Monday 15 November 2021

"There is no country in the world which does climate change delay quite like Australia" and Prime Minister 'Scotty From Marketing' Morrison will double down on his refusal to act as the federal election draws closer

 

The Guardian, 13 November 2021:


The Australian prime minister, Scott Morrison, and the emissions reduction minister,  Angus Taylor. Photograph: Darren England/AAP













In April this year, Australia’s prime minister, Scott Morrison, said that “we will not achieve net zero in the cafes, dinner parties and wine bars of our inner cities”. This explains why he turned to the salt-of-the-Earth hard-workin’ rural folk at McKinsey – one of the biggest billion-dollar multinational consulting agencies on the planet – to produce the Australian government’s long-awaited modelling explaining the pathway to “net zero by 2050”.


In some parallel universe, the task may have gone to Australia’s chief science agency, the CSIRO (a former employer of mine). But it was revealed at Senate estimates a few weeks back that despite the CSIRO applying for the tender, the government rejected them and paid McKinsey $6m to model the changes Australian society must go through to decarbonise within 30 years. This choice makes sense in the context of recent leaks to the New York Times that revealed McKinsey has advised 43 of the 100 biggest corporate polluters, including “BP, Exxon Mobil, Gazprom and Saudi Aramco”. 1,100 of its employees signed an open letter pleading the consultancy reveal the carbon impacts of its clients.


We’ll never know exactly what the Australian government asked of the agency, but we finally know what got spat out the other end: an extremely weird document blatantly designed to protect the interests of Australia’s fossil fuel industries while creating the illusion of ambitious climate action. It was delayed until the final Friday of Cop26 to avoid embarrassment during the global deliberations, so we knew it’d be bad. But it’s worse than expected……


.... of the various pathways modelled in this document, Australia’s government picked the one that doesn’t even reach net zero by 2050. Their preferred scenario, “The Plan”, hits 2050 with a whopping 94 megatonnes of emissions remaining, or 215 if you exclude questionable offsets. They reached the point of 85% reduction in emissions, and very simply gave up. This ignored 15% is breezily labelled “further technology breakthroughs” in the document. It’s both amusingly honest and stunningly irresponsible.


As RenewEconomy’s Michael Mazengarb pointed out on Twitter, they also modelled a scenario in which emissions reductions go all the way to zero, albeit also reliant on offsets. That has a near-zero impact on economic growth, but it’s explicitly dismissed because this scenario also results in worse outcomes for the coal and gas mining industries.


Coal and gas sent overseas is responsible for roughly three times Australia’s annual domestic emissions. If the 72 coal projects and 44 oil and gas projects in Australia are realised, this will become six times Australia’s domestic emissions. They won’t all be realised, but you get an idea of their wide-eyed fantasies of growth. It’s this massive engine of planetary warming that the net zero plan ring-fences. Snarling at threats to fossil fuel companies feels like the only imperative this document takes seriously.


There is a reserved concession to the possibility that the coal export industry may shrink, with one graphic showing future coal exports dropping by 50%, by 2050. But in the same chart, gas exports increase by 13%. Both are laughable, considering the International Energy Agency’s “net zero by 2050” global scenario sees the total global consumption of both coal and gas drop to near-zero by 2050.


Part of why this discrepancy exists is that the IEA’s net zero scenario is limiting warming to 1.5C, but the government is targeting 2C, which allows for worse emissions into the future at the cost of more severe and catastrophic impacts of warming, particularly in the Global South. In fact 1.5C is not mentioned a single time in the hundreds of pages of the report. Like the 85%, it just breezily gives up part-way there.


Fundamentally, what McKinsey has laid out for us is that if you take the laziest, slowest and most bad-faith approach to climate action, it’s very cheap and not immediately disruptive. Take credit for technological advancements that occur in other countries, continue extracting and emitting in the interim, and slap it all with a counterfeit climate action label to avoid scrutiny. Being a tech free rider while worsening the problem you claim to be solving is a wonderfully tempting climate philosophy.


Of course, McKinsey’s modelling buries an important caveat in the guts of the PDF: the physical consequences of climate change are not included in their modelling. That means they count the benefits of falling back to slower action and worse emissions, and ignore the consequences.


In reality, we cannot ignore the consequences. Climate change is a physical problem in which the accumulation of greenhouse gases heats our habitat and hurts us, very badly. A tower of greasy tricks deployed to protect the fossil fuel industry changes nothing about the laws of atmospheric physics, and the pain we experience when governments don’t act fast enough…..


Truly, though, there is no country in the world that does climate delay quite like Australia. The hammy nationalism, the role of fantasy and trickery in its climate and energy rhetoric, and the total absence of shame in defending its role as a key cause of significant physical damage to Earth. It’s only going to escalate as the next federal election inches closer. Better strap in: it’s going to get even weirder. [my yellow highlighting]


Read the full article here.


Sunday 14 November 2021

Equivalent of 5 people a day are falling ill with COVID-19 in Northern NSW since NSW Premier Perrottet lifted public health order restrictions on travel into the region


By now North Coast Voices readers would be aware that 5 of the 7 local government areas in Northern NSW had been effectively COVID-19 free until after 13 September 2021 when the SARS-CoV-2 Delta Variant entered the region from Greater Sydney and community transmission began.


Up until then these 5 LGAs having only had overseas travellers and other visitors test positive to the virus before they left the area without infecting local residents. 


The 6th and 7th LGAs were the outliers – one recording two presumed locally acquired COVID-19 cases on the same day in July 2021 which did not lead to local infection spread and, the other recording three separate presumed locally acquired cases between March 2020 and June 2021 – again not leading to infection spread.  


With those exceptions, from 25 January 2020 up to that Monday morning in September 2021, the region had experienced no community transmission of the COVID-19 virus within a population of est. 307,047 men, women and children.


The global pandemic was seemingly passing by without calling in. Until Morrison and Berejiklian insisted that rural and regional communities should be forced to 'live with COVID' just as their metropolitan cousins did.


As of 8pm on Friday 12 November 2021 according to NSW Health there have been 171 confirmed COVID-19 cases in Northern NSW Local Health District in the 60 days since the Delta Variant Outbreak reached the region.  At least 170 of these confirmed cases were the result of community infection now within the region.


A total of 58 of these confirmed COVID-19 infections (33.91 per cent of all Northern NSW cases since 13 September 2021) have been recorded in the first 12 days since NSW Premier & Liberal MP for Epping Dominic Perrottet opened up Northern NSW to Greater Sydney, interstate & overseas travellers.


That figure is roughly equivalent to 5 people a day falling ill with COVID-19 since 1 November 2021.


THE CONFIRMED LOCALLY ACQUIRED COVID-19 CASE LOCATION BREAKDOWN IN NORTHEN NSW BETWEEN 13 SEPTEMBER & 12 NOVEMBER 2021 APPEARS TO BE:


Tweed Shire - 7 cases + 2 infections contracted elsewhere in NSW


Byron Bay - 7 cases + 2 confirmed infections within the LGA not entered into NNSWLHD records as these individuals were no longer in the region.


Ballina - 14 cases


Kyogle - 21 cases


Richmond Valley - 25 cases + 1 case confirmed on 10 Nov 2021 where infection was contracted overseas


Lismore City - 40 cases


Clarence Valley - 57 cases.



Saturday 13 November 2021

Quote of the Week

 

' Neil Mitchell: "Have you ever told a lie in public life?"

Scott Morrison: "I don't believe I have, no. No." '
[sound of Prime Minister's laughter]

[Australian Prime Minister Scott Morrison in a 3WA radio interview with Neil Mitchell on 12 November 2021]

Cartoons of the Week

 

Cathy Wilcox


David Pope


David Rowe



Tweet of the Week



Well done, Clarence Coast Climate Action! 


Friday 12 November 2021

So what do you know about the people behind management of the Morrison Government's punitive Cashless Debit Card? Perhaps it's time to meet Indue Limited's board of directors & their industry partners


 

IMAGE: news.com.au, 30.01.2019


Just as night follows day, if Scott John Morrison and the Liberal-Nationals Coalition win the federal government election, by the last quarter of 2022 he will announce all government cash transfers to citizens will in future come via the highly restrictive and punitive cashless debit card scheme.


So who has been milking the cash cow as they constructed the mechanism for Morrison's dream of a frightened, deprived and suppressed working class he could strut before?


Well that an easy question to answer - just hit this link 

https://www2.indue.com.au/wp-content/uploads/2021/10/J0982-Indue-Annual-Report-2021_WEB.pdf  and scroll down to pages 14-15 to see their six self-satisfied faces along with a brief bio.


A bit of background......


Sometime in early 2016 the Australian Government through its agency the Dept. of Social Services entered into a contract with Indue Limited, currently valued at $70,340,628.60 (original value: $7,859,509). This contract period now extends from 26-Feb-2016 to 31-Dec-2022.


Indue Limited documents clearly state that its investors-shareholders are “the owners of the company” and that those who contract the company’s services are its “clients” or “customers”.


In relation to the cashless debit card scheme it administers, it appears that the relatively large class of mandatory users of this card during this extended trial period & the somewhat smaller number of voluntary users are simply end product consumers.


How Indue Limited sees itself:……..


Indue Limited ABN 97 087 822 464 (“Indue”) is a bank and Authorised Deposit-Taking Institution (“ADI”) that is regulated by the Australian Prudential Regulation Authority. Indue is owned by financial institutions, each of which is also an ADI. Indue provides transaction processing and settlement services to credit unions, building societies, church funds, mortgage originators, commercial clients and the Australian government. Many clients would be too small individually to be able to provide a competitive alternative financial services offering without Indue.


Indue has over 40 years’ experience in the payments industry and as a financial product issuer since 1992. Indue is a principal member of Visa, MasterCard and eftpos, and holds an Australian Financial Services Licence (AFSL). It is also a reporting entity pursuant to the Anti-Money Laundering (AML)/Counter-Terrorism Financing (CTF) legislation. [Submission to the Australian Treasury. 7 September 2018, excerpt]


Indue Limited has 7 major partners which includes it being a principal member of Visa licensed to issue all Visa card products including credit, debit, prepaid, commercial and premium cards; ia member of eftpos and licensed to issue eftpos card products. These cards may be used in ATMs and eftpos terminals throughout the domestic Australian eftpos network; and, ia member of BPAY allowing us to offer both payer and biller facilities to clients.


2019-20


Indue’s vision is to be the leading partner of payment solutions to our customers. Indue’s mission is to drive competitive advantage for our customers by helping people pay….


Wholly owned Group

The Company does not have significant restrictions on its ability to access or use its assets and settle its liabilities other than those resulting from the supervisory frameworks within which Authorised Deposit-taking Institutions operate.

Transactions with related parties are conducted on an arm’s length basis….


Against this backdrop [global COVID-19 pandemic] Indue delivered a before tax profit of $3.127 million, a solid result given the prevailing headwinds…..


Events Subsequent to Balance Date

At the date of approving these financial statements, the Directors are of the view the effects of COVID-19 do not change the significant estimates, judgements and assumptions in the preparation of the financial statement…..


Likely Developments

Information on likely developments in the operations of the Company and the expected results of operations have not been included in this annual financial report because the Directors believe it would be likely to result in unreasonable prejudice to the Company. [NOTE: Likely relying on s299A(3) of the Corporations Act 2001 in order to conceal expected future progression of the federal government cashless debit card scheme]

[Indue Limited, Annual Report 2019-2020]


2020-21


It is pleasing to report a lift in profit, despite the ongoing influence of the COVID-19 pandemic. ….


A more positive outlook has contributed to our improved performance, with a Profit Before Tax (PBT) result of $3.6 million, an increase of 24% over the previous year….


An operating profit after tax of $2.583 million (2020: $2.091 million) was achieved this year….


Indue’s capital position remains sound. Our Tier 1 ratio rose to 15.5% at the end of FY21, an increase of 35 basis points on last year.


In relation to dividends, we have a good record of rewarding owners for providing investment capital. With an improved economic outlook and stronger financial performance, we are pleased to be able to declare a fully franked dividend of $7.50 per share for FY22….


After nearly 50 years, our partnership with Westpac is coming to an end in 2022. We are moving to become a Tier 1 provider for Direct Entry services, which is well-aligned to our strategy. We look forward to continuing to support our clients in this important payment channel.


Our core focus continues to be delivering sustainable value for our clients and shareholders….


We will continue to support our clients, so they can focus on growing their businesses – while we navigate the changed world of payments on their behalf….


The constitution of the Company provides for two Groups of Directors, both elected in accordance with the constitution. Group One Directors, referred to as ‘Industry Directors’, must be officers, employees or associates of a member. Group Two Directors, referred to as ‘Independent Directors’ must not be officers, employees or associates of a member. Industry Directors are not remunerated by the Company. Independent Directors are remunerated by the Company, with shareholders determining the maximum annual aggregate amount of remuneration that may be provided to them ….


The following persons were Directors of Indue Ltd during the financial year:

Chair – Non executive [Independent]

F[rank] Gullone (appointed 28 August 2020)

R Burns (resigned 27 November 2020)

Non executive Directors [Independent]

S Collier (resigned 27 November 2020)

M[ichael Francis] Currie

P[eter Robert] Townsend

P[eter Hooper] Wright

A[nthony] De Fazio

S[usan] Rix (appointed 8 January 2021) [my yellow highlighting]

A Cheadle (appointed 8 January 2021, resigned 27 May 2021)....


The Company’s Authorised Share Capital is $17.265 million. All issued shares [total of 126,182] are fully paid ….


In August 2021 Indue entered into a share buyback arrangement for a small number of issued shares….


Total Contributed Equity, Reserves, Retained Earnings, Balance at 30 June 2021 = $58,650,000 ” …..


Government grants

Government grants, including JobKeeper, are recognised when there is a reasonable assurance that the Company will comply with the conditions attached to the grant, and the grant will be received.

The Company became eligible for JobKeeper in June 2020 after meeting the specific obligations, and remained eligible until September 2020. All expected grant payments were received by October 2020…...

[Indue Limited, Annual Report 2020-2021, excerpts]


The Guardian, 4 November 2021:


*The company contracted by the federal government to run the controversial cashless debit card claimed $2m in jobkeeper payments before increasing its revenues during the pandemic.


Payments firm Indue, which was handed a $26m, two-year extension to its contract to keep running the scheme late last year, received about $2.1m in jobkeeper wage subsidies in total. That comprised $632,700 in June 2020 and $1.49m between July and September 2020, according to its annual report.


The company’s revenue increased in 2019-20 and 2020-21, leading to profit of $2.1m and $2.5m, the report shows.


Under the jobkeeper program, businesses were required to estimate whether their turnover would decrease by 30-50% when compared to the previous year, depending on their size. There is no suggestion Indue did not qualify for the payments under the rules of the scheme.


Controversially, the government elected not to include a clawback provision to recoup money from those companies that outperformed expectations…..


https://www.scribd.com/document/538531113/INDUE-LIMITED-Current-Historical-Company-Extract