Updates for Clubs - August 2024

The club industry is facing a complex landscape of challenges and regulatory changes. Recent cyberattacks on clubs underscore the critical importance of robust cybersecurity measures. Concurrently, the Austrac report highlights the vulnerability of clubs to money laundering activities. As the industry navigates these threats, it's essential to stay informed about regulatory updates, such as the increased compulsory superannuation rate and the latest award changes.

Cyber Security

ClubsNSW have released webinars to assist clubs’ management and directors re cyber security and data safety. This comes as a timely reminder that good corporate governance focuses on these emerging issues and especially with the most recent Outabox data breach involving some clubs.

Austrac Report: Money Laundering Australia National Risk Assessment

A recent report has been released by Austrac focusing on money laundering in Australia. Key points from this report specifically for clubs and pubs include:

• Clubs and pubs have been assessed as posing a medium and stable money laundering vulnerability (over the next three years).   
• Venues with EGMs have a higher risk of dealing with proceeds of crime. However, large-scale money laundering through EGMs is not widespread. 
• Money laundering in pubs and clubs is straightforward due to their easy accessibility for launderers with minimal expertise.  
• There is an intelligence gap about the true extent of money laundering through pubs and clubs. 
• There is room for improvement — clubs and pubs have a low ability to detect and report suspicious transactions to AUSTRAC. 

Compulsory Superannuation Increase and Award Updates

The compulsory superannuation rate increased to 11.5% from 1 July 2024. For budgeting purposes, a further 0.5% increase will also be made from 1 July 2025 taking the rate to 12%.

The Registered and Licensed Clubs Award 2020 increased from the first full pay period on or after 1 July 2024.