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Earlier this month, the US House of Representatives passed the bipartisan infrastructure bill, which is a major win for not only America but also potentially for Australia. The Infrastructure Investment and Jobs Act will help connect 14 million Americans to broadband, provide clean drinking water for 10 million families, upgrade the energy grid, and create millions of jobs. It is the single largest investment in bridges since construction of the Interstate Highway System in the 1950s and the single largest investment to address climate change in US history.
Australia has a reputation for investing in infrastructure, especially through public-private partnerships. Many in America recognise this leadership and look to collaborate with Aussies on a variety of infrastructure projects across the country. AmCham has for many years championed the opportunities for Australians to contribute solutions to address America’s crumbling infrastructure. Through the visits to the US by then-Prime Minister Turnbull and the state premiers, to discussions at the SelectUSA summit in Washington, to AmCham conferences and meetings across Australia, the Chamber has been working to identify projects, investments and partnerships that highlight Australian ingenuity and capabilities and address the most critical needs.
This year, AmCham’s infrastructure push will also include our national headquarters city: Sydney. In March 2022, you can join us for the inaugural AmCham Greater Western Sydney Summit. This business-focused Summit will feature speakers from industry, business and government presenting the information, resources and strategies that will make organisations successful and provide opportunity to individuals. The infrastructure needs of this region are significant, with an anticipated majority of Sydney’s population living west of Parramatta by 2036. To support this rapid growth, a record $20 billion of public funding has been committed to create an integrated city flourishing with industries such as aerospace and defence, food and agribusiness, advanced manufacturing, logistics, health, education and tourism. Improved critical public infrastructure will deliver education opportunities and high-skilled jobs for the future, will enable business growth, and directly link Western Sydney to the world.
Whether it is on US or Australian infrastructure projects, AmCham looks forward to providing you and your organisation with access to opportunity in the months and years ahead.
Yours sincerely,
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April Palmerlee, Chief Executive Officer
American Chamber of Commerce in Australia
E [email protected]
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I’m delighted to welcome these new members and here are links to their websites:
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AmCham Australia Supports the Prime Minister’s Veteran Employment Program
AmCham is proud to support the Prime Minister’s Veteran Employment Program and join the growing number of Australian organisations, many of whom are AmCham members, recognising the professional skills and experience of veterans.
In signing the Veterans’ Employment Commitment, the Chamber will:
- Recognise the skills and value that veterans can bring to our business
- Support the employment of veterans, ensuring that veterans have equal opportunities in gaining employment with our business
- Aim to provide career opportunities in our business to veterans
- Actively seek to understand how veterans’ skills and experience can translate into civilian skills and contribute to our business
- Provide suitable training, mentoring and coaching to veterans to assist their integration into our business
- Ensure our HR policies equitably support the recruitment and retention of all employees, including veterans
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AmCham Members Make 2021 Remembrance Day Commitment to Give a Vet a Go
We are pleased to recognise the numerous AmCham member companies who have pledged to ‘Give a Vet a Go’ through a range of initiatives aimed at bringing more veterans into the civilian workforce. AmCham companies acknowledge the diverse capabilities and applicable experiences veterans can bring to the workforce. The men and women who separate from the military each year have a range of skills which are transferable across sectors, making them valuable employees, such as: leadership, risk management, problem solving and critical thinking, and communication.
To mark Remembrance Day 2021, the below AmCham members aim to support veteran employment through:
- Showcasing the current veteran talent already employed within their organisations;
- Welcoming veteran applicants for open positions in their companies, and encouraging those in related industries to do the same;
- Growing the number of veteran hires within their organisation;
- Committing to review the applications of qualified veteran applicants for open positions and having a recruitment process in place where veteran applicant skills and service experience are understood and valued;
- Supporting unsuccessful veteran applicants with the opportunity to seek actionable feedback to improve future employment prospects; and
- Where possible, identifying mentors, educators, and veteran alumni for new veteran hires to network, skill up and accelerate their success.
AmCham Members Supporting the 'Give a Vet a Go' Initiative:
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Martin Haese
Chief Executive Officer
Business SA
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Stella Choe
MD, Head of Corporate Banking ANZ
Citi
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Dr Andrew Blattman
CEO and Managing Director | IPH Group
Andrew has been Chief Executive Officer and Managing Director of IPH since 2017. He has more than 25 years’ experience in the intellectual property profession. Previously he was CEO of Spruson & Ferguson, the largest entity in the IPH Group. Under his leadership Spruson & Ferguson significantly expanded its footprint in the Australian and Asian IP markets – opening new offices in Melbourne, Beijing, Hong Kong SAR, Jakarta and Bangkok. Andrew has played a key role in the development and growth of the IPH Group, which listed in 2014 and today has a market capitalisation of over $2bn.
What book you are reading right now?
In the last few weeks, I have been re-reading Diplomacy by Henry Kissinger. I first read this book almost 30 years ago. I like it because of the context it provides to our last 100 years of history but also because it is quite a challenging read and can easily put me to sleep!
Biggest risk you took?
The biggest risk, but also probably the biggest no-brainer, was leaving science for IP. That was 26 years ago and I have never looked back.
Proudest moment so far?
Career-wise, it is looking at how far the IPH Group has come. I started as a patent attorney at Spruson & Ferguson fresh from science and academia. Fast forward 26 years and IPH has grown into a top 200 ASX-listed company with seven IP firms, and offices in eight jurisdictions servicing clients across 25 countries. It has been an honour to have been part of this evolution. It’s been quite the ride and as I like to say we are just warming up!
Most rewarding part about your job?
Giving people career opportunities and seeing them rise. I love the IP profession and feel like career-wise, I have had a great run. Helping pave the way for others to have equally rewarding careers is definitely the best part of my job. When IPH listed, it moved us away from the traditional ‘equity partner’ model and in doing so created more career opportunities for people to reach the top of their profession. Being part of this change and being able to now see more and more people rise because of skill rather than be influenced by tenure in a mature market has been fantastic.
What is the first holiday destination you are looking forward to visit once we can safely travel again?
Utah in the US is a family favourite and high on the list once I can coordinate the diaries of my wife and three teenage daughters.
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Major Australian Banks: Full Year 2021 Results Analysis
KPMG
The Australian major banks (the Majors) have reported a combined cash profit after tax from continuing operations of $26.8 billion, up 54.7 percent on FY20 (but down 2.3 percent on FY19).
The Majors’ performance has recovered quickly from last year, on the back of a strong public health response to COVID-19, as well as assertive Government fiscal and policy interventions to support jobs and the economy. In turn, the Australian banking sector has benefited from an economic performance that has been better than anticipated with household finances in a strong position.
Key highlights of the results are:
The Majors reported a cash profit after tax from continuing operations of $26.8 billion for the year, an increase of 54.7 percent on FY20 and a decrease of 2.3 percent on FY19.
Preserving net interest margins (NIM) continues to be a challenge for the Majors, with the average NIM (cash basis) decreasing by 3 basis points compared to FY20.
Cost-to-income ratios have decreased from an average of 53.3 percent in FY20 to 52.1 percent. Excluding notable items, operating costs increased by 3.6 percent to $38.2 billion, reflecting ongoing elevated costs associated with regulatory, risk and compliance programs and a surge in lending applications.
Improving economic conditions and lower than anticipated losses eventuating from COVID-19 saw an aggregated release in loan impairment expenses of $0.8 billion. This reflects a release of 11.9 percent of the collective provisions raised in FY20, primarily in response to the pandemic. Total impairment provisions of $21.5 billion remain elevated compared to pre-pandemic levels as prudent buffers against potential ongoing uncertainty.
The Majors continued to have strong capital buffers, with the average Common Equity Tier 1 (CET1) ratio increasing by 131 bps to 12.7 percent. The strong capital position saw each Major announce share-buy backs totalling $13.5 billion during the period.
Dividend pay-out ratios increased from 52.3 percent in FY20 to 70.0 percent in FY21, reflecting a stronger performance and increased clarity and confidence in the future. However, this remains lower than FY19 of 81.3 percent.
Whilst recovering earnings has seen Returns on equity (ROE) increase on prior comparative period by 323 basis points to 9.9 percent, this remains below previous double-digit standards experienced prior to the COVID-19 pandemic.
Download the report...
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Billionaire-backed Sun Cable signs Bechtel
Bechtel
The $30bn Sun Cable power project backed by billionaires Andrew Forrest and Mike Cannon-Brookes has signed deals with major contractors including US giant Bechtel as it targets delivery of the renewable export project to Singapore by 2027.
Bechtel – which built Queensland’s three LNG plants – will be tasked with project delivery of Sun Cable with insurance operator Marsh contracted with risk management, PwC Australia with advisory, Hatch with engineering and SMEC with design consultancy.
The project is expected to begin construction from late 2023, with first supply of electricity to Darwin in 2026 and to Singapore in 2027.
Read more...
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Jervois delivers first blast of west portal at Idaho Cobalt Operations
Jervois Mining
Jervois Global Limited is pleased to advise that underground construction of its 100%-owned Idaho Cobalt Operations (“ICO”) in the state of Idaho, United States, has commenced.
This historic step marks the first time in decades that the United States will have a primary cobalt mine within its borders. With Jervois’s commencement of underground work, the United States has taken an important leap forward toward a secure cobalt supply chain.
Read more...
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Survey | Share your sustainability marketing challenges
Lewis Communications
As a global marketing agency TEAM LEWIS is highly passionate about sustainability and has several initiatives in place. They would love to understand more about the challenges businesses and brands like yours are facing with their sustainability marketing. By sharing your thoughts via the survey link below TEAM LEWIS will be able to better understand how to help marketers like you address your pain points.
Share your thoughts here...
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Estate Planning for US/Australia cross border tax issues
Burke & Associates Lawyers
In an increasingly global economy, the economic ties between Australia and the US are ever growing. There are an estimated 130,000 working age Americans living in Australia, and only a slightly lower number of Australians working in the US (primarily California). While many of these individuals engage in significant tax planning during their lifetimes, there may not be such careful planning about the impact of shifting wealth upon death.
At the time of this article (November 2021), the US imposes a federal estate tax calculated at 40% of the value of a gross estate of the deceased person.
Find out more...
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AmCham Jobs Board
As a member benefit, AmCham members can now advertise vacancies on the AmCham Jobs Board.
To advertise please email the following information to [email protected]:
Job title, location, link to the job advertisement (your preferred employment agency website or your company website) and the close date for applications.
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