Tough New Strata Laws Pass Parliament: Greater Transparency and Penalties for Agents

By Ian Rogers

Strata managing agents will now face stringent new regulations aimed at cracking down on undisclosed kickbacks and enhancing transparency in their dealings. The newly passed laws empower owners’ corporations to make key decisions regarding buildings and common property in townhouses and apartments, with strata managing agents assisting. These changes come in response to widespread concerns about accountability and conflicts of interest in the strata sector.

Key reforms in the legislation include:

• Increased Penalties: Stricter fines and higher penalty infringement notices for agents who fail to meet their obligations to disclose commissions.
• Enhanced Disclosure Requirements: Strengthening the rules around conflicts of interest, ensuring agents are transparent about any potential conflicts.
• Ban on Insurance Commissions: Agents are now prohibited from receiving commissions on insurance products unless they actively seek out the best deals for residents.
• Empowered Enforcement: NSW Fair Trading has been granted greater powers to enforce compliance and crack down on unethical practices in the strata industry.

These reforms are supported by an $8.4 million investment in NSW Fair Trading’s resources, as outlined in this year’s state budget.

Minister for Better Regulation and Fair Trading, Anoulack Chanthivong, emphasised the importance of these measures, stating: 

“Building more high-quality, higher density housing is a key pillar of the Government’s comprehensive plan to build a better NSW. We need people to have confidence to invest and live in strata schemes. These changes will help restore the confidence of the 1.2 million people already living in strata schemes.”

With these new laws, the government aims to strengthen trust in the strata system, ensuring better accountability and fairness for residents across New South Wales.

Four-Day Workweek Revolutionises Finance Industry

By Robert Heyward

The finance industry, long associated with demanding hours and high-pressure environments, is seeing a major shift as Insignia, a leading company in the sector, becomes the first to introduce a four-day workweek trial. This groundbreaking move, part of a union agreement, is expected to reshape the industry’s work culture and signal broader changes in how the sector approaches productivity, employee well-being, and technological advancements.

The Four-Day Workweek Trial

Insignia’s decision to adopt the four-day workweek is notable in an industry where long hours are often seen as the norm. Traditionally, financial services employees have been expected to work extensive hours to meet client demands, manage complex transactions, and navigate fast-paced markets. However, the introduction of the four-day week aims to challenge this status quo, offering employees a better work-life balance while maintaining the company’s high standards of productivity.

Under the terms of the new arrangement, employees will work four days a week without a reduction in pay. The aim is to create a more sustainable working model that combats burnout, improves mental health, and fosters job satisfaction. Early adopters of the four-day workweek in other industries have reported significant boosts in employee morale and efficiency, and Insignia hopes to replicate these outcomes in finance.

Union Agreement and the Role of AI

This trial is part of a broader union agreement that also acknowledges the growing role of artificial intelligence (AI) in financial services. As AI becomes increasingly integrated into the industry, from automating routine tasks to providing sophisticated data analysis, its impact on how work is performed has become a key consideration for companies like Insignia.

The union deal emphasises the need for greater recognition of AI’s role in transforming financial workflows. By reducing the hours worked by humans while simultaneously increasing reliance on AI tools, Insignia is positioning itself at the forefront of technological innovation within the sector. The agreement ensures that the workforce is properly trained to collaborate with AI systems, enhancing both productivity and job security in an evolving landscape.

A New Model for Finance

Insignia’s trial of the four-day workweek is part of a broader movement across industries worldwide. The finance sector, in particular, has been slow to adopt flexible working arrangements compared to industries like technology and creative services. However, the global trend towards shorter workweeks is gaining momentum as companies recognize the benefits of flexibility in improving employee performance and retention.

This shift comes at a time when many financial institutions are grappling with high levels of employee burnout and turnover. The pressures of remote work during the pandemic, coupled with rising expectations for constant availability, have pushed companies to rethink their approach to work. Insignia’s leadership believes that this trial will not only help retain top talent but also set a new industry benchmark.

The Impact on Productivity and Culture

Although the four-day workweek is still in its early stages at Insignia, there is optimism that it will lead to a more focused and efficient workforce. Research from previous trials in other sectors has shown that employees often become more productive when given less time to complete tasks, as the condensed workweek encourages greater focus and time management.

Additionally, Insignia is expected to benefit from a more engaged and motivated workforce. By prioritising employee well-being and aligning with the evolving role of AI, the company hopes to maintain its competitive edge while fostering a healthier work culture.

The Future of Work in Financial Services

Insignia’s pioneering move could serve as a catalyst for other financial services firms to rethink their working models. As the finance industry continues to grapple with the demands of a digital, fast-paced world, the introduction of a four-day workweek could represent a more sustainable and innovative future for both employees and businesses.

If the trial proves successful, it could spark a wave of similar initiatives across the financial services sector, leading to widespread changes in how the industry operates. For now, all eyes are on Insignia as it navigates this transformative period, balancing the integration of advanced technology with the needs and well-being of its workforce.

In embracing the four-day workweek and recognising the pivotal role of AI, Insignia is positioning itself as a trailblazer in an industry ripe for change.

CSIRO serves up STEM internships to WA’s food and beverage industry 

Australia’s national science agency, CSIRO, in collaboration with the Western Australian Department of Primary Industries and Regional Development (DPIRD), has launched a new initiative aimed at strengthening the state’s thriving food and beverage sector.

The WA Food Industry Education Collaboration Program offers paid internships to tertiary students, as well as support for host businesses involved in food manufacturing, production, processing, and technology. A total of 20 paid internships are available for students studying science, technology, engineering, and mathematics (STEM) at universities, TAFE, and VET institutions.

In addition to the internships, businesses will receive facilitation and financial support to host interns, who will work on real-world projects that contribute to the growth of these businesses. This hands-on experience is designed to enhance the employability of interns while simultaneously providing tangible benefits to the host companies.

Liz Crompton, Program Lead at CSIRO for the WA Food Industry Education Collaboration, emphasised the mutual benefits of the program, stating that it will nurture future high-quality employees while also fostering growth in the industry.

Left to right: Kim Antonio (DPIRD); Kinley Dorji (Student Participant); Anjana Raju (Student Participant); Liz Crompton (CSIRO)

“Through this program, CSIRO will facilitate student and employer matching to support WA businesses with high-quality STEM interns, particularly in regional and remote areas,” Ms Crompton said.

“While the program’s primary objectives include retaining skilled STEM talent in WA, we also aim to build and strengthen connections between industry and tertiary education institutions.”

Kim Antonio, DPIRD’s Food Industry Innovation Manager, encouraged interested students and businesses to explore how the WA Food Industry Education Collaboration Program would benefit their future.

“These DPIRD-supported, paid internships will provide real-life, hands-on work experience, giving students practical skills, experience and industry connections to launch their careers,” he said.

“The program will showcase the sector as a valuable employment option and provide students an opportunity to apply theory and skills on meaningful projects in an important industry sector.

“We’d love to hear from WA food and beverage businesses interested in hosting a student to work on a STEM related technical solution to support their business growth.”

Applications are open until mid-2025. For more information and to apply, please visit our website. 

The WA Food Industry Collaboration Program is funded by the WA Government’s Department of Primary Industries and Regional Development and delivered by CSIRO.