Jon Sutton appointed as Bank of Queensland CEO

Bank of Queensland (BOQ) today announced that Jon Sutton has been appointed Managing Director and Chief Executive Officer, effective immediately.

Chairman Roger Davis said that following an exhaustive international search process, the Board believed Mr Sutton was the best person to continue the successful implementation of BOQ’s strategy, as well as lead the Bank as it responds to future opportunities and challenges.

Mr Sutton has been Acting CEO for approximately four months and was previously Chief Operating Officer. He joined BOQ in July 2012.

“Jon has played a key part in BOQ’s turnaround, as well as the development and implementation of our four pillar strategy,” Mr Davis said.

“We are at a crucial point in a major transformation program and growth agenda and we are confident that strong momentum will be maintained under Jon’s leadership. He has overseen many of the Bank’s key projects including digitisation of its back office and, as Acting CEO, has done an excellent job in steering BOQ’s performance and communicating our results to investors over the last few months.

“We believe Jon has the energy and passion that the role requires and the Board has no doubts that he will continue to be a wonderful leader for BOQ and help us achieve our goal of becoming Australia’s most loved Bank.”

Mr Sutton said he was proud to have been appointed BOQ’s CEO and looked forward to leading the organisation and helping unlock its potential.

“BOQ has achieved much over the last two years but we must continue to maintain the momentum we have built and continue to successfully deliver our strategy and customer-focused approach,” he said.

“This will create the foundations we need to underpin BOQ’s next phase of growth, which will require us to take advantage of the opportunities and challenges presented by rapidly changing macroeconomic and financial services environments, as well as technological advancements.

“I’m proud to have been appointed CEO and I will be focused on delivering the best outcomes for customers, staff and shareholders.”

Mr Sutton has over 20 years’ experience in financial services and has extensive retail and business banking experience.

Prior to joining BOQ in July 2012, Mr Sutton was Managing Director of Bankwest. He held a number of senior positions at the Commonwealth Bank including Executive General Manager of Agribusiness where he was central to establishing the agribusiness segment and growing it strongly; General Manager of Client Risk Solutions; and Head of Corporate Risk Management Commodities.

Time To Rethink Unfair $1,000 Online GST-Free Threshold

The Australian Chamber of Commerce and Industry has today called for a major rethink of the current $1,000 online GST-free threshold that unfairly excludes items bought from overseas sellers placing domestic sellers at a competitive disadvantage. The Chamber supports inclusion of the issue in the upcoming tax white paper process, as foreshadowed by new Federal Assistant Treasurer The Hon. Josh Frydenberg MP, and would like to see the threshold lowered or abolished.

John Osborn, ACCI Director of Economics & Industry Policy, said “lowering the threshold is a case of tax equity and fairness. It’s not a case of online versus bricks and mortar retailers or a tax grab.”

“The current system gives preferential treatment to overseas sellers and places Australian businesses – including online retailers and small businesses – at an unfair competitive disadvantage.”

“The original rationale for the threshold of high cost collection is rapidly fading as an issue as technology improves and other comparable countries lower or remove their exemptions.”

“We should ideally be lowering or abolishing the GST-free threshold once a suitable cost-benefit model can be found.”

Kate Carnell AO, ACCI CEO, said “a significant proportion of lower value parcels come from a small number of large foreign companies that could easily collect and remit GST to the Australian government.”

“A simple solution can be found to this issue as long as the political will for reform exists across the political divide.”

“This is an issue business would like to see bipartisan support for and we expect the Federal Opposition and the government will work together to secure a timely solution.”

Aussie Icons Team-Up For TV

Two Australian icons have joined forces to help businesses supercharge the sales of their Aussie products and produce.

The Australian Made, Australian Grown (AMAG) green-and gold kangaroo logo has partnered with Brand Power, to create a TV advertising platform dedicated to increasing the sales of genuine Aussie goods.

“This initiative combines two powerful, established and persuasive marketing tools in an exciting new initiative for businesses making and growing products here,” Australian Made Campaign Chief Executive, Ian Harrison said.

Founded on Brand Power’s proven marketing principles, the new TV advertising platform provides businesses with the opportunity to promote their Aussie products using Australia’s most recognised and trusted country-of-origin symbol.

According to Roy Morgan Research, the AMAG logo is recognised by 98% of Australian consumers, and trusted by 88% to identify authentic Australian products and produce.

Buchanan Group is the creator of Brand Power, and is part of STW, Australasia’s leading marketing content and communications group.

“We’re really proud to help Australian made and grown products tell their story to consumers. As the pioneers and experts of delivering brand news, it’s a great opportunity to join with such an iconic campaign and use our expertise to further drive sales for Australian Made and Grown businesses,” Buchanan Group COO Tim Hansen said.

For over 25 years, Brand Power has driven sales for global icons, and has become an institution in Australian households and around the world, by influencing consumer behaviour and delivering unparalleled marketing ROI to its clients.

The AMAG logo is administered and promoted by the not-for-profit Australian Made Campaign. Only certified Australian Made and Australian Grown products will feature in the Australian Made Brand Power series.