MARKET WATCH
Australian stocks climb 1.5% on strong Wall St lead
The Australian share market has opened trade in strong positive territory, after takeover optimism drove US stocks higher overnight, while the local financial and resources sectors got off to a strong start.

At 1015 AEST, official market open, the benchmark S&P/ASX200 index gained 1.56 per cent, at 4750.4 points, while the broader All Ordinaries index firmed 1.47 per cent, to 4745.9 points.

The big four banks helped the market get off to a solid start, with Australia and New Zealand Banking Group advancing 1.80 per cent to $24.77, Commonwealth Bank of Australia finding 1.66 per cent to $51.89, National Australia Bank rising 1.89 per cent to $31.18 and Westpac strengthening 1.72 per cent to $26.55. Australia's largest investment bank Macquarie Group, put on 1.87 per cent to $58.13.

The mining sector was performing equally well, as BHP Billiton increased 1.72 per cent to $37.74, while Rio Tinto improved 1.73 per cent to $59.67. Fellow iron ore miner Fortescue Metals climbed 1.27 per cent to $3.96. Gold miners also lifted the bourse after a wave of economic optimism prompted investment inflows into asset classes across the board, bolstering the status of gold as a hedge against inflation.
Lihir Gold lifted 0.70 per cent to $2.85, Sino Gold Mining gained 0.92 per cent to $6.55, and Newcrest Mining grew 0.98 per cent to $31.90.

Oil miners were all improved, after oil prices rose as US investor optimism pointed to an economic recovery that may spur energy demand.

Source: www.businessspectator.com.au.

From the Manager's Office

The countdown has begun to our inaugural GREEN WEEK celebrations and Mount Isa's first ISA HOUR!

With the implementation of the Carbon Pollution Reduction Scheme (CPRS) just around the corner, many Australian businesses and individuals are unsure of what the scheme will mean to them and what they should do to prepare for it.

The Chamber's annual Green Week celebration, which is being held from Monday 5 October to Friday 9 October, will therefore play a role in preparing organisations for what could be a major shift in traditional business and educating them on how they can implement simple, cost effective, environmentally friendly practices that can potentially reduce their overall carbon footprint.

There are two very simple competitions running with two great prizes up for grabs for either your office or your staff. The first competition is inviting all businesses in the community to email a 'Green Tip' to the Chamber as to how they are reducing their carbon foot print in the office and the second competition is coming up with a creative way of raising awareness of the Green Week between October 5 and 9. This could be by dressing up your staff in green, putting promotional material in your office window, or handing out some flyers to your customers - either way we want you to have fun with it.

Whether people believe in climate change or not, the economic benefits and cost savings of reducing your organisation's carbon footprint cannot be debated and it is important to begin modifying our behaviour now before it becomes compulsory to do so.

All businesses that participate in Green Week will be invited to 'ISA HOUR' which is a free networking event on Friday 9 October from 2pm - 3pm that will invite businesses to 'turn off' as many pieces of electronic equipment in the workplace as possible, whilst they enjoy afternoon tea at a networking event our Chamber headquarters.

The networking function will also be an awards presentation for the winners of the Green Week competitions and will have some invited guests giving interesting 'Green Presentations' throughout the afternoon.

Craig Brown from the Queensland Country Credit Union will be presenting on 'Green Loans', Michael Scotney from Dave Clancy Electrical will have some information on various solar initiatives and the Chamber will have some information available on the Queensland Government's well received Climate Smart Homes and upcoming Climate Smart Business programmes.

It will be a great afternoon so I hope as many of you can attend and show support for this very important community initiative.

Until next time...

On Monday 14 September Senator the Hon Kim Carr, Minister for Innovation, Industry, Science and Research officially launched the $10 million Desert Knowledge Australia Outback Business Networks Project at Parliament House whilst simultaneously linking with multiple sites around Australia.

The Desert Knowledge Australia Outback Business Network National Launch in Mount Isa took place concurrently at the Terrace Gardens Function Centre and was well received with over 20 different local businesses attending. A morning tea with a bush tucker theme was served and enjoyed by all.

Glen Graham (MITEZ) and John Maloney (Mayor MICC)

Fay Willetts (IBA) and Sonya Clarke (Sowila Designs)

The Hon Fred Chaney AO, Chair of Desert Knowledge Australia, said "The project addresses key challenges faced by business in outback Australia. By joining the network, SMEs have the opportunity to increase revenue, reduce costs, save time and connect with other businesses"

The Project connects business across nine regions of outback Australia: Central West QLD, NorthWest QLD, Central Australia NT, Barkly NT, Kalgoorlie - Boulder WA, Mid West Gascoyne WA, Pilbara WA, Far West NSW and Far North SA. Five industries are targeted: creative industries, local produce, mining services, sustainable building and tourism.

Desert Knowledge Australia Outback Business Networks has local representatives in each of the nine regions. Around 400 businesses are already members. Businesses interested in joining can contact Jo Culbertson on 07 4743 9881 or 0418 829 742 for more information.

Ticket sales for the 2009 CS Energy Mount Isa and Regional Business Awards Ceremony have gone through the roof, with many nominees unable to secure a ticket to the gala event.

But due to popular demand and limited seating capacity, the Isa Business Network has arranged for more seating to be made available in the gallery (upstairs) section of the Mount Isa Civic Centre.

Eager business owners are still able to book a spot for $60. The gallery tickets have the same benefits as other ticket holder, with the exception of a sit down meal. Instead, a broad selection of cocktail food will be available for gallery ticket holders. Organisations who have booked downstairs do have the opportunity to change them to upstairs seats if preferred.

The Isa Business Network wanted to provide those nominees who had missed out on tickets with an opportunity to attend as many businesses use this as a perfect opportunity to reward and recognise their staff. The event takes place 10 October from 6:30pm. Tickets are on sale at the Chamber.

A reminder to people who have ordered tickets, that these MUST be paid for, in full, prior to Monday October 5, 2009. They will be resold after this date.

New R&D Tax Credit

Consulting with stakeholders

Today (19 September 2009) the Rudd Government will begin consultation with key stakeholders on the detailed design features of the new R&D Tax Credit.

Releasing the Research and Development Tax Incentive Consultation Paper, Treasurer Wayne Swan and Innovation Minister Kim Carr urged business and other stakeholders to make their voices heard on reforms to the scheme.

Mr. Swan said: "The new R&D Tax Credit is the biggest reform to business innovation support for more than a decade. It will boost investment, support jobs and strengthen Australian companies so they can take full advantage of new opportunities as the economy recovers.

"From 1 July 2010, the Government will replace the complex and outdated R&D Tax Concession with a simplified R&D Tax Credit which cuts red tape and provides a better incentive for all businesses to invest in research and innovation," he said.

Senator Carr said: "Under the new incentive system, eligibility criteria will be tightened to ensure the best return for the taxpayers investment.

"All businesses stand to benefit, in different ways, from the reformed scheme.

"The aim of the new Tax Credit is to provide more predictable, less complex support to business.

"The consultation paper works from the basic principle that the reformed scheme will provide more generous support for R&D to help build a more innovative economy.

"The paper also poses a range of questions to business about how the Government could approach certain aspects of the scheme's design.

"The consultation paper delivers on the Government's promise to involve business and other stakeholders in the development of the eligibility criteria for the new credit," he said.
Stakeholders will have another opportunity to comment on draft legislation later this year.

Submissions are requested by Monday, 26 October 2009.

The consultation paper and further information about making a submission can be found on the Treasury website www.treasury.gov.au. Public forums will also be held during September and October 2009. Further details are available on the AusIndustry website www.ausindustry.gov.au.