the final report from the review that they initiated.
•    Legislating to massively increase the cost of university degrees