Industry News

ASIC has released the findings of a review of responsible entities (REs) operating managed investment schemes in the unlisted property sector.

As part of this review, ASIC is highlighting some areas where compliance behaviours could be improved to meet both the legal obligations of the REs and good practice within the industry.

ASIC Commissioner, Greg Tanzer, said ASIC chose REs operating unlisted property schemes because they are a popular investment vehicle for retail investors and they pose some risks, particularly because of their illiquidity. Current economic conditions meant this sector had been experiencing some stress.

‘We found that the majority of the REs reviewed are complying with their obligations and adhering to good industry practice. We are pleased with the level of cooperation we received and the willingness of REs to commit resources to address issues raised by ASIC.

‘However, there were some areas of non-compliance with key obligations which we have highlighted to ensure RE’s take immediate steps to rectify’, Mr Tanzer said.

These areas include:

1. non-compliance with key Australian financial services (AFS) licence conditions including net tangible assets (NTA), base level financial requirements, professional indemnity insurance, external dispute resolution scheme membership and key persons
2. inappropriate compliance arrangements for the nature, scale and complexity of the REs business and insufficient resources to undertake the compliance function
3. poor risk management systems/plans
4. insufficient measures to control and monitor the release of information to investors, and
5. inadequate controls to manage related party transactions.

More detail about the specific issues identified and ASIC guidance about compliance with these obligations is provided  here.

‘Non-compliance was generally associated with inadequate numbers of compliance staff or in circumstances where there has been significant restructuring at either the RE or scheme level’, Mr Tanzer said.

‘ASIC has required REs to rectify the breaches identified and to amend and update compliance and risk management arrangements to improve ongoing compliance. We have been following up with REs to ensure the necessary changes are made in a timely manner’, Mr Tanzer said.

ASIC has suspended the AFS licence of one RE due to substantial non-compliance with its key obligations.

‘Although the focus of this review was the unlisted property scheme industry, we expect all REs will benefit from publication of the issues identified and assist them in discharging their duties and obligations as REs and AFS licence holders. In particular, ASIC encourages all REs to ensure that they are adequately resourced to regularly review and implement their compliance arrangements’, Mr Tanzer said

‘ASIC will be conducting ongoing reviews across the managed investment scheme sector. We will take action where we identify significant or systemic non-compliance in order to improve industry standards and generate broader investor confidence in the sector’, he added.

ASIC’s review covered a cross section of REs which operate managed investment schemes in the unlisted property sector. ASIC selected REs on the basis of criteria such as significance in the sector, number/frequency of breach notifications, financial position, failure to lodge statutory reports, industry intelligence and those REs who have little contact with ASIC.

The reviews sought to examine whether the RE was in compliance with the conditions of its AFS licence and whether compliance, risk management and continuous disclosure arrangements were adequate to ensure the RE meets, and continues to meet, its obligations under the Corporations Act 2001 and AFS licence.

ASIC has released Consultation Paper 181 Retail trading in Commonwealth Government Securities (CP 181)  focused on the Australian Government’s decision to facilitate retail trading of Commonwealth Government Securities (CGS) as part of fostering a deep and liquid corporate bond market.

The paper proposes market integrity rules to provide for fair, orderly and transparent trading of depository interests in CGS traded on public exchanges.

ASIC Commissioner, John Price, said ‘Fostering the retail trading of CGS on financial markets can give retail investors, including self-managed super fund trustees, a more visible pricing benchmark for investments they may wish to make in corporate bonds issued by Australian businesses.'

‘In addition, it can encourage retail investors to consider diversifying their savings through fixed-income products like government and corporate bonds,’ Mr Price said.

CP 181 proposes to specifically include CGS depository interest within the scope of the ASIC Market Integrity Rules Competition in Exchange Markets 2011, adopting the proposals in Consultation Paper 179 Australian market structure: Draft market integrity rules and guidance (CP 179) and tailoring them to CGS depository interests.

Feedback is sought on specific regulatory proposals for CGS depository interests relating to:

• extreme price movements
• best execution
• pre- and post-trade transparency
• regulatory data for market surveillance
• market operator obligations in a multi-market environment, and
• market participant obligations.

Feedback is also sought on whether, and to what extent, the proposals should be applied to other debt market products, such as corporate debt, that are or may be traded on public exchanges. This will assist us in developing the regulatory framework as part of Government’s long term plan to foster the retail corporate debt market.


Submissions to CP 181 close on 31 August 2012.

The Minister for Financial Services, Bill Shorten, has announced an exemption for employees of the timeshare industry from the ban on conflicted remuneration under the Future of Financial Advice (FOFA) reforms that will allow the industry to continue to remunerate its employees through sales-based commissions.

The exemption has been achieved through regulations to the FOFA reforms.

The FOFA reforms were announced by the Government on 26 April 2010 in response to a Parliamentary Joint Committee on Corporations and Financial Services inquiry report.  The inquiry was commissioned in the wake of the collapse of Storm Financial and Opes Prime and chaired by the current Parliamentary Secretary to the Treasurer, Bernie Ripoll.

While the final report made recommendations in relation to financial advice, none of these related specifically to the timeshare industry.

“The timeshare industry was never the intended focus of FOFA and I have never sought to remodel their current remuneration practices”, said Bill Shorten, Minister for Financial Services and Superannuation. 

“Timeshare products are sold as ‘lifestyle products’ and are not designed to generate a return on investment for consumers. 

“Other aspects of the FOFA reforms, including the obligation to act in the best interests of clients, will continue to have full application to the timeshare industry where sales staff provide financial advice to clients”, said Mr Shorten.

Mr Ripoll said that this was the right decision for the timeshare industry. 

“To ensure that consumers are adequately protected, the Gillard Government has asked the industry and Treasury to explore options to improve the disclosure of timeshare products, to ensure that prospective clients understand the financial risks and conditions of timeshare arrangements.

“The decision is the outcome of extensive consultation with the timeshare industry which showed that timeshare products, while defined as a managed investment scheme under the Corporations Act 2001, are inherently different compared to the financial products advisers typically advise their clients on”, said Mr Ripoll. 

Both the Parliamentary Joint Committee and the Senate Economic Committee recommended that the timeshare industry be precluded from the ban on conflicted remuneration.  

The carve-out for the timeshare industry from the ban on conflicted remuneration has been implemented through the recently made Corporations Amendment Regulation 2012 (No. 4).

Ansaldo STS Australia has been awarded two contracts worth A$362 million under the Rio Tinto Iron Ore – Ansaldo STS Framework Agreement (RAFA) established in 2010.

The first contract worth A$ 317.5 million is for the development and delivery of an automated train management system for Rio Tinto Iron Ore’s 1,500km heavy-haul iron ore rail network in the Pilbara region of Western Australia.

The automated heavy haul railway, to be completed in 2015, will be the first of its kind in the world and will significantly enhance Rio Tinto Iron Ore’s mining rail network.

The highly-specialised modular signalling solution developed and to be implemented by Ansaldo STS includes the introduction of a centralised Vital Safety Server for the safe and flexible management of train movements and an on-board driving module which enables the complete automation of the trains’ operation.

The second contract, worth A$ 44.7 million, involves the delivery of the next in a series of staged upgrades for capacity and efficiency enhancements to Rio Tinto Iron Ore’s long-distance heavy-haul rail network.

Under the new contract Ansaldo STS will complete upgrades to Rio Tinto’s locomotive control systems so that the network can support the introduction of Electronically Controlled Pneumatic (ECP) braking. Ansaldo STS will then complete the installation and system integration of the ECP braking on Rio Tinto’s heavy-haul rail fleet.

The introduction of ECP braking will significantly reduce delays of Rio Tinto’s iron ore trains as they travel continuously from mine to port along the 1,500km remote heavyhaul rail line.

The contracts are the latest in a series of Rio Tinto Iron Ore heavy-haul rail projects awarded to Ansaldo STS Australia under RAFA. Under the Agreement, Ansaldo STS is to deliver a program of works over five years, to support Rio Tinto’s major expansion and operational efficiency projects in the Pilbara.

Ansaldo STS Australia has been designing and delivering signalling and communications solutions for heavy haul mining railways for more than 15 years. The company employs 700 people across Australia and has offices in Brisbane, Newcastle, Sydney, Perth and Karratha.

The New South Wales Government has received an unsolicited proposal from private motorway operator Transurban for the construction of a possible F3 to M2 Motorway Tunnel link underneath Pennant Hills Road.

“Let me make it clear this proposal is in its very early stages,” NSW Roads Minister Duncan Gay said.

“But it is encouraging that the private sector is interested in investing in Sydney’s motorways and has come to Government with a proposal.”

The Government has formed a cross-agency assessment committee to assess the proposal and investigate its merits.

“There are potentially three stages to the assessment, which include strategic assessment of the initial submission, development of a detailed proposal and negotiation of a final binding offer,” Mr Gay said.

“In the next six months the committee will work with Transurban to complete Stage 2 of the assessment. This requires the proponent and Government to work cooperatively in the development and assessment of a detailed proposal, from which it can be determined whether the parties want to proceed to negotiate a final binding offer.

“It is important to note that we are still in the initial stages of the assessment process, so while we are looking into the proposal, there is no guarantee or commitment from either Government or Transurban that it will lead to delivery of a project.

“We need to be assured any proposal like this offers not only value for money for NSW taxpayers but that it also meets the NSW government’s long term transport objectives.”

Victorian Roads Minister Terry Mulder has opened an industry briefing attended by over 100 financiers and constructers to gain input into the development of a business case for Melbourne’s East West Link.

The proposed 18 kilometre cross city connection will run between Melbourne’s Eastern Freeway and Western Ring Road,  with the eastern section providing a link between the Eastern and Tullamarine Freeways and then onto the Port area. The business case being developed for the project is due to be completed in early 2013.

"It's a sign of the interest in the East West Link that we have local, interstate and international industry representatives ready to talk with us about how best to plan, engineer, procure and fund this landmark project in the future," Mr Mulder said

"This is one of the most complex projects likely to be constructed in Victoria, and we are doing our due diligence to ensure we consider the latest innovations in developing, delivering and funding projects given the challenging financial environment.

Mr Mulder said the industry briefing was the first in a series of discussions to be held with leading industry players to gather input about the range of funding options available for the project.

"A number of one-on-one meetings will be held over the coming months to ensure that we gather the most up-to-date innovations and ideas from the market to inform the development of a robust business case,” Mr Mulder said.

Geotechnical drilling for the project is currently underway, with Infrastructure Australia having backed the project for development funding.

Contract coal miner Thiess has been awarded a $2.3 billion contract to extend mining operations at Jellinbah Group’s Lake Vermont coal mine in Queensland’s Bowen Basin.

The new six-year agreement, which continues Thiess’ responsibility for mine operations and maintenance, will expand current operations and ramp up production from four million tonnes to eight million tonnes per annum.

Thiess’ Managing Director Bruce Munro said the substantial contract is a tremendous endorsement of the relationship between the Jellinbah Group and Thiess, which began with the establishment of the Lake Vermont mine in 2007.

“Thiess is very proud to continue its involvement at the Lake Vermont mine where we’ve been working with the Jellinbah Group from the very beginning to plan, build and operate the mine,” Mr Munro said.

Jellinbah Group CEO Greg Chalmers said the continuation of Thiess as a long-term mine operator ensures the on-going delivery of cost competitive coal from the mine.

Lake Vermont Mine is located 20 kilometres north of Dysart and currently has a total workforce of more than 350.

BHP Billiton has released an upbeat production report for the year to 30 June, reporting annual production record across ten of its operations.

Key points of the report include:

• Twelfth consecutive annual production record in iron ore as Western Australia Iron Ore shipments rose to an annualised rate of 179 million tonnes in the June 2012 quarter (100% basis).
• Record annual metallurgical coal production achieved at Illawarra Coal. Queensland Coal production remained constrained as a result of industrial action and heavy rainfall.
•  The successful integration and further development of Onshore US shale liquids and gas assets contributed to a 40% increase in petroleum production in the 2012 financial year.
• An 11% increase in copper production in the June 2012 quarter established strong momentum in the Base Metals business.

The full report is available here.

http://www.bhpbilliton.com/home/investors/news/Pages/Articles/BHP-Billiton-Production-Report-for-the-Year-Ended-30-June-2012.aspx

Emerging gold producer Reed Resources Ltd has awarded two key contracts for its Meekatharra Gold Project.

The Meekatharra gold project, which is located in central Western Australia, is a wholly owned entity of Reed Resources Ltd and was acquired in January 2011.

The contract for the installation of the new heavy duty primary crusher has been awarded to ASX listed company GR Engineering Services Limited.

The contract for the supply of power to the Meekatharra Gold Project has been awarded to Pacific Energy (KPS) Pty Ltd, a subsidiary of ASX listed company Pacific Energy Limited.

Reed recently finalised its $23 million debt facility and hedging program with Barclays Bank for the project.

Iron ore miner, Grange Resources, has appointed Richard Mehan as CEO and Managing Director, replacing Russell Clark who resigned recently.

Mr Mehan has over 30 years’ experience in the resources industry, largely in iron ore and has held a number of senior positions including the CEO of Portman Ltd and Jupiter Mines Limited. He spent 15 years with Rio Tinto iron ore in a range of commercial roles including sales and marketing, business analysis and development and bulk shipping. In 2011 Mr Mehan was appointed Managing Director and CEO of Jupiter Mines Limited.

Long serving CEO of Shipping Australia Limited (SAL) Llew Russell has announced he will depart the roll at the start of next year, after serving in the position since the organisation’s inception in 2001. 

Mr Russell was appointed CEO of the group after its formation in 2001, a result of a merger between the Australian Chamber of Shipping and Liner Shipping Services Limited.

“Llew has had 30 years’ experience in leading associations in this industry.  There are many milestones.  In addition to the establishment of SAL, he was instrumental in  bringing all the secretariats serving various international liner trades together to form Liner Shipping Services Ltd,” SAL Chairman Ken Fitzpatrick said.

“We will be seeking a replacement shortly but they will be hard shoes to fill.”

The New South Wales Government is calling for public comment on a draft asbestos plan aimed at improving management and handling of asbestos in the community.

State Minister for Finance and Services Greg Pearce said the plan forms part of a Government initiative to better co-ordinate the management of asbestos across the state.

“I cannot emphasise enough the importance of the safe management or removal of asbestos,” Mr Pearce said.

“In 2011 the Dust Diseases Board reported there were 201 deaths that year due to asbestos-related disease and sadly, this number is expected to climb.”

The announcement comes after the NSW Ombudsman released a report into asbestos management across the state, concluding that a statewide asbestos management plan and strong co-ordination between agencies must be implemented.

“In response to the report, the government has established the Heads of Asbestos Coordination Authorities group which is made up of senior officials from across government,” Mr Pearce said.

“Chaired by WorkCover, this group will be responsible for the management of asbestos and will develop a plan for the safe management of asbestos to better prevent asbestos-related diseases.”

To view the plan and register your feedback go to www.workcover.nsw.gov.au

The City of Perth is hosting a meeting of the Council of Capital City Lord Mayors (CCCLM) this week, attended by Lord Mayors from around Australia and the Lord Mayor of Auckland, Len Brown.

Australia's capital city Lord Mayors have met annually for more than 50 years to share information and ideas about civic improvements and to work collectively to advocate the importance of cities and urban communities on the national stage. 

Perth Lord Mayor Lisa Scaffidi said the Lord Mayors are championing the interests of cities to encourage Federal Government investment in infrastructure and services.

"We have a full agenda, discussing activities to implement the Federal Government's National Urban Policy and opportunities to enhance local government’s well established ability to work with communities to reduce greenhouse gas emissions through initiatives like the CitySwitch Green Office Program in which Perth participates.” 

Lord Mayor Scaffidi said the Lord Mayors would also be touring key developments in Perth, such as Perth Arena, Northbridge Piazza, the Key City Worker housing project in East Perth, Brookfield Place and BHP Tower and Claisebrook Cove.

"This is a wonderful opportunity to showcase Perth.  The Lord Mayors last met here in 2005, so there is a significant amount of change we can share," Ms Scaffidi

The Federal Government has appointed technical experts and consultants for a scoping study into Wilton’s suitability as a second Sydney Airport.

The scoping study will involve detailed economic, social and environmental investigations to assess the impact and viability of an airport at Wilton.

It will also explore the use of RAAF Base Richmond for limited civil operations, including any social, economic and environmental impacts.

The clear finding of the independent Joint Study on Aviation Capacity in the Sydney Region is that Sydney needs a second airport—sooner rather than later.

The main purpose of the study is to identify as early as possible the challenges and the opportunities of any airport development.

The following consultants have been appointed:

• WorleyParsons, in partnership with PricewaterhouseCoopers and Airport Master Planning consultants, will conduct a detailed assessment of environmental and infrastructure aspects near Wilton;

• Ernst and Young will conduct a thorough examination of the scale and nature of impacts of an airport development on the surrounding Wilton and Richmond communities, including factors such as aircraft noise, opportunities for employment and infrastructure investment; and

• Both of these studies will be supported by passenger demand analysis undertaken by Booz and Company.

The scoping study is expected to take at least six months.

An increasing number of employers in the logistics and transport sector are recognising productivity improvements in their business as a result of training their employees, the Transport and Logistics Industry Skills Council's 2012 Environmental Scan has found.

TLISC launched its annual Environmental Scan (E-Scan) at Defence Headquarters in Canberra in conjunction with its meeting with the Defence Logistics Education and Training Policy Group.

TLISC CEO Robert Adams said one of the most encouraging findings of the 2012 E-Scan was that more employers were recognising the benefits of training to their business bottom line.

"Post-training benefits to businesses include overall increases in business productivity, improved OHS and reduced errors and lost time," Mr Adams said.

 Consultations undertaken for the E-Scan confirmed five priority skills and workforce development challenges:

• The ageing of the workforce
• Workforce attraction, retention and effective skills utilisation
• The need for higher level skills across the workforce
• To convince enterprises of the return on investment in skills development
• Sufficient and more comprehensive data to support better planning for future skill needs.

Key findings of the survey included:

• 65% of employers surveyed indicated that the cost of training was the most significant barrier to providing training for employees
• Regulatory compliance remains the primary driver of investment in training across all transport and logistics sectors
• Completion rates of full qualifications are impacted by high levels of compliance driven industry demand for Skill Sets.

The E-Scan is a key publication of TLISC which is released annually and follows extensive consultations with key stakeholders across the Transport and Logistics Industry. The document also informs wider participants in the industry and is a driver for policy change across the diverse sectors covered in both the transport and logistics industries.

Asciano’s Pacific National Rail business has signed a new agreement with BlueScope Steel Limited and Arrium Limited for the continued provision of rail linehaul services to BlueScope and Arrium.

Linehaul services involve the movement of approximately 3 million tonnes per annum of a range of steel products (including the Jumbo Coil service expected to commence in the second quarter of 2013-14), between the major steel manufacturing sites at Port Kembla, Westernport, Whyalla and Newcastle and to steel distribution terminals in the mainland capital cities.

Existing arrangements will expire on 31 December 2014 and services under the new agreement will commence from 1 January 2015 for a minimum period of seven years.

Asciano Managing Director and Chief Executive Officer, John Mullen said, “BlueScope and Arrium are longstanding and important customers of Asciano. We are delighted with the extension of this relationship which demonstrates our focus on customer service and on meeting our customers’ high expectations.”

 In addition, Asciano has entered into an agreement with BlueScope to continue to supply rail services within the BlueScope Port Kembla Steelworks. The new contract will have a minimum duration of seven years from 1 January 2015.

The Queensland Government is planning to appoint a leading scientists to chair the Gladstone Healthy Harbour Science Panel.

State Environment and Heritage Minister, Andrew Powell, said the Government was looking for a chair with a high level of knowledge, skills and experience in environment science to manage the new panel.

“This is a unique opportunity to be a leader of the innovative change required to achieve improved environmental and ecosystem health outcomes for Gladstone Harbour,” Mr Powell said.

“The chair will oversee this process while recognising the harbour’s proximity to the Great Barrier Reef and its function both as a major industrial centre and port.

“The science panel will provide independent and objective scientific advice to the Gladstone Healthy Harbour partnership about the long term management and monitoring of the harbour.

Mr Powell said the chair would preside over science panel meetings and provide expert advice and recommendations on behalf of the science panel to the Gladstone Healthy Harbour Partnership.

“The Gladstone Healthy Harbour Partnership represents government, industry, research groups and the community coming together to deliver a shared vision for Gladstone Harbour which is based on science.”

The role of chair will initially be until 31^st August 2013.

Applications close on August 6 2012.

More information can be found at www.ehp.gov.au

New treatments to lessen the severity of the more than 21,000 Traumatic Brain Injury (TBI) cases that occur in Australia each year are on the horizon.

Published in the leading neurology journal, Brain, a study led by researchers from Monash University's Australian Centre for Blood Diseases (ACBD) revealed how inhibiting certain enzymes decreased the severity of TBI, providing a target for future treatments.

Caused by a blow to the head, often suffered during falls or road crashes, severe TBI can result in long-term disability or death. Effects can include impairments to cognitive and motor function, vision, hearing and emotional regulation. Additionally, the post-injury disruption to blood flow, oxygen supply and nerve function around the brain has been linked to debilitating diseases including Alzheimer's disease and post-traumatic epilepsy.

The study was led by Professor Robert Medcalf and Dr Maithili Sashindranath of the ACBD, who collaborated for five years with scientists at the University of Geneva in Switzerland and the University of Michigan in the United States.

Professor Medcalf said the researchers identified two enzymes, known as t-PA and MMP-3, that act together to promote injury severity following TBI.

"The enzyme t-PA, well known for its ability to remove blood clots, also has a healthy and very important role in supporting learning and memory functions in everyday life. However, previous research has shown that in TBI cases, its presence makes the injury much worse," Professor Medcalf said. 

Initially, the researchers thought t-PA itself exacerbated the injury. However, a surprising finding of the study was that t-PA is not the culprit - its inhibition triggers the activation of MMP-3, the enzyme which does the damage.

"The activity of naturally occurring enyzmes is controlled by specific enzyme inhibitors," Professor Medcalf said. 

"Unexpectedly, we found that the process of t-PA inactivation by one of its natural inhibitors actually contributed to brain injury, because it leads to the activation of MMP-3.

"Now we know that if we block MMP-3 with an inhibitor, we can protect the brain following TBI," Professor Medcalf said.

Co-author and international expert on TBI, Professor Jeffrey Rosenfeld, from Monash University's Department of Surgery said the results were exciting.  

“We now have a new and promising therapeutic target for the treatment of human TBI, which has not, so far, been significantly improved by pharmacological intervention,” Professor Rosenfeld said. 

Research is continuing with the aim of bringing this finding to a point where clinical trials can evaluate this novel approach in patients with TBI.

CommSec's quarterly State of the States report, a detailed analysis of each state's economic performance based on eight key indicators, has found that Western Australia has given up some of its lead over other states, with population growth slowing, causing a knock-on effect in the housing sector.

While still lower than the other states, unemployment in WA has also drifted up, although commercial and engineering building remains high, investment is strong and the state still boasts the strongest overall economic growth.

The ACT was the outstanding performer this quarter, with housing activity, construction and economic growth all above average. Unemploymen in the ACT is low, and workers there are doing best in terms of real wage gains. The only weak areas in the ACT are retail spending and private business’ spending on machinery.

There is less to differentiate the performances of the other states:

Victoria leads the states in the housing market, with dwelling starts 20% above decade averages and housing lending also rising. On the downside, Victorian unemployment is slightly above decade averages, compared to the other states.

South Australia is experiencing historically high population growth, spurring activity in sectors like construction, which is a massive 47% above decade averages. Annual growth in construction is up 20%, second only to the ACT.

The Northern Territory recorded strong retail spending over the quarter, with a very low unemployment rate of 3.1% continuing to buoy its economy. Areas of weakness include construction work and housing finance.

New South Wales, while being dragged down by slow dwelling starts, is still a major improver, due to above-average population growth and stronger business investment. It outperforms the other states in business investment in equipment and machinery.

Tasmania continues to enjoy relatively low unemployment and greater-than-average dwelling starts. However, it is comparatively weak in business investment and retail spending.

In Queensland, building and construction activity have been affected by sluggish population growth, which is at a historic low. On the positive side, business investment in plant and equipment is 28% above longer-term averages, and retail spending was relatively strong. Reconstruction after the state’s string of natural disasters will definitely give construction activity a boost over the coming months.

A new report released by the Climate Commission has found that Victoria is failing to capitalise on near ideal conditions for solar and wind energy.

The Victorian climate impacts and opportunities report found that the state has substantial renewable energy resources, receiving enough sun to produce double the state’s current energy needs, with the state having some of the best conditions in the world to harness wind and solar energy.

The report found that Victoria receives at least 2,500 petajoules (PJ) of usable solar energy on available land, roughly double that of what the state consumed n 2009-10.  The report found the majority of available solar power could be harnessed in the state’s northwest.

The Climate Commission has painted a dire forecast for the state if the world fails to act on climate change, with the number of hot days likely to increase significantly over the coming decades.

The full report can be found here