FUTURE FUND HOLDS $3.4 BILLION OF SHARES IN THE WORLD’S TOP 50 POLLUTING COMPANIES

Answers to Questions on Notice provided to Greens Senator Barbara Pocock show the publicly owned Future Fund is invested heavily in those very companies that threaten Australia’s future, with a total $3.4 billion in the biggest polluting companies in the world.

In Senate estimates, Senator Pocock pressured the Future Fund to use its shareholding power to force the coal, oil and gas companies it invests in to diversify away from selling planet-destroying products. 

Pocock questioned the Future Fund about its discussions with Rio Tinto over the destruction of Juukan Gorge, arguing that there is nothing stopping the Fund from similarly engaging directly, or through their fund managers, with coal, oil and gas corporations making record profits from climate destroying activities.

Further, the Government’s Disaster Ready Bill, currently before the Senate, will use proceeds from the Future Fund to pay for infrastructure to ‘mitigate’ climate damage. But at $200 million a year, when the cost to protect us from storm surges alone is $600 million a year, there is a huge gap between what is needed and what is offered.

And there is a deep irony in the government relying on dividends from the world’s biggest polluters to pay for infrastructure to deal with the escalating damage those very same companies are causing through their fossil fuel investments.

Senator Pocock said:

“The Future Fund is invested in companies that have absolutely no intention to diversify away from coal and gas, with $549 million directly invested in Woodside, $190 million in Santos and $83 million in Whitehaven.

“The government’s Disaster Ready Bill is proposing only a third of the climate infrastructure funding we need to keep Australians safe from natural disasters, all the while investing billions into the same greedy corporations driving climate destruction and Australia’s natural disasters.

“These Australian companies need all the pressure the Future Fund can bring to bear on them and if the Fund doesn’t intend to do that, the Labor government must direct a sell off of that stock and send a message that the Future Fund’s focus is on a safe and secure future.

“While Australia is attending COP27 to mitigate against climate disaster, and is asking the world to let us host a climate summit, our government is sinking money into the world’s biggest polluters.

“If the Future Fund is entrusted with paying for the public works needed to keep Australian communities safe from floods, fires, storm surges and cyclones moving south – then it needs to stop profiting from those companies making these natural disasters worse. ”

Questions on Notice and Answers

Table of Investments 

A table containing Future Fund Investments In Top 50 Polluting Companies at 31 October 2022

ACT RESIDENTIAL EATING DISORDER FACILITY SITE CONFIRMED

Minister for Mental Health Emma Davidson has announced the ACT Residential Centre for eating disorders will be built in Coombs.

A tender for the construction of the Centre will be released in the coming weeks and the Centre is on track for completion in 2023-24. The location is Block 3, Section 17 in Coombs.

Minister Davidson says the Centre forms part of the ACT Government’s stepped care model of care for eating disorders, which links services together so that everyone can access the right support at the right time.

“The location in Coombs is close to nature, overlooks green spaces and a pond and is in a residential setting. These elements support a home-like environment to help people on their recovery journey and live well in the community,” Minister Davidson said. 

“People with lived experience, clinicians and non-government organisations have been clear that this centre will fill a significant gap – providing a calming home-like environment with specialised therapeutic support for people with eating disorders who sit between care delivered in the community and acute clinical care in hospital.

“It is a critical addition to Canberra’s eating disorder services, which has been scarce and led to many not being able to receive the right support in the ACT. Over the past years, significant work has been undertaken to expand services and better coordinate them with existing support. For instance, the Clinical Hub, which launched in January this year, has seen patient waiting times reduce from an average 644 days in December 2021 to 56 days in October 2022.”

An early design on the Coombs site has been completed and the Preliminary Sketch Plan Phase is now underway, with the aim of having a Development Application (DA) lodged before the end of 2022. The draft designs for the Centre continue to undergo consultation throughout the DA process, which will run until construction commences in 2023. 

The Commonwealth Government has agreed to fund $13.5 million over three years starting in 2021-22 for the development of the Centre.

The Clinical Hub better coordinates resources, services, and clinical expertise to ensure people with eating disorders are quickly connected with health and community services that best support their individual needs.

GREENS LAUNCH PLAN FOR YOUTH HOUSING GUARANTEE

The Victorian Greens have launched their plan for a Youth Housing Guarantee in an election bid to reduce the high rates of youth homelessness across the state.

The Youth Housing Guarantee would see Victorians under the age of 25 guaranteed appropriate housing when presenting to a homelessness service.

To help fund the plan the Greens have committed $100 million dollars to housing and homelessness services over the forward estimates.

Leader of the Victorian Greens, Samantha Ratnam, said it was unacceptable that over one in four Victorians experiencing homelessness were aged between 12 and 24.

She said for too long both major parties had chronically underfunded our housing and homelessness services and refused to invest in more public and affordable homes.

There are increasingly high rates of youth homelessness in Victoria, often due to family breakdown and family violence. 

Due to the severe shortage of affordable and appropriate housing options for young people, young people experiencing homelessness often end up in unsuitable housing such as rooming houses or overcrowded short-term accommodation.

Experiencing periods of homelessness at a young age is also a strong predictor of experiencing homelessness later in life, and increases the likelihood of poor physical and mental health, substance abuse and interactions with the justice system.

The Greens’ plan would ensure young people at risk of or experiencing homelessness in Victoria could be connected with appropriate support and services, such as specialist youth accommodation.

Leader of the Victorian Greens, Samantha Ratnam MLC said: 

“We are in a housing crisis and young people are some of the hardest hit.

“Up to 25,000 Victorians experience homelessness on any given night and one in four of them are under 25.

“Our Youth Housing Guarantee would make sure that young people who present to a homelessness service will get access to safe, specialist youth housing.

“We don’t need more band-aid solutions – we need a guarantee that the next government will end youth homelessness.”

New COVID-19 variant leads to increase in cases

We are seeing an increase in COVID-19 case numbers in Australia, reflecting community transmission of the Omicron variant XBB.

We are also closely monitoring the overseas transmission of a second Omicron variant – BQ.1.

While evidence is still emerging, the experience to date with these two variants overseas is that they do not appear to pose a greater risk of severe illness and death – and that the COVID-19 vaccines provide good protection against these outcomes.

All indications are that this is the start of a new COVID-19 wave in Australia. This was to be expected and will be part of living with COVID-19 into the future.

The overseas experience is that these new variants have driven increases in case numbers – and hospitalisations at a rate proportionate to these increases – because of their ability to evade the immunity provided by prior infection and vaccination. 

It’s therefore timely to focus on the actions we can all take to reduce the threat of these new variants, keep the pressure off our health care workers and hospitals and continue to look forward to our summer plans.  

There are three things everyone can do to reduce the threat of these variants across our communities – and help limit the size of the wave.

Firstly, make sure you are up to date with your vaccinations – including having a third or fourth dose if you haven’t had them already. Make an appointment for this dose as soon as possible so your immunity is boosted for the coming months when we are most likely to see an increase in COVID-19 transmission in Australia.

Vaccination is your best protection against getting severely ill or dying from COVID-19. And evidence from overseas indicates vaccination reduces the prevalence of symptoms associated with Long COVID.

Secondly, keep a mask handy when away from home. If you’re at indoor public places or in crowded settings, a mask can help protect you and reduce the chance of infecting others. It’s a simple, sensible way to add another layer of protection and contribute to our collective effort to slow the spread of the virus.

And thirdly, if you have tested positive or are not feeling well, stay at home until the symptoms have passed. If you do have to leave your house, wear a mask and avoid going to any high-risk settings, including hospitals, and aged and disability care facilities. 

Through these three measures, you can make a significant contribution to protecting yourself, your family and friends, and the wider community against these new COVID-19 variants.

Advice about managing COVID-19 symptoms is available 24/7 from the Australian Government’s National Coronavirus Help Line: 1800 020 080. Information about managing COVID-19 is also available at healthdirect.gov.au.

In addition, people at risk of more severe illness from COVID-19 should talk to their GP now about their eligibility for oral antiviral treatments should they contract COVID-19.

NSW Government partners with 15 Councils to host major cultural events and festivals

The state’s events calendar just got bigger thanks to the NSW Government investing $8 million into 21 major cultural festivals and events run by local councils across Sydney, the Hunter and Newcastle, and the Illawarra. 
 
Grant funding of up to $500,000 a year for two years has been awarded to 15 local councils across the state’s Six Cities regions to host major multicultural events and festivals in partnership with the NSW Government. 
 
Minister for Multiculturalism Mark Coure said each partnership with the councils will help make their events bigger tourism attractions and local economy boosters.
 
“To have 21 different multicultural events hosted by 15 councils across the state’s Six Cities regions is a testament to NSW’s rich cultural and religious diversity,” Mr Coure said.
 
“This funding will help each of these councils take their events and festivals to the next level.”
 
 

Blacktown City CouncilCampbelltown City CouncilCity of Canterbury BankstownCumberland City CouncilGeorges River CouncilInner West CouncilLake Macquarie City CouncilLiverpool City CouncilMaitland City CouncilCity of NewcastlePort Stephens CouncilShellharbour City CouncilStrathfield CouncilWilloughby City CouncilWollongong City Council 


Minister for Local Government Wendy Tuckerman said the partnerships will be a real win for the residents and visitors of local communities.
 
“Local Councils are the level of government closest to the community, so the NSW Government working directly with councils in our six cities will ensure these celebrations benefit their communities directly,” Mrs Tuckerman said.
 
“By partnering with councils, we are boosting local cultural celebrations led by local leaders, helping to cater for bigger crowds so tourists can experience everything their city has to offer.”
 
The Six Cities Regions comprise the Lower Hunter and Greater Newcastle City, Central Coast City, Illawarra-Shoalhaven City, Western Parkland City, Central River City and Eastern Harbour City.
 
Successful councils can use the funding for festivals in 2023 and 2024. All successful councils will partner with the NSW Government and co-fund to host events. For more information, visit www.multicultural.nsw.gov.au  

Review of firearms, knives and weapons offences

The NSW Government today announced an independent, wide-ranging review of sentencing for firearms, knives and other weapons offences in NSW.
 
Attorney General Mark Speakman said the review will be undertaken by the NSW Sentencing Council, the state’s independent advisory body on sentencing matters and sentencing trends.
 
“The NSW Government is committed to keeping our community safe. That’s why I’ve asked the Council, through its Chairperson the Hon Peter McClelland AM KC, to review and advise on sentencing for firearms, knives and other weapons offences in NSW,” Mr Speakman said.
 
“This is the first time that such a comprehensive weapons review will have been undertaken in NSW by the Sentencing Council. A limited review of firearms offences was last undertaken by the Council in 2004, and some knife offences have never been reviewed.
 
“In requesting this review, I want to make sure that sentencing laws relating to possession and use of firearms, knives and other weapons remain in line with community expectations and that law enforcement agencies have access to the tools they need to keep our streets safe.
 
“The terms of reference will ensure a wide-ranging, extensive review of existing sentencing offences, including an in-depth analysis of sentencing convictions over the past five years.”
 
Terms of reference
 
Under the terms of reference, the Sentencing Council has been asked to conduct a review of sentencing for firearms, knives and other weapons offences, including but not limited to offences in the Crimes Act 1900 and Summary Offences Act 1988, and make any recommendations for reform that it considers appropriate.
 
In undertaking this review, the Sentencing Council should:
 

  • provide sentencing statistics for convictions and penalty notices (where relevant) over a five-year period;
  • provide information on the characteristics of offenders, sentence type and length;
  • provide background information, including:
    • the key sentencing principles and reasoning employed by sentencing judges;
    • the mitigating subjective features of offenders; and
    • any other significant factors considered in sentencing decisions that explain how courts come to their final decision on sentence (which may be done using case-studies or collation of predominate themes across cases);
  • consider whether the standard non parole periods where identified remain appropriate;
  • consider whether offences for which penalty notices are available remain appropriate;
  • consider whether the maximum penalties for the offences are appropriate with reference to other jurisdictions;
  • consider whether any existing summary offences should be made indictable offences;
  • consider any other matter the Council considers relevant.

NSW Government delivers record $905 million assistance package to taxi licence holders

The NSW Government has presented a final assistance package to NSW taxi licence holders, offering the most generous assistance payments in the country worth a total of $905 million.
 
The extra cash injection will see the passenger service levy (PSL) increase by 20 cents to $1.20 (ex GST) and be extended to 2030.
 
According to Transport for NSW data, the package is more than double the compensation offered by the Victorian Government and more than nine times the package offered by the Queensland Government.
 
Minister for Transport, Veterans and Western Sydney David Elliott and Minister for Regional Transport and Roads Sam Farraway made the announcement today and said the changes to the financial assistance package were as a result of continued discussions and feedback from representatives from the taxi industry.
 
This now takes the total assistance package, designed to help fully deregulate the industry, from $645 million to $905 million – more than is being offered by any other state in Australia.
 
Minister for Transport, Veterans and Western Sydney David Elliott said the final assistance package delivered fair and equitable financial assistance to all taxi licence holders across the state.
 
“I’ve always sought to ensure families who paid out their hard earned cash were not left with the burden of debt through no fault of their own and I sincerely hope this eases the financial burden on our cabbies as they manage the transition in point to point services,” Mr Elliott said.
 
“I urge the taxi industry to support this generous package so that taxi licence owners receive the money they deserve as soon as possible.”
 
The new package provides $150,000 for every Sydney metropolitan taxi licence holder with a cap of 6 plates. Each regional taxi plate will be paid between $40,000 and $195,000, with no cap on the number of plates.
 
Minister for Regional Transport and Roads Sam Faraway said the NSW Government had presented the most generous taxi assistance package in the country.
 
“On the back of natural disasters and a pandemic, the NSW Government has still been able to offer businesses like the taxi industry a fair deal,” Mr Farraway said.
 
“We have done this in the fairest way to customers with a modest 20 cent increase in the PSL which delivers an extra $260 million to the taxi industry bringing the total amount to $905 million.
 
“I have met with taxi operators around regional NSW, particularly those in Zone Four. This new package will see those Zone Four operators offered $40,000, an increase of 60 per cent on the previous proposal and on top of payments already made.
 
“This package is our final offer and should it be accepted by the NSW Taxi Council and its members then the funding will be in the bank accounts of taxi owners as soon as early next year.
 
“To date we have still not heard if Opposition Leader Chris Minns supports our package or if he has a package of his own.”
 
As part of this final assistance package, the passenger service levy will cease in 2030.
 
Should the final package not be accepted, legislation will not be introduced.
 
A Government appointed review will then be launched to assess a compensation package, based on the existing passenger service levy.

NSW Health Pathology Celebrates First Decade

NSW Health Pathology is celebrating 10 years since it was formed, bringing together public pathology and forensic and analytical science services from around the state.
 
The statewide organisation now operates more than 60 laboratories and 150 collection centres across NSW, conducting over 100,000 clinical and scientific investigations every day.
 
Health Minister Brad Hazzard said the public pathology service proved invaluable during the COVID-19 pandemic, when the organisation provided vital public health testing.
 
“From growing the live virus and sequencing its genome, to creating an SMS service to notify patients of their PCR results, NSW Health Pathology proved essential to protecting the health and safety of the people of NSW,” Mr Hazzard said.
 
“I want to thank all of NSW Health Pathology’s staff for their incredible efforts over the past 10 years. The work they have done, and continue to do, to care for the people of NSW is remarkable.”
 
During the past decade NSW Health Pathology has made significant advances, including opening a $91.5 million state-of-the art Forensic Medicine and Coroners Court Complex at Lidcombe and rolling out an electronic tracking system for patient samples statewide.
 
Founding Chief Executive Tracey McCosker PSM, who remains at the helm of the organisation, said the service’s 5000-strong workforce is dedicated to finding the answers that help protect the health and safety of the people of NSW.
 
“The dedication our people have displayed is something I won’t forget. They have worked tirelessly and under enormous pressure to deliver services we’ve all relied on and can all be proud of,” Ms McCosker said.

Final designs for Sydney’s newest parklands unveiled

Sydneysiders will soon be able to enjoy 10 hectares of sprawling gardens, wetlands and brand new sporting and recreational facilities with the final designs of the new Rozelle Parklands unveiled today. 
 
Premier Dominic Perrottet said the expansive parklands, which are being delivered as part of the NSW Government’s Rozelle Interchange Project, will be one of the largest open green spaces in inner Sydney. 
 
“As part of the Rozelle Interchange Project, we had the rare opportunity to deliver a new parkland space in the heart of our city, transforming disused former industrial land and returning it back to the local community,” Mr Perrottet said.
 
“Rozelle residents will soon have new recreational and community facilities set amongst an expanse of open green space the size of 12 football fields right on their doorstep.”
 
Minister for Infrastructure, Cities and Active Transport Rob Stokes said the parklands would provide a big new backyard for the entire community to enjoy.
 
“With more than 3,000 new trees, bush trails, wetlands, landscaped gardens, barbeques and playgrounds, this will be a spectacular green space spanning 10 hectares,” Mr Stokes said. 
 
“These parklands will heal a scar that has separated Sydney’s CBD from the inner west, and will complete a missing piece of our vision of the best harbour walk in the world linking all the way from Sydney to Parramatta.”
 
Minister for Metropolitan Roads Natalie Ward said the NSW Government worked hard to put the needs of the local community at the heart of this project.
 
“We have transformed this space from what used to be disused rail yards with overgrown grass, hazards and no access to the public, to what will now be a renewed, revived and refreshed area of beautiful green space,” Mrs Ward said.
 
“This space is designed to be used by children, pets and everyone from the local community, and is another example of the Perrottet government delivering transport and community benefits hand in hand.” 
 
The Rozelle Interchange is a new underground motorway interchange, being built as the final part of the WestConnex project. 
 
It will allow drivers to connect to the M4 and M8 extension tunnels, the City West Link, Western Distributor, the future Western Harbour Tunnel and provide a toll-free underground bypass of Victoria Road between the Iron Cove Bridge, Drummoyne, to the Anzac Bridge.
 
Major construction on the Parklands will start early next year, and the park will be open to the public when the motorway opens at the end of 2023.
 
For more information, visit: roads-waterways.transport.nsw.gov.au/projects/rozelle-parklands/index.html

NSW champions gender equality with launch of landmark Women’s Strategy

The NSW Women’s Strategy 2023-2026 launched today, providing a whole-of-government and whole-of-community approach to improve the economic, social, physical and mental wellbeing of women and girls across NSW.
 
The Strategy focuses on three key pillars which will shape NSW Government policy and guide investment to ensure the best results for women in NSW. The pillars are:

  • Economic opportunity and advancement
  • Health and wellbeing
  • Participation and empowerment

Premier Dominic Perrottet said the Strategy has been developed through extensive consultation with more than 2,000 women and girls across metro and regional NSW, as well as those who work closely with women and girls through a range of diverse backgrounds and experiences.
 
“The NSW Government is committed to ensuring NSW is the best place in the country for women to live, work and raise a family, and to achieve that, we have developed the most comprehensive package of initiatives to support women in the State’s history,” Mr Perrottet said.
 
Minister for Women Bronnie Taylor said the Strategy builds on the progress achieved over the last four years through the NSW Women’s Strategy 2018-2022.
 
“The NSW Government is championing women and girls by making it easier for women to enter, stay and return to work through a $16.5 billion investment in the NSW Budget 2022-23,” Mrs Taylor said.
 
“2022 is the Year of the Woman. Now is the time to build on this momentum and drive future opportunities for women and girls in NSW. Through this Strategy – I want to empower young girls to become astrophysicists, lead our tech companies, become sporting superstars and excel in whatever field they choose.”
 
To coincide with the launch of the Strategy, the $1 million Investing in Women Funding Program opened today.
 
Investing in Women helps NSW organisations to develop and implement projects that advance the role, status and contribution of women and girls in our communities guided by the three priority areas of the NSW Women’s Strategy.
 
Examples of successful projects from previous rounds include: targeted workplace employer programs to provide flexibility for women with endometriosis, online programs to boost confidence, upskill and connect women in rural or remote communities and mentorships for girls to encourage workforce participation in the trades sector.
 
More details can be found at: https://www.nsw.gov.au/grants-and-funding/investing-women-funding-program
 
To read the strategy, visit: https://www.nsw.gov.au/women-nsw/nsw-womens-strategy