Panama! New top corporate cop has rock star connections

EMBARGOED FOR AFR MONDAY 17TH JULY 2017. ASIC Chairman Greg Medcraft on his legacy. Thursday 13th July 2017 AFR photo Louie Douvis.
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The story goes that ASIC chairman Greg Medcraft was about to hand in his badge as ‘s top corporate cop in April last year – with just one week left in office – when he heard his tenure was being extended another 18 months.

That’s how the Coalition government rolls, apparently.

He was off the hook on this occasion with Malcolm Turnbull’s government able to shuffle in a suitable candidate just a week after Mal’s mate, John O’Sullivan withdrew his candidacy.

You can take your pick of the different theories as to why O’Sullivan’s candidacy had become untenable.

His previous role at the Commonwealth Bank rang alarm bells with CBD, his involvement in the Utegate scandal with Godwin Grech was good for Labor, while the Libs claim it was an unfair backlash over his links as a party donor, etc.

So it is rather hilarious to see Labor’s emphatic embrace of Medcraft’s replacement, Goldman Sachs alumni, James Shipton.

He is the son of Liberal MP for Higgins Roger Shipton, who was ousted by Peter Costello, who was replaced by once assistant treasurer Kelly O’Dwyer, who announced the appointment of James on Tuesday.

Which is not as bizarre as the fact that Van Halen lead singer, David Lee Roth, claims Roger Shipton was his godfather.

Maybe O’Dwyer should have played on this at the press conference – Panama, is it a rock anthem or tax haven? – rather than trying to veer away from the O’Sullivan fiasco by claiming Shipton was the government’s first pick.

“We have appointed here the most qualified and the most experienced candidate for the job ahead,” said O’Dwyer. Adios Greg

Meanwhile, Greg Medcraft remains the top cop until Sunday, November 12.

He was not in town, packing up his keepsakes, as the news arrived of his replacement.

Medcraft flew out to Madrid on Monday for the final meeting he will attend of the global governing body for corporate regulators – the International Organisation of Securities Commissions (IOSCO).

Hasta la vista, baby. Dropped call

Telstra chairman John Mullen lamented “many sleepless nights”. Photo: AAP

CBD’s main takeaway from Telstra’s annual shareholder meeting is that the drastic cut to the dividend was nothing more than an attempt to divert investor attention from the telco’s crap service. It didn’t work.

Chairman John Mullen lamented the “many sleepless nights working it through in our minds, knowing full well the impact it would have on our shareholders”.

The clear message from the floor was that they are more worried about the poor service that is driving customers away, and hitting the bottom line.

“The problem with Telstra is you have no service,” said one critic.

“It looks like you are ??? the central committee of the Chinese communist party over there … coming to work, getting the money but with no results.”

Mullen deflected the accusation as gently as he could.

“It’s the first time I’ve been likened to a member of the Central Politburo, but my education continues,” said our witty chairman.

And how about that share price? “Obviously we don’t control the share price, it’s impacted by lots of factors outside our control,” said Mullen.

Ummm, how about that massive dividend cut John?

And then there is the overpriced and underwhelming service: “I hear you loud and clear. We are embarrassed. I don’t like standing up in front of you knowing there are service issues out there. We are working on them.” Take two

Sheila McGregor’s departure may have been executed quietly, but it sent a very loud message.

Sheila McGregor’s new career as a non-executive director got off to a wobbly start – after her abrupt departure from Kerry Stokes’ Seven West Media as the Amber Harrison scandal hit prime time.

So she is obviously hoping for a quieter apprenticeship at Crestone Wealth Management – the former UBS wealth arm – where she has signed on as a member of the board, which is now led by Qantas chairman Leigh Clifford.

If McGregor is still on good terms with Stokes, she could always sign him up as the sort of high net worth individual that Crestone covets.

Follow CBD on Twitter. Got a tip? [email protected]苏州夜总会招聘.au

Energy policy could spur more shareholder hostility

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Concerns over investor activism are rising as the federal government’s new energy policy forces power companies to include coal and gas in their generation mix.

The government’s National Energy Guarantee is putting greater obligations on generators and retailers to ensure energy security and reliability of supply, which includes coal and gas.

According to Energy Minister Josh Frydenberg, coal and gas energy sources will account for between 64 and 72 per cent of ‘s future generation mix.

Speaking in a video released on his official Facebook channel, Prime Minister Malcolm Turnbull said the new policy will see energy companies compelled to “guarantee the reliability of their supply to ensure the lights stay on, and guarantee their energy sources will enable us to meet our emissions reduction commitments”.

Industry groups warned the implementation of greater regulatory control may be harmful for the industry and lead to a rise in investor activism against generators.

“Moving away from market control to a highly-regulated environment is an odd move for a Coalition government,” Energy Users Association of chief executive Andrew Richards said.

“There may be conflict, as generators may say ‘Here’s another obligation we have to manage, and we are being forced to include things in our portfolio that our shareholders don’t want us to do’,” he said.

Earlier this week, activist investors announced their intention to vote against Origin’s board over climate change risk disclosure.

“However, we are keeping an open mind, our role is to work with the government, opposition, and regulators these mechanisms deliver,” Mr Richards said, “and ensure it gets us closer to a bipartisan policy.”

AGL said the National Energy Guarantee would bring investment certainty. “The recommendation from the Energy Security Board is an important step forward,” an AGL spokesman said.

“We are heartened by the emphasis on consultation and eager to work with government and our industry peers to make this work. If it gets bipartisan support, we believe it will provide investment certainty.”

Energy chairman Graham Bradley said. “Attracting investment in new generation is critical to restoring the vitality of the National Electricity Market and, if we’re to achieve that, there is no substitute for stable, bipartisan energy policy.

“We have seen energy-buying standards for retailers used elsewhere in the world to good effect to manage system availability and reliability,” he said

“Of course, no two markets are the same but the ESB’s proposal is worth further consideration to see if it would work here.”

Engie, which operates wind farms, gas-fired power plants, and the brown coal-fired Loy Yang B power station, declined to comment on how the policy would impact its operations.

Stanwell Corporation, which is in the unique position of being a miner, generator, and retailer that utilises a variety of energy source, also declined to comment.

Both Origin and AGL tracked similarly on the stock exchange, with their share price slipping before bottoming out at the time of the announcement, after which both saw share price increases towards the afternoon.

The n Industry Group, which represents a cross-section of n business, said it welcomed THE commitment by the government to create certainty in the market.

“Today’s announcement by the Prime Minister offers a plausible new direction for energy policy with a welcome focus on energy security but further work will be needed by all concerned to help significantly drive down energy prices for hard pressed domestic and industrial energy users,” n Industry Group chief executive Innes Willox said.

“If agreed and finalised, the plan would clarify the future treatment of electricity sector emissions and give investors greater confidence to build the new and upgraded generation we need. But only bipartisanship on energy policy will create the conditions for long-term investment in energy generation and by big energy users,” Mr Willox said.

Speaking at a news conference, Energy Security Board chairwoman Kerry Schott and n Energy Market Commission chairman John Pierce said the crux of the NEG is implementing greater synchronous power – that is coal and gas – into the energy mix to ensure reliability.

“By placing obligation onto the retailers, you are placing two more requirements on them, that they can manage how they manage their contracts now; whether they are complying will be regulated by n Energy Regulator,” Ms Schott said.

Mr Pierce said: “This policy gives certainty to this industry that hasn’t been here for a long time, and brings investments that has stalled under renewable energy schemes.”

Mr Pierce said it would also improve competition in the retail space, as it relies on existing contract style mechanisms, rather than the trading of certificates.

“It provides a reduction in uncertainty, and the unlocking of investment, as the mechanism uses existing market processes and existing market contracts so people have more options.”

Energy thinktank, the Grattan Institute, believed the NEG can work, on principle.

“This is the first time since 2007 that we will have something may work,”Grattan Institute energy director Tony Wood told Fairfax Media.

“Concern was raised earlier in the month over Mr Frydenberg’s comments at the National Energy Summit that there wasn’t going to be a pathway, but this policy will provide that.”

However, he raised concerns over government pricing claims, stating, “they’re talking about a reduction in prices of more than Finkel forecast, but without the CET.”

He added that it is even consistent with AGL chief executive Andy Vesey’s comments on the need for a varied generation mix, and underpins AGL’s upgrading of the Bayswater coal-fired power station.

“It is likely to see support by all, including Labor, industry, states, and environmentalists,” he said.

“This is quite an effective solution, and does what industry is calling for.”

ASIC boss has a massive ambition – but it’s a tough ask

Financial Services Minister Kelly O’Dwyer with James Shipton, during the announcement of his appointment as the new Chair of the n Securities and Investments Commission (ASIC), during a press conference at Parliament House in Canberra on Tuesday 17 October 2017. fedpol Photo: Alex Ellinghausen James Shipton, poses for a portrait after the announcement of his appointment as the new Chair of the n Securities and Investments Commission (ASIC), at a press conference at Parliament House in Canberra on Tuesday 17 October 2017. fedpol Photo: Alex Ellinghausen
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James Shipton says success for him will be a nimble, proactive and inquisitive corporate regulator.

As the new chairman of the n Securities and Investments Commission it is a massive ambition. ASIC has been variously described as too timid of the big end of town, too trusting, too slow to act and too reactive, rather than strategic in its focus.

In the present environment, with calls for a royal commission into the banks and company ethics under the blowtorch, Shipton will need to deliver.

That means his perception of success will need to match that of the public’s.

Shipton comes with a good pedigree for a regulator – a background in law, roles in academia, a stint at the Hong Kong Securities and Futures Commission (SFC) and a lengthy tenure at the famously named vampire squid Goldman Sachs between 2004 and 2013, during the boom and the global financial crisis.

But he needs to be seen as tough and fearless.

ASIC is far from being seen as a tough, proactive and feared regulator. It has a number of dedicated and professional people but the culture and structure work against them.

Shipton says a key challenge will be developing a regulatory strategy. To do this effectively, he will need to tackle the structure along the lines of recommendations set out in the Capability Review into ASIC that called for a separation of the executive line management roles and the non-executive roles along the lines of the n Competition and Consumer Commission and the SFC.

The Capability Review into ASIC, chaired by the Productivity Commission’s Karen Chester, concluded that the existing model “inherently undermines accountability” and is unsustainable.

Under the existing structure, commissioners juggle a dual role of being managers and a non-executive or governance role, which includes strategic oversight of the organisation.

The proposal was to elevate commissioners to a non-executive internal “board of the commission” and have the operational decision-making fall to senior executives who would report to a new head of office role, selected by the ASIC chair.

Shipton said he had read the Capability Review and believed it was an important document that would be a useful handbook. He said it was too early to talk about structures.

He also declined to given any insight into how he would handle the bank bill swap rate rigging litigation, where the banks are itching for a settlement on the proviso of no admission of liability. This was something the outgoing chairman Greg Medcraft rightfully refused to bow to.

His announcement took the market by surprise after the favoured candidate, Credit Suisse chairman John O’Sullivan, withdrew last week following a backlash over candidacy. O’Sullivan’s close political ties and previous employment at the Commonwealth Bank – and the flak that would attract – made him an inappropriate choice.

Shadow treasurer Chris Bowen issued a press release titled “Turnbull’s Utegate man not the right way for ASIC”. It said his appointment would not receive support from the Labor Party because it was partisan.

After he withdrew, Nationals senator John Williams said: “I know John O’Sullivan and he is a very decent and capable man, but it’s a good thing he has withdrawn from the race.” Push on banks’ culture

Shipton doesn’t carry such baggage. His father Roger Shipton was a former Liberal member for the seat of Higgins, but that’s as far as it appears to go. Shipton has been out of the country for years and left investment banking in 2013, in his mid-40s, for public service. It is why the ALP has backed his appointment as an appropriate choice.

Shipton is a strong advocate for better culture in organisations, including the banks. He gave speeches and wrote papers on culture in his previous role at the SFC and during his present tenure as executive director of the International Financial Systems program at Harvard Law School.

Culture has become a key focus among regulators globally. It is a difficult one to get a handle on because it is impossible to legislate, and poor culture is usually detected after the horse has bolted.

But Shipton believes the regulator has a role to play in culture. He said there was a lot to be said drawing on the cultures of other industries including aviation, and pharmaceutical and construction companies, which have a safety-first culture. “There can be catastrophic losses when it comes to financial services going wrong,” he said.

It is this understanding of the pain and suffering to lives that shapes Shipton’s other key goal during his tenure: that financial institutions understand they are there to serve the community and that they are dealing with other peoples’ money.

It might sound simplistic but it requires a massive cultural shift not just by the institutions the regulator is monitoring, but the regulator itself.

Three of the best new inner city apartments in Brisbane

Living in an apartment doesn’t mean you can’t have the perks of the suburbs too ??? think tree-lined streets, peaceful surroundings and room to move ??? and all with the conveniences and amenities of a prestigious inner city address. Magnolia Apartments, St Lucia
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Magnolia Apartments, St Lucia Photo: Supplied

It’s one of Brisbane’s oldest and prettiest suburbs, situated on a bend in the Brisbane River and home to tree-lined streets, heritage homes and plentiful green spaces.

St Lucia is also the site of JonBuild developer’s latest enterprise, Magnolia Apartments.

Touted as a “boutique project”, this complex of 38 two-and-three bedroom apartments overlook the small but delightful Guyatt Park, with its shaded benches and Brisbane City Council-maintained BBQs.

The market? It’s not often that brand new apartments become available in this suburb so owner/occupiers and investors will be checking out the potential of Magnolia Apartments.

The apartments feature stone bench tops and ducted air-conditioning throughout; spacious storage options both in the apartment and in the basement; plus a pool, BBQ area and entertainment deck for residents. Some feature spacious courtyards.

This development screams “location, location, location” and many of the apartments come with study nooks ??? handy considering it is just minutes away from the tertiary education precinct of the prestigious University of Queensland, with its on-campus amenities, including dining options, a cinema and theatre.

There is also quick and easy access to several well-regarded primary and secondary schools.

The gods of shopping can be appeased at the many retail precincts within a ten-minute car trip, including Indooroopilly Shopping Centre and Toowong Village.

Just four kilometres from the CBD, St Lucia is also serviced by regular public transport, including buses, the Toowong railway station and BCC ferries.

Prices start at $585,000 and for more information visit Magnolia Apartments at domain苏州夜总会招聘.auLa Vida Apartments, Newstead

La Vida Apartments, Newstead Photo: Supplied

La Vida. The Life. With parklands and walks along the Brisbane River just a stone’s throw away, the Bekaa Group’s La Vida Newstead development is perfectly located for morning jogs and evening promenades after exploring the many dining options that have made Newstead a foodie’s haunt.

These 187 one, two and three-bedroom residences have been designed by Ellivo Architects and the interiors are by Marion Lam – and it’s this latter touch that is a powerful point of difference at La Vida.

The developers have worked with Lam to ensure the complex is luxuriously consistent but buyers are able to individualise their properties with a choice of two colour palettes.

Glass feature panels not only give way to expansive views but also means that natural light infuses the interiors.

Home entertainers will be able to take advantage of the open-plan designs, with the living area flowing onto the balcony.

The development is made up of two residential towers and all occupants will have access to the two roof-top swimming pools, BBQs, saunas and lounge retreats.

In the past few years, Newstead has grown from being a dingy, dockside expanse of wasteland to a vibrant social and recreational hub just two kilometres from the CBD and the pulsating eclecticism of the nightlife in Fortitude Valley.

La Vida prices start at $415,000 so for more information visit lavidanewstead苏州夜总会招聘.au; or contact Tess Tarabay on 0402 599 960 or Lisa Tarabay on 0401 567 271. Westside, Indooroopilly

Westside Indooroopilly Photo: Supplied

The western suburbs have long been considered a prestigious residential part of Brisbane, from the palatial riverside and acreage homes of Fig Tree Pocket and Brookfield to Moggill and Bellbowrie and the established homes of Kenmore, and Kenmore Hills.

In more recent years, the burgeoning inner-west in and around the suburb of Indooroopilly has proved a magnet to first home buyers, investors, downsizers and families courtesy of an eclectic mix of detached homes, townhouses and units – all within easy striking distance of the largest shopping centre in Brisbane’s west and the education complex in and around the University of Queensland.

The Westside project, the latest addition to Indooroopilly’s stock, offers this and more.

Just six kilometres from the heart of Brisbane with excellent public transport links, five minutes from the University and only 300 metres from Indooroopilly Shopping Centre, Westside comprises 119, high-quality one, two and three-bedroom apartments.

Over nine levels, the apartments offer elegant, modern finishes with design orientated to capture the best of the natural light. An added bonus are the resort-style facilities including rooftop terrace with pool, BBQ facilities and lounge area, all offering panoramic views to the city and mountains.

The apartments are priced from $376,500, settling early in 2018, and to date there has been strong interest from both owner occupiers and investors. The apartments represent a rare opportunity to buy into a development of this type in a blue-chip suburb so close to the CBD.

The Westside display suite is at 366 Moggill Road, Indooroopilly. Further information at domain苏州夜总会招聘.au

Newcastle Hunters junior Ben Simmons to make long-awaited NBA debut

GO: Philadelphia 76ers guard Ben Simmons (right), playing pre-season last week, will have his long-awaited NBA debut on Thursday. Picture: APBen Simmons will usher in a new, elevated era in n basketball when he walks onto the court at Washington DC’s Capital One Arena for the Philadelphia 76ers’ first regular season game this week.
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A record nine ns are on NBA teams for the 2017-2018 season including veterans Andrew Bogut, Patty Mills, Matthew Dellavedova, Joe Ingles and Aron Baynes.

But the 21-year-oldtall rookie Simmons is different. The Newcastle Hunters juniorcould be ‘s first NBA superstar.

“His athleticism is off the charts,” said Wizards coach Scott Brooks. “He has size, he has length, he has jumping ability.”

Melbourne-born Simmons’ much-anticipated NBA regular season debuton Wednesday(10amThursdayAEDT) against Brooks’ Wizards comes after a foot injury robbed the No.1 draft pickof hisentire 2016-2017 season.

Opposing NBA coaches are already in awe. Memphis Grizzlies coach David Fizdale replied “Oh my God” when asked about Simmons following a pre-season game.

With a 208-centimetre tall, 104-kilogram frameSimmons has the size of a forward, but instead of using him on the inside 76ers coach Brett Brown will tap into his playmaking skills, creating horror match-ups for teams.

“He’s a track star in the open court,” Brown, the former n Olympic and NBL coach, said.

‘s large contingent of players also offer plenty of interesting storylines.

Mills, with the San Antonio Spurs, and Ingles, with the Utah Jazz, cashed in with new four-year, $US50 million ($A63.7m) contracts in the off-season.

Ingles’ n Jazz teammate Dante Exum may miss 2017-2018after he suffered a seriousshoulder injury in a pre-season game but elsewhere things look promising.

Baynes has joined Eastern Conference power Boston Celtics, Bogut continued his NBA journey with a stop at the Los Angeles Lakers whileDellavedova and the physically gifted Thon Maker are hoping to take the Milwaukee Bucks deep into the playoffs.

Another n rookie, Mangok Mathiang, was picked up by the Michael Jordan-owned Charlotte Hornets.

The ns are important pieces for their NBA teams and the 216cm tall Maker may grow into an NBA star, but they do not have Simmons’ hype, expectations or athletic gifts.

“He’s going to be a heck of a player for a long time,” Brooks said of Simmons.

Bookmakers have Golden State Warriors as hot favourites to repeat as NBA champions, with LeBron James’ Cleveland Cavaliers, boosted by guard recruits Dwyane Wade, Isaiah Thomas and Derrick Rose, pegged as runners-up.

Baynes’ Celtics, advantaged by the defectionof All-Stars Kyrie Irving, from the Cavs, are ranked third.

The NBA regular season openson Tuesday(Wednesday11am AEDT) with the tantalising joust between the Cavaliersand Celtics, pitting former teammates James and Irving against each other.

Wallabies warrior McCabe’s 250 metre chance to ignite flame

Pat McCabe still remembers the moment his Commonwealth Games aspirations were shattered.
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The former ACT Brumbies and Wallabies warrior was only weeks away from flying to India in 2010 when his knee twisted awkwardly and his n sevens medal bid was over before it started.

But blister loom as the only thing capably of ruining a second chance to taste Commonwealth Games almost a decade later.

McCabe will be unveiled on Wednesday as a ‘batonbearer’ for the Queen’s relay before the Commonwealth Games on the Gold Coast next year.

The 29-year-old, who had to prematurely retire three years ago after breaking his neck three times, is part of a long list of athletes and community figures to carry the baton in January.

Melbourne Cup-winning jockey Michelle Payne will join NBL Hall of Famer Cal Bruton, swimming great Petria Thomas and Victoria Cross recipient Ben Roberts-Smith are also part of the Canberra leg of the relay.

McCabe walked away from rugby in 2014 to avoid the risk of further injury and now works as a lawyer at MinterEllison.

“MinterEllison are the official lawyers for the Commonwealth Games, so carrying the baton or doing something with one of the contracts is the closest I’ll get,” McCabe laughed.

“It was disappointing in 2010 to miss out, I hurt my knee in a club game … I knew straight away as I limped off that it was the end of the Commonwealth Games for me.

“But this is something that’s great to be a part of and it’s only a 250 metre run, so I’m hoping it’s reasonably flat or downhill.”

“For ns competing at the Commonwealth Games next year … it’s going to be an incredible experience for them.”

Queensland premier Annastacia Palaszcuk will reveal a lost of 3800 ns who were selected via a community nominations program to carry the baton on a 100-day journey around .

“The batonbearers recognise the achievements and aspirations of ns from all walks of life, from ambitious 10-year-olds to humble volunteers and well-known ns from a variety of field,” Palaszcuk said.

For McCabe, it will help scratch the competitive itch that occasional nags at the back of his mind.

McCabe completed his first marathon earlier this year and plays social touch on Monday nights, but he admits he misses the camaraderie of professional sport.

McCabe was regarded as one of the toughest Wallabies to play the game, continually putting his body on the line for and the Brumbies.

But he retired after breaking his neck a third time knowing how lucky he was to walk away with a normal life.

That will be reinforced with partner Tammy expected to give birth to twins just two weeks before the Commonwealth Games baton relay.

“I do think about it, but I think about how fortunate I was to enjoy that journey,” McCabe said.

“To look back with fond memories about time with the team and the tough times of injuries … this is another chance to be reminded once upon a time I enjoyed a cool journey of playing sport.

“I feel I can look back and feel like I got the absolute most out of the limited potential I had. I don’t think I left any stone unturned … I had some awesome experiences I never, ever thought would happen.

“So I’m content, but I do miss it. Not the game or crowds, just the mateship. Now I’ve got to see if I can get through 250 metres.”

Ablett to give up six-figure sum for Cats

Gary Ablett has put his hand into his own pocket, forgoing a six-figure sum of money due to him from the Gold Coast in order to accommodate the Suns and his own wish to end his playing career with Geelong.
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In a bid to push through a complex deal with the Cats, Ablett and his manager Liam Pickering told Gold Coast bosses several weeks ago that the champion player would ensure the Suns be repaid the estimated $300,000 from his front-ended contract.

The Ablett camp indicated that because the dual Brownlow medallist was walking out on the final year of that contract, the money due to the Suns would be repaid even if it meant Ablett waiving a big chunk of his Geelong wage next season. The prevailing view is that the Cats and Ablett will together compensate the Suns.

Put simply, were Darcy Lang, for example, to agree to be traded to the Gold Coast, Ablett would take a significant pay cut next season for that money to be forwarded to Lang.

Even before the death late last week of Ablett’s elder sister Natasha, Pickering had made it clear to Geelong and Gold Coast that the player was prepared to relinquish a significant amount of money to ensure his return to Simonds Stadium. Gold Coast asked the question of the Ablett camp at the end of September.

While the Cats have struggled to identify a player prepared to move to the Gold Coast to effect a trade and help solve the financial repayment, Lang remains in the mix. The Suns’ new coach Stuart Dew spoke with the 21-year-old from Colac on Tuesday in a meeting that buoyed the club’s hope of an Ablett deal.

Ablett was also contracted to the AFL for next season as an ambassador at the expansion club. He has also indicated to the Cats he is prepared to relinquish that wage if Geelong cannot compensate it. This would ensure the AFL could potentially target another Gold Coast player using the money earmarked for Ablett.

Last month AFL chief Gillon McLachlan indicated the league would be prepared to help fund co-captain Tom Lynch in a bid to retain him at the struggling Suns. The AFL has also come under scrutiny for awarding the Cats an unusually high compensation pick (19) for Steven Motlop. Ultimately the Gold Coast would accept that pick for Ablett if a trade cannot be achieved.

Although both Geelong and Gold Coast have insisted the Abletts’ recent family tragedy would not impact upon negotiations, the sad circumstances that have befallen the 33-year-old now mean that both parties will ensure his return to Geelong.

The complexities behind the deal include the fact of Ablett’s heavily front-ended contract with the Suns, worth about $2.5 million over three years, which led to Ablett earning about $2 million of that amount over 2016 and 2017. Added to that was his ambassadorial wage paid by the AFL, which Geelong was not prepared to cover in 2018.

While all parties are now clear that Ablett is prepared to take a major financial hit to return home, Gold Coast are still striving to achieve a deal that involves a player – a deal that would have Geelong contributing about $300,000 of that player’s wage over the coming seasons, with a big part of that money contributed by Ablett.

Wallabies tap one-Test prop as scrum coach replacement

One-Test prop Dan Palmer is poised to become the Wallabies’ scrum coach on the spring tour just three years after retiring from professional rugby and dropping 20 kilograms from his front-row frame.
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Fairfax Media can reveal former Brumbies prop Palmer has joined the Wallabies camp on the Gold Coast in advance of the third Bledisloe Cup match on Saturday night.

The 29-year-old is in line to replace outgoing set-piece mentor Mario Ledesma, who has signed a deal to become head coach of the Jaguares, Argentina’s Super Rugby team.

Palmer made his Test debut for in 2012 but retired from rugby two years later, citing a lack of passion for the game and persistent foot injuries as the reasons for prematurely ending his career.

He dropped 20 kilograms from his 117-kilogram playing weight and started studying at the n National University.

Palmer has maintained a passion for scrums at the Brumbies and is highly regarded in n rugby as a set-piece guru.

It is understood Palmer will work with the Wallabies on a part-time basis in coming weeks and will miss part of the spring tour to Japan and Europe while he completes university commitments in Canberra.

Palmer flew to the Gold Coast on Tuesday and had his first training session with the Wallabies at Cbus Super Stadium after being contacted by coach Michael Cheika a number of weeks ago.

He was spotted chatting to Ledesma as well as a number of players, notably ones he has worked with at the Brumbies, such as Rory Arnold.

Due to his tight schedule, Palmer flew back to Canberra on Tuesday evening.

He is expected to join the Wallabies for at least the last two matches of the spring tour in England and Scotland.

Palmer’s appointment shows how highly Cheika rates him and although no decision has been made on whether the young coach will be kept on in a full-time capacity, it is understood he is Cheika’s No.1 pick.

Cheika said last week he had spoken with Palmer, former Queensland Reds coach Nick Stiles and Western Force forwards mentor Joe Barakat about filling Ledesma’s shoes.

“Dan’s got state commitments,” Cheika said. “I’d be naive to not look straight at our coaches at the next level … to try and work out what the best mix might be.”

Palmer quit rugby when he was 26 after a season in France and just two years after playing his one Test against Scotland.

“Retiring from professional rugby is not a decision I made lightly,” Palmer said at the time. “Although ongoing injuries were a part, I would say they were not the primary reasons I made the call to stop playing.

“My passion for playing the game just isn’t where it used to be and I’m not prepared to dedicate such a large portion of my time to something I was beginning to not enjoy.”

Former Argentina hooker Ledesma will leave n rugby after the third Bledisloe Cup match to move home for the first time in 18 years, but he said he wasn’t thinking about anything else aside from the game on the weekend.

“To be fair [I am] pretty focused on the job and that’s not a cliche, but that’s the way it is, especially playing [the All Blacks],” Ledesma said. “If we were playing, no offence, Romania, it would be different, but I have to keep focus because it’s a big game and we really think we have a chance of taking this one.”

Ledesma conceded there were tears in the sheds after ‘s win in Mendoza when he informed the playing group of his decision to walk away from the Wallabies.

“There was a lot of talk after the game, apparently, so Cheik felt it was the right thing to do to tell the players first before it came out in the press,” Ledesma said. “I assumed I was doing it the next day, but it came as a surprise. It was the right thing to do and I’m kind of emotional, so there was a lot of tears and crying – yeah, pretty embarrassing – but at this point, I do it so often, I’m cool with it. There was a lot of emotion and real emotion. Again, not sadness, just emotion because of all the things we shared together.”

Investors pay premium for government-leased buildings

MARKET WRAP
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SALES

Rosebud

Investors are paying a premium for government-leased buildings. An office occupied by Centrelink and Medicare has sold for $4,415,000 on a tight yield of 5.67 per cent. Both leases on the property were recently renewed prompting strong interest from offshore and local investors, Burgess Rawson’s Shaun Venables, Alex Shum and Ming Xuan Li said. It was snapped up by an interstate Asian buyer.

Mornington

Demand for suburban retail assets is high. A shop at 185 Main Street has sold for $2.2 million on a city-like yield of 3.86 per cent at a hotly contested Teska Carson auction. A crowd of 70 watched four bidders push the price well beyond the vendor’s reserve, George Takis, Michael Taylor and Fergus Evans said. It had a near-new lease to tenant Riot Art & Craft for $85,000 per annum.

Malvern

A classic double-fronted freehold shop in Malvern sold under the hammer for $3.02 million, on a crisp 2.68 per cent yield. It was first time in more than 50 years the two neighbouring shops on one title, leased to Allpress Antiques and the Milton Wine Shop, were offered. Fitzroys’ Chris Kombi, James Lockwood and Jordan Ceppi handled the campaign for 1425-1427 Malvern Road, which sold for $420,000 above reserve.

Elsternwick

Another shop at 476 Glen Huntly Road showed the hefty appetite of buyers, selling for $1.5 million on a sharp 3.7 per cent yield. The two-storey venue, leased to popular Russian restaurant Nevsky, went for $200,000 above reserve at auction after competition between five bidders, Fitzroys Mark Talbot and Chris Kombi said.

Richmond

A Melbourne based investor has paid $1.15 million on a 3.48 per cent yield for a two-level, 146-square-metre, Victorian terrace building in a deal brokered by Teska Carson’s Fergus Evans and Tom Maule. The property at 410 Church Street is leased to a skin and laser clinic on a two-year term with a two-year option for net annual rental of $44,995 plus GST.

East Melbourne

Health professionals are pushing up the values of consulting suites. Suite 515 at 100 Victoria Parade sold for $595,000 to an owner-occupier, demonstrating a 30 per cent increase in prices in the building over the past two years, Morley Commercial’s Jonathan Lu said. Mr Lu has sold eight suites in the building in the past 12 months.

Nunawading

A highly exposed single-level office at 183-185 Springvale Road has sold at auction for $1.67 million on a yield of 3.77 per cent. The deal for the 402 sq m office, on 555 sq m of land, was negotiated by JLL’s Tom Ryan and Peter Sprekos.

Airport West

Five bidders competing at the auction of an old brick warehouse at 18 Earl Street pushed the price to $960,500, CVA’s Tom Gleeson and Anthony Carbone said. The 545 sq m building is leased to Superstone Premium Automotive Parts for $41,643 a year on a two-year lease.

Bayswater

A vacant showroom in the Bayswater Activity Centre has sold for $1.6 million. The investor was attracted to the 340 sq m former bank building at 743 Mountain Highway due to potential growth in the area and significant government investment in the precinct, JLL’s Tom Ryan and Marcus Quinn said.

Sunshine West

A new free-standing office warehouse at Unit 4, 61- 69 North View Road sold to an owner-occupier for $1.19 million, Leo Mancino of CVA said.

LEASES

Bentleigh

Sportsgirl will open a store in Centre Road. Fitzroys’ Mark Talbot said Sussan Retail Group will set up Sportsgirl at 440 Centre Road on a five-year lease at $80,000 per annum. SRG has other franchises, Sussan and Suzanne Grae, on the strip. Other recent Centre Road tenants include food truck operator Mr Burger opening a concept store at 416 Centre Road and estate agents Hocking Stuart taking 379 Centre Road, both at rents of $80,000 per annum.

Melbourne

Skincare clinic Scolicare has leased a ground-floor property at 492 St Kilda Road for $290 per sq m on a 2+3 year lease. The deal was struck with a 7.5 per cent incentive. Monash University has taken level two of the same building on a one-year lease at $260 per sq m and Kosch Fertilizer signed up for the same rate on a five-year lease on level four. “Vacancy in this building has lowered from 16 to 6 per cent within months,” Lemon Baxter’s Jay Pavey said.

Kew East

Refurbished suites at 1401 Burke Road’s Kew Corporate Centre have resulted in the building being fully occupied by smaller tenants. JLL’s Tim Sugar said landlord Devitt Nominees refitted commercial offices as well as open-plan suites with kitchenettes and toilets. New tenants include Thomas More Centre (Christian publications), Best Practice Program and TNT Property Group. JLL also secured The Lab Gaming Mechanics in Suite 3 at 830 High Street on a three-year term.

Dandenong South

Complete Truck Bodies has leased a 1135 sq m office warehouse with 934 sq m of hardstand area at Pellicano’s M2 Estate. Complete Trucks signed a five-year lease at net annual rental of $120,000 for 110-112 National Drive. “There was high demand for leasing in the estate,” Knight Frank’s George Linn said.

Thornbury

Gray Johnson’s Matt Hoath and Scott Ashby negotiated a quick changeover of tenants at an industrial building at 329 Darebin Road, minimising lost income for the building’s owner. Building finishes specialist Alternative Surfaces took a four-year lease with a further four-year option at starting rent of $90,000 net.

Collingwood

Denmark-based tapware manufacturer Vola will set up its wholesale showroom at 94 Wellington Street. Vola leased a 110 sq m showroom for $38,000 a year plus GST and outgoings on a five-year lease, Gorman Commercial’s Dean Alexander said.

MOVERS

Charter Keck Cramer has appointed Glenn Lampard in the newly created role of strategic research principal – commercial. Mr Lampard will focus on enhancing the group’s research and supporting the valuations team. Mr Lampard was previously at Urbis, Savills, Knight Frank and CBRE.

Submissions to [email protected]苏州夜总会招聘.au

Labor premiers savage Turnbull’s energy plan

Prime Minister Malcolm Turnbull during his tour of the Snowy Hydro Tumut 2 power station during his visit to the Snowy Mountains region to give an update on Snowy Hydro 2.0, on Monday 28 August 2017. POOL Photo: Alex EllinghausenThe Turnbull government faces an uphill battle getting states to sign up to its new energy plan, as Labor premiers savage it as a capitulation to Tony Abbott and victory for the coal industry.
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The government will need all the national electricity market states – NSW, Victoria, Queensland, South , Tasmania and the ACT – to agree to its national energy guarantee to implement it.

The plan to force energy companies to meet mandated standards of reliability and emissions reduction will require changes to national electricity law, which is state-based legislation that sets the rules for the market.

Energy Minister Josh Frydenberg briefed his state counterparts on the policy over the phone on Tuesday ahead of a face-to-face COAG meeting planned for late November. But initial reactions were not positive.???

South n Premier Jay Weatherill slammed the plan, and said it proved Prime Minister Malcolm Turnbull was incapable of standing up to his party’s right wing and the fossil fuel sector.

“The Prime Minister is powerless, the Prime Minister is impotent,” he said. “This is a complete victory for the coal industry.”

Mr Weatherill indicated he was still weighing “going it alone” on a more robust, state-based clean energy target, something the Commonwealth has warned against because it would further fragment the electricity market.

Victorian Premier Daniel Andrews was also scathing, taunting Mr Turnbull and describing him as Tony Abbott’s spokesman.

“The Prime Minister needs to stand up,” he said. “I’d settle for him pretending to be a leader but he’s not even doing that. The fact that he’s prepared to let Tony Abbott junk Alan Finkel’s work, it’s unspeakable, it’s appalling.”

Victorian Energy Minister Lily D’Ambrosio was even more strident, saying the “backward plan” put thousands of jobs at risk and shattered investor confidence.

“His modelling is dodgy and his claims about reducing power prices can’t be believed,” she said.

“There has been no consultation with the states and we continue to learn about the policy via media leaks. We will closely consider our next steps after receiving the detail that this announcement is sorely lacking.”

If one or more of the states baulk at the plan, the federal government can seek a workaround in the Federal Parliament. But it believes that, while the states will make lots of noise about the plan in the coming days, they are ultimately likely to support it.

The conservative NSW government has been more receptive to the plan, saying it was a strong supporter of electricity market reform.

“We welcome the proposal by the federal government to provide greater certainty for investment by integrating climate and energy policy,” a spokesperson for Energy Minister Don Harwin said. “We are currently reviewing the proposal.”

n Energy Council chief executive Matthew Warren endorsed the policy but said COAG agreement would be critical.

“Without that we won’t achieve policy stability and we will continue to see the investment uncertainty that has occurred over the past decade in the energy sector,” he warned.

Mr Turnbull indicated he might convene a special COAG meeting to discuss the plan with state leaders.

– With Peter Hannam