When Bad Grammar Happens To Good People - How To Avoid Common Errors in English

Volume 23, No 4 July 2016
The Publication for Credit and Financial Professionals
Global economy:
Where is it
heading?
Tips, updates
and changes:
Human
Resources
Credit
Management
Legal
Economy
Training news
IN AUSTRALIA
46
DIRECTORS
Australian President G.L. Morris MICM CCE
NSW Division: Women in Credit Luncheon.
Australian VP, Legal Affairs J.A. Neate MICM

Professional Development S.D. Mitchinson LICM
YCPA & CCE G.C. Young MICM CCE
Member Services J.G. Hurst FICM CCE
Finance G. Odlum MICM CCE
CHIEF EXECUTIVE OFFICER
N. Pilavidis MICM CCE
Level 3, Suite 303, 1-9 Chandos Street, St Leonards NSW 2065
PO Box 64, St Leonards NSW 1590
Tel: 1300 560 996, Fax: (02) 9906 5686
Email: nick@aicm.com.au
49
Qld Division: Linda Parry, Greg Young and Samantha Taylor.
EDITOR/PUBLISHER
Nick Pilavidis | Email: nick@aicm.com.au
CONTRIBUTING EDITORS
Arthur Tchetchenian NSW
Stacey Woodward Qld
Gail Crowder SA
Warren Meyers WA
Donna Smith Vic/Tas
ADVERTISING MANAGER
John Field FICM, CCE, ACPM, Ph: 1300 560 996
Mob: 0412 732 831, Email: johnfield.aicmq@aicm.com.au
52
SA Division: Winter Warmer Night guests.
EDITING and PRODUCTION

Anthea Vandertouw | Ferncliff Productions
Tel: 0408 290 440 | Email: ferncliff1@bigpond.com
THE EDITOR reserves the right to alter or omit any article or advertisement
submitted and requires idemnity from the advertisers and contributors
against damages or liabilities that may arise from material published.
CREDIT MANAGEMENT IN AUSTRALIA is published by the Australian
Institute of Credit Management, Level 3, Suite 303, 1-9 Chandos Street,
St Leonards NSW 2065. The views expressed in CREDIT MANAGEMENT
IN AUSTRALIA are not necessarily those of Australian Institute of Credit
Management, which does not expect or invite any person to act or rely
on any statement, opinion or advice contained herein (whether in the
form of an advertisement or editorial) and neither the Institute or any
of its employees, agents or contributors shall be liable for any opinion
contained herein. The Australian Institute of Credit Management, 2016.
54
Vic/Tas Division: YCP Information Night.
JOIN US ON LINKEDIN
Click Here
EDITORIAL CONTRIBUTIONS SHOULD BE SENT TO:
The Editor, Level 3, Suite 303, 1-9 Chandos Street,
St Leonards NSW 2065 or email: nick@aicm.com.au
CREDIT MANAGEMENT IN AUSTRALIAJuly 2016
56
WA/NT Division: Breakfast Club
Volume 23, Number 3 March 2016
Message From the President

Portfolio Update, By Gregg Odlum
In Memorium Michael Murphy
Human Resources
Salary increases unlikely to excite this year
4
6
6
20
18
8
Roger Mendelson
Symon Cook
32
Barry Urquhart
By David Crawley
Credit Management
National Conference testimonials
ACCC to commence excessive surcharge
compliance role
Reviewing your invoicing to best practice
Around the States
11
17
18
By Symon Cook
Legal
Mistakes not to make when suing a debtor
New South Wales

Queensland
South Australia
Victoria/Tasmania
Western Australia/Northern Territory
New Members
20
Promotions
Credit Team of the Year
By Roger Mendelson
Unfair preferences and how to avoid them

Part 1, By Nick Cooper
22
Women in Credit
Authority to bind
25
Conference Program
By Peter Mills and Robert Gallagher
Dont get your contract terms knocked out
2016 National Conference

Credit Qualifications
28
John Fairgray and Luis Ormazabal
Technology
Australia on the cusp of digital greatness
Economy
A new world of commerce awaits
31
32
By Barry Urquhart
Brexit from a Credit managers point of view

A U.S. Macro outlook
34
36
By Mark Zandi
Queensland economy shifts gears and pitches

for a more balanced future
AICM Training news
39
Credit
Management
In Australia
Contact:
JOHN FIELD
FICM, CCE, ACPM
Ph: (02) 9906 4563
Fast track your credit career through

Recognition of Prior Learning
40
Graduates
44
45
Calendar
For advertising
opportunities in
Mob: 0412 732 831

E: johnfield.aicmq@aicm.com.au
46
49
52
54
56
58
5
7
10
12
59
aicm
From the President
Grant Morris CCE

Australian President
ast issue I started the report with Well,

well, well. Just 12 months ago who would
have thought we would have seen
and I can very nearly start the same way
this month.
Who would have really thought Brexit would
happen? Who had made plans for just that
eventuality?
We have seen dramatic changes in share prices
and currency exchange rates. We have seen major
corporates react quickly to the changes like QANTAS
offering triple frequent flyer points on the Kangaroo
Route to London, which may be because of fears of a
decline in Brits travelling due to the reduced spending
power of the pound.
Nothing has changed for us. We have been
aware of the possibility for a long time and should
have been making plans for just this eventuality. We
must continue to be more attentive, professional
and inquisitive. Be close to our customers business,
know who their customers are and understand the
weighting and location of their revenue base, the
industries in which they operate and the geographical
reach of their business.
Basics are paramount. Policies, procedures and
processes are not just documents that look good in a
folder or on an Intranet page. They must be followed
and they must be routinely reviewed for currency and
relevance
As credit professionals we must stay on top of
our game through continued professional growth
including formal training, networking, exchanging
ideas and sharing concerns with our peers. This
cannot be done alone and it is essential we train and
develop our teams so there basic skills are honed and
their abilities used to the max. They must assist with
research and knowledge of our customer base as
after all they are the ones in continual contact. Having
their ear to the ground can provide tremendous early
intelligence.
Put simply, be aware of the area in which you
operate, attend workshops, seminars and network
meetings and as I have said on many occasions look
forward.
On the home front the Federal Election was a nail
biter and it will be some little time before we know
how smoothly or otherwise parliament will function
over the next couple of years.
For some politicians July hasnt been a great

month but it is an absolute corker on the AICM
calendar with most Divisions announcing their Young
Credit Professional of the Year winner at a dinner in
each mainland capital city. The award is sponsored
by Dun & Bradstreet (thanks guys) and is a fantastic
opportunity to showcase the talent of younger credit
professionals and also recognise other achievers at the
same time. It is a great opportunity to meet with your
peers and discuss the credit environment.
Nominations for the Credit Team of the Year
close this month (31st July). The award is a great
opportunity to showcase your teams talents and see
them achieve recognition for themselves within your
own organisation and on the national stage like past
winners such as Caltex and Reece to name but two.
Thanks to Veda for their sponsorship of this award.
The National Conference is being held from
October 12 14 at the new Sea World Conference
and Convention Facility adjacent to Sea World
Resort on the Gold Coast. The programme is out and
provides you with the best information, education and
networking experience that can be packed into 3 days.
The cost of the conference is far less than what
good organisations spend on the development of their
employees so plan now to get yourself there and use it
as motivation and reward for your staff ie offer to send
them along as well when they hit their targets.
I hope we see you at an AICM event soon as you
support the Institute which supports you.
Vale Mike Murphy CCE LICM
I regret to advise Mike Murphy passed away on 26th
May whilst on a cruise in Europe. Mike was the Group
Credit Manager at BGC in Perth and a life member of
the AICM. He joined the AICM in 1989, was elected to
the Board in 2004 and served until 2010 including
4 years as our National President.
Mike developed and delivered training to hundreds
of credit professionals and presented at the national
conference and numerous WA events. The AICM, its
members and the credit industry benefited greatly
from Mikes passion for helping others learn more
about the Credit Industry. RIP Mike.
Grant Morris
grant.morris@coateshire.com.au
Ph: 0407 405 198
Become the
National Credit
Team of the Year
Enter your team by 31 July 2016 for your

chance to be awarded for credit excellence.
At the 2016 AICM National Conference on the Gold Coast,
each nominee for the national winner will receive:
Two conference registrations
Airfares and accommodation at the Seaworld Resort,
Gold Coast
On-stage introduction prior to the announcement
of the National Credit Team of the Year winner
All three runners up will receive $500 each in AICM
services of their choice.
Applications and information is available at aicm.com.au
Proudly sponsored by Veda.
All 4 National Finalists will

each win a $1,000 Team
Development Grant
The national winner will receive:

Professional development services worth $2,000,
provided by AICM
Recognition in the AICM magazine, plus the AICM,
Veda and Credit Network websites
The 2016 National Credit Team winners trophy
aicm Portfolio Update

From the Finance Director
On behalf of the Board, I would like
to thank all of our members, partner,
sponsors and supporters, as well
as the CEO, Nick Pilavidis, and the
dedicated AICM national office staff
for delivering a strong year all-round
in 2016. Our current financial position
continues to strengthen, delivering a
modest surplus enabling us to invest in
the future of the institute, bring more
value to members and partners along
with providing high quality events to
connect and continuously develop
credit professionals nationwide.
As we close in on the final month
of the financial year we can reflect on
some of the highlights for 2015/2016
that have driven such a great result;
zz Positive membership growth,
zz Moving the office to a new
premises, providing better facilities
including a large meeting room that
has been used for NSW Council
meetings and AICM training courses
reducing overall expenditure on

venues,
zz Introduction of the webinar
series, providing further training
opportunities and value to all
members,
zz Launching of the credit tool
box training, providing some
foundational and consistent training
materials,
zz Record attendance at the 2015
conference.
As a result of the stronger financial
position of the institute, two key
initiatives have been launched with the
aim of increasing membership value as
well as boosting membership itself;
zz Conference marketing campaign. As
the conference is our biggest event
each year, we have invested some
money into a marketing campaign
that will outlast this year and aim
to boost the visibility of conference
2016 as well as provide some
materials to be used in future years.

Keep your eye out at conference
2016, as some of the activities
related to this will occur there.
zz Member engagement manager.
We are trialing this role at national
office with the aim to proactively
engage with members and partners
to drive our Certificate/Diploma
training, Membership, Sponsorship,
Conference, Toolboxes and other
activities. This enables us to go
out to our members and sponsors
rather than waiting for them to
come to us.
As we plan for 2017, the objectives will
be much the same. Aiming to deliver a
modest surplus whilst investing in the
future to provide more value for our
members and partners.
Greg Odlum
NSW Director and Treasurer
In Memorium
MICHAEL MURPHY LICM
It is with a heavy heart we announce the passing
of Mike Murphy on 26th May 2016.
Mike joined the AICM in 1989 and served
for in excess of 25years on the WA Division
Council and the National Board, including
5 years as national President. He was well
respected throughout the Credit Industry and
delivered numerous qualification based and
non-qualification based training sessions on
our behalf. There will be literally hundreds
of people from credit clerks to senior credit
managers who have benefited from his insights
and experience.
Never one to pass up an opportunity to
network with his colleagues and peers, Mike was

considered by many, as much, and usually more,
a friend than a business associate.
The respect and esteem in which Mike was
held resulted in him being presented with the
Basil Dunn award, Western Australias premier
recognition of dedication to the AICM and its
goals, and Life Membership of the AICM. In
further recognition of his dedication to training
in Credit Management, the AICM will be working
toward setting up the Mike Murphy Scholarship
Fund to further the education of deserving
members.
Mike passed away in his sleep whilst on a
European river cruise with his wife Andrea.
R.I.P. Mike, you will be missed by all.
Human Resources
Salary increases
unlikely to excite
this year
By David Crawley,
Regional Director of
Hays Accountancy &
Finance
David Crawley
Credit controllers are in high demand

as business activity increases, but
according to the 2016 Hays Salary
Guide this is not translating into
salary increases.
Most core areas of transactional
finance are experiencing strong levels
of staffing demand across Australia,
particularly credit control and payroll.
However salaries are generally closely
controlled with employers reluctant
to offer substantial increases unless
absolutely necessary to secure a
candidate with skills in short supply.
Our guide includes recruiting
trends and typical salaries for credit
control job functions in 14 locations
across Australia and New Zealand.
It reveals that just 22 per cent
of credit control professionals can
expect a salary increase of three per
cent or more in their next review.
Instead the vast majority
(66 per cent) will receive an increase
of less than three per cent. The final
12 per cent will receive no increase.
Credit professionals working in
the professional services industry are
in for the greatest windfall, with 31
per cent of employers in this industry
expecting to increase salaries by
between three and six per cent, while
a further 7 per cent expect to increase
salaries above six per cent.
This is closely followed by financial
services, where 25 per cent of
employers expect to increase salaries
by between three and six per cent,
and 5 per cent expect to increase
above six per cent.
25 per cent of construction,

property & engineering employers
also expect to increase salaries by
between three and six per cent, with
5 per cent expecting to increase
above six per cent.
In terms of typical salaries, a Credit
Controller in Sydney, Canberra and
Perth will typically receive $60,000.
The typical salary is $55,000 in
regional NSW, Melbourne, regional
Victoria, and in Queenslands
Brisbane, Gold Coast & Sunshine
Coast. It is $50,000 in regional
Queensland, Adelaide, Darwin, Hobart
and Launceston.
For a Senior Credit Controller the
typical salary increases to $65,000
in Sydney, Canberra, Queenslands
Brisbane, Gold Coast and Sunshine
Coast, Hobart and Launceston,
$70,000 in Perth, $60,000 in
Melbourne, regional NSW, regional
Victoria, and $55,000 in regional
Queensland, Adelaide and Darwin.
A Supervisor/Manager of one to
five staff will typically receive $80,000
in Sydney, $75,000 in Perth and
Queenslands Brisbane, Gold Coast
& Sunshine Coast, and $70,000 in
Canberra and regional Victoria. These
candidates typically receive $65,000
in Melbourne and regional NSW, and
$60,000 in regional Queensland,
Adelaide, Hobart, Launceston and
Darwin.
A Supervisor/Manager of
more than five staff will typically
receive $90,000 in Sydney and
Perth, $85,000 in Melbourne and
Human Resources
Queenslands Brisbane, Gold Coast

and Sunshine Coast, $75,000 in
Canberra, regional NSW and regional
Victoria, and $65,000 in regional
Queensland, Adelaide, Hobart,
Launceston and Darwin.
Finally, the typical salaries for
an Accounts Receivable Officer
are $55,000 in Sydney, Melbourne,
regional Victoria, Perth and Canberra,
$50,000 in Darwin and Queenslands
Brisbane, Gold Coast and Sunshine
Coast, $48,000 in regional NSW,
$47,000 in Hobart and Launceston,
and $45,000 in Adelaide and regional
Queensland.
In other findings, almost twothirds of employers (64 per cent)
experienced increased business
activity over the past 12 months,
with 70 per cent expecting further
increased activity in the year ahead.
Hiring intentions are also up. This
year 26 per cent of employers expect
to increase permanent staff levels
in their accountancy and finance
department, exceeding the 12 per cent
who expect to decrease it. The use of
temporary and contract staff will also
increase in 15 per cent of accountancy
& finance departments, although

10 per cent expect their use of such
resources to fall.
In light of salary expectations its
ironic that 32 per cent of employers
say salary and benefits have a major
impact on their employer brand, up
from 25 per cent last year. 60 per
cent say skill shortages will impact
the effective operation of their
OUR NE
business or department.
RECOGNXT CHALLENG
E
With employers for the most
RESPON ISING AND
D
IN
G TO
part unwilling to loosen the purse
& RECRU
ITMENT SALARY
strings, employees will start
TRENDS
The 2016
Hays Salar
y Guide.
to take matters into their own
hands. 41 per cent of employees
say theyll ask for a pay rise in
their next review. Another 25
hays.com
.au | hays
per cent are as yet undecided
.net.nz
about popping the salary
question. Meanwhile staff
turnover has already increased in 29
per cent of organisations.
The Hays Salary Guide includes
Get your copy of the 2016 Hays
salary and recruiting trends for over
Salary Guide by visiting www.hays.
1,000 roles in 14 locations in Australia
com.au/salary, contacting your local
and New Zealand. It is based on
Hays office or downloading The Hays
a survey of 2,752 organisations,
Salary Guide 2016 iPhone app from
representing over 2.6 million
iTunes. n
(2,686,179) employees.
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July 2016CREDIT MANAGEMENT IN AUSTRALIA
See you at AICMs
2016 National
Conference
Credit Management
AICM National
Conference 2016:
Past attendees on why its an event not to miss
We asked credit professionals who attended last years AICM National Conference what they
learnt and how theyve applied it to their day-to-day business. Heres what they said.
Rhys Buzza MICM

Reece Pty Ltd,
Group Credit Manager
Joe Losinno MICM

Ruralco Holdings Ltd,
Credit Manager
I picked up a number of different

strategies with regard to leadership
as well as practical solutions
available to implement with staff
immediately. The conference
always provides me with the tools I need to better
manage my team and myself. It motivates me
to seek out further learning opportunities and
continually improve.
Last years conference taught me

about the continually changing
landscape of the credit world from
legal changes to the challenges
credit managers face every day. It
gave me the opportunity to build my knowledge
on all aspects of credit and the networking is
also brilliant. The people I meet and the learnings
from the seminars allow me to grow as a credit
professional every year.
Karl Hill
Results Legal, Partner
I learnt just how much an impact the
challenging market conditions are
having on trade credit businesses
and in particular, credit departments.
This information led us to work more
closely with our trade credit clients,
supporting them in this challenging period. Gaining
practical insights as to the market conditions and the
broader trade credit landscape assists our team to
provide better advice and assistance to our clients.
David Hunt
Fujifilm Australia,
National Credit Manager
Last year saw us spoilt with a
great presentation from ASIC and
the ATO. Comments from senior
panel members on the state of
the economy were particularly
enlightening. Its actually hard to find
yourself not using the information received during
the conference. Geoffrey MacDonalds presentation
on Effective Terms of Trade, in particular, provided
me with some great ideas for improving our terms
and processes.
Georgia Barbera MICM CCE

Rocla Pipeline Products,
At last years conference I learnt all
facets of credit management, with
a specific focus on the changing
payment trends and the Fintech
evolution, with its non-traditional
assessment. This is key learning for all those who
deal with SMEs. As a result, Ive adopted change in
my style of management and broadened my ideas
with technology and change. Its about working
effectively with the right people and the right tools.
Do you want to join the likes of David, Karl,

Rhys, Joe and Georgia this year? If so, youre
only a click away!
The 2016 AICM National Conference, sponsored
by Veda and supported by Austral, takes place on
12 October 2016 at Sea World Resort, Gold Coast,
Queensland.
For more information and to register,

click here
11
PROGRAM
DAY 1
Wednesday 12th October 2016

LEADERSHIP FORUM
(optional workshop prior to Conference opening)
9.00am 12.00pm
For experienced and aspiring managers, supervisors, team leaders and team members.
Delivered by leadership experts to help you develop as effective leader and maximise the value of the credit
function to the broader business.
Lunch (CCEs & Forum delegates)
12.00 - 1.00pm
START OF CONFERENCE
Time
1.30 - 1.45pm
Topic
Conference opening
Description
Speaker/s
Grant Morris
MICM CCE
AICM Australian
President
Presidents Address and welcome by Conference

Premium Sponsor Veda
Nerida Caesar
Veda Group Managing
Director, Australia & New
Zealand
1.45 - 2.45pm
Economic Key Note
Speaker TBC
Afternoon Tea
2.45 - 3.15pm
3.15 - 4.00pm
Leading Australian Economist analyses trends and

what the expected impacts will be
Tough times arent going

Away Time to Act!
Credit demand and market insights

Results from the credit manager survey
Credit manager Tips for 2016 and beyond
Moses Samaha MICM

General Manager,
Commercial and
Property Solutions, Veda
Debbie Leo MICM
General Manager, Major
Accounts, Veda
4.00 - 4.15pm
Credit Team of the Year

Announcement
Meet the two National Finalist teams and find out

who is the Credit Team of 2016
Grant Morris
MICM CCE
AICM Australian
President
Debbie Leo MICM
General Manager, Major
Accounts, Veda
4.15 - 5.00pm
5.00 - 6.00pm
An international
perspective of Credit
Management
Stay tuned for announcement of an exciting

international speaker
Speaker TBC
Welcome Drinks
Premium Sponsor
Proudly
supported by
Supporting Sponsor
12
DAY 2
Thursday 13th October 2016
PROGRAM
Continued
Time
Topic
Description
Speaker/s
9.00 - 9.45am
Data driven credit and

collections strategies
Strategic insights on using data to improve

performance
Mark Russell MICM

Director, Dun &
Bradstreet
9.45 - 10.00am
Young Credit Professional

of the Year
Meet this years Finalists
Grant Morris
MICM CCE
AICM Australian
President
Mark Russell MICM
Director, Dun &
Bradstreet
10.00 10.45am
Is your opponent a North

Korean?
Mr Pat Cavanagh
Adjunct Professor of
Law, UQ TC Beirne
School of LawL BB,
LLM (Hons)
Seven strategies for negotiating with hard

bargainers
Morning Tea
10:45 - 11.15am
Start of Concurrent Sessions

(choose one of the following options)
Time
11.15am 12.00pm
Topic
Description
INSOLVENCY
Update on recent developments and how they:
Lessons from 2016

insolvencies and case law
Improve your options for recovery
Speaker/s
Speaker TBC
Change previous assumptions or decisions

Give you new options and strategies
KNOWLEDGE
Evolution of payment
technology and how to
make it work for you
SKILLS
Problem solving: the
number 1 skill you will
need to thrive in the future
Case studies of solutions that streamlined

customers payments, allocations and
reconciliations
Speaker TBC
Proven methods and processes specifically

designed to help you solve your most challenging
problems
Terry Ledlin MICM

Special Counsel Ledlin
Partners
Fundamental steps, mind shifts and a new and

different approach which will build a platform
for critical thinking, creativity and, ultimately,
innovation
Continued over page
Premium Sponsor
Proudly
supported by
Supporting Sponsor
13
Day 2 Continued
PROGRAM
Thursday 13th October 2016
Continued
Concurrent Sessions continued

12.00 12.45pm
INSOLVENCY
Insolvency Law Reform
has the government got it
right?
KNOWLEDGE
Common industry errors
in PPSR registrations,
and tips to protect your
security interests
SKILLS
Importance of early
intervention in a proactive
risk management strategy
Like it or not insolvency touches the best of credit

managers. Understanding the impacts on creditors
of these imminent and proposed changes will keep
you ahead of the pack and manage your risk
Robyn Erskine MICM

Partner Brooke
Bird Restructuring,
Turnaround & Insolvency
Case studies where creditors have lost and how to

ensure you dont
Kim Powell MICM

Founder EDX (part of the
Veda Group)
The importance of investing in mitigating your

bad risk exposure by creating a proactive risk
management strategy.
Cynthia Thomas
MICM
National Collection and
Sales Manager Austral
Mercantile Collections
Pty Ltd
Bill Famelos
QBE Trade Credit
National Relationship
Manager.
End of Concurrent Sessions
Lunch
12.45 - 2.00pm
Time
2.00 - 3.00pm
Topic
Ways to curb phoenix
activity
Description
Illegal phoenix activity occurs because its cheap
and easy, its profitable and hard to detect. This
presentation will examine a range of solutions to
address these facets.
Speakers
Professor Helen
Anderson
Associate Dean
Undergraduate,
Melbourne Law School,
The University of
Melbourne
Afternoon Tea
3.00 - 3.30pm
3.30 - 4.45pm
How will the extension of

unfair contracts legislation
to small business affect
you
4.45 - 5.00pm
AGM
7:00pm
Presidents Dinner, sponsored by Dun and Bradstreet.
Legislation that affects your dealings with small

business comes into affect in November 2016.
Understand the affects of legislation
Boyd Honor
Senior Manager, Deposit
Takers, Credit & Insurers
ASIC
Featuring announcement of the YCP of the year and Presidents Trophy winners
Premium Sponsor
Proudly
supported by
Supporting Sponsor
14
DAY 3
PROGRAM
Friday 14th October 2016
Continued
Time
9.00 - 9.45am
Topic
Description
Speakers
How to help your

customers cash flow
How to advise your customers on credit

management strategies and debtor financing
options
Speaker TBC
10 Things a Lawyer wont

tell you but you need to
know
When you dont need a lawyer and can do it

yourself
James Neate MICM

Partner Lynch Meyer
Lawyers
How to save costs in briefing your lawyer and

how do legal costs really work?
Keeping your lawyer and your matter under control.
Peter Mills MICM

Special Counsel,
Thomson Geer Lawyers
Lawyering up- added costs v strategic benefit?

9.45 - 10.45am
Shared service centres

and impacts on Credit
Management
Understand the causes and impacts on this

growing trend affecting the credit management
profession
Speaker TBC
Credit insurance 101
How to assess if its right for you
Kirk Cheesman MICM

Managing Director NCI
Morning Tea
10:45 - 11.15am

Time
11.15am 12.00pm
Topic
Description
INSOLVENCY
How to limit the risk of a preference
Avoiding unfair preference

claim
Effectively responding to a liquidators demand
Speakers
Karl Hill MICM
Results Legal
Managing DIrector
Effectively resolving claims

Maximising the available defences (esp good faith
and PPS defence)
Latest case law developments
KNOWLEDGE
Practical steps to maximise recoveries
What to do when it all goes

wrong
Balancing getting paid with having a clean

accurate and effective credit file
Joseph Scarcella
MICM
Partner Ashurst
Credit Insurance
Other tips and tricks
SKILLS
Arthur Tchetchenian
MICM CCE
Transurban
TBC
Proving your worth value

as a credit manager
Continued over page

Premium Sponsor
Proudly
supported by
Supporting Sponsor
15
Day 3 Continued
PROGRAM
Friday 14th October 2016
Continued
Concurrent Sessions continued

12.00 12.45pm
LEGAL
A crucial current checklist
TERMINATOR Terms
and conditions how to end
all arguments ?
Recent cases that give real traction
KNOWLEDGE
Trevor will demonstrate the basic functionality of

modern collection and cash allocation software
and how it can ensure the efficiency of your credit
operation
Trevor Middleton
Director at Cosyn
Consulting
See how other credit professionals deal with the

growing pressures.
Speaker TBC
Working smarter there is

an app for that
SKILLS
Managing expectations
with less staff and how to
reset expectations
James Devonish
MICM CCE
Senior Associate Lynch
Meyer Lawyers
Increase your credit ammunition to summarily

deal with spurious defences
Lunch
12.45 - 2.00pm
Time
2.00 - 2.30pm
Topic
Description
Speaker/s
Implement your conference Using insights from the conference sessions, learn
insights
how to:
Develop action plans
Jane Calleja
Learning & Development
Manager, NCI
Identify roadblocks
Process change management
Jane will help develop action plan
3.00 - 4.00pm
President Trophy Closing and Prize Draw

End of Conference
For more information, visit

aicm.com.au
or
Register Now
Premium Sponsor
Proudly
supported by
Supporting Sponsor
16
Credit Management
ACCC to commence excessive

surcharge compliance role on
1 September 2016
The Australian
Competition and
Consumer Commission
will begin enforcing
the ban on excessive
surcharges for large
merchants on 1
September 2016.
Recently, the Reserve Bank of
Australia Payments System Board
(PSB) published its Standard which
relates to surcharges by merchants
when charging customers for the use
of a credit or debit card. Surcharges
will be excessive where they exceed
the permitted cost of acceptance, as
defined in the Standard.
In short, the new provisions
will limit the amount businesses
can surcharge customers for use
of payment methods such as most
credit and debit cards. The limit will
In short, the new

provisions will
limit the amount
businesses
can surcharge
customers for
use of payment
methods such as
most credit and
debit cards...
be linked to the direct costs of the

payment method such as bank fees
and terminal costs, ACCC Chairman
Rod Sims said.
The Standard defines what
businesses are able to include in
setting a surcharge and sets out a
two-staged implementation, with the
ban commencing on 1 September
2016 for large merchants and
1 September 2017 for all other
merchants.
The Standard defines a large
merchant to be one that satisfies
at least two of the following
requirements: it has a consolidated
gross revenue of $25 million or more,
the value of its consolidated gross
assets is $12.5 million or more, or it
employs 50 or more employees.
The Standard will apply to six card
systems EFTPOS, Debit MasterCard,
MasterCard Credit, Visa Debit, Visa
Credit and American Express cards
issued by Australian banks.
The ACCC is finalising online
guidance material for consumers
and businesses, which will provide
further information on the ACCCs
enforcement role, what businesses
need to do in order to comply, and
how consumers can make complaints
if they believe a business has
charged a payment surcharge that is
excessive, Mr Sims said.
We will focus on education and
awareness in the early stages but
wont turn a blind eye to possible
breaches, particularly for those large
businesses clearly on notice of these
changes.
The ban has no effect on
businesses that choose not to impose
a payment surcharge, such as the
many businesses in Australia that

incorporate payment system costs
into their overall prices.
Material on the RBAs website
provides detailed information for
businesses about the Standard,
including how businesses can identify
and quantify those costs that can
be passed on to a consumer as a
surcharge. The Standard is available at
www.rba.gov.au
Background
The new surcharging law arose out of
a recommendation in the Report of the
Financial System Inquiry (FSI) which
had the objective of improving the
efficiency and effectiveness of price
signals and reducing the potential for
cross-subsidisation between customer
groups and merchant groups. The FSI
received more than 5,000 submissions
related to credit card surcharges, most
of which called for surcharges to be
banned.
The Competition and Consumer
Amendment (Payment Surcharges) Bill
2015 was introduced into the House
of Representatives on 3 December
2015. It was passed by Parliament on
22 February 2016 and received Royal
Assent on 25 February 2016.
Nothing in the Standard alters
the existing obligations of businesses
to comply with the provisions of the
Australian Consumer Law, as set out
in theCompetition and Consumer
Act 2010, which deal with false and
misleading representations about the
price of goods or services.n
ACCC press release, 26 May 2016 http://
www.accc.gov.au/media-release/accc-tocommence-excessive-surcharge-compliancerole-on-1-september-2016
17
Credit Management
Reviewing your
invoicing to best
practice
By Symon Cook
Symon Cook
18
Credit managers are often asked

to review the invoicing process for
efficiency and best practice. While
were confident weve got the team
and systems to best practice, Symon
Cook, Neoposts resident digital
specialist, gives an overview of the 10
criteria he uses when being asked to
assess a customers processes.
One of the most defining features
facing businesses today is the
transition from paper-based processes
to electronic workflows
Across all businesses there are
many common traits and potential
improvements we could give our
customers in their daily experience
of interacting with the creditfunction.
Relying on paper based invoice
processes carries some challenges.
Theres the risk of the invoice going
missing, delays in postal delivery,
the time element involved in
manual handling and receipt of the
invoice,along with print and postage
costs.
Digitisation enables the
organisation to do things better, faster
more accurately and in compliance
with audit rules and regulations. It
means less printing, less paper, fewer
filing cabinets and none of the errors
and delays associated with manual
processes.
We imagine a non-demand digital
platform capable of distributing
invoices, statements and other
transactional documents in the
manner that your customer prefers,
whilst verifying delivery and archiving
a copy in compliance with ATO rules.
This vision sees invoices online,
automated, with minimal human

intervention required.If youre not
there, fear not, this can be a reality.
An online invoicing platform unlocks
efficiencies within the accounting
team, releasing valuable staff hours
that can be redeployed to resolving
customer disputes and ultimately,
improving cash collection.
I use the following 10 criteria when
assessing a customers processes
and whether they should consider an
online solution:
1. Faster payment Electronic invoices
can reduce day sales outstanding
(DSO) by delivering invoices
virtually instantly. This avoids the
need to print post and wait for
your customer to receive a hard
copy, cutting up to 5 days from the
invoicing process.
2. Visibility and peace of mind
If a posted invoice goes astray, it
may be weeks before you become
aware. Modern einvoicing
solutions will not only show the
invoice has been received but also
that its been opened, providing
certainty and reassurance
3. Cost reduction Remove paper,
print, postage and filing costs.
4. Improved productivity Manual
processes are inherently inefficient.
By removing the need for manual
data entry, e-invoices releases staff
to focus on more productive tasks.
5. Fewer errors Automation reduces
the need for manual data entry.
The less data entry, the less risk of
human error.
6. Satisfied Customers Are you
sending your customers their
Credit Management
invoices in the manner according

to their preference? Some
customers will want to continue
to receive paper based invoices.
Others will prefer an e-invoice.
Some companies nowadays
will even refuse to pay an
invoice unless its sent via email.
Customers will pay their bill faster
if it is sent in the manner they have
requested.
7. Improved Cashflow E-invoicing
empowers your accounting team
to keep a close eye on cashflow
and balance sheet. An up to date
central view of incomings and
outgoings help support good
cashflow management.
8. Digital Records Many e-invoicing
systems keep a digital record
of invoices, statements and
supporting documents making for
on-demand easy retrieval of files
24/7.
9. End-to-End Automation Simplify
and streamline. Automate the endto-end process of sending and
receipting the invoice, at a time
that suits the organisation.
10. Compliance E-Invoicing systems
are highly compliant. As well
as providing an audit trail of
transactions, online systems create
and store documents in formats
compliant with local tax rules
Digitisation enables the

organisation to do things better,
faster more accurately and in
compliance with audit rules and
regulations. It means less printing,
less paper, fewer filing cabinets...
Transitioning to e-invoicing may
seem like a daunting undertaking
but actually, can be quite simple. In
comparison to the often complex,
cumbersome ERP systems that
most organisations are used to,
modern e-invoicing systems have
been developed to offer user friendly
dashboards, straight forward user
interfaces and can take clunky data
and streamline the information into
invoices and statements that make
sense.
When approached by for
assistance for companies considering
an e-invoice solution, we offer some
basic advice.
1. Do a short survey with your
customers, seeking their
preference on receiving your
invoice.
2. At your next invoice run, assess
the amount of time your team
We introduced
No Recovery - No Charge
debt collection to Australia
over 40 years ago.
All you pay is commission on monies
recovered...from 11%.
Debts from $50.00
Debts up to 5 years old
We buy ledgers
spends printing invoices, manually

removing invoices that need to be
suppressed and measure the time
it takes to fulfil invoices ready for
mailing. Calculate the cost of the
postage and the cost of the overall
time generating the invoice run.
In our experience, most customers
who undertake this process, validate
for themselves that an online option
would be sensible to consider.
Often more surprising, is how
much further an e-invoicing system
can improve the efficiency of your
accounting function even if youre
already sending transactional
documents via email. n
Symon Cook is Neoposts resident digital
specialist and has worked in the print and
mail industry for the past 22 years. Having
been with Neopost for more than 8 years,
Symon has been supporting our customers in
the management of their physical and digital
strategies.
In association with
Contact Nicky on (03) 9872 7243

Free call: 1800 641 617
www.prushka.com.au
Offices across Australia
19
Legal
Mistakes not to make

when suing a debtor
...and tips on what you should do
By Roger Mendelson
There are some fundamental mistakes

which are regularly made when a
debtor is being sued for an unpaid
debt.
If you dont make these mistakes,
you will find that your success rate
dramatically improves and you will
then fully understand just what a
powerful tool legal action is.
For convenience, I will use
Victorian names for processes.
Dont sue if you dont have a

confirmed address for service
Roger Mendelson
20
So many legal actions fail at the

first hurdle because the address of
the debtor has not been properly
confirmed or the debtor has moved
and cannot be located. This problem
adds to delay, can sometimes prove
fatal if a new address has not been
found and will always add to the cost.
The lesson is to always
immediately reconfirm the address
before suing.
If the debtor is relatively transient
but has a regular job, write to him at
work (obviously marking the envelope
private and confidential) and advise
him that you will be serving him at
work, unless he makes contact with
you to make a time to meet the
process server.
This is a valid tactic and it often
results in payment being made at that
stage.
In many cases, work is a more
reliable service address. You are
entitled to serve the Complaint at
work and the only downside to this is
that service must be personal.
Dont issue a warrant of

execution
Unless you are aware of specific,
valuable items which can be seized
the success rate is extremely low.
If the debtor runs a business and
has got seizable assets (such as a
restaurant) then the warrant can be
effective but you should specifically
direct the sheriff to those assets.
Dont issue a summons for oral

examination
This is not an enforcement path but is
often treated as if it is.
Experienced debtors know exactly
what to do and what to say with the
result being that any information you
do obtain is invariably worthless.
The real time to find out about
your debtor is before you sue, not
after.
Avoid a defence
Your aim in recovering a debt is
to either end up with full payment
prior to judgment being obtained or
obtaining a default judgment.
If there is a genuine dispute, legal
action is often not the best way to
resolve it and should be regarded as
a last resort. There are steps you can
take to significantly reduce the risk of
a defence being lodged.
Send a final letter to the debtor
specifically requesting that he outline
any dispute he has, in writing, within
seven days and further advise that in
the event where he fails to do this and
he then ultimately lodges a defence,
you will be seeking an order for
Legal
indemnity costs as opposed to part

party costs. Indemnity costs will be
approximately 40% higher.
Dont miss part of the claim

Many Complaints are issued for less
than the full amount which can be
properly claimed.
Check your trading terms. It is
probable that there will be a penalty
interest clause and also a clause
providing that in the event of default,
all collection costs will be payable by
the debtor.
Spending a little time to cover all
of these additional charges will often
lift the amount claimed substantially.
Dont wait until judgment

You dont want a judgment. You really
want payment.
Your aim in recovering a debt is

to either end up with full payment
prior to judgment being obtained or
obtaining a default judgment.
After the Complaint is served,
the clock is ticking and the debtor
is under pressure. He should be
called and encouraged to pay the full
amount at that stage. If he cant pay in
full, enter an instalment arrangement
but leave the judgment dangling,
so that if he defaults, you can enter
judgment for the balance plus costs.
By not making the common
mistakes detailed in this article, I
guarantee that the net recovery you
achieve from legal action will be

guaranteed to substantially lift. n
The writer is CEO of Prushka Fast Debt
Recovery Pty Ltd and is principal of
Mendelsons National Debt Collection Lawyers
Pty Ltd. Prushka acts for in excess of 53,000
small to medium size businesses across
Australia and operates on the basis of NO
RECOVERY NO CHARGE. www.prushka.
com.au. Free call 1800 641 617. The writer is
also author of The Ten Mistakes Businesses
Make and How to Avoid Them and Business
Survival, both published by New Holland
Publishers.
21
Legal
Unfair preferences and

how to avoid them
By Nick Cooper*
When a company enters liquidation, it is
understandable that creditors often feel
aggrieved.
Firstly they are owed a debt which will
usually become a bad debt. Secondly, they
may be asked to refund some of the money
they have worked hard to collect when
a Liquidator claims they have received an
unfair preference.
In this 3 part series, I will provide a practical
summary of the law concerning unfair
preference transactions.
The topics to be covered are:
what is a preference payment?
what are the defences?
how can you reduce the chances of a
preference claim?
Nick Cooper
22
Part 1 What is a Preference Payment?

The rationale for unfair preferences is that when a company
is insolvent, by definition, the company will not be able to
pay the full amount of its debts when due for payment.
The governing law, which is the Corporations
Act, encourages insolvent companies to pay all their
creditors proportionally. It does this by penalising those
creditors who have received a disproportionate share
(an unfair preference). The creditor who has received
the disproportionate share is required, subject to certain
defences, to repay the amount they have received.
It is the duty of the Liquidator to collect these
preference payments and then distribute the monies
proportionately to all the companys creditors.
Unfair preferences are defined under Section 588FA(1)
of the Corporations Act as follows:
What is unfair preference?
A transaction is an unfair preference given by a
company to a creditor of the company, if, and only if:
(a) the company and the creditor are parties to the
transaction (even if someone else is also a party); and
(b) the transaction results in the creditor receiving from
the company, in respect of an unsecured debt that
the company owes to the creditor, more than the
creditor would receive from the company in respect
of the debt if the transaction were set aside and the
creditor were to prove for the debt in a winding up
of the company; even if the transaction is entered
into, or is given effect to, or is required to be given
effect to, because of an Order of an Australian court
or a direction by an agency.
There are several aspects of preferences which ought to
be noted:
a) Timeframe. The timeframe within which payments can
be deemed to be preferences is within six (6) months
before commencement of a liquidation. This period of
time is referred to as the relation-back period.
Commencement of a liquidation is defined in the
Corporation Act and is not necessarily the day that a
company enters liquidation.
Where a company is in Voluntary Administration
(or trading under a Deed of Company Arrangement)
Legal
and later enters liquidation, the commencement of

liquidation is deemed to be the date that the company
first entered Voluntary Administration (s. 513B).
In the case of a liquidation ordered by the Court, it is
six months before the filing of the application to Court
to wind up the company (s. 9 definition of relationback day).
The time period for transactions with related parties
is four (4) years.
Sometimes there is an issue as to whether or not
a payment falls inside the relation-back period if
there was a delay between a cheque being drawn and
presented.
In the case Re: Transconsult Australia Pty Ltd (In
liq) (1991) 9 ACLC 1052 it was held that the date of a
payment by cheque is the date on which the cheque
was given to the creditor not the date that the proceeds
of the cheque were made available to the creditor
through the bank transfer system.
b) Liquidation. The company must be in liquidation for
a payment to be caught by the preference provisions.
In other words, payments are not liable to be deemed
preferences where a company enters Receivership
(unless it enters liquidation at the same time) or enters
Voluntary Administration and then enters a Deed
of Company Arrangement that does not end in a
liquidation.
This is relevant if a debtor company enters Voluntary
Administration and you as a creditor are given an
option to vote for liquidation or for a Deed of Company
Arrangement proposal. If you consider that you may
have received a preference within the previous six
months, this may influence your vote as you may be
liable to repay the preference in the event of liquidation.
c) Insolvency. A payment can only be deemed to be a
preference if the company was insolvent at the time of
the payment.
It is important to note that even though there is a
six (6) month timeframe for recovery of preferences, a
company may not be insolvent throughout the entire six
months.
The Liquidator usually seeks to prove insolvency by
preparing a report on the companys financial position
during the relation-back period.
If defending a preference claim, it may be
worthwhile scrutinising the Liquidators report and
seeking an opinion on the companys solvency from
another Insolvency Practitioner.
There have been several cases where a Liquidator
has lost a preference claim on the basis that they have
failed to prove that the company was insolvent at the
time of the preference payment.
In the case of a liquidation

ordered by the Court, it is
six months before the filing
of the application to Court
to wind up the company
d) Interest and costs. A Liquidator can claim interest on
a preference payment and legal costs if the matter
proceeds to trial and the Liquidator is successful.
Conversely, if the Liquidator is unsuccessful, the
creditor can claim some of their legal costs against the
Liquidator.
In the case Star v OBrien [1996] 22 ACSR 434, it was
held that interest on a preference claim runs from the
date of the Liquidators letter of demand for payment.
It should also be noted that legal costs awarded by
a court to the successful party is usually on a party/
party basis rather than solicitor/client basis.
This means that some costs cannot be claimed such
as the cost of providing legal advice as opposed to
preparation for a trial.
The costs awarded are also calculated on a set
scale of rates, which might be less than your solicitors
standard charge out rates.
What the Liquidator must prove

To successfully establish at trial that a payment is an
unfair preference, a Liquidator must prove to the court the
following matters:
a) Insolvency. The Liquidator must prove that the
company was insolvent at the time of the preference
payment. This is usually done by the Liquidator
preparing a report on the companys financial position
which demonstrates that the company was insolvent.
Insolvency is explained in section 95A of the
Corporations Act, as follows:
(1) A person is solvent if, and only if, the person is
able to pay all the persons debts as and when
they become due and payable.
(2) A person who is not solvent is insolvent.
Insolvency is a cash flow test rather than a
balance sheet test. In other words, insolvency is
not determined by examining a Balance Sheet but by
examining a companys cash inflows and cash outflows.
A company is insolvent when the cash outflows will
exceed both the:
zz cash inflows; and
zz the available cash funds and credit available on
bank overdraft accounts, etc.
23
Legal
There are a number of factors which will indicate

insolvency, such as:
high proportion of trade creditor aged 90 days
or more;
late lodgement or non-payment of amounts due
on Business Activity Statements;
late or non-payment of WorkCover levies;
demands from suppliers for payment;
legal action commenced by suppliers;
negotiating repayment arrangements with
suppliers;
a deficiency in working capital generally
calculated by deducting current liabilities from
current assets as disclosed in the Balance Sheet.
b) Debtor/Creditor Relationship. The Liquidator must
prove that there was a debtor/creditor relationship at
the time of the preference payment.
In other words, the recipient of the payment must
have been owed monies at the time of payment. This
will usually be the case.
However, there will not be a debtor/creditor
relationship where payments are made on a cashon-delivery (COD) basis. Such COD payments can
therefore never be preferences.
c) Unsecured Creditor. The Liquidator must prove that the
creditor who received the preference payment was an
unsecured creditor. In other words, there cannot be
a preference payment against a bank or other creditor
who has valuable security over the companys assets.
Similarly, with the introduction of the Personal
Property Securities Register (PPSR), suppliers of
goods who have a valid PPSR registration are secured
creditors and immune from preferences but the
value of their security against the value of the alleged
preference payment must be considered.
If a secured creditor receives a payment which
exceeds the value of its security, then the portion of the
creditors debt that is effectively unsecured is liable to
be repaid as an unfair preference (section 588FA(2)).
d) Preferential Effect. The wording of section 588FA(1)(b)
suggests that a payment can only be a preference if the
creditor was effectively preferred over other creditors of
the company.
The test is whether the transaction results in the
creditor receiving from the company more than it would
have received in respect of the debt if the transaction
was set aside and the creditor were to prove for the
debt in a winding up of the company.
In the case Walsh v Natra (2000) 1 VR 523, it
was held that preferential effect is demonstrated by
comparing the return that the creditor received from
the payment against the return the creditor would
24
receive in the winding up of the company conducted by

the Liquidator.
Preferential effect is important for one class of
creditors, being landlords, who are in a privileged
position with respect to preferences. It has been held in
the case Re: Discovery Books Pty Ltd (1972) 20 FLR 470
that landlords do not necessarily receive a preference
when a tenant pays rent as the ultimate effect is
that the company is allowed to continue trading from
the rented premises. This is known as the doctrine of
ultimate effect.
e) Transaction. The Liquidator must prove that there
was a transaction. Clearly when a creditor receives a
payment, the payment itself is the transaction.
There have been several cases in which the meaning
of a transaction was important, including:
zz Re Emanuel (No. 14) Pty Ltd (In liq) (1997) 24
ACSR 292 it was held that the definition of
transaction was sufficiently broad to catch an
arrangement whereby a payment from a third
party, rather than from the company which
entered liquidation, to the creditor was liable
to be repaid as a preference given that the
payment was authorised by the company.
zz Bartercard Ltd v Wily (2001) 19 ACLC 1461
it was held that a transaction existing in
circumstances where a creditor terminated a
franchise agreement and obtained the business
(including goodwill and plant & equipment) of
a franchisee. It was a transaction as the creditor
set-off the value of the business against the
debt owing to it.
In the next article, I will discuss the defences and remedies
that are available to creditors. n
*Nick Cooper is a Partner of the Adelaide office of Worrells Solvency
& Forensic Accountants. He is qualified as a Chartered Account and
hold a Bachelor of Laws. He is an Official Liquidator and a Registered
Trustee in Bankruptcy. Nick has worked in the insolvency practice for
20 years. He has acted as an Administrator, Liquidator and Receiver of
companies in a diverse range of industries. He has acted on behalf of
major banks and in respect of clients of many accounting firms.
In his role as a Liquidator and as a Trustee in Bankruptcy, Nick is often
involved in litigation to recover assets for the benefit of creditors.
The Liquidator must prove

that the creditor who
received the preference
payment was an
unsecured creditor.
Legal
Electronic contracts
whats new?
Part 2 Authority to bind
By Peter Mills and
Robert Gallagher
Peter Mills
In Part 1 of this series (March 2016

issue), we looked at the Supreme
Court decision in Stellard Pty Ltd &
Anor (Stellard) v North Queensland
Fuel Pty Ltd (NQF)1 (Stellards
Case). The Court ruled that the
name of an agent typed in an email
was a signature which bound the
company.
We also looked at the implications
for Credit Applications, Terms and
Conditions of Trade (called T+Cs) and
guarantees which need to be signed,
whether foreign laws are relevant, and
the need for proper processes and
systems (both manual and online) for
ensuring a signature is obtained.
In Part 2 of this series, we look at
who has sufficient authority to enter
into an agreement or sign on behalf
of a customer or guarantor and what
happens if they do not have authority.
Authority to bind
Robert Gallagher
All contracts and documents, whether

they are T+Cs or a guarantee, must
be entered into by the person who
is to be held liable (as customer or
guarantor). If a person (including a
company) is represented by a duly
authorised agent it is critical that the
agent has sufficient authority as an
agents authority often will be limited
to entering into only certain dealings.
If an agent lacks sufficient
authority, then no contract is formed
and no rights can be enforced in
contract eg a charging clause will not
enforceable.
The best course is to have the
right documents and systems in place

to ensure that the necessary steps are
taken to bind the correct parties.
Whilst authority might be proven
or other rights or remedies might be
available eg against an agent acting
without authority, these often involve
complex disputes with uncertain
results, as the cases below show.
Stellards Case sale of land and
business by non-director
zz The seller was a company (NQF).
zz NQFs apparent principal asset was
land and a service station business
located on it.
zz All relevant email communications
were with only NQFs agents, some
with the sales agent, and others
with the directors son, Drew.
zz Drew was not a director of NQF
according to ASIC records. No
Power of Attorney appeared to
have been registered granting
him authority to deal with NQFs
interest in land. It was not alleged
that any statement had ever
been provided to Stellard by the
directors of NQF to the effect that
Drew had NQFs authority to enter
into any contract, although sales
and marketing materials identified
Drew as a contact for NQF.
zz Importantly, NQF expressly
admitted in Court documents that
Drew was duly authorised to enter
into the relevant contract. This
meant that it was not necessary
for Stellard to prove that Drew was
NQFs duly authorised agent.
25
Legal
Generally a non-director would not

be taken to have authority to grant
an interest in land. Here, Stellard ran a
complex Court case to prove its claim.
Takeaway on both sides of a deal
get the paper work right and have
all officers sign the documents so
everyone has certainty.
Auto Moto Corporation Case 2
salesman had authority to buy and
sell cars but had no authority to give a
charge over the customers assets
zz A supplier sold expensive
imported cars to a car dealership.
All discussions were conducted
with a head salesman, who was
not a director or shareholder.
zz Cars were sold to the dealership
on the basis that the supplier
retained title until paid, and
normally the supplier would
receive payment on a sale
occurring.
zz Subsequently, as the debt owed
grew to over $1 million, the
supplier provided a written general
security agreement (GSA) to
the salesman, providing for the
dealership to grant a charge over
all of its assets to the supplier.
zz A registration was lodged under
the Personal Property Securities
Act 2009 (PPSA) by the supplier
based on the GSA.
zz The GSA was not signed by
the dealerships directors nor
was there any evidence that
the directors had ever adopted,
discussed or seen the GSA.
zz The dealership went into
liquidation.
zz The Court held that:
The salesman was the duly
authorised agent of the
dealership to buy and sell

cars and to grant retention of
title security interests in the
vehicles.
This did not mean however
that the salesman was also
duly authorised to enter into
the GSA. It was beyond the
actual or implied authority of a
salesman to grant a charge over
the companys assets at large.
The GSA was not enforceable
and so the PPSA registration
made by the supplier was
deregistered and the supplier
was an unsecured creditor for
over $1 million.
Takeaway obtain relevant ASIC
and other searches to identify the
director/s who are authorised to enter
into agreements to give a charge
over a customers real and personal
property.
Williams Group Australia (WGA)
Case 3 electronic signature not
inserted by guarantors duly
authorised agent and so guarantee
not enforceable
zz WGA was a building materials
supplier. Its customer was IDH
Modular (IDH).
zz Mr B, Mr W and Mr C were IDHs
directors, and Ms H was its admin
assistant.
zz Mr A set up an electronic signing
system for the directors to
use called Hellofax. Hellofax
permitted each user to upload
a copy of their signature which
could be applied to documents
electronically.
zz Mr B, Mr W and Mr C all uploaded
copies of their signatures, and
were provided with unique user
...obtain relevant ASIC and other

searches to identify the director/s
who are authorised to enter into
agreements to give a charge over a
customers real and personal property.
26
names and passwords to be

able to access Hellofax. Only
persons with the suitable user
name and password could access
the system and use the related
signature.
zz As further protection,
whenever a document was to
be signed using a directors
Hellofax, the relevant director
would be emailed. After their
signature had been applied,
the relevant director was
sent another email as to their
signature having being applied
to the document.
zz Lastly, the Hellofax system also
logged from where and when a
user of the signature had accessed
the system.
zz Mr C never changed his user name
or password.
zz IDH went into liquidation owing
WGA $1M.
zz The evidence showed that
Mr Cs signature had been
placed on the guarantee by a
person who had logged in at
IDHs Murwillumbah office, at
a time when Mr R was not in
Murwillumbah. It could not be
proven who the person was who
used his (unchanged) user name
and password, or that Mr C had
read the emails as to the use of
his electronic signature.
zz The Court held:
There was no evidence
that any person had been
actually authorised to
place Mr Cs signature to
any document, or that Mr
C had led WGA to believe
that Mr C had granted
such authority to others.
Mr Cs failure to change his
password was not sufficient;
That since Mr C had not read
the emails as to his signature
being used, he could not
be said to have ratified any
unlawful use of his signature.
The Court held that the guarantee
was not enforceable against Mr C and
he was not liable for the debt owed.
Legal
Takeaway communicate directly

in person with guarantors to make
sure that they have signed the
guarantee. Even though an electronic
signature may be sufficient (such as
in Stellards case) safeguards against
fraud should be in place and perhaps
more so when electronic dealings are
relied on.
Menzies Case4 accountant handled
all communications with banks and
forged signature of client on loans, real
property mortgages and guarantees
contracts not binding on client
zz A client placed her trust in her
accountant to assist in making a
loan application.
zz The accountant used her
ID documents to forge her
signature on numerous loans,
personal guarantees and to
grant mortgages over the clients
properties.
zz All communication, bank
statements and correspondence
were sent via the accountants
office.
zz The client was not liable for the
fraud of her accountant as he had
no sufficient authority to bind her.
Takeaway good old fashioned
fraud doesnt have to be electronic or
digital. Minimise risk by dealing with
the person directly.
Tai Hing Cotton Mill Ltd Case5
HK$5M in cheques signed by
customers employee who was not an
authorised signatory on bank account
bank liable for entire loss
zz The customers employee made
off with the ill-gotten funds.
zz The company did not complain
to the bank for some time after
receiving bank statements.
zz Because of the terms of the
contract between the bank and its
customer, the bank was still liable
for the employees fraud and was
required to refund the HK$5M in
full, despite the passage of time.
Takeaways credit providers
are also providers of finance.
Whilst cheques are used less today,
fraudulent ordering by employees of

goods and obtaining of fraudulent
refunds by them on customer
accounts are possible exposures
for suppliers under T+Cs. In credit
documents it may be possible to
provide that the customer and
guarantors will be liable on the
account and that any fraud or forgery
by the customers employees will be
at the risk of the customer, not the
credit provider.
duly authorised officer or agent, or

guarantees properly signed by the
liable parties, you will not likely be
able to enforce rights against the
customer, guarantors or third parties,
or lodge PPSA security interests or
caveats.
Review your contracts, T+Cs and
guarantees to identify where the risk
falls if a customers employees effect a
fraud on the account.
Next
Overview
T+Cs and guarantees should be
obtained with care, using reliable
systems, processes and documents.
Contracts, guarantees and other
documents generally do not grant
any contractual rights to a creditor if
they are signed or entered into by an
agent for the party to be held liable
unless the agent acts with sufficient
authority.
Electronic signature systems
and processes might seem fine and
efficient, however they should be
reviewed to ensure that they verify the
lawful and authorised placement of
signatures.
Direct contact with directors and
guarantors is especially important.
If you fail to have contracts and
T+ Cs signed by the party or a
Stay tuned for the final Part 3 of this

series. In the final part, we will look
at when parties are legally bound
during negotiations, even if and when
they say the dealings are subject to
contract. n
Written by:
Peter Mills, Special Counsel
pmills@tglaw.com.au, T +61 7 3338 7921
Robert Gallagher, Partner
rgallagher@tglaw.com.au, T +61 7 3338 7920
FOOTNOTES:
1
Stellard Pty Ltd v North Queensland Fuel

Pty Ltd [2015] QSC 119
Auto Moto Corporation Pty Ltd v. SMP

Solutions Pty Ltd [2013] NSWSC 1403
Williams Group Australia Pty Ltd v.

Crocker [2015] NSWSC 1907
Perpetual Trustees Victoria Ltd v Menzies

[2012] NSWSC 1066
Tai Hing Cotton Mill Ltd v Liu Chong Hing

Bank Ltd [1985] 3 WLR 317
27
Legal
Dont get your

contract terms
knocked out
John Fairgray and
Luis Ormazabal*
From 12 November 2016,
if you work with small
businesses and use
standard form contracts,
you must ensure that
your contracts do not
contain unfair terms or
you risk having part,
or all, of those terms
knocked out. This article
provides an overview to
these changes.
28
The Treasury Legislation Amendments

(Small Business and Unfair Contracts
Terms) Act 2015 (the Act)
On 12 November 2016, the Act
will be enforced, amending the
Australian Securities and Investments
Commission Act 2001 and
Competition and Consumer Act 2010
(more specifically Schedule 2 The
Australian Consumer Law).
The purpose of the Act is to extend
the existing unfair contract term
provisions to small businesses entering
into standard form contracts valued
less than the prescribed threshold.
What does this mean for you?

If you work with small businesses
and intend on entering, renewing or
varying your standard form contracts,
which relate to such things as:
1. Unilateral variation of terms and
conditions. For example, where
you may amend the terms and
conditions of a contract and publish
them on your website without
sufficient and/or reasonable notice
to your customer;
2. Automatic rollover of the contract.
For example when a contract
expires and you automatically
renew it for a further term, unless
notice has been provided by your
customer that they do not intend
to extend the contract; or
3. Enforcing contingent fees. For
example default fees and/or
liquidated damages which are not
disclosed at the time the contract
is entered into,
then it is essential that you review

your contracts before 12 November
2016, otherwise you run the risk
that part, or all, of your contract
terms may be knocked out by the
Court.
What is a small business?

A business is taken to be a small
business where it employs fewer
than 20 persons, excluding casual
employees not employed on a regular
or systematic basis. A head count
approach will be used to calculate the
number of employees.
What is a small business

contract?
A contract is a small business contract
if either of the following applies:
1. The upfront price payable under
the contract does not exceed
$300,000.00; or
2. The contract has a duration of
more than 12 months and the
upfront price payable under
the contract does not exceed
$1,000,000.00.
Legal
The onus of proof lies with

you to show that your small
business contract does not
contain unfair terms.
Is my small business contract a

standard form contract?
As stated above, the unfair contract
provisions will affect standard form
small business contracts.
Whether a small business
contract is a standard form contract
will be a question to be decided case
by case.
In the past, the Courts, in deciding
whether a contract is a standard form
contract, have taken into account such
matters as:
1. One of the parties has all or most
of the bargaining power relating to
the transaction;
2. If the contract was prepared by
one party before any discussion
occurred between the parties;
3. Another party was required to
either accept or reject the terms of
the contract;
4. Another party was given an
effective opportunity to negotiate
the terms of the contract; and
5. The terms of the contract and
whether they take into account
the specific characteristics of your
customer when entering into the

contract with them.
Therefore, a standard form contract
is a contract which has been
prepared by you and is not subject
to negotiation, being when your
customer has to either accept the
terms of the contract or not i.e. on a
take it or leave it basis. Examples of
standard form contracts in credit are
where there is a supply of goods and
services to consumers in industries
such as telecommunications, finance,
domestic building, gyms, rental
agreements and utilities.
To which standard form small

business contracts DOES the
Act apply?
The Act will apply to small business
contracts that:
1. Have been renewed on or after 12
November 2016. As such, the Act
applies from the renewal date; or
2. Have been varied on or after 12
November 2016. That is, the Act
will apply to the term(s) varied on
or after 12 November 2016.
To which standard form small

business contracts DOES NOT
the Act apply?
Whilst most standard form small
business contracts will be covered by
the Act, there are some exceptions,
these being:
1. Contracts entered into before
12 November 2016 (subject to
any renewals or variations to
the contract and/or terms and
conditions);
2. If your customer is unable to
allege that your terms of contract
are unfair merely on the basis that
they have changed their mind, or
no longer require the goods and/
or services from you. This applies
where you are supplying goods
and services which are specifically
defined in the contract;
3. Where the upfront price has been
clearly stated in the contract at
the time in which the contract was
established;
4. Where there is a requirement or
you are expressly permitted by
a law to include a specific term.
29
Legal
For example, some legislation

may permit the inclusion of
terms as a matter of public policy
to ensure specific transactions
occur i.e. cooling- off periods
in various industries and their
relevant statutory provisions;
5. Terms that have been subject to
genuine negotiations between you
and your customer;
6. Shipping contracts (as they are
subject to a comprehensive
legal framework that deals with
maritime contracts);
7. Contracts that are constitutions of
companies, managed investment
schemes or other kinds of bodies;
or
8. Contracts in sectors exempt
by the Minister, for example
insurance contracts as they
are regulated by the Insurance
Contracts Act 1984.
Is my small business contract

unfair?
Generally, if a term is in a standard
form contract it will be unfair if three
tests are satisfied:
1. The term would cause a significant
imbalance in the partys rights
and obligations arising under the
contract; and
2. The term would cause detriment
(whether financial or otherwise)
to a party if it were applied or
relied on; and
3. The contract term is not
reasonably necessary in order to
protect the legitimate interests
of the party seeking to rely on it.
In applying each of the three tests,
a Court may take into account such
matters as are relevant and is obliged
to take into account:
1. The extent to which the term is

transparent (that is, expressed in
reasonably plain language, legible,
presented clearly and readily
available to any party affected by
the term); and
2. The contract as a whole.
What powers will the Court

have?
The Court may declare that a term
in a small business contract is unfair
on the application of a party to the
contract (subject to the relevant
thresholds being met) or ASIC.
What happens if the Court

determines that my term(s)
to be unfair?
If the Court finds that a term is unfair,
then there are a range of orders that
the Court may make, including:
1. Declaring that the term be
deemed void;
2. Refusing to enforce some or all
of the terms of a contract;
3. Directing you to refund money
or to compensate your affected
customer; and/ or
4. Directing you to continue
providing goods and/or services
to your customer at your expense.
In the event that your term has
been deemed unfair, and you
continue to rely and enforce that
term, then you could be engaging
in false and misleading conduct by
misrepresenting the enforceability
of the term to your customers.
Who bears the onus of proof?

The onus of proof lies with you to show
that your small business contract does
not contain unfair terms.
Consider whether there is going

to be some uncertainty about the
fairness of your contract terms and
in the event there will be then include
additional terms.
30
What you should do before

12 November 2016.
Due to the significant impact that the
Act may have to your business, you
should:
1. Consider whether the Act applies
to your contracts and whether
there are any terms which should
be amended, if you use standard
form contracts in your business;
2. Obtain legal advice and have
your contract terms reviewed,
removed and/or amended where
appropriate and in compliance
with the Act;
3. Implement changes to your front
end processes to ensure that if
you are going to enter into, vary
or renew a standard form contract
with a small business customer on
or after 12 November 2016, that it
complies with the Act;
4. Consider whether there is going
to be some uncertainty about the
fairness of your contract terms
and in the event there will be
then include additional terms. For
example, disclosure requirements
as to your customers business or
limitation of liability terms; and/or
5. Ensuring your contract, and its
specific terms, are clear and
transparent. n
Should your business require any assistance

or advice regarding the impact of the Act
to your business, please do not hesitate to
contact BBW Lawyers;
John Fairgray (Partner)
E: jfairgray@bbwlaw.com.au,
Luis Ormazabal (Associate)
E: lormazabal@bbwlaw.com.au or
Balveen Saini (Solicitor)
E: bsaini@bbwlaw.com.au on 02 9210 9100.
The AICM will be holding seminars in
Brisbane, Sydney, Melbourne, Adelaide and
Perth in August to ensure you understand
the impacts for your business and are able
to adjust for them. Email aicm@aicm.com
to express your interest and ensure you are
notified once dates are confirmed.
Disclaimer: This is general commentary and
should not be relied upon as if it were legal
advice.
Technology
Australia on the cusp

of digital greatness
Australia could soon become the
FinTech Hub of Asia by eliminating
regulatory red tape that has
previously held the nations visionary
start-up companies back, Tyro CEO
Jost Stollmann said recently.
Under changes announced by
the Australian Government, start-up
companies can now test and evolve
their business models with customers
in a regulatory sandbox, without first
having to obtain a financial services
licence.
The development will help
encourage some of Australias best
and brightest bankers to leave the
comfort of the big four banks
and venture out on their own with
disruptive new ideas.
Australias financial services
sector is the largest contributor to
the national economy, providing
about $140 billion to GDP last year,
and employing 450,000 people, Mr
Stollmann said.
The Australian Governments
package of measures will help unleash
a new generation of entrepreneurs
and investors who want to make
everything we do quicker, easier and
more productive.
FinTech investment around the
world reached an estimated $30
billion, a jump of about seven-fold in
only three years.
Australia needs to make itself
FinTech friendly if it wants to set
itself up for the next generation of
economic growth.
If it does, Australia could become
the FinTech Hub of Asia, servicing
a market of more than three billion
people, including a rampant Chinese
economy.
At the recent World Economic
Forum it was noted that 90 per cent

of the data we use today has been
created in the past two years.
Mr Stollmann said that FinTech
was disrupting banking so quickly it
was possible that one of Australias
big four banks may no longer exist in
a generation.
Australia is now creating an ecosystem of FinTech start-up companies
that are working together to provide a
21stcentury suite of banking services
for customers and businesses, he
said.
What that means is that the old
and slow banks may be replaced by
100 smaller organisations working
together.
It is possible that within 20 years
one of the current big four banks
will no longer be with us. The only
question is, which one will it be?
While most banks have been
reluctant to speak publicly about
the challenges posed by FinTechs,
Commonwealth Bank CEO Ian Narev
told a gathering at The Centre for
Independent Studies earlier this
month that his organisation would
be toast within 10 years if it didnt

innovate.
Mr Narev refuted the notion that
innovation and technology was only
the domain of the start-up, describing
Commonwealth Bank as the big dog
sleeping on the porch.
Early last year, Tyro took this a
step further by opening Australias
first FinTech Hub, designed to
foster new ideas and help Australian
entrepreneurs build their dreams.
FinTech is going to revolutionise
how consumers and businesses
interact in the future, Mr Stollmann
said.
But individual FinTech companies
cant thrive in an analogue world, we
need to create a digital ecosystem for
new ideas to grow and prosper.
Mr Stollmann sits on the Federal
Governments FinTech Advisory Group
that advises the government on how
to improve Australias international
competitiveness in the digital
economy. n
Adapted from Tyro press release dated
17/06/2016 https://tyro.com/press-releases/
australia-cusp-digital-greatness/
31
Economy
A new world of
commerce awaits
By Barry Urquhart*
Once the economic headwinds abate

and the downturn is over, a new, lean,
efficient, cost-effective, technologydriven world of commerce will await.
There will be no going back to the
good old days.
The jobs and careers lost during
the mining, retail, construction and
services contractions will not return.
Managements, and Boards of
Directors have learnt how to operate,
develop and grow with reduced
resources.
Profit margins have been trimmed
since the onset of the Global Financial
Crisis (GFC) in August 2008. So too
have organisation structures and the
Managements, and Boards of

Directors have learnt how to operate,
develop and grow with reduced
resources.
fixed costs of operating overheads
centred on staff members.
Therefore, future increases in
demand, production, sales and
revenue will trigger widespread
positive leveraging in profits,
dividends, share prices and business
valuations, without the need for
substantial increases in people.
Higher productivity and lower unit
costs-of-production will be rewarded.
Self-worth will be enhanced for those
capable, and trained, to capitalise on
the future business landscape.
Look, no hands!
Barry Urquhart
32
Autonomous vehicles will overwhelm

and largely render obsolete the taxi
industry. Labour-intensive sectors,

whose participants have little or no
personal relationship skills, face a
bleak, contracting and short future.
In the new marketplace, the harsh
climate and working conditions
of remote mining sites will not be
endured by large numbers of workers.
Automated drilling machines,
trucks and trains will be operated,
monitored and controlled by a
few select, professionally qualified
specialists located in air-conditioned
city-based offices.
Union acceptance and
endorsement of such rationalisations
will have long-term structural
consequences for its members.
Up in the air
The military conflicts in Afghanistan,
Iraq and Syria are already being
influenced, if not won, from the air,
with strikingly accurate, efficient
armed drones, which are being
flown by pilots and crews located
half-way around the world in the
safety and comfort of a foreign
country. The need for boots on
the ground to win a war has been
slashed.
Legal practices have addressed the
decline in public- listings, acquisitions
and mergers with a restructuring
of firms, reductions in head-counts,
surrendering floors of office space,
and the outsourcing of para-legal
duties to overseas.
Career paths, and the pursuit
of climbing corporate ladders have
become more tenuous and shorter in
term. Reportedly, over the past two
years up to 26% of law graduates
Economy
from Australian universities have not

secured full-time employment. Many
are undertaking intern duties on limited
stipends, or working pro-bono for a
host of not-for-profit organisations.
The lore of economics has
supplanted the law of statutes.
Automated hospitality
Automated registrations at
accommodationhotels are already
revolutionising tourism and
hospitability practices. Consumers are
enjoying lower room tariffs and the
avoidance of long queues at book-in
and book-out. The take-up of similar
developments will accelerate in any
widespread economic upturn.
Interactions with staff are still
possible when ordering room service,
eating in the restaurants and seeking
local information from the concierge.
The present is a transition period,
and the consuming public does not

appear to have firm opinions or
established preferences. Familiarity
will doubtless breed acceptance.
In all of these instances there are
parallels to a visit to Disneyland in
Anaheim, California, USA and taking
a childs fun-ride with the background
music, Its a small, small world after
all.
Sadly, many of those who have not
prepared for the structural change will
not enjoy joining the chorus line.
Make it public
Disturbingly, for some, the potential
of rationalisation of organisational
structures and people- counts in the
public sector will not be realised.
It is potentially the most lucrative
sector to effect greater efficiencies, to
enhance productivity and to reduce
staff numbers.
Overall, it is apparent that

technological developments are
enabling the automation of processes,
and with it, the lowering of costs. It is
important that at the interface with
customers, clients, and guests there
is always the capacity and option to
engage with service providers.
Thus, the silo-effect inherent in the
concepts and phrases of omni-channel
and multi-channel have quickly
become redundant and replaced with
an integrated, interactive and dynamic
single channel. Greater productivity
remains a key driver; customer
satisfaction and fulfilment the goals.
Get ready to participate,
compete and win, in a new world of
commerce. n
*Barry Urquhart of Marketing Focus is an
internationally respected business strategist,
consumer behaviour analyst and conference
keynote speaker.
33
Economy
Brexit from a
Credit managers
point of view
Opinions of UK credit managers indicated
Brexit was a genuine possibility.
34
Prior to the vote on a Brexit from the EU a survey

of 300 Chartered Institute of Credit Management
(CICM) members revealed that almost a third of
credit managers planned to vote in favour of leaving
the EU and almost a half believed that Brexit would
have little or no impact on their business.
75% of the survey participants conduct
international trade and these results (32 percent in
Economy
favour of leaving) were an increase

from 12 months prior when only 21
percent intended to vote in favour
of leaving the EU. 21 percent of
participants were undecided in the
latest survey.
Philip King, Chief Executive of
the CICM, says that while the shift
in opnion has been marked, almost
half (47 percent) were still in favour
of staying as part of the union: this
means that only a small percentage
of the undecided vote needs to be
converted for the stay campaign to
carry the day
CICM members (like AICM
members) work across all sectors
and industries and the volumes and
values of credit granted provide a
primary indicator of the strength of
the UK economy and actual levels
of business being conducted. At
the moment they seem to be saying
that leaving the EU will make little
or no difference to their business
an opinion that has remained
constant over the last 12 months
he continues. This suggests that the
stay campaign had not yet won
the argument convincingly and the
positive results of being part of the
EU had not registered with CICM
members.
While the CICM remained
neutral, the results of the survey
are a good barometer for how
many in the industry felt and with
time running out we need to see
more positive arguments from both
sides.
In hindsight the results of this
survey reflects recent commentary
post the vote that the stay campaign
was not able to convince the broader
public of the benefits of staying in the
EU (adapted from June 2016 article
in Credit Management, the CICM
magazine).
Brexits impact on Australia

Paul Bloxham Chief Economist HSBC
Bank Australia Limited, in a recent
press release reflected on how the
RBA will react to the Brexit.
Brexit has delivered a shock to

global financial markets. Australias
markets have, however, seen much
smaller moves than elsewhere,
particularly in Europe. This partly
reflects that commodity prices have
held up well with the iron ore price
above its pre-Brexit referendum level.
The AUD is down from USD0.76 to
USD0.74, but the fall in the AUD is
largely explained by strength of the
USD.
The markets reaction seems
consistent with the apparent
limited economic significance of
the UK for Australia. Britain takes
only 2.8% of Australias exports and
although financial connections are
larger, recent net capital inflows to
Australia have mostly come from
Asia. In short, Australias economic
story is much more about Asia than
about Britain or Europe. To the
extent that Brexit affects Australia,
it is mostly through an impact it
could have on growth in Australias
major trading partners in Asia. We

see Brexit as unlikely to trigger a
cash rate cut from the RBA this
month.
We see the election as unlikely to
have market implications, although
the desire to be apolitical could
explain the central banks recent
reluctance to give much policy
guidance (see Australian Election
Observer, 17 June 2016).
More generally, Australias growth
remains strong, business conditions
are at high levels, jobs growth has
continued and house prices are
rising. Last weekends consumer
confidence and housing auction
clearance rates remained high,
despite the Brexit vote. We expect
continued solid growth, although
inflation remains low.
We continue to see the RBAs next
potential trigger as the Q2 CPI print,
due on 27 July. Our central case sees
a 25bp cash rate cut in August, after a
low CPI print. n
To the extent that Brexit affects

Australia, it is mostly through an
impact it could have on growth in
Australias major trading partners
in Asia.

35
Economy
U.S. Macro Outlook:

Its a Job Machine
GDP growth has come to a near
standstill. Growth will be barely
positive in the first quarter, after
a paltry gain in the fourth quarter
of last year. Job growth, however,
remains robust, with no sign of
slowing. The job numbers are a better
representation of the reality of the
economys performance and nearterm prospects.
Measurement problems plague
the GDP figures. Despite yeoman
efforts by the Bureau of Economic
Analysis, the source of the GDP
data, there remains a significant
residual seasonality problem.
That is, GDP has a clear seasonal
pattern, with the weakest growth
not surprisingly during the winter
months. But the BEA hasnt
been able to fully correct for this
seasonality.
By Mark Zandi, Chief

Economist Moodys
Analytics
Labour Force Surges With Stronger Job Market

Labour force, ths, change yr ago, 3-mo MA
2,000
1,500
1,000
500
0
-500
-1,000
-1,500
08
09
10
11
12
13
Source: BLS, Moodys Analytics
36
14
15
16
GDP Head Fake

GDP also undergoes significant
revision. The initial estimate of GDP
for a quarter is revised by close
to a percentage point on average
in subsequent estimates as more
source data, especially inventory and
international trade statistics, become
available. Big revisions also occur
years later when more source data
and methodological changes are
incorporated into the GDP accounts.
Even if the BEA got it exactly
right, GDP growth would still likely
be on the soft side, as productivity
growth remains punk. While hard to
prove, this can be traced in part most
recently to the hit the energy and
manufacturing sectors have taken.
These are very productive industries,
and output has been hammered more
than employment.
Productivity has also struggled
since the financial crisis, as that
wrenching period undermined
business risk-taking, which is vital
to innovation, and labor mobility,
which is key to getting workers into
the most productive jobs. Massive
reworking of the financial system
engineered by Dodd-Frank, and
of the healthcare system by the
Affordable Care Act, has also played
a role.
These, however, are more
or less transitory constraints on
productivity. The downdraft in
energy and manufacturing will abate
by years end and risk-taking and
mobility are picking up. Adjustment
to the new regulations in the
financial and healthcare systems will
be over soon.
Economy
Job Machine
It is much easier to count jobs than
GDP. While the Bureau of Labor
Statistics estimates jobs based
on a sample of businesses, once a
year it makes sure its job counts
are consistent with unemployment
insurance records for all businesses. In
recent years, the BLS estimate of the
number of jobs has been dead on.
The economy is a job machine.
The string of monthly job gains is
the longest on record, stretching all
the way back to September 2010,
and more than 200,000 jobs have
been created on average each month
during this time. This is twice the pace
of job creation needed to absorb the
growth in the working-age population.
Lots of all kinds of jobs are being
created. Job growth is strong across
all pay scales, and nearly every
occupation, industry and region of
the country. The only blemishes are
related to the plunge in oil prices and
their impact on energy-related jobs,
and the impact on trade-sensitive
manufacturing jobs from the tough
global economy and strong U.S. dollar.
Help Wanted
Everything points to continued strong
job gains in coming months. Layoffs
remain at record lows, with weekly
unemployment insurance claims
arguably the best realtime indicator
of the economys strengthabout as
low as they ever go. Hiring isnt quite
as good as in the best of times past,
but given the record number of open
job positions, this is either because
businesses are becoming pickier in
who they hire, or more likely because
they cant find qualified workers.
Arguably most encouraging of
late is the surge in the number of
workers quitting their jobs. People
dont leave jobs voluntarily unless they
feel confident they can find new ones
easily. High and rising quits are a tell
that the economy is closing in on full
employment.
The sharp increase in labor force
participation is also consistent with a
Financial Sector Weights Heavily on Productivity

Labour productivity, 2009Q2=100
112
Nonfarm business
110
Nonfinancial corporate
108
106
104
Avg annual growth during recovery:

Nonfarm business = 0.9%
Nonfinancial corporate = 1.7%
102
100
98
09
10
11
12
13
14
15
tightening job market. Participation

is up an astounding 60 basis points
in the past six months, as the labor
force has expanded by a whopping
2.4 million over this period. In a typical
year, the labor force will grow by no
more than half that.
Some of the increase in
participation may be noise, as this
number is derived from a small sample
of households. But evidence that
the increase is across all age groups
suggests it is not a statistical mirage.
Adding to this view is that most of
the increase in participation is due to
fewer workers leaving the workforce,
and less due to those out of the
workforce coming back in.
While there is still an elevated
number of workers out of the
workforce who say they want a job
and part-timers who want more hours,
they are quickly being absorbed.
At the current pace of job growth
if sustained, which seems likelythe
economy will be at full employment
by summer. While job growth is
sure to slow after that, as it will be
increasingly tough for businesses to fill
jobs, the economywill be beyond full
employment by this time next year.
Wages Revival Wage growth is
reviving in response. This is somewhat
evident in the various wage data
constructed by the BLS. Average
hourly earnings have picked up from

closer to 2% per annum through
most of the recovery, to just below
2.5% most recently. Compensation as
measured in the labor productivity
statistics shows a somewhat
stronger increase, but the preferred
employment cost index shows little
increase.
The BLS measures of wage growth
are likely biased downward, even
the ECI. The problem is that given
the way the BLS measures wages,
they are affected by the changing
composition of workers leaving and
coming into the workforce. With lots
of higher-paid baby boomers leaving,
and lower-paid millennials coming
in, the BLS wage measures are being
pushed down. Another likely factor
is that marginal, lower- paid workers
are finding jobs as the labor market
tightens.
Wage data collected by human
resource company ADP and
constructed by Moodys Analytics
affirm this. The data are able to track
the wages of the same individuals
over time and is thus not biased by
the compositional issues plaguing
the BLS data. The ADP-based data
show that for workers who have
stayed at the same job over the past
year, wages are up a strong 4.8%
through March of this year. This is
37
Economy
approximately 2 percentage points

stronger than wage growth using
the ADP data, but based on the BLS
methodology for measuring wages.
According to the ADP-based data,
wage growth is also accelerating,
consistent with a tightening job
market. A year ago, wages for the
same workers on the job more than
a year were rising by 3.8%. This is a
100-basis point acceleration in wage
growth in just the past year. Adding
credence to the ADP-based data is
that wage growth for all workers,
including job switchers, is consistent
with wage growth as measured by the
BLS.
More Consumption, Fed

Tightening
An economy at full employment and
with stronger wage growth will be
a substantial tailwind to consumers.
Not only will consumers have more
income to spend, but their psyches
should get a lift. People likely judge
their financial well-being through
the prism of their pay. Are their
pay increases this year bigger than
last, and are the increases beating
inflation? For most of the recovery,
the answers were no and no. Until
now. With wage growth picking up,
so too should consumer confidence.
Continued strong consumer spending
growth is vital to the U.S. economic
recovery, and even to the global
economy.
A full-employment economy and
stronger wage growth also imply that
the Federal Reserve will soon resume
its normalisation of monetary policy.
The Fed raised rates off the zero lower
bound in December but has been
on hold since, given the weak global
economy and turmoil in financial
markets at the start of the year.
But the Fed cant wait much
longer to resume increasing rates
as its full-employment mandate
has been nearly met. Inflation is still
below the Feds target of 2%. But
it wont be for much longer, given
the strengthening wage growth that
38
Strong Labour Market Internals

Rate, %
4.5
Openings
Hiring
Quits
Layoffs
4.0
3.5
3.0
2.5
2.0
1.5
1.0
00
02
04
06
08
10
12
14
16
Wage Pressures Develop

Job holders, ADP wages per hr. % change yr ago
3.0
5.0
Based on BLS methodology (L)
2.5
4.8
Based on tracking individuals (R)
4.6
2.0
4.4
1.5
4.2
1.0
4.0
0.5
3.8
0.0
3.6
14Q4
15Q1
15Q2
15Q3
15Q4
16Q1
Source: ADP, Moodys Analytics
will pressure businesses to raise

prices more quickly. Reinforcing the
case are sturdy rent growth and an
anticipated pickup in healthcare
inflation as some of the constraints
resulting from healthcare reform fade.
The longer the Fed fails to respond to
the tightening job market, the greater
the risks that it will need to raise rates
more quickly next year and the year
after in order to catch up. This is the
classic dynamic that has done-in
most other business cycles. The Fed
can still forestall it, but not for much
longer. n
Mark M. Zandi is chief economist of Moodys

Analytics, where he directs economic
research.
Moodys Analytics, a subsidiary of Moodys
Corp., is a leading provider of economic
research, data and analytical tools. Dr. Zandi
is a co-founder of Economy.com, which
Moodys purchased in 2005. Dr. Zandi
conducts regular briefings on the economy
for corporate boards, trade associations, and
policymakers at all levels. He is often quoted
in national and global publications and
interviewed by major news media outlets, and
is a frequent guest on CNBC, NPR, CNN, Meet
the Press, and various other national networks
and news programs.
Article sourced from Credit Research
Foundations newsletter CRF News
www.crfonline.org
Economy
Queensland economy
shifts gears and pitches for
a more balanced future
Queenslands five year budgetary
forecasts place its growth firmly at
the top of the state leader board as
its economy shifts gear. And thats
the rub, according to Deloitte Access
Economics Director Natasha Doherty.
As the economy transitions from
mining to embrace a more balanced
future, it doesnt yet feel buoyant;
despite total employment increasing
with 72,000 additional jobs, primarily
in the service sectors, replacing the
more than 20,000 jobs lost from the
mining sector over the last two years.
It does take time for balanced
growth to translate into jobs and
generate a feel good factor and
boost spending within the State itself.
In fact state demand has been steadily
shrinking for more than two years, and
it will take time to turn that around,
Doherty said.
Despite the obvious challenge that
the biggest driver of growth is exports
LNG exports in particular there is
every reason to be positive according

to Doherty.
The economy is in better shape
than many Queenslanders realise.
As Treasurer Curtis brought down
his second budget aimed at building
investment, infrastructure and
innovation for FY17, Queenslands
growth is projected to be comfortably
faster than that of Australia as a
whole, and the fastest of any of the
states, she said.
Deloitte Queensland Public
Sector leader, Graeme Newton said:
Queensland has the potential to
build out its diversified economy and
todays injection of $225 million to
bring the Governments investment
in its Advance Queensland initiative
to $405mn is a good base. Added to
this the governments commitment to
the cross river rail, the Regional Action
Plan and connectivity across S.E.
Queensland, and the road ahead will
significantly improve.
Source Deloitte Access Economics and State Treasury Departments 2016
We know that improving the

connections of people to jobs is a
key enabler of economic growth, in
addition to the obvious boost from
construction. We need connected
infrastructure, connected businesses
and innovative research to better
grow our businesses and communities.
The right infrastructure and business
incentives will enable this.
Deloitte Queensland Managing
Partner John Greig added:
Investment in the knowledge
economy is the insurance policy
for our future. Business needs to
engage and take advantage of the
opportunities. I am confident that
this budget is on the right track to
encourage business investment,
particularly for companies in the
knowledge economy. The question
we need to determine is, is it enough?
Business confidence will be an
absolute key for realising jobs and
growth and we need to ensure we
have the right skills to make this
happen. We will need to pull together
to invest and grow these skills. As we
pointed out in our Purpose of Place:
reconsidered the fifth edition of our
Building the Lucky Country series by
collaborating to make place a driver of
productivity and prosperity, Australia
can unlock enormous potential.
In Queensland we have the
opportunity to build a state where
government, business, the research
sector and communities join forces to
develop a healthy, vibrant and more
balanced future, Greig said. n
Deloitte press release 14 June
39
aicm Training News
Fast track your

credit career through
Recognition of Prior Learning
Do you have skills and knowledge
gained through career experience,
prior training or study and even
voluntary work, but you dont have
the piece of paper to prove it? Then
Recognition of Prior Learning (RPL)
could put you on the fast track to
obtaining a Nationally Recognised
Australian Qualification without
having to complete each unit within a
Qualification.
Recognition is the term used to
describe how an individuals skill
and knowledge can be formally
recognised, resulting in either a
qualification or a Statement of
Attainment.
There is often considerable
confusion as to what the process
40
means, how an individual may access

the process and the reliability of
qualifications gained through this
process.
Recognition is often perceived to
be an easier way to gain a qualification.
However, it is usually time-consuming
and is subject to the same level of
rigorous assessment arising from
participating in a training program.
This Guide has been specifically
developed to assist credit
professionals to:
zz Understand what recognition is.
zz Guide them in determining if they
wish to seek recognition.
zz Address issues which colleagues
or managers may raise concerning
recognition
How do you access recognition?

There are several recognition
pathways available. Namely:
zz Development of a portfolio of
evidence.
zz Seeking recognition of
qualifications and nationally
recognised Statements of
Attainment issued by another
Registered Training Organisation
Mutual Recognition.
zz Credit transfer, which is the
recognition of formal training
previously undertaken.
zz Undertake an assessment project.
Each pathway has requirements,
which must be met in order to achieve
recognition. As well, there can be
aicm Training News

an overlap between the pathways.
Irrespective of the pathway selected,
there are some ground rules which
must be adhered to. These include:
zz Compliance with training package
requirements and the relevant unit
of competence.
zz Compliance with the NVR
Standards.
Packages. Training Packages are

endorsed by the State, Territory and
Commonwealth Governments.
AICM Learning Services is required
to adhere to the Training Package rules.
zz
zz
Choosing your pathway
A threshold issue
In order to help you choose the most

effective recognition pathway you
should consider the functions you are
required to perform in the workplace.
Irrespective of the pathway you

select to gain recognition, it must
be against a unit of competence,
which sets out the key performance
criteria required in the workplace in
relation to the skill and knowledge
described in a unit of competence.
Units of competence are developed
by industry training advisory bodies
based on the industrys needs.
They are packaged together to
form a qualification. The rules for
how units may be combined into
qualifications are set out in Training
Sample Job role

Typically a credit officer, who has
been working in the profession for
several years, possibly undertaking a
team leader role, would be responsible
for:
zz Interpreting corporate policy
on the provision of credit and
advising customers/sales staff as
appropriate.
zz Following up with debtors for
timely collection of payments.
zz Investigating credit worthiness
zz
zz
zz
zz
of potential customers prior to

granting credit.
Determining if securities are
required based upon the
assessment of credit worthiness.
Maintaining records in relation to
customers accounts.
Ensuring that their work is in
compliance with company
policy procedures and legal
requirements.
Resolving disputes with customers
concerning their accounts.
Initiating legal recovery.
Reporting to management on the
status of accounts and financial
indicators against predetermined
criteria.
These job roles are reflected in the

units of competence listed in the table
below.
To complete this qualification you
must complete the 9 core units and
3 elective units.
FNS40115 CERTIFICATE IV IN CREDIT MANAGEMENT

C=Core
E=Elective
Unit Code
Unit Description
FNSCRD401
Assess credit applications
FNSCRD402
Establish and maintain appropriate security
FNSRSK401
Implement risk management strategies
FNSINC401
Apply principles of professional practice to work in the financial services industry
FNSORG401
Conduct individual work within a compliance framework
FNSCRD405
Manage overdue customer accounts
FNSCUS402
Resolve disputes
BSBCUE203
Conduct customer engagement
BSBCMM301
Process customer complaints
FNSCRD403
Manage and recover bad and doubtful debt
FNSCRD404
Utilise the legal recovery process to recover outstanding debt
BSBCNV506
Establish and manage a trust account
BSBCUS403
Implement customer service standards
FNSCRD503
Promote understanding of the role and effective use of consumer credit
41
aicm Training News

Legal
Please note that people undertaking

a more senior/complex/responsible
role(s) should consider seeking
recognition at the Diploma level.
zz There is often little consistency of
job titles for credit professionals.
Your position title maybe:
zz Credit Officer
zz Collection Officer
zz Accounts Receivable Clerk
zz Billing Clerk
zz Finance Clerk
zz Loss Recoveries Officer
zz Recoveries Officer
zz Credit Control Officer
zz Customer Service Officer
Because of the diversity of titles each
application is assessed for recognition
based on skill and experience, rather
than job title.
zz Letters of appreciation from

customers
You will need to remove information
such as names and addresses
which could breach privacy and
confidentiality.
Label your documentation to
show it relates to a particular unit
of competence and present your
documents chronologically, with the
most recent evidence appearing first.
AICM stores all records in a safe
and secure environment. However,
portfolios will be reviewed by
independent assessors and may
be examined by the Australian
Skills Quality Authority (ASQA) for
purposes of audit and accountability.
The following case study may
assist you when considering using a
portfolio of evidence.
Pathway 1
Portfolio of evidence
Case Study 1 Alicia

Alicia had worked for several years
in a credit department. Alicias
supervisor had consistently praised
her approach for dealing with bad
and doubtful debt. Alicia believed she
could complete the unit FNSCRD403
Manage and recover bad and doubtful
debts by portfolio of evidence as
a first step towards gaining her
FNS40115 Certificate IV in Credit
Management.
Alicia contacted the AICM Office
and she was advised the name
and contact details of her assessor
together with any documentation
she needed. Alicia and her assessor
discussed her decision to attempt
FNSCRD403A Manage and recover
bad and doubtful debt and a
recognition plan was agreed upon
including a suitable timeframe for
Alicia to gather and compile her
evidence.
Alicias assessor was able to give
her advice in preparing her evidence
portfolio. Some examples of the types
of evidence Alicia collected included:
zz Reports she had prepared for her
manager outlining her collection
strategies in relation to accounts
If you decide to use the portfolio

pathway you will need to compile a
portfolio of evidence which confirms
your ability to meet the requirements
of a particular unit of competency.
Examples of the types of evidence
you could include are:
zz Copies of reports you have
prepared for management
zz Copies of emails, faxes
zz Copies of performance appraisals
zz Supervisor reports which
acknowledge your skills and
abilities
zz Copies of workplace awards you
may have received
42
which seemed likely to become

bad/doubtful with reference to
company policy.
zz Examples of collection procedures
she had developed and applied.
zz An outline of her follow up
procedures.
zz An outline of communication
strategies when dealing with these
customers
zz File notes, email and/or
correspondence
zz Feedback from her manager such
as performance appraisals
zz Her negotiation strategies, for
example copies of repayment
agreements
Unfortunately, during the time Alicia
was developing her portfolio of
evidence her mother became ill. Alicia
discussed this with her assessor and
a new timeframe for completion was
agreed.
When Alicia completed her
documentation she presented it to
her assessor with the most recent
evidence appearing first and with all
of the evidence labelled to show how
it related to the unit of competence.
Alicias assessor evaluated her
portfolio and applied the rules of
evidence. Alicia was found to be
competent and was awarded a
nationally recognised Statement of
Attainment.
This meant that Alicia had gained
one unit of the units required for her
qualification.
Pathway 2
Assessment task(s)
This is often used when people do not
have ready access to the evidence
they need to confirm competence
via the other pathways. For example,
the person may have changed their
employer, moved house and/or
misplaced records.
This assessment pathway is the
most popular method for RPL as it
fast tracks the pathway to completion
of a unit or a qualification. This
aicm Training News

process requires less documentation
and has clear criteria. Generally this
involves completing an assessment
for the relevant unit of competency
with validation that you have applied
the skills and knowledge in your
workplace.
The validation is achieved by
indirect evidence, for example a
reference from their employer or
testimonials from customers. If an
employer is not able to validate or a
person is unable to provide evidence
from their workplace an assessor will
contact you and conduct an interview.
Case Study 2 Johnny
Johnny has worked in credit for the
past 8 years, and now wants a formal
qualification at Diploma level. After
speaking with Debby at AICM Johnny:
Completes assessments for 4 units
and his employer validates that he
applies this skills and knowledge
within the completed units in his
role.
Attends face to face training
for BSBRSK501 Manage risk
and completes the assessment
in in 6 weeks. The face to face
sessions enable him to gain a
deep understanding of core
credit management skills and
knowledge and also allowed
Johnny to connect with other
credit professionals focused on
progressing their careers.
Completes the remaining 7 units
of competency online.
At the AICM NSW Presidents
Dinner Johnny is presented with his
Diploma of Credit Management in
recognition of his experience, skills
and knowledge gained on the job and
through AICM training.
Pathway 3
Mutual Recognition
Mutual Recognition is the recognition
of Qualifications and Statements
of Attainment issued by another
Registered Training Organisation.
Legal
Label your documentation to show

it relates to a particular unit of
competence and present your documents
chronologically, with the most recent
evidence appearing first.
Mutual Recognition of
qualifications and Statements of
Attainment are specifically provided
for in the NVR Standards. What this
means in practise is that a person
who has gained a qualification or
Statement of Attainment may request
to have this recognised and count
towards another qualification. Clearly
there are some key issues to be
considered:
zz Training Packages Rules;
zz The relevance to the qualification
now being sought;
zz The currency of the qualification
for which recognition is sought.
The following case study should
clarify these concepts.
Case Study 3 Kylie
Kylie started working as a personal
assistant in a medium sized law firm.
She was a keen and enthusiastic
employee who wanted to learn and
gain qualifications. Kylie enrolled in
a Certificate IV in Business Services
at a TAFE College. Whilst Kylie was
undertaking this course her employers
discovered that she had excellent
rapport with the clients and she was
very good at getting people to pay
their outstanding accounts. Kylies
manager offered her a promotion
and transfer to the credit unit of
the practice, which Kylie willingly
accepted. However, this left Kylie
with a dilemma: should she finish her
Business Certificate or change to a
qualification more relevant to her new
role?
Kylie contacted AICM and was
delighted to discover that the
units in her Business course would

be recognised by AICM and this
would count towards her FNS40115
Certificate IV in Credit Management.
The relevant units were
BSBCUS403 Implement customer
service standards and BSBCMM301
Process customer complaints.
AICM was able to give mutual
recognition because the TAFE Kylie
attended issued her qualifications
in accordance with the Training
Package rules. Kylies qualifications
were current because she had
completed her training in the last
three years.
Kylie was so pleased she told
her colleague Nathan about the
AICM recognition program. Nathan
commented that he had started a
TAFE Course some years ago but
had not completed the program.
Nathan contacted AICM and
discussed his situation. Nathan had
completed the unit FNSCRD403A
Manage and recover bad and doubtful
debts in 2011; his assessor advised
him that due to the RPL requirements
this would not be sufficient to
demonstrate currency of knowledge
for the purpose of recognition
(if the unit was completed within
3 years it would be sufficient). Nathan
was able to provide evidence of
attending an in-house training course,
which addressed the main areas of
change in relation to compliance, for
example an introduction of the Debt
Collection Guidelines in December
2010. In addition, Nathans supervisor
confirmed in writing that the law firm
held regular workshops to discuss
recent decisions and legislative
43
aicm Training News

Legal
change and participation was a

requirement of Nathans performance
management.
As Nathan was able to
demonstrate he had maintained the
currency of his skill and knowledge,
the unit was recognised. Nathan
decided to enrol in the remainder of
the FNS40115 Certificate IV in Credit
Management program.
Pathway 4
Credit Transfer
Credit transfer is defined as being
the recognition of formal training
previously undertaken and which is
deemed to be equivalent to a unit of
competence. Credit transfer requires
the consideration of documentation
supplied by the training organisation
where the person completed their
study. Usually this documentation
will relate to a course and/or
subject. Unfortunately some training
providers do not relate their course/
subject to the units of competence.
When this occurs the Registered
Training Organisation is required
to make further inquiries as to the
relationship and this will be informed
by Implementation Guides developed
by State Training Authorities. However
they are guides only and if the
relationship is unclear the person
seeking recognition will be asked to
provide further information. This may
include information such as:
zz Course outlines
zz Copies of assessments the person
may have completed during the
program
Often people do not keep these
documents and when this happens
the person will usually be invited to
complete an assessment to confirm
competence.
Another issue which may affect
credit transfer is the age of the
course. Credit transfer for programs
completed generally more than five
years ago must be supported with
evidence which confirms that the
person has kept up to date in the
subject area. For some subjects where
there is a need to constantly keep up
to date, a person may be requested
to provide additional information
to confirm the currency of their
competence.
The following case study may assist
you in understanding credit transfer.
Case Study 4 Con
Con had completed part of a Business
Studies course at TAFE. Con is now
working in a credit department and
would like to gain the FNS40115
Certificate IV in Credit Management.
Con is seeking recognition for the
course he has already completed
Managing Customer Service.
Cons academic record lists the
course but there is no reference
to the unit of competence. The
Implementation Guide for Financial

Services indicates that the course he
has completed is equivalent to some
aspects of the unit of competence
BSBCUS403 Implement customer
service standards. However, in
discussion with his assessor Con
explains that he did not keep any
of his assessments. Together they
consider the unit of competence
and Con advises he believes his
current role covers the content of
the unit. Con decides to complete an
assessment to support his claim for
recognition of competence against
the unit.
A maximum of 3 years is allowed to
complete a full qualification which
allows flexibility around work, life and
study. By taking advantage of your
experience and prior learning you
could obtain your qualification in less
time than you may think.
Contact the aicm to learn how quickly
you could obtain your qualification in
credit management.
Companies that
AICM conducted
in-house training:
Cleanaway Operations
BOC
Bendigo Bank
Baiada
Statement of Attainments issued

Lena Pham
NSW
FNSCRD502 Manage factoring and invoice discounting arrangements
Ilona Ter-Stepanova
QLD
FNSCRD401 Assess credit applications
Mei-Ha Edwards
QLD
FNSCRD405 Manage overdue accounts
Kerrie Adams
VIC
FNSORG401 Conduct individual work within a compliance framework and FNSINC401

Apply principles of professional practice to work in the financial services industry
Melissa Dinning
NSW
Nathan Smith
QLD
Ebony Lewis
WA
FNSCRD403 Manage and recover bad and doubtful debts
Joshua Tseitlin
VIC
FNSCRD502 Manage factoring and invoice discounting arrangements
44
aicm Training News

2016 Face to Face Training Calendar
Melbourne, Brisbane and Sydney
MELBOURNE:
22nd July Dealing with Customers
(E,4)
22nd & 23rd August Manage
Factoring and Invoice Discounting
(E,D)
24th August Manage People
Performance (E,D)
12th September Manage
Organisational Change (E,D)
13th September Process
Customer Complaints and Conduct
Customer Engagement (E,4)
26th October Resolve Disputes
(C,4)
20th September Process

Customer Complaints and Conduct
Customer Engagement (E,4)
(C,4)
7th & 8th November Manage
(E,D)
9th November Establish and
Maintain Appropriate Security (C,4)
12th & 13th December Legal
Compliance (C,4,D)
14th December Legal Recovery of
Outstanding Debt (C,4)
SYDNEY:
21st & 22nd November Manage

(E,D)
11th July Dealing with Customers

(E,4)
23rd November Establish and

17th & 18th August Manage

(E,D)
BRISBANE:
8th July Dealing with Customers
(E,4)
8th & 9th August Manage
(E,D)
Performance (E,D)

Performance (E,D)
8th September Process Customer
Complaints and Conduct Customer
Engagement (E,4)
(C,4)
16th & 17th November Manage
(E,D)
18th November Establish and

5th & 6th December Legal
Compliance (C,4,D)
7th December Legal Recovery of
Outstanding Debt (C,4)
TABLE OF EXPLANATION:
C= Core Unit
E = Elective Unit
D = Diploma
4 = Certificate IV
Important Information:
You do not have to be a current
AICM student undertaking a full
qualification to attend any AICM
face to face training. You may
wish to undertake a program for
your Professional Development,
or enhance and update your
current skills and knowledge. On
the completion of the face to face
training, you will be required to
undertake the online assessment/s
for the unit/s of competency, if
you wish to receive a nationally
recognised Statement of
Attainment.
Please register you interest early,
as there is a minimum requirement
of 8 students to conduct face to
face training.
Click here or call the AICM office for
more information.
45
AROUND THE STATES
New South Wales
WINC Luncheon.
WINC Luncheon: Debbie Leo, Veda and MC.
WINC Luncheon: Maureen Bell, Keynote Speaker.
Presidents Report
- 2016/17 Year in Review
professionals which represents our membership. Each

councillor has extensive on the job and academic qualifications
in credit management and while this is important we agree that
it is the regular interaction with our peers that is the best value
activity we undertake to stay on top of the challenges that
come our way and continue to develop.
Connecting credit professionals is why we come together
as a council which we aim to do by organising opportunities for
all credit professionals to share their experiences with the only
people that really understand the challenges of the profession
fellow: Credit Managers, Credit Officers, Team Leaders and every
other role that is involved with credit approvals and collections.
Our tip for you is to attend every opportunity that comes
your way. Even if a presentation is not exactly relevant you are
likely to pick up at least one insight from the presentation and
The NSW council recently took time to reflect on the

achievements of the past membership year, some of the
highlights include:
zz Hosting the 2015 National Conference, with record
attendance
zz Golf day also with record attendance
zz Great professional development and networking sessions
zz Sold out Pinnacle Awards dinner
At the same time we started planning for 2016/17 and are
excited to be planning even more ways for you to stay up to
date, learn more and connect with fellow credit professionals.
The NSW council is made up of a diverse range of credit
46
New South Wales

AROUND THE STATES
Events Calendar
20th July
Reacting to Decisions
VENUE: PARRAMATTA
4th August
YCPA Dinner
KIRRIBILLI CLUB
Friday 9th September
WINC Luncheon.
Golf Day
OATLANDS GOLF COURSE
9th-12th September 2016
Online CCE Exam

Tuesday 11th October 2016
National Golf Day

GOLD COAST
12th-14th October 2016
AICM 2016 National Conference

SEAWORLD, GOLD COAST
Thursday 17th November 2016
YCP Barefoot Bowling

VENUE: TBC
WINC Luncheon.
Thursday 8th December 2016
multiple from talking to fellow credit professionals.

An example of the great opportunities is the Women In
Credit Luncheon held in May, this was an inspiring session with
over 100 women (and some men) leaving with tips on how to
harness the power of their voice and new connections.
At the time of writing our YCP committee was reviewing
the great pool of YCP applicants to select the finalists.
Congratulations to all that applied and good luck to all the
finalists. Make sure you register for the YCP Dinner on 4 August
to see who wins and to be inspired by our Olympic themed
speaker. Thank you to Dun and Bradstreet for their support.
Finally, the Credit Team of the Year applications close on
1 July so dont delay and have your team apply. Everyone that
has applied in the past has found that the process of applying is
a great team building and motivating experience, there are also
some great prizes for finalist and the winner.
Arthur Tchetchenian
WINC Luncheon
On the 20th May we hosted the first NSW WINC event for
2016. The event was a delicious luncheon held at the Kirribilli
Club overlooking the beautiful Sydney harbour. Maureen Bell,
from GoldMind was our wonderful guest speaker. Maureen

Masterclass and Pinnacle Awards

VENUE: TBC
is a Senior Performance Specialist who delivers Learning &

Development, Facilitation and Consulting Services designed to
help businesses discover the riches in their people by utilising
brain science methodologies to enhance engagement, learning
retention and workplace application.
Maureen has almost two decades of leadership training and
staff development experience. First starting at Flight Centre
Travel Group as a Sales Consultant, Maureens passion and
aptitude for training saw her progress to Human Resource
Manager for Flight Centre USA within just eight years. She has
also consulted to a wide range of external corporate clients
with a focus on sales, communication and presentation training,
and leadership, team and people development. As a Facilitator
and Consultant, Maureen is particularly skilled at being able to
engage with a range of different personalities, ensuring each
person is inspired to successfully collaborate, and supported
to build their own internal drive. Maureen had us all up on our
feet, practising what we were learning as we went along, and
challenging us to get out of our comfort zone with exercises
and tongue twisters.
47
AROUND THE STATES
New South Wales
WINC Luncheon.
WINC Luncheon.
The Australian Institute of Credit

Management welcomes our Partners for 2016.
National Partners
Divisional Partners
WINC Luncheon.
The key take away point of the event was the importance
of harnessing the power of your voice by using the 3 steps
(1) The 5 Ps Pace, Pitch, Projection, Pause, Pronunciation
(2) Tone (3) Words. It was thoroughly engaging and we all
walked away having learnt something new.
Our WINC days also support Safe Steps organisation.
We heard from Rashmi, about the important work Safe Steps
does to aid the prevention and elimination of violence against
women and children by providing immediate response that
informs, protects and connects women and children so they
are safe. Safe Steps is also works to build the voice of women
and children to influence research, policy, service provision
and the wider community to eliminate violence. Thanks to
all of the wonderful raffle sponsors who generously donated
prizes which helped to raise over $1,500 for Safe Steps.
To view more of the great work that Safe Steps do visit
www.safesteps.org.au.
Thank you also to our important WINC event sponsors,
Veda (premium sponsor), Results Legal and NCI (supporting
Sponsors).
Thank you for supporting the AICM WINC events and we
look forward to seeing you all at the upcoming AICM events
especially our future WINC events. If youd like to provide more
feedback on the event and suggest ideas for future events,
please contact the AICM office.
48
Professional Partner
Official Division Supporting Sponsors
Our National, Divisional and Professional Partners support

and work with the AICM to promote the Institutes activities,
represent the Credit Industry and develop the careers of all
Credit Professionals. As these organisations support your
Institute and your Industry please consider them when you
require assistance.
Queensland
CNN Decia Guttormsen presenting.
Linda Parry, Greg Young and Samantha Taylor.
CNN Decia, Ruthven and Simon.
Presidents Report
Credit Network Night (CNN) events are a valuable opportunity
for AICM members to not only gain important technical
knowledge from expert speakers, but also to speak with their
fellow members and our Partners about what changes are likely
to occur in credit and affect both our own and our customers
businesses. Firstly (as always), the ongoing support in 2016
from our Partners, Veda, Dun & Bradstreet, Austral Mercantile,
Vincents, Results Legal and Randstad is greatly appreciated.
The engagement and commitment by their people make us all
proud to be AICM members.
In the next half year month, the major key events occur in
our AICM Queensland Calendar (plus CNN and YNN) are:
20 July Afternoon Workshop for

credit officers
A new event, and as a segway for members and credit teams
attending the evenings main event, an afternoon workshop will
cover various topics for members who find it hard to get into

AROUND THE STATES
YNN Kate Row and guests.
the CBD regularly. These are The Legal Process Secured

vs Unsecured Credit Processes; Maximising professional
relationships using technology and Linkedin and Writing
a Credit Policy what you should include in your policy and
the process of creating and reviewing. Members have kindly
donated their time and Thomson Geers conference room
facilities make this a great value workshop.
20 July The Main Event

the Dun & Bradstreet
Young Credit Professional Awards.
To be held at the Rydges Southbank this year. Again, we have
excellent candidates and the judging looks like being even
harder. We thank our judges for giving up of their valuable time
in support of developing, encouraging and recognising our
young members, as they progress their careers. we have been
fortunate enough to have prizes donated by Vincents and other
members, and it proves to be a fun event both socially and
professionally. Make sure you book your tables ASAP!!
49
AROUND THE STATES
Queensland
Emma Beal and Melinda Grob.
Events Calendar
20th July 2016
AICM AGM
RYDGES SOUTH BANK
20th July 2016
Workshop & Awards Dinner Young Credit

Professionals
RYDGES SOUTH BANK
August 2016
Personal Development
Felicity Ford and Val Baynes.
Our AGM will also occur on 20 July. Do not be afraid to put

your hand up for a council position or to even share or assist on
a council position (which has worked very well this year). I can
say that being a councillor is possibly the best thing that I have
ever done. The councillor remuneration has been doubled this
year, so no more excuses. Feel free to give myself or any of the
councillors a call about how to be more engaged.
9 September Qld WINC Luncheon,

With generous support from our Premium Sponsors Veda, and
supporting sponsors Results Legal and NCI. Julie McNamara
(Patane Lawyers) will likely have to knock back late comers.
Magistrates Court Visit & Procedures

MAGISTRATES COURT
15th August 2016
Credit Toolbox Risk Assessment

RANDSTAD
9th September 2016
Women in Credit Luncheon

CUSTOMS HOUSE
Online CCE Exam

14th September 2016
Personal Development Breakfast

Q& A Credit Network Forum
11th October 2016
National Golf Day
11 14 October Qld Golf Day and

National Conference, Gold Coast
State council look forward to seeing you all again this year.
Greg Young has done another brilliant job in securing Hope
Island Golf Course; John Playfair is leading the organising of
some additional benefits for attendees, and Toni Sawyer has
been prepared to drop her usually high fashion standards to
fit out state councillors with hi-vis and eye catching Hawaiian
shirts.
Felicity Ford (of National Partner Austral Mercantile) had a
blinder of a quarter for new membership. Queensland looks
like getting its hands on that Presidents Award for membership
and YCP this year. In times when professional membership can
be seen as a burden by some employers, Felicity has done a
stellar job following the fantastic groundwork by Melinda Grob.
Thank you all again for your support to the Queensland council,
and making the AICM informative and fun for its members.
Peter Mills MICM, President
GOLD COAST
12th 14th October 2016
AICM National Conference

SEAWORLD GOLD COAST
50
CNN 11 May
AICM Qld members were recently treated to an excellent CNN
presentation by Val Baynes, the National Insurance Recoveries
Manager of our National Partner Austral Mercantile (a division
of QBE). Originally from Galway, Ireland, Val provided valuable
Queensland
On the 8 June Queensland held another successful CNN
with engaging presentations by Decia Guttormsen AR
Manager University of Queensland, Ruthven Underhill
National Credit Manager Boom Logistics and Simon Dawson
National Franchisee Credit Manager Parmalat Australia. With
an on the couch style panel discussion chaired by our own
President Peter Mills, they each covered how they handle
time management, prioritising, reporting deadlines, staff and
the general daily demands of a credit department. It was an
insightful and engaging event with plenty of opportunities for
guests to network with fellow credit colleagues. A big thank you
to Decia, Ruthven and Simon for giving their time to this event.
Membership Report
Peter Mills, Ruthven Underhill, Decia Guttorsmen, Simon

Dawson and Felicity Ford.
insights into Privacy Compliance gained from his international

experience working for insurers and banks in Europe, where
privacy compliance programs can run into the hundreds of
millions of dollars. Vals concise explanation of how and when
to make telephone contact under the ACCC/ ASIC Guidelines
for Debt Collectors was extremely helpful. His practical tips and
examples included what days, times, locations and regularity are
suitable for making phone calls in the debt recovery process. Val
also shared his views on some of the principal tools for creditors
being paid in a reasonable time and minimal steps, the main one
of which is to ensure that you use credit professionals who are
trained in and work day to day with the relevant compliance and
credit laws and procedures.On a personal side, Val also shared
his love of Rugby, and how he had started the Sydneys Irish
Rugby Football Club only a short time after arriving in Australia
some 5 years ago. Thank you again Val. All AICM members are
reminded that their companies should support AICM Partners
at every possible opportunity. Without these Partners support,
many events would not be possible.
Peter Mills
For the month of May we had a record number of new

members for Queensland 44!! A big thank you goes to
our Felicity Ford from Austral for driving the Queensland
membership and getting this result. We are absolutely thrilled
with this and we cannot wait to see everyone at our next event
which is being held at Vincents on the 13th July for a personal
development breakfast with the topic on Insolvency and
remember to book your table at this years YCP dinner on the
20th July being held at Rydges in South Bank.

National Partners
Divisional Partners
Youth Networking Night (YNN)

- Friday 20 May
Queensland hosted yet another successful Youth Networking
Night (YNN) on Friday 20 May. We had 2 young inspiring
speakers: Kate Row one of only two Australians in 2015
awarded the Queens Young Leader Award for her involvements
in a range of youth leadership projects; and Tara-Jay Rimmer
CEO of The Van That Can and voted in the top 10 Emerging
Leaders and top 20 Female Entrepreneurs under 40. We heard
their stories telling us how they got to where they are today,
and how one little decision can change your entire career
path. Their stores were great encouragement for our young
credit professionals in the audience and it was great to see
the increased number of YCP applications flow through on the
Monday after the event.
Our National and Divisional Partners support and work with the
AICM to promote the Institutes activities, represent the Credit
Industry and develop the careers of all Credit Professionals.
As these organisations support your Institute and your Industry
please consider them when you require assistance.
Melinda Grob

51
AROUND THE STATES
CNN 8 June
AROUND THE STATES
South Australia
Winter Warmer Night.
Presidents Report
Although we are having never ending rain in our state, it
has not dampened our spirits! SA is continually razzing up
with some great functions at the moment. Well done to the
councillors for all the hard work they have put in over the
months to make every event a success! We are very lucky
to have such a proactive and innovative council who work
extremely well together.
Our first Credit Symposium was extremely well put
together with a cast of expert speakers, including some from
interstate, that attracted a good crowd of credit professionals.
Darryl Gobbett is always a big draw card. His insight as Chief
Economist, particularly focusing on South Australia, keeps
everyone abreast of where we are heading and what to look
out for. Well done Professional Development team!
Winter Warmers evening was cosy and well received. The
Unley was the perfect venue on a cold night and had yummy
hot finger food! The attendees mingled well around the fire and
surrounding tables. YCP candidates were encouraged to speak
with their peers and associates to receive the best advice on
what is required to be a successful applicant. Good luck to our
SA candidates!
The launch of our first Women In Credit luncheon was
52
a huge success. All the hours of liaising with speakers and

coordinating sponsors and donations paid off and ensured an
inspirational day. We fully appreciate the time and presence
put in by Veda, Results Legal and NCI. Having Amanda, from
national office, was very much appreciated also. Our chosen
charity, Dress for Success was eye opening and made us all
aware of how fortunate we are with our chosen professions.
The Quiz Night is back in town in July! Look out for the flyer
shortly and rally your friends, family and work mates to come to
this fun night. A great way to end a busy working week.
On behalf of the SA councillors we would like to extend our
deepest sympathies to the family and associates who knew the
late Mike Murphy. His past presidency in WA and tireless input
into the education of credit professionals will not be forgotten.
We are very sadden to hear of his passing.
Remember your feedback and input on events is important
to the councillors.
Take special care over the coming months on the wet and
dangerous roads.
See you soon at one of the great upcoming events.
Gail Crowder,
SA Division President
South Australia
AROUND THE STATES
Events Calendar
22nd July 2016
Function Quiz Night

11th August 2016
YCPA Dinner
14th September 2016
Mock Court Preferences

6th October 2016
Breakfast

SEAWORLD GOLD COAST
9th November 2016
Meeting of Creditors
24th November 2016
End of Year Event

Winter Warmer Night speaker, Michael Seychell.
National Partners
Functions Report
The SA Divisions second social function of the year was a
network night held at the revamped Unley Hotel on Thursday
26 May. This bright and airy interior, complimented by a
warm cosy fire, provided a unique venue for the event to
welcome in winter. The food was first rate and enjoyed
by all. Attendees mingled freely and caught up with fellow
professionals.
President Gail Crowder welcomed members and thanked
them for attending. Our YCP Chair, Nick Pontikinas, and Dun
& Bradstreet State Manager, Michael Seychell, spoke about
the upcoming YCP award. Nick and Michael encouraged
members under 30 to consider nominating and the not-soyoung members to encourage work colleagues under 30 to
nominate!
The next function to be held by the SA Division is a Quiz
night on Friday 22 July at the Unley Community Hall. We look
forward to seeing many of our members and their family and
friends attend this event which is always a lot of fun with plenty
of raffle prizes to be won.
Look forward to see you there.
Trevor Goodwin and Gail Crowder,
Functions

Divisional Partners
53
AROUND THE STATES
Victoria/Tasmania
YCP Information Night: Members and Guests throw

questions from the floor.
Paul Broadfoot from NICH Economics presents at June

Network.
YCP Information Night.
Former YCPs.
Presidents Report
The Vic/Tas division continues to roll out new
initiatives and updated network sessions.
A YCP Information Night was held early May, with great success
and helped the YCP participants to make up their minds as
they questioned past YPCAs state finalists on their journey to
become a YCPA. Good luck to all who have applied and who
have made it to the interview stage for the final announcement
at the Young credit professional award dinner to be held at the
Melbourne Town Hall on the 21 July. At the awards dinner we
will announce the Vic/Tas YCP of 2016 who will then go on to
represent Vic/Tas at the national conference in October on the
Gold Coast.
The network nights have been well attended and have been
great value to the people attending with relevant and updated
information on the latest trends and also information, especially
on the PPSR which is a continually evolving area for credit
professionals.
I am also very pleased to announce there will be upcoming
events to be held both in Tasmania and the Victorian
country centres. Stay tuned for the flyers so you can lock in
the date.
54
Well done to all the members who successfully sat for the
CCE exam in March, good luck in completing their paper in
readiness for the final stage to become a CCE. Just a reminder
to all the members who want to become a CCE the next exam
is set for the early September.
I would also encourage any member who would like
to submit a credit related article to please do so to
aicm@aicm.com.au where the team will review the document
for publication. This is a great way to share your thoughts and
insights with your peers.
We look forward to seeing you at our upcoming professional
Network and Social events, we have some great speakers lined
up and great opportunity to meet industry peers and other
credit professionals.
Women in Credit (WINC) Luncheon

Invitations out soon 2 September 2016
Mark your calendars now as this years WINC luncheon will be
even better than last year
We have Francesca Thorne, founder and CEO of the
Australian Womens Network as our inspirational speaker on
Victoria/Tasmania
AROUND THE STATES
AndrewMcLellan Presents on PPSR.
Members and Guests at PPSR Update Breakfast.
the day and will be raising funds for a great charity helping
women in need.
The WINC Luncheon is an opportunity for women at all
levels and ages to be inspired and informed to achieve their
potential in credit and life. These events have been developed
out of a growing need to focus on the specific challenges
women face in the Credit Industry. This has all been made
possible with support from our Premium Sponsor, Veda and
supporting sponsors NCI and Results Legal.
Events Calendar
21st July 2016
Awards Dinner: Young Credit Professional

VENUE: MELBOURNE TOWN HALL
27th July 2016

National Partners
Tas Network Event

18th August 2016
Network Event, Topic: Time Management Skills

25th August 2016
Youth Networking
Topic: The future and direction of debt recovery

2nd September 2016
WINC Luncheon
Divisional Partners
VENUE: RACV CLUB
Online CCE Exam

22nd September 2016
Seminar/Workshop
Topic: See you in Court!
Professional Partners
12th-14th October
National Conference
28th October 2016
Youth Networking Trivia Night
11th November 2016
CCE Breakfast
Our National, Divisional and Professional Partners support
and work with the AICM to promote the Institutes activities,
represent the Credit Industry and develop the careers of all
Credit Professionals. As these organisations support your
Institute and your Industry please consider them when you
require assistance.
17th November 2016
Network Event, Topic: Telephone Techniques

1st December
End of Year Function Pinnacle Awards
55
AROUND THE STATES
Western Australia/Northern Territory
AICM Breakfast Club.
Presidents Report
- Winter in the West
WA AICM Breakfast Club
Not sure where to begin, so many thoughts and things going on

here in Perth.
It has been almost 12 months since I commenced as State
President. I want to take this opportunity to thank all councilors
for their faith, support and energy. It has been a very busy year
for us and I look forward to what happens next.
During May, we were very lucky to have a brilliant breakfast
presentation. Our great friends at Austral gave us some tips on
growing and developing our teams while working better with
the people around us. It was amazing to see so many people
discussing common issues and what things we could take back
to the office from the mornings topic.
The cool weather didnt stop the word getting out about the
2016 YCP Awards. We had several expressions of interest from
potential candidates.
WA Council thanks Dun & Bradstreet for their continued
support of the YCP initiative. We look forward to introducing
our finalists at the YCP Gala Dinner at Crown on 16 July. All
members of the WA Credit Community are invited to celebrate
this fantastic event with Council. Place your bets and book your
spot today.
Sadly there will be one spot not filled at our event this year.
Our esteemed colleague Mike Murphy will be missing. Mikes
contribution to the WA council and the AICM is immeasurable.
His passion to educate was most evident. His ability to get the
message across simply and effectively made working with Mike
on council very easy. The more I listened the more I learned,
from someone who had been there and done thatand didnt
need to brag about it. He will never be far from our thoughts.
A brief look into Spring and Summer: the re-launch of
the Women in Credit here in Perth. We have secured guest
speakers for our event in September. We are very excited to
do this with the support of another good friends of the AICM in
Veda, NCI and Results Legal. We cant wait. We plan to present
a Breakfast Club and a Toolbox before the end of the year
to round out things before our Christmas on the Bay to bring
things to a close.
Until next time, stay well and never forget the AICM is here
for all members.
56
Driving culture and getting your teams working

better together
We held another successful breakfast club in May with Cynthia
Thomas, National Sales Manager at Austral taking the stage
to talk about driving culture change and building successful
teams. Those who attended found the content relevant and
engaging. This was evidenced by the feedback from Martin
Bigg at Capricorn who said The topic of installing a good
culture and increasing employee engagement is certainly
not a new one for Capricorn and many of ideas and concepts
presented by Cynthia were familiar as I believe they would be
to a large proportion of managers.
Yet Cynthia raised a simple but very significant point.
Managers often find that the busy nature of their roles mean
that the warm and fuzzy side of management is put to one side
as we focus our business objectives. However, investing the
time in building a strong culture and working on keeping your
employees engaged goes a long way to helping us achieve
those very objectives. To put this in my own words, you have to
work hard to make it easy.
Watch out for the next Breakfast Club and be sure to secure
your place as tickets sell fast.
Lisa Marr
Women in Credit (WINC) Luncheon

Invitations out soon 16 September 2016
This year we are taking our WINC luncheon to the next level
securing a panel of 3 guest speakers in September. Each
speaker, a successful and inspirational woman will share their
experiences in business and their road to success.
We have Linda Murray, a high energy professional coach
and speaker specialising in leadership and developing
peak performing female executives and business owners.
Lindas approach to coaching is a fusion of humanistic skills
and commercial savvy stemming from her background
in Psychology, owning businesses since age 23 and an
unwavering passion for people.
Julie Rynski, General Manager SME Banking and Connect
NOW at Westpac. With a long management career at Westpac
Western Australia/NT
AROUND THE STATES
Events Calendar
16 September 2016
WINC Luncheon
VENUE: MATILDA BAY
October 2016
Sponsors Lunch
VENUE: TBC
SEAWORLD GOLD COAST
8th December 2016
End of Year Event

VENUE: TBC

National Partners
Mike Murphy.
Divisional Partners
Julie also sits on the Board of Directors for the Global Banking
Alliance for Women and is on the Advisory Board for the Big
Issue.
Lisa Stedman, Chief Operating Officer at Pioneer Credit Ltd.
Lisa joined Pioneer Credit in 2011 as Head of Operations and
has held nationally accredited training and management roles
prior to Pioneer.
The luncheon, sponsored by VEDA, NCI and Results Legal is
definitely the most anticipated AICM event this year. Invitations
will be sent out soon.

57
AROUND THE STATES
New Members
NEW MEMBERS
The Institute welcomes the following credit professionals who were recently admitted to membership in May and June 2016.
New Zealand
Queensland
Victoria/Tasmania
Matthew Chamberlain Fletcher Building Limited
Jos Basson
CLH Lawyers
Talitha Bere
Tradelink
Tanya Boggs
Finance One
Peta Breed
University Of Queensland
Sheree Brittain
Hastings Deering (Aust) Ltd
Maree Brooks
Maxine Browne
Transurban
Dwayne Bungay
Transurban
Fiona Burfield
Finance One
Leanne Buttress-Grove DHL Express (Australia
Samantha Camerlengo Collection House Limited
Che-Jung Alvin Chang Transurban
Catherine Clapton
Cairns Hardware Company Pty Ltd
Melanie Davis
Crane Distribution
Issam El-Merebi
Transurban
Toni Faulkner
Transurban
Kyriaki Koula Fotinos Lloyd-Jones
Transurban
Maureen Greaves
Crane Distribution
Nicola Hart
Tradelink
Leanne Healy
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Janine Cations
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Leonie De-Simone
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58
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Veda
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Volume 23, No 4 July 2016

The Publication for Credit and Financial Professionals

NSW Division: Women in Credit Luncheon.

Australian VP, Legal Affairs J.A. Neate MICM

EDITING and PRODUCTION

Volume 23, Number 3 March 2016

Message From the President

Around the States

New South Wales

Unfair preferences and how to avoid them

By Peter Mills and Robert Gallagher

Dont get your contract terms knocked out

2016 National Conference

John Fairgray and Luis Ormazabal

Brexit from a Credit managers point of view

Queensland economy shifts gears and pitches

AICM Training news

Ph: (02) 9906 4563

Fast track your credit career through

Mob: 0412 732 831

From the President

Grant Morris CCE

ast issue I started the report with Well,

CREDIT MANAGEMENT IN AUSTRALIAJuly 2016

For some politicians July hasnt been a great

Enter your team by 31 July 2016 for your

All 4 National Finalists will

The national winner will receive:

aicm Portfolio Update

reducing overall expenditure on

materials to be used in future years.

CREDIT MANAGEMENT IN AUSTRALIAJuly 2016

network with his colleagues and peers, Mike was

Credit controllers are in high demand

CREDIT MANAGEMENT IN AUSTRALIAJuly 2016

25 per cent of construction,

Queenslands Brisbane, Gold Coast

& finance departments, although

CONNECT WITH THE

1300 654 500

National Credit Insurance (Brokers) Pty Ltd

July 2016CREDIT MANAGEMENT IN AUSTRALIA

See you at AICMs

Rhys Buzza MICM

Joe Losinno MICM

I picked up a number of different

Last years conference taught me

Georgia Barbera MICM CCE

Do you want to join the likes of David, Karl,

For more information and to register,

Wednesday 12th October 2016

Lunch (CCEs & Forum delegates)

Presidents Address and welcome by Conference

Economic Key Note

Leading Australian Economist analyses trends and

Tough times arent going

Credit demand and market insights

Moses Samaha MICM

Credit Team of the Year

Meet the two National Finalist teams and find out

Stay tuned for announcement of an exciting

Thursday 13th October 2016

Data driven credit and