‘Fat kid from Hey Dad!’: Gallen’s next fight opponenttalks the talk

If he had listened to Arthur Beetson when the late, great Immortal bailed him out of jail in his teens, Puna Rasaubale may well be playing footy alongside Paul Gallen instead of fighting him next month.
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Like most of Gallen’s boxing opponents, Rasaubale, has the gift the gab. For proof, look no further than his Instagram account, which is filled with 12 months worth of hilarious callouts to the Cronulla captain.

“Breaking news ??? Mr Paul ‘Pussycat, G-string, freckle-fart from K-Mart, you know you’re the fat kid from Hey Dad’,” Rasaubale said in one of his recent taunts.

“You little midget, you with the large melon. I could throw a jab from Punchbowl and hit you from here.

“Hurry up and sign the contract already so I can fight already boy. You say Sonny Bill is scared of you – I ain’t scared of you bruz, it’s time to get it on boy. November. That’s when I’m free and I know you is free as well. No more time for chitty-chatter, it’s time to bang-bang away bruz.

“Everyone wants to see you be put on your backside cuz, by a real brother. By a real soldier. By a real boxer. I’m a street brawler cuz, I grew up on the cannibal islands of Fiji bra.

“I’m going to hit ya, cook ya and eat ya, boy. Sign the contract.”

A fortnight ago, Gallen did just that. The former Cronulla teammates will fight at Sharks Leagues Club on November 10.

“Some of the callouts the boys have been showing me – I don’t know if he’s got a script but he’s unbelievable how it rolls off the tongue,” Gallen said.

“He’s pretty good at it. Hopefully he’s not as good at fighting as he is at talking crap.” @lats1986 pass this on too @paulgallen13 tell him stop ducking me.. and let’s do it already.A post shared by punapzz+frenchi (@punapzzfrenchiiiiiii) on Sep 10, 2017 at 10:18pm PDT

Bring back the sledge: Warner wants Ashes to be ‘like State of Origin’

David Warner believes the Ashes should be officiated similarly to rugby league’s State of Origin, with leeway given for and England to ramp up the on-field banter to add to the intensity of the contest.
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The Test vice-captain has signalled a return to a role as an agitating force for Steve Smith’s team nearly three years after he decided to button his lips following a spat with India’s Rohit Sharma in Melbourne.

Warner said on Tuesday he had enjoyed the spicy series against India on the subcontinent in the autumn and had England in his sights almost five weeks out from the Test summer.

“That little stuff is sort of slowly being taken out of the game. I love it as a batsman,” Warner said at the launch of the Asics playing shirts for n teams this summer in Sydney.

“If a bowler bowls a bouncer or I play and miss, and he looks at me – and not swears at me – but gives me a little bit of an earful or something then it gets you going. It’s exciting … people want to see that.

“I think that is missing a little bit from the game now. Obviously we can’t overstep the mark, but we just have to be cautious because sometimes the ICC and umpires take action over little things you do on the field.

“I would like to see it like State of Origin. Let things just flow on and you deal with everything afterwards. Let a couple of penalties go and get on with it that way.”

The match officials in the -India series this year appeared not to be opposed to that approach as a succession of verbal clashes on and off the ground went by without players being charged.

The hostilities ramped up after won the first Test, with Mitchell Starc reacting by appearing to tell India’s Karun Nair to “f— off” after getting him out and Virat Kohli making claims that had systematically cheated after Smith was caught looking towards the dressing-room balcony as he decided whether to review his dismissal. No one was booked, and despite more flare-ups during the rest of the memorable series, that remained the case throughout.

The flashpoint of the last Ashes here came when n captain Michael Clarke was fined after a stump microphone picked him up telling Jimmy Anderson to “get ready for a broken f—ing arm” at the Gabba.

Warner was also in the thick of it in Brisbane four years ago, saying England’s batsmen looked like they had “scared eyes” and describing Johnathan Trott’s efforts to hold off a rampant Mitchell Johnson as “pretty weak”.

‘s appointed attack dog in the field of years gone by has backed off in the past three years, tired of running into strife. The turning point was his run-in with Sharma in January 2015, when he was criticised for mouthing the words “speak English” to the Indian batsmen as they exchanged barbs during a one-day international at the MCG.

“I felt I had a valid point there,” Warner said. “That’s where I was really disappointed with what happened. I think everybody interpreted it the way I actually said. It wasn’t being racist or anything like that. I just clearly wanted him to swear at me in English so everyone else could hear what he was saying.”

While he has forecast resumption of aggression in the Ashes he intends to choose his words and battles more carefully this time.

“I know every time I open my mouth I get a point deducted or I get a fine of some sort, whether I’ve overstepped the line or not,” Warner said.

“Something always seems to happen, as soon as I walk in towards the batters or if I go to say something. Something always happens.

“It’s one of those things, I don’t want to have to come off the field all the time and have to fill out an incident report or whatever it is the umpires give us. So from where I stand, it’s going to have to be very, very subtle.”

Greens take on Canberra pill testing trial failure

Spilt Milk music festival at Commonwealth Park. Security check IDs at the entry. Greens Leader Senator Richard Di Natale addresses media in Sydney, Tuesday, July 18, 2017. Greens Senator Larissa Waters has resigned from parliament over her dual n-Canadian citizenship. The second such resignation from The Greens in a week. (AAP Image/Dan Himbrechts) NO ARCHIVING
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Members of ACT Legislative of Assembly speak to a motion in memory of Jayson Hinder on Tuesday morning.Jeremy Hanson after the passing of the motion.

Greens leader Richard Di Natale has sought answers over the collapse of a planned pill-testing trial at Canberra’s Spilt Milk music festival.

Set to become ‘s first trial of pill-testing on November 25, the plan received ACT government approval last month and was expected to go ahead at the Commonwealth Park event.

But it was abruptly cancelled last week amid claims the Safety Testing Advisory Service at Festivals and Events consortium had not received required approvals for the event on federal government controlled land.

The consortium was preparing to fund and operate the trial, with cooperation from police.

Spilt Milk organisers Kicks Entertainment said the consortium had not provided risk assessment, insurance and legal documentation in time for consideration by federal authorities.

It emerged on Friday former ACT Liberal opposition leader Jeremy Hanson had written to Health Minister Greg Hunt and Territories Minister Fiona Nash, complaining the plans would be in conflict with the federal government’s anti-drugs stance.

The federal government said it did not intervene to block the trial.

The National Capital Authority said no federal minister had given any instructions to block pill-testing, but the final operational plans and documentation supplied to it by the organisers had not included a specific “request to hold [a] pill-testing trial at Spilt Milk 2017”.

On Tuesday, Senator Di Natale took the issue to federal Parliament, seeking documents about the cancellation from the Turnbull government.

The Senate voted to require the government to provide any response from a federal minister to the correspondence from Mr Hanson, the ACT’s shadow attorney-general, by 6pm on Thursday, October 19.

Senator Di Natale also sought any documents from the past two months relating to the planned trial held by Senator Nash or Mr Hunt, Attorney-General George Brandis and any other government member or agency.

It remains unclear what documentation is required by the authority, given no similar trials have been held anywhere in the country previously.

A spokesman for the consortium said lawyers had been working “around the clock” to prepare the latest documents following the National Capital Authority’s request last Wednesday.

ACT Greens Minister Shane Rattenbury accused Mr Hanson of sabotaging the pill-testing trial by “calling up his mates on the hill”.

On Tuesday, Assistant Minister to the Prime Minister James McGrath told the Senate the government had agreed to supply the documents and Senator Di Natale’s motion was unnecessary.

The consortium has vowed to pursue trials at other events, while consideration of plans for Spilt Milk are continuing.

A similar pill testing proposal for the Groovin The Moo festival was denied in early 2017, but ACT Health Minister Meegan Fitzharris said free testing would be available next month “to keep people safe”.

The plan had received support from ACT Policing and would not have been in breach of any territory law.

Out of the ashes comes something good

Out of the ashes of repeated failed attempts to give us cleaner and more reliable electricity – the emissions trading scheme, the emissions intensity scheme, and the clean energy target – has come something surprisingly good.
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The national energy guarantee will do more or less what each of the other schemes would have done. It will make the electricity system cleaner (in accordance with the Abbott government’s commitments under the Paris climate agreement) while giving investors the certainty they need to work out what kind of power stations to build and when.

Because most of the other schemes were never implemented and the one that was (the renewable energy target) wasn’t made permanent, investors have been denied that certainty until now.

Chloe Munro was a member of the Finkel review into the future security of the national electricity market. She told a conference in Melbourne last week that merely having a scheme, any sort of scheme that could withstand repeated electoral cycles, would be enough to give investors the confidence to spend the billions of dollars needed to build plants likely to last as long as half a century. With no national scheme (apart from the renewable energy target, which ends from 2020) they’ve had to guess what the future schemes will require of them. The details of the scheme adopted weren’t as important as knowing it was there.

But the details of the scheme adopted by the Coalition are pretty good. Unlike earlier proposals, this new plan requires nothing of generators: no certificates, no baselines and credits. Instead, responsibility for achieving emissions reduction and reliability targets will be handed to the retailers. They will need to ensure that the mix of electricity they buy meets a known emissions-reduction trajectory and mandated reliability standard. They’re best placed to do it for the lowest possible price. They are in the business of getting value for money.

After the renewable energy target ends in 2020 there will be no requirement for retailers to buy electricity from any particular source, merely electricity whose overall mix brings about lower emissions year after year.

Will being a scheme that’s “technologically blind” give investors the confidence to build new coal-fired power stations? I doubt it. The Abbott government signed up to reduce emissions by 26 to 28 per cent on 2005 levels by 2030. The targets that will be given to the retailers will reflect that. Coal will have less and less place in their mix.

It’s true that they would also be given reliability standards to maintain, and that coal could help with that. But with batteries, gas and solar able to come on at the flick of a switch when renewable output is low and with coal cumbersome to fire up and difficult to fire down, they are likely to find cheaper ways of keeping power reliable.

The retailers might be asked to cut emissions by more. The Paris Agreement requires to go beyond 26 to 28 per cent, reviewing its target every five years in order to ensure global warming is kept below 2??. If signs up to do more, the retailers will be signed up to do more.

And they might have to do more in any event. Initially they will be asked to adopt a trajectory that cuts emissions by 26 per cent because that’s ‘s commitment. But they might need to do more than their share. Other polluters – in air transport, road transport, industry and farming – are finding cutting hard, and expensive. Over time it will be cheaper to ask electricity to shoulder more of the weight because that’s where the easy gains are.

Malcolm Turnbull has found a scheme that will appeal to the backers of coal (because it won’t discriminate against it), to would-be electricity investors (who want to know what the rules are), to consumers worried about prices (because it will put the suppliers in charge of getting value for money), to households concerned about blackouts (because it will require retailers to concern themselves with reliability), and to his predecessor who signed up the Paris emissions reduction target. The energy guarantee provides a means of achieving it.

Peter Martin is economics editor of The Age.

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UK billionaire kicks tyres on Rio’s aluminium assets

British billionaire Sanjeev Gupta is believed to be eyeing Rio Tinto’s n and New Zealand aluminium assets to add to his local portfolio.
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Mr Gupta, who leads the GFG Alliance which recently bought the n steelmaker and mining group Arrium, is understood to be checking out Rio’s PacAl assets at Gladstone in Queensland this week.

Rio’s PacAl assets are the Boyne Smelter and nearby Gladstone Power Station, Bell Bay Smelter (Tasmania), Tomago Smelter (New South Wales) and NZAS smelter in New Zealand. Their value has been speculated at $US1 billion or greater.

Other companies have expressed some interest in Rio’s PacAl business in recent years, but have walked away.

The Boyne smelter is the largest aluminium smelter in the country, producing more than 500,000 tonnes of aluminium per year.

Mr Gupta, who has been applauded for securing the jobs of more than 5500 Arrium workers, has in the past revealed he is interested in making more investments in .

“Looking forward, we will continue to explore opportunities to further grow our presence in in adjacent and complementary industries, including renewable energy, metals and mining,” he said in July.

Representatives of Mr Gupta and Rio Tinto would not comment on the speculation on Tuesday.

But Rio chief executive Jean-Sebastien Jacques gave an indication about his attitude towards asset divestment in August, when he said: “For sure, I want to clean up the portfolio as quickly as I can, but at the same time there will not be a fire sale…we want to build over time a portfolio of world-class assets by exiting some of our non-core assets, and at the same building new world-class assets.”

Media speculation of Mr Gupta’s possible interest in aluminium emerged as Rio said better rail capacity and improved productivity helped lift iron ore shipments and production for the September quarter.

In its latest operations review Rio said it was on track to meet its guidance for Pilbara iron ore shipments for 2017 of “around 330 million tonnes”. Iron ore shipments were up 11 per cent on the June quarter to 85.8 million tonnes, and iron ore production up 6 per cent.

Shares in Rio continued their strong rise on Tuesday, closing 91 cents higher at $71.46, their highest closing price since February 14, 2013.

The climb came despite Rio cutting significantly its production guidance for mined copper to between 460,000 and 480,000 tonnes. Previously, it had forecast annual production of 500,000 to 550,000 tonnes.

The company also said investigations were underway into a fatality this month at the Rio Tinto Kennecott smelter in America.

Rio also said its bauxite production for the quarter was 12.9 million tonnes, while lifting its bauxite production guidance to between 50 and 51 million tonnes.

“The business performed very well in the September quarter, with a strong quarterly production performance and a wave of productivity improvements,” Mr Jacques said.

“We continue to shape our asset portfolio and announced $2.5 billion of additional returns to shareholders from the proceeds of the Coal & Allied sale, demonstrating the robustness of our strategy and ability to invest in high-value growth whilst returning excess cash to shareholders,” he said.

Peter O’Connor, senior analyst at Shaw and Partners, said the numbers “look okay,” after assessing Rio’s quarterly report.

Mr O’Connor also said Rio had recorded a miss on copper, but acknowledged that the Escondida mine in Chile was “coming back”, although this was slower than hoped, after a long-running labour strike earlier this year.

“Another quarter of disappointing copper performance slips by???if it’s not strikes, sovereign risks, grade, and ramp-up its weather. This chunky capital base needs to start earning its return on capital. No more excuses,” he said.

Busy Bowman delighted with Winx and Marmelo

Wizard of Odds: Live Odds, Form and Alerts for all Racing
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Hugh Bowman got a reminder of the power of Winx in a private gallop at Moonee Valley on Tuesday before a he rode Caulfield Cup hope Marmelo for the final time before the race.

Winx had her first look at Moonee Valley since her Cox Plate victory last year and was right at home as she tries to emulate Kingston Town by winning a third consecutive Cox Plate on Saturday week.

“The race can’t come quick enough for her, she feels great,” Bowman said. “The gallop stimulated her and she liked being back at the Valley.”

Winx will likely return to the Valley for another gallop this week. She was also nominated on Tuesday for the Japan Cup but is unlikely to head to Tokyo.

After riding Winx, Bowman headed straight to Werribee and was impressed with Marmelo. The English stayer spurned an Prix de l’Arc De Triomphe start to target the Melbourne spring but where he sits heading into Saturday’s Caulfield Cup is hard to ascertain.

The Hughie Morrison-trained five-year-old led throughout to win the Prix Kergorlay last start and has convinced Bowman he is the right horse to be on in the Caulfield Cup, and maybe the Melbourne Cup, after just three rides on him at Werribee.

However, whether the on-speed stayer can match it with the best 2400-metre horses in is unknown.

“Everyone is looking for answers about him and I’m like everyone else. I’ll find out on Saturday,” Bowman said. “I’m told he has got similar form to a lot of good horses that have come out here in the past, but until they do it out here you really don’t know.

“It was the third time I have ridden since he has been in and he has certainly come on since he has been here.

“I had a pretty firm gallop with him on Friday and it did its job. I feel it stimulated him a bit.

“This morning he was much more on the bridle, much more alert with what he was up to, so I didn’t do a great deal.”

Marmelo is relatively lightly raced and has been out of stakes company since winning his maiden at Doncaster in July last year. The last time he raced over 2400 metres trip he was runner-up in a listed race at Deauville last year. However, his form is around the better stayers in Europe.

“His form is around 3000 metres, so the Caulfield Cup should be a good stepping stone to his main goal of the Melbourne Cup. That is not to say he won’t be running well on Saturday,” Bowman said. “He feels very well and I expect him to be running pretty well on Saturday from what I have had to do with him.”

Marmelo drew gate 10 for the Caulfield Cup, which should allow Bowman to take up a position in the first half of the field.

Morrison’s travelling foreman, Tom Pirie, is happy with the way Marmelo has adapted to n conditions

“I haven’t paid too much attention to the field but it’s a group I and I know we’re good enough to be here,” Pirie said. “It’s a mile and a half and he’s dropping back in trip and the others are racing at their trip.

“Whatever he does over the mile and a half, he’ll improve on at two miles. “

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Teammate breaks silence on Hardaker’s grand finalban

England half Luke Gale has revealed Castleford players went into the grand final unaware a cocaine positive was the reason star fullback Zak Hardaker had been banned from taking to Old Trafford.
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Hardaker, 25, is also out of the World Cup because of what Gale called “a misjudgment”. The reasons for his suspension were not announced until after the Tigers’ 24-6 loss to Leeds a fortnight ago but speculation had been rife.

Gale, Man of Steel as Super League’s player of the year, told Fairfax Media not even Hardaker’s teammates knew what he had done as they prepared to go into battle without him.

“No – he didn’t play in the grand final ‘for disciplinary reasons’,” said the No.7. “There had been a disciplinary matter, probably, two days before the grand final and we needed to keep focused. We had a big job on the Saturday.

“No mate, none of us knew. It’s just disappointing how it panned out, missing him before a grand final.

“Zak, a very good friend of mine and a good person as well.

“Zak is obviously not in the English team as well, and the boys are going to miss him but it is what it is. We can’t change that. “

Gale said he was not worried about Hardaker’s wellbeing despite another off-field misadventure costing him one of the biggest games of his career and a World Cup.

“I wasn’t concerned at all,” Gale said. “He’s a good fella, I have the utmost respect for him. He’s made a misjudgment and he’s been punished for it.”

The 29-year-old from Leeds said coach Wayne Bennett had helped give him the confidence in national camp, which he took back to Super League in 2017 with devastating effect.

“It’s the first question you get asked, ‘what’s he like?’ I couldn’t be any more positive,” Gale said. “He fills you with confidence.

“He’s been really good for me. In the back of your mind, if a coach like Wayne picks you it’s massive and I want to repay the faith he’s shown in me.

“I love him as English coach, he’s brought the team closer together. It’s a big seven weeks that lies ahead. Who knows what he’s going to do but I’m looking forward to the next seven weeks under him.

“I’ve played in Super League and I guess this is the next step up. I want to to show them that I can do it on this stage.”

Asked if he was interested in playing in the NRL, Gale said, “I’m contracted to Castleford but I’d like to test myself against the best players in the world”.

Malcolm Turnbull’s ‘energy revolution’: lower prices, lower emissions, greater supply

Coal-fired power plants have been thrown a lifeline by Malcolm Turnbull’s “game-changing” new energy policy, which boasts it can cut electricity bills, end summer blackouts, and meet ‘s Paris emissions commitments with “no subsidies, no taxes, and no trading schemes”.
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The Prime Minister said the framework, which is scheduled to begin from 2020, was recommended by “real experts in this field, in the national energy market and its operation”.

“It creates a level playing field for the first time. No more industry policy, no more picking winners, no more favouring one technology after another, but simply ensuring that we have a reliable energy system, that we keep the lights on, that we do so in a way that is affordable and, of course, we meet those international commitments,” he said.

The proposed system, which requires the approval of states leaders at future Council of n Governments meetings, will work by requiring electricity retailers to source a minimum component of their power from so-called “dispatchable” or baseload suppliers – that is, not intermittent energy such as wind and solar but coal, gas, and hydro.

Prime Minister Malcolm Turnbull with Environment and Energy Minister Josh Frydenberg. Photo: Alex Ellinghausen

Those levels are yet to be set and will be reviewed annually.

Acting on advice drawn up in little more than weeks by COAG’s new Energy Security Board – itself a recommendation of the chief scientist’s recent report known as the Finkel review – the government secured the enthusiastic endorsement of pro-coal MPs in its party room, who praised the shift away from emissions reduction towards affordability and reliability of supply.

But the so-called national energy guarantee – which the government has claimed “could” deliver annual average household savings of up to $115 and achieve 36 per cent renewable energy take-up across by 2030 without the renewable energy target – comes with scant modelling, and with key details still to be finalised.

While the Labor opposition warned of major damage to the renewables sector, it is yet to determine a final position on the plan, leaving open the possibility of political bipartisanship a greatly improved level of investment certainty.

If that can be secured, the policy could see coal-fired generators reassessing their options. Government officials are confident that had the national energy guarantee been in place five years ago, it would have delayed the closure of coal generators such as Northern in South in 2016, and perhaps prolonged the life of the soon-to-shut Liddell plant in New South Wales.

Mr Turnbull called the national energy guarantee a game-changer “that will ensure that we have affordable power, that it is reliable … and that we meet our international commitments under the Paris Agreement to cut our emissions”.

“In other words it delivers affordability, reliability, and responsibility.”

Environment and Energy Minister Josh Frydenberg, who drove the process, proclaimed the policy as a “credible, workable, pro-market policy that delivers lower electricity prices”.

The government has commissioned more detailed modelling to support the changes and will now embark on a series of consultations, beginning with the states, but also including the opposition and crossbenchers.

While the new arrangements do not require legislation, Parliament will need to legislate the Paris target of a 26 to 28 per cent reduction of n emissions by 2030, against 2005 levels.

Federal Labor has already questioned how much the plan would reduce household power bills, which modelling suggests might be as low as 50?? a week from 2020 and as high as $2 a week by 2030.

Victorian Premier Daniel Andrews complained that former prime minister Tony Abbott’s recent campaign to undermine Dr Finkel’s proposed clean energy target had caused Mr Turnbull to retreat in the face of an internal party room revolt.

“Alan Finkel has been replaced,” he said. We’ve now got Tony Abbott as chief scientist.”

Greens leader Richard Di Natale claimed Mr Turnbull had “done what Donald Trump had done” but less spectacularly.

“He’s effectively pulled out of the Paris Agreement,” Senator Di Natale said.

Mr Abbott took to Twitter shortly after the Coalition joint party briefing to write: “Progress at today’s party room. The clean energy target has been definitively dropped”.

However, if Dr Finkel was aggrieved the clean energy target had been rejected, he wasn’t showing it, instead, endorsing the Coalition government’s new plan as credible.

“There’s always more than one way to skin a cat.”

Dr Finkel conceded the clean energy target was “awkward for various reasons” but said he was not privy to why the government refused to embrace it.

The n Chamber of Commerce and Industry chief executive James Pearson cautiously welcomed the prospect of lower prices and greater reliability but warned “the detail, and its ability to win bipartisan support will be critical”.

ANZ offloads super, planning businesses

ANZ Bank has joined rivals in retreating from wealth management, selling off superannuation and financial planning businesses for $975 million but failing to offload its life insurance arm.
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The banking giant is selling the wealth management businesses to IOOF Holdings, it said on Tuesday, in a move that will narrow its focus onto traditional retail, business and institutional banking.

However, some in the market were disappointed that after a lengthy review of its entire wealth operations, ANZ is not yet selling its life insurance business, as National Bank did last year, and Commonwealth Bank is doing.

Instead, ANZ will spend millions of dollars separating the life insurance arm from the planning and super businesses it is selling to IOOF, and consider other options for offloading insurance in the future.

The deal is a reversal of moves in the early 2000s to bulk up in wealth, by buying into ING ‘s wealth management business, which it then purchased in full in 2009 under former chief executive Mike Smith.

ANZ will make a $120 million loss on the sale, because of hefty costs from separating insurance from the other businesses, a write-down in its carrying value, and a loss on treasury shares.

ANZ wealth group executive Alexis George said separating life insurance from the other parts of the wealth division would give the bank a “cleaner look” at how to scale back its role as a manufacturer of life insurance policies.

“ANZ is still committed to the strategy of not manufacturing insurance. So we need to look for alternatives for insurance. It may take some time. I just want to be clear about that,” Ms George told the bank’s in-house news service, BlueNotes.

Banking groups have been selling off the parts of their businesses that hold life insurance risk, amid weak returns and tougher capital requirements. Yet banks also remain keen to distribute products to retail customers, and ANZ’s sale to IOOF includes a 20-year deal to make IOOF super and investment products available to its retail customers.

The deal leaves ANZ with OnePath life insurance and general insurance, group and individual insurance, ANZ Financial Planning and lenders’ mortgage insurance.

Velocity Trade analyst Brett Le Mesurier described the sale as a “miserable outcome” for the bank, and predicted it could take about a year for ANZ to also sell its life insurance business, because of the complex separation process.

“ANZ did not understand the ING business it acquired in 2001 and has maintained an unrealistic view of its value. Therefore, they achieved only a partial sale after a year of trying. This is a miserable outcome,” said Mr Le Mesurier, who has a “sell” rating on ANZ.

UBS analyst Jonathan Mott, who has a “neutral” rating on the stock, said he was “slightly disappointed” ANZ had not sold a larger proportion of its wealth arm by now. Mr Mott said the businesses being sold only contributed 0.5 per cent of ANZ’s profit in the last financial year.

Bell Potter analyst TS Lim, who has a “hold” rating, said it appeared ANZ’s original plan to sell its entire wealth division had been complicated by Commonwealth Bank’s “first mover advantage,” after CBA found a buyer for its life insurance operation last month.

IOOF will hold a $450 million fully underwritten institutional placement, a share purchase plan and a engage new debt facilities to help fund an acquisition that is expected to complete within 12 months.

It said it would become ‘s second-largest advice business by adviser numbers.

Ms George said the bank had increased its options around exiting life insurance manufacturing but that picking the right one would take some time.

“By partnering with IOOF, we are able to create greater value for our shareholders while also providing our customers with access to quality wealth products,” Ms George said.

Analysts previously estimated the value of ANZ’s entire wealth business at about $4 billion.

The sale comes before ANZ will report its full-year results next Thursday, to be followed in the coming weeks by NAB and Westpac.

With AAP