17.5 M More People will deplete Australia’s Water

AND no amount of Dams will be enough if the rains don’t fall …

Why? It’s called Climate Change …

Key Points …

-less than 3% increase in large dam storage capacity since 1990

population risen from 17M to more than 25 Million

fed govt analysis found water storage per person in NSW, Victoria and Queensland would fall by more than 30% by 2030

6.5 million (35%) increase in population over 20 years

STOP with the PONZI … or … face deep water restrictions, desal plants and high water costs in $thousands!

RELATED ARTICLES: https://caanhousinginequalitywithaussieslockedout.com/2019/09/17/sydney-illawarra-drinking-water-catchment-under-threat-as-mining-takes-toll-on-key-wetlands/?fbclid=IwAR3ZMLWX7Kx4yj3srkc0XJOKevoJYoLF2ODRndAJlmEEll6ifyI1CrOldaw

https://caanhousinginequalitywithaussieslockedout.com/2019/09/15/the-towns-that-are-at-risk-of-running-out-of-water/?fbclid=IwAR2BPhZ-_aD2stycGoxCFYwL285arunMEQ6GOsHq7OVgmMLWLztMOA9Ydg4

https://caanhousinginequalitywithaussieslockedout.com/2019/09/16/the-drought-is-now-so-severe-it-is-biting-in-even-the-greenest-corners-of-the-country/?fbclid=IwAR2yQBdhWAGuodrwDzdimLaSrrsDT-wW5LN2krJ51zbmQjrvGOJfTR8dqwM

A wide dry river bed running through open paddocks on a flood plain on Tony Saul's property

PHOTO: A dry river bed on Tony Saul’s property (ABC News: Jerry Rickard)

17.5m more migrants will suck Australia’s water dry

By Unconventional Economist in Australian Economy

September 18, 2019 | 21 comments

The Australian has published a report warning that Australia’s water supply is running far behind the nation’s rapid immigration-driven population growth:

It’s the worst drought in generations… But the story goes back much further: a progressive slowdown in construction of dams over the decades has led to a crisis that might have been avoided had governments met promises to keep on building them…

Figures obtained by The Australian from the Australian ­National Committee on Large Dams, an independent association, show that major dam building substantially slowed at the end of the 1970s and stalled around 1990. There has been less than a 3 per cent increase in large dam storage capacity since then.

By contrast, the Australian population has risen by almost half, from 17 million to more than 25 million, sharply reducing the amount of water available to meet demands for household needs, and to provide for ­agriculture…

Federal Water Resources Minister David Littleproud yesterday… released a federal government analysis that found that at current rates, water storage per person in NSW, Victoria and Queensland would fall by more than 30 per cent by 2030 as population grew…

The federal government that has stupidly chosen to run a ‘Big Australia’ mass immigration policy without any regard for Australia’s dryness.

And this has driven a 6.5 million (35%) increase in Australia’s population over the past 20 years:

That’s a heck of a lot of extra mouths to hydrate.

Moreover, water demand will increase inexorably as Australia’s population grows to a projected 43 million over the next 48 years, driven entirely by mass immigration:

Without positive net overseas migration (NOM), Australia’s population would remain steady and there would be 17.5 million fewer mouths to hydrate and feed in 2066.

The federal government and media can bang on all it likes about boosting water supplies, but the fact of the matter is they are the ones pushing the mass immigration policy that is importing many millions of extra water consumers.

Deep water restrictions, desalination plants, and higher water costs will be the inevitable outcome from this policy lunacy.

Aerial of an empty dam and dead tree in a brown, open paddock on the Clarke's property near Kempsey

PHOTO: An empty dam on the Clarke’s property near Kempsey. (ABC News: Jerry Rickard)

SOURCE: https://www.macrobusiness.com.au/2019/09/17-5m-more-migrants-to-suck-australias-water-dry/

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AS At 2017: Buyers Agents, Syndicates and PROPERTY INVESTOR ALLIANCE … together Expedite the Demand for Aussie Homes

WITH the RALAN GROUP collapse perhaps we ought step back a bit … and not feel so sorry for either the Salesman or his clients … were they too greedy? The Sales Rep was there when the bonuses were handed out!

HOW many of the RALAN GROUP buyers were members of Syndicates and/or the Property Investor Alliance? This alliance partners with developers to build apartments …

They hurtled along the Gravy Train until the wheels of Ralan fell off …

RELATED ARTICLE … Chinese-Australian property investors stand to lose millions in collapse of apartment developer Ralan Group

https://caanhousinginequalitywithaussieslockedout.com/2019/09/17/chinese-australian-property-investors-stand-to-lose-millions-in-collapse-of-apartment-developer-ralan-group/?fbclid=IwAR3QzsR3mVG8zDVl7D1YNXhptpgPLPmJN7YvtwOUCMuvoyD2ZUdfwcEPGU0

IN 2017 the Property Investor Alliance (PIA) had a 7000 investor base! The PIA Clients refinanced their properties to buy more! Some PIA Investors had up to 15 apartments!

THIS is about a Ponzi Scheme that has locked out a Whole Cohort of hardworking Australians from Home Ownership!

Our Australian Families

And the best the Scomo Grubment can come up with … ‘affordable housing’ in what appears to be yet another PONZI Scheme to make our People life-long tenants in boarding houses, Build-to-Rent or Co-Living!

FOLLOWING is a compilation of articles gathered in ‘2017 CAAN Notes‘ that reveal how some within the Australian community have accumulated property portfolios and great wealth through the Housing Ponzi Scheme in this instance of Syndicates or an Investor Alliance locking out incumbents seeking to buy ‘a home’!

BUYERS AGENTS, SYNDICATES & PROPERTY INVESTOR ALLIANCE Together Expedite the Demand for Aussie Homes …

COMMUNITY ACTION ALLIANCE FOR NSW·

MONDAY, MAY 8, 2017


KEY POINTS on How Australian First Home Buyers have been locked out of the Housing Market … and What they are up against!

no laws to prevent foreign buyers purchasing land in Australia

Austrac advised Four Corners foreign investors use relatives to set up shell corporations

THE ATO advised:

no restrictions on the number of vacant land, new properties, or established dwellings for redevelopment

the Property Investor Alliance (PIA) has a 7000 investor base

-PIA clients refinance their properties to buy more; some have up to 15 apartments

Sydney house prices have risen 106 per cent since 2009

China accounts for 80pc of foreign demand

-with housing demand outstripping supply in Australia, the major component of the strong demand comes from abroad — and principally, China.

You may also want to SEARCH CAAN Website or view CAAN Facebook Notes on:

-the Daigou (onshore Proxy)

-black money … money laundering in residential property

-real estate sector exempted from Anti-Money Laundering Legislation (second tranche) October 2018; shelved for more than 12 years prior

-‘How to Effectively Market your Listings to Chinese Investors’

by Esther Yong

MAY 15, 2013

We see weekly news reports of Chinese buyers cleaning up properties in major Australia cities. Everyone is talking about these “cashed-up” Chinese buyers acquiring apartments in bulk.

But some agents and developers are asking the question, “Where can I find them? Why are they not buying from me?”

Esther Yong from acproperty.com.au guides you through the mind of the chinese buyer and how to attract more attention to your listings.

https://eliteagent.com.au/how-to-effectively-market-your-listings-to-chinese-investors/

WHY ARE CHINESE BUYERS SNAPPING UP SO MUCH AUSTRALIAN PROPERTY?

14 October 2015

As Four Corners reported on Monday, ‘The Great Wall of Money’, the number of Chinese investors buying Australian real estate is skyrocketing, surging more than 400% in the past five years. Chinese buyers are buying property, sight unseen, trusting in local agents to find them profitable investments.

But why is Australian real estate so attractive to the Chinese? Where are they hearing about it? And don’t we have laws against letting foreign buyers purchase land here?

-the price of a small house in Melbourne could be equal to that of an apartment in Beijing

-Chinese buyers also buy Australian property to house their children while they study at Australian universities

Former AUSTRAC boss John Schmidt told Four Corners that foreign investors were using relatives and setting up shell corporations to mask the real motive behind the purchases, but “they are the ones behind the scene pulling up the strings”.

An ATO spokesperson told Crikey:

“There are no restrictions on the number of vacant land, new properties, or established dwellings for redevelopment that foreign investors can receive approval to buy,” the ATO spokesperson said.

https://www.crikey.com.au/2015/10/14/why-are-chinese-buyers-snapping-up-so-much-australian-property/

ABC Four Corners: The Great Wall of Money

AUSTRALIAS NEWEST LANDLORD CHINESE INVESTOR GROUPS: PROPERTY INVESTMENT SEMINARS

MR JUSTIN WANG head of the Chinese “Property Investor Alliance”, the PIA, describes Australia’s property market as manna from heaven.

CONTRARY to the view expressed herein by Justin Wang Victoria has recently doubled its surcharge and levy for Foreign Investors; it has no qualms as with the prior increase there had been no fall in foreign investment.

IS it any wonder Australian First Home Buyers cannot get a look in with such property investor groups?

the PIA started in 2006 advising mostly middle-income Chinese migrants to buy property

7000-investor base since it started in 2006

PIA partners with developers to build apartments; to sell to clients for a fee from the developer

-PIA clients refinance their properties to buy more; some have up to 15 apartments

The Property Investors Alliance has just built its own seminar auditorium and christened it with its latest seminar on how to invest in residential property in Sydney.

Officiating at the new hall was the group’s founder and managing director Justin Wang.

The Chinese-language only presentation also had 100 people sitting outside the hall watching on a screen as Wang, who began his career as a school teacher, talked on negative gearing, asset selection, tax and how Australia’s property market was manna from heaven.

“I feel like Moses, at the top of the mountain with two tablets in my arms,” says a smiling Wang, who’s a Christian. …“But Wang says little can go wrong, even in a recession.

He believes there will always be a demand for residential property, especially in Sydney and Melbourne, mostly because of an increasing flow of migrants. This means there will be high demand, coupled with a slow planning system that means housing is scarce.

‘The [NSW] state government must be supremely confident in the Sydney property market conditions that the new surcharge, which effectively doubles stamp duty for foreign investors, will not impact the local market,’ says Justin Wang, head of Property Investor Alliance

Australia’s newest landlord: Chinese investor groups

by Su-Lin Tan

In early June, 800 people jammed into a room on a chilly night at Sydney’s Olympic Park, not for a concert or work function but something far more evangelical.

The Property Investors Alliance has just built its own seminar auditorium and christened it with its latest seminar on how to invest in residential property in Sydney. Officiating at the new hall was the group’s founder and managing director Justin Wang.

The Chinese-language only presentation also had 100 people sitting outside the hall watching on a screen as Wang, who began his career as a school teacher, talked on negative gearing, asset selection, tax and how Australia’s property market was manna from heaven.

“I feel like Moses, at the top of the mountain with two tablets in my arms,” says a smiling Wang, who’s a Christian.

The Property Investor Alliance claims to have 7000 members. Most are Chinese middle-income migrants who have invested $1 million on average in the Australian property market.

This meeting is one of hundreds of property investment seminars the group has rolled out to its 7000-investor base since it started in 2006, advising and assisting its members, mostly middle-income Chinese migrants, to buy property.

The group, which resembles a co-operative, invested $1.75 billion in residential property last year, mainly in inner western Sydney suburbs such as Burwood and Strathfield, where the average annual capital growth rate was 8 to 14 per cent, according to real estate analysts CoreLogic.

Wang estimates the average portfolio for each client is about $1 million.
He works with developers in bringing properties he thinks are suitable to members of PIA, and is then paid by the developers for each property his members buy.

Wang says he doesn’t impose any fees on his members.

However, the appetite for residential property could be tempered as state governments have moved to impose surcharges on foreign purchases, with New South Wales joining Queensland and Victoria.

In NSW this week the state government said a 4 per cent stamp duty and 0.75 per cent land tax would be applied to property bought and owned by foreign investors.

‘I challenge the government to reconsider’

The changes drew a sharp warning from Wang.

“The State Government must be supremely confident in the Sydney property market conditions that the new surcharge, which effectively doubles stamp duty for foreign investors, will not impact the local market, and that it will not impact further supply and not depress foreign investment potential in this state.

“I challenge the government to reconsider this surcharge and the timing.

Has the government forgotten the ill-advised vendor stamp duty introduced several years back, and quickly wound up? I hope that they don’t make the same mistake!

“For a healthy market to flourish, it is best not to artificially interfere with market forces of supply and demand. I call for the industry, and Government, to adopt a Taoist approach in relation to the market. Taoists let things achieve harmony on their own. By interfering, even in the name of ‘improvement’, well-intentioned efforts may actually remove a phenomenon from its natural course – and ultimately cause harm.”

One of the strongest property booms in Australian history has led to a proliferation of property investment seminars being held across hotels, many filled with free food and an army of suited consultants waiting to pounce on wannabe property buyers with the promise of almost doubling returns on a three-year investment.

‘Who’s looking after the investor?’

Wang rejects suggestions that PIA, which employs a team of 270 consultants, is in any way a “spruiker”.

His ambition is to make PIA the first “end-to-end property distribution channel”, connecting the developer to the investor while offering property market and financial advice.

“Agents just try and sell you apartments and take their commission. Some developers are so arrogant, trying to flog off their products and treat agents badly. Banks make interest. Who is looking after the investor?” he asks.

“When we sign up an investor, we teach them financials, the property market. We also investigate their budgets. We help them obtain the right finance. Then we find a good developer with the right products for them. Then we ensure they settle their purchases.”

Wang has removed clients when they have deviated from PIA’s investment approach.

PIA has relationships with Westpac and ANZ, and Wang says he is not about to jeopardise his no-default referrals to them by having a black sheep investor.

Westpac and ANZ declined to comment on its relationship with PIA on grounds of confidentiality.

Not everyone is a spruiker

Cam McLellan, a director of another property investor group, OpenCorp, agrees not everyone is a spruiker.

Industry experts with long memories recall individuals such as Henry Kaye, who headed a get-rich-quick property empire that targeted unsophisticated investors, and collapsed in 2003 owing 3500 investors up to $60 million.

“A spruiker’s seminars are always a sales pitch. You are going to be sold to and there will be ‘limited offers’,” says McLellan.

OpenCorp says it runs workshops, rather than seminars, which provide financial education to investors rather than sell properties. It makes its money finding property for clients, who engage them for a fee of 2.2 per cent of the purchase price, but does not sell properties for developers.

The company also has a $600 million apartment development pipeline in Melbourne but says it does not sell the properties direct to clients.

“To know if someone is a spruiker, you need to understand how they make their money,” says McLellan. “We make 99 per cent of ours in development and funds management, not in education.”

He adds that long-term mentoring and partnership with clients are signs of a healthy investment advisory business, especially if it teaches counter-cyclical long-term investment strategies.

Negative gearing not the key

PIA says it follows this model, only allowing its members to invest in properties commensurate with their wages. For example, a member earning $80,000 a year would not be allowed to buy property, typically an apartment, valued at more than $600,000 to $700,000. Most of the group’s investments are in Sydney’s fringes or growth areas including Homebush, Merrylands, Epping, Botany and Pagewood.

PIA partners with developers to build apartments, which it sells to clients and in return gets a fee from the developer.

“We focus on units for living only, that fulfils a renter’s basic needs. They need to be in high demand areas, just outside the CBD, with reasonable rental, access to local amenity and transport and have more than a gross yield of 3.5 per cent,” says Wang.

He doesn’t advocate negative gearing, although many properties will have a tiny negative cashflow gap in Sydney, he says. Neither does he believe in speculative investments.

“Negative gearing is a bonus, not the key to investment. If an investor makes it a purpose, it’s wrong.”

‘Financial freedom’

Clients in PIA refinance on their properties to buy more. Some of his clients, such as Johnson Ng, have up to 15 apartments. Ng was so persuaded by PIA’s investment techniques that he quit his logistics job to join PIA as a consultant.

Ng doesn’t believe Australia’s superannuation, employment rules and taxes help Australians look after their future and so PIA’s philosophy of “financial freedom” made sense to him.

He claims he makes 10 per cent a year on capital growth and about 300 to 400 per cent in return on his initial and only outlay a deposit on the first apartment – each year. Such high returns could only be achieved through leverage.

Sydney market is ‘unique’

Wang migrated to Australia from China in 1993 and felt “poor”.
“I was just surviving day to day,” he says.

He studied an MBA at the University Technology Sydney and started project marketing apartments for developers. One of his earliest sales was through developer Holdmark’s apartments in Auburn Central in Sydney’s west, which had fire safety issues in 2007.

The size of individual portfolios like Johnson Ng’s and the quality of the assets have raised eyebrows.

But Wang says little can go wrong, even in a recession. He believes there will always be a demand for residential property, especially in Sydney and Melbourne, mostly because of an increasing flow of migrants. This means there will be high demand, coupled with a slow planning system that means housing is scarce.

SOURCE: https://www.afr.com/property/australias-newest-landlord-chinese-investor-groups-20160616-gpke4g

-‘Australia A hot Pick as Chinese go online to buy Property’

China’s Fosun Group has set up an online shopping-style platform to sell overseas properties, including Australian homes, to the Chinese middle class seeking a safe haven outside of the country to protect their wealth.

Estarhome.com, the new online-to-offline service, is providing another channel, apart from ­traditional agents, for Chinese ­investors to park their money in Australian properties that are seen as safe, and smart, ­investments.

Chinese buyers already account for the vast bulk of foreign investment in Australia’s property market, overwhelmingly in new apartments. The latest report from the Foreign Investment Review Board shows about two-thirds of the $61 billion in applications during the last financial year came from Chinese nationals.

SOURCE: http://www.theaustralian.com.au/business/property/australia-a-hot-pick-as-chinese-go-online-to-buy-property/news-story/faf0d6492fc13feb87a0ccf3b6d04082

-‘Why Chinese Investors keep Buying Ausralian Property: It’s Cheap’

ANALYSIS

By finance reporter Stephen Letts

24 Mar 2017

Sydney house prices have risen 106 per cent since 2009; with Melbourne up 89 per cent… from the perspective of China’s rapidly growing millionaire class, Australian capital city properties are not only cheap, but high-yielding as well. …China accounts for 80pc of foreign demand.

Based on house-price-to-income ratios, Sydney is now the second most expensive city in the western world and Melbourne the sixth most expensive, according to Demographia’s 2017 Housing Affordability survey.

Mr Tevfik said with housing demand outstripping supply in Australia, the major component of the strong demand comes from abroad — and principally, China.

READ MORE!

2017:

Breakdown of foreign property buyers in NSW

PHOTO: Breakdown of foreign property buyers in NSW

SOURCE: http://www.abc.net.au/news/2017-03-24/why-chinese-investors-keep-buying-australian-property/8385174https://www.facebook.com/Community-Action-Alliance-for-NSW-744190798994541/?ref=aymt_homepage_panel

JUWAI.COM CONNECTING INTERNATIONAL AGENTS & CHINESE BUYERS

Juwai provides a full range of services to help agents get their properties in the right language and behind China’s Firewall.

We also get you through the right mobile and social channels, and provide the research and statistics to tailor your strategy to reach today’s massive audience of Chinese overseas property buyers.

Who We Are Juwai.com is where Chinese find international property.

Juwai, which means “home overseas”, is visited by thousands of Chinese buyers each day from over 403 cities throughout China, as well as major Chinese communities in Taiwan, Hong Kong, Malaysia and Singapore.

https://list.juwai.com/about

Search for more on Juwai and other real estate agent firms connecting international agents and Chinese buyers …

Australian Transaction Reports and Analysis Centre former boss John Schmidt said purchasing real estate, like this home in Sydney, is one of the common ways international investors launder money

Australian Transaction Reports and Analysis Centre former boss John Schmidt said purchasing real estate, like this home in Sydney, is one of the common ways international investors launder money


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GRANT THORNTON: ADMINISTRATORS: THE RALAN GROUP

GRANT THORNTON

An instinct for Growth

Grant Thornton Australia Limited

Level 17

383 Kent Street Sydney NSW 2000

T +61 2 8297 2400

To the purchaser/creditor 31 July 2019

Dear Sir/Madam

The Ralan Group Pty. Ltd. & Associated Entities (Administrators Appointed) (Collectively “the Group” refer to Schedule 1)

Your Purchase off the plan in Ruby, Sapphire or Orchid

Philip Campbell-Wilson, Graham Killer and I were appointed Joint and Several Administrators of the Group on 30 July 2019.

I refer to our corresondance of today’s date notifiying creditors of our appointment.

We have been made aware that the majority of purchasers have entered into a side agreement with Ralan Capital Investments Pty Ltd (Administrators Appointed) (“RCI”) or Ralan Arncliffe Pty Limited (“RA”) in which the deposit you paid for an apartment at either of the Group’s Orchid, Ruby and/or Sapphire developments was released either in full or mostly in full to RCI or RA as an unsecured loan.

This letter seeks to clarify some questions purchasers may have regarding their deposit paid for a future apartment and the unsecured loan they have provided to RCI / RA. We also discuss what happens if the Group is currently managing your investment property on your behalf.

Question: What is the financial position of the Group? Answer: At this early stage in the Administration, it is our initial estimate is that there is a significant deficiency owing to unsecured creditors and purchasers (who elected to release their deposit to the Group). Accordingly, it is uncertain how much, if any, of your deposit you may receive back if you had agreed to release it to RCI/ RA as an unsecured loan. Question: What has happened to my deposit paid to the Group for a future build (Ruby Tower 2, 3, 4, Sapphire and/or Orchid)?

Answer: At this initial stage, we believe that the majority, if not all, of the deposits released to RCI have been used to fund the expenses of the Group including payment of interest on unsecured loans.

The Administrators will be undertaking an investigation into the Group’s financial position to establish how these funds have been used and whether any recoveries can be made in the future that will be available to pay you back. © 2019 Grant Thornton Australia Limited.

2 If a purchaser did not elect to release their deposit, it is our understanding these funds are being held in the Group’s trust account. We will confirm this with each individual purchaser who did not elect to release their deposit in due course. Any trust funds held by the Administrators will be held on trust and dealt with appropriately.

Question: Will the deposit I paid to the Group (and then subsequently released to the Group) be taken off any settlement price when my apartment is finished and ready to be settled?

Answer: At this early stage in the Administrations, the Administrators are not in a position to provide purchasers with an answer as this will be subject to a potential sale of the developments and/or legal advice. We will update purchasers on this issue in due course.

Question: Will the Administrators continue with the build at Arncliffe, The Orchid?

Answer: The Administrators are undertaking an urgent review as to the feasibility of continuing the Arncliffe build and are in discussion with key lenders to the project. Any strategic decisions will be announced in due course including the impact for any purchasers in this project.

Question: Is it the Administrators’ intention to build Towers 2, 3 and 4 at the Ruby and the Sapphire?

Answer: At this early stage in the Administration, it is too early for the Administrators to make a strategic decision regarding undertaking and completing these projects. In all likelihood, the Administrators will be looking at potentially selling the land at Paradise Island Resort to developers / investors who may build Towers 2-4 in the future.

Question: If you sell the development to another company what will happen to my contract for Ruby 2-4 or the Sapphire?

Answer: At this stage we cannot provide a definitive answer. It will be dependent upon any sale to a developer. The Administrators will explore with any future buyer/developer their willingness to honor the purchaser’s sale contracts but this remains uncertain.

Question: If the Administrators do not complete the build the Ruby Towers 2, 3 and 4 or Sapphire, will I receive my deposit back?

Answer: Purchasers may receive their deposit back if their funds are still held in a separate trust account. However, if you agreed to release your deposit to the Group, then at this stage it is too early to determine what, if any, return you will receive as these funds were an unsecured loan to the RCI.

Question: What if Ralan is currently managing one of my investment properties in NSW. What happens to this?

Answer: This continues as normal. Your rental money from your tenant is in the trust accounts and this has not been released to the Group other than for normal management fees as agreed in your agency agreement. The net rent will be remitted to you as normal.

Question: What if Ralan is currently managing my investment property in Ruby 1 in Surfers Paradise. What happens to this? Answer This continues as normal with one exception. If you entered into a rental guarantee with the Group and there is not enough rent generated from occupancy during the month to meet the guarantee amount, you will only receive the net rental received after costs have been deducted in accordance with your letting agreement. Question: What should I do right now?

Answer We ask for your patience, whilst we undertake our investigations and efforts to look at all options for the benefit of creditors.

Should you have any queries in relation to the above please email: ralan@au.gt.com

Yours faithfully

Said Jahani Joint and Several Administrator

Schedule 1 – The Ralan Group Pty Ltd Associated Entities

Name ACN

Garryspillane Pty Ltd 617 899 671

Menufeast Pty Limited 120 005 996

Ralan (Culworth) Pty Ltd 132 108 322

Ralan 888 Pty Ltd 151 868 432

Ralan Arncliffe Pty Ltd 159 766 757

Ralan Beaconsfield Pty Ltd 162 589 620

Ralan Boundary Street Pty Ltd 165 480 240

Ralan Budds Beach Holdings Pty Ltd 604 082 297

Ralan Budds Beach No.1 Pty Ltd 604 085 663

Ralan Budds Beach No.2 Pty Ltd 604 083 374

Ralan Budds Beach No.3 Pty Ltd 604 083 570

Ralan Burwood Pty Limited 133 423 515

Ralan Capital Investment Pty Ltd 603 501 444

Ralan Cecil Street Pty Ltd 165 117 251

Ralan Cherry Street Pty Ltd 139 868 107

Ralan Constructions Pty Ltd 168 014 042

Ralan Corona Pty Ltd 142 364 618

Ralan Culworth No.2 Pty. Limited 145 045 772

Ralan Developments No.2 Pty Ltd 160 017 998

Ralan Developments Pty. Limited 100 473 818

Ralan Duff Street Pty Ltd 142 777 839

Ralan Dumaresq No.2 Pty Ltd 156 522 628

Ralan Dumaresq Pty Ltd 139 594 095

Ralan Eulbertie Pty Ltd 137 137 190

Ralan Gordon Pty Ltd 146 125 322

Ralan Holdings Pty Limited 145 689 809

Ralan Killara Pty Ltd 147 567 931

Ralan Lamond Pty Ltd 166 904 589

Ralan Marian Pty Ltd 138 455 357

Ralan Mascot Pty. Limited 150 148 842

Ralan McIntyre Pty Ltd 138 228 761

Ralan Merriwa Pty Ltd 138 241 531

Ralan Mortgage Corporation Pty. Limited 092 259 713

Ralan Nominees Pty Limited 100 486 191

Ralan Ocean Avenue Holdings Pty Ltd 607 291 896

Ralan Ocean Avenue No.1 Pty Ltd 607 292 535

Ralan Ocean Avenue No.2 Pty Ltd 607 292 759

Ralan Ocean Avenue No.3 Pty Ltd 607 292 928

Ralan Paradise No.1 Pty Ltd 602 658 211

Ralan Paradise Holdings Pty Ltd 602 655 649

Ralan Paradise No.2 Pty Ltd 602 658 793

Ralan Paradise No.3 Pty Ltd 602 659 138

Ralan Paradise No.4 Pty Ltd 602 659 441

Ralan Paradise Resort Pty Ltd 602 658 346

Ralan Property Care Pty Ltd 135 835 595

Ralan Property Services Pty. Limited 087 265 834

Ralan Property Services QLD Pty Ltd 603 015 096

Ralan Pymble Pty Ltd 140 987 382

Ralan Rhodes Pty Ltd 152 092 361

Ralan Rosebery Pty Ltd 164 210 100

Ralan Ruby No.2 Pty Ltd 161 317 460

Ralan Ruby Pty Limited 145 768 912

Ralan St Leonards Pty Ltd 147 661 345

Ralan Warrangi Pty Ltd 146 605 503

Ruby Apartments Pty Ltd 624 312 812

Ruby Collection Management Pty Ltd 624 312 947

Ruby GC Holdings Pty Ltd 624 311 520

The Ralan Group Pty. Ltd. 083 193 226

SOURCE: https://www.grantthornton.com.au/globalassets/1.-member-firms/australian-website/creditors-documents/gtal_2019_ralan_purchasers-20190731.pdf?fbclid=IwAR0xmUDELcAg8EdKiR1o2I0iNYLZeuSzftyUdibmpzsEuAI2U2r3jfDaLk8

CHINESE TAKEOVER OF BELLAMY’s INFANT FORMULA WOULD BENEFIT TAX-HAVEN ENTITIES

Chinese takeover of Bellamy’s infant formula would benefit tax-haven entities

Almost 12% of firm’s shares are held by Curaçao-registered entity linked to Kathmandu founder Jan Cameron

Ben Butler

Tue 17 Sep 2019 

Bellamy’s infant formula
 If the Chinese bid for Bellamy’s is successful, an entity linked to Kathmandu founder Jan Cameron will benefit. Photograph: David Gray/Reuters

More than $176m will find its way to a mysterious entity in the Caribbean tax haven Curaçao linked to Kathmandu founder Jan Cameron if a proposed takeover of the infant formula company Bellamy’s Australia by a Chinese group goes ahead.

The $1.5bn takeover bid, lodged by Hong Kong-listed China Mengniu Dairy Company, has drawn fire from Tasmanian independent Andrew Wilkie because one of Mengniu’s key shareholders is a company owned by the Chinese state, the China National Cereals, Oils and Foodstuffs Corporation (Cofco).

Bellamy’s success has been driven by the immense popularity of Australian infant formula in mainland China following a scandal in 2008 in which the local product was adulterated with melamine, killing several children and sending several thousand to hospital.

 Following the money: where China’s $40bn investment in Australia is going

Greg Jericho

Greg Jericho

 Read more

That drove an explosion in the export of Australian formula through the grey-market daigou, or personal shopper, channel.

But Bellamy’s efforts to develop a direct export market in China have been hampered by the Chinese authorities, which temporarily banned Bellamy’s products in 2017 and have yet to approve the company’s application to restart direct sales.

The company’s shares soared by more than 50% when the takeover proposal was unveiled on Monday, and on Tuesday afternoon were changing hands for about $12.95.

Almost 12% of the company’s shares are held by the Black Prince Private Foundation, an entity associated with Cameron and registered in Curaçao, a former Dutch colony off the coast of Venezuela best known for its citrus-flavoured spirits.

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Cameron initially denied any association with Black Prince, but following inquiries from Bellamy’s in January 2017 the foundation told the stock exchange there was an “expectation” it would act in accordance with the wishes of the Elsie Cameron Foundation “as expressed by the directors of its trustee”, being Jan Cameron and an associate of hers, the lawyer Rodd Peters.Advertisement

Separately, Cameron controls another 490,000 shares in Bellamy’s through an Australian company, Bicheno Investments, which stands to reap about $6.5m from the sale of its shares to Mengniu.

Jan Cameron declined to comment.

Black Prince is not the only tax haven entity set to profit from the sale of Bellamy’s – the investment fund Broad Peak, which controls almost 7% of company stock and is registered in the Cayman Islands, is in line to collect about $104m.

The takeover requires approval from the treasurer, Josh Frydenberg, who will receive advice from the Foreign Investment Review Board, which is part of the Treasury.

In previous years such a sale would have been expected to sail through the Firb process within the usual time limit of 30 days, but heightened concerns about Chinese state influence on the Australian economy have made the process politically fraught.

New tax data reveals Australians hold $100bn in offshore accounts

 Read more

It is believed Mengniu approached the board about two months ago and Firb has extended the time for it to consider the application by 30 days.

The bid’s success also depends on the attitude of Cameron, a veteran businesswoman who made her fortune as founder of outdoor adventure gear chain Kathmandu.

She sold out of Kathmandu in 2006, and in 2009 spent $90m buying the failed Retail Adventures, which ran discount chains Crazy Clark’s, Sam’s Warehouse, Go-Lo and Chickenfeed, from its receivers.

The millions she poured into the company could not keep it afloat, and it again collapsed in 2012.

Cameron’s investment in Bellamy’s has been much more successful and is on track to record a more than 12-fold gain in five years.

The Cameron-linked Black Prince was an early shareholder in the company and was recorded as owning 14m shares when it floated on the exchange in 2014 at $1 a share.

SOURCE: https://www.theguardian.com/world/2019/sep/17/chinese-takeover-of-bellamys-infant-formula-would-benefit-tax-haven-entities

CENTRELINK ROBODEBT CLASS ACTION LAWSUIT to be brought against Federal Government

KEY POINTS …

  • Lawyers will argue the Government could not rely on the robodebt algorithm to collect money
  • The action will seek both repayment of falsely claimed debts and compensation for affected people, lawyers say
  • The Opposition says the robodebt billing practices are “verging on extortion”

SEARCH CAAN WEBSITE to find more reports on Stuart Robert

Centrelink robodebt class action lawsuit to be brought against Federal Government

17 SEPTEMBER 2019

VIDEO: Peter Gordon and Bill Shorten explain the class action (ABC News)

RELATED STORY: Centrelink seizes tax return of robodebt recipient in what may breach policy

RELATED STORY: Shorten on grieving the election that would have made him prime minister

RELATED STORY: Anastasia received a $6,000 Centrelink debt for her son six months after he died

A class action will be launched against the Government over the so-called robodebt scandal, arguing the Government’s automated debt system is unlawful.

Key points:

  • Lawyers will argue the Government could not rely on the robodebt algorithm to collect money
  • The action will seek both repayment of falsely claimed debts and compensation for affected people, lawyers say
  • The Opposition says the robodebt billing practices are “verging on extortion”

Opposition government services spokesman Bill Shorten announced the action, which will be brought by Gordon Legal, and comes after sustained pressure on the Government over the system.

*Peter Gordon, a senior partner at the law firm, said the collection of money based solely on a computer algorithm was unlawful.

“The Commonwealth has used a single, inadequate piece of data — the robodebt algorithm — and used it to seize money and penalise hundreds of thousands of people,” he said

“We’ll allege that to simply collect money from hundreds of thousands of people by the simplistic application of an imperfect computer algorithm is wrong.

“We think that before the Government docked the pensions or took the tax refunds of widows and carers and aged pensioners it needed to have better evidence, it needed to consider each case individually.

What is ‘robodebt’?

What is 'robodebt'?

It’s been making headlines for a while now, but how does Centrelink’s controversial debt recovery system actually work?

Mr Gordon said up to 160,000 errors could be blamed on robodebt, and the legal action would seek both repayment of falsely claimed debts and compensation for affected people.

He said the system had unlawfully taken tens of millions of dollars from Australians, and he was “comfortably satisfied” the suit met the requirements of a class action.

“Not every case needs to be exactly the same. They only have to be roughly similar,” he said.

‘There’s no case, there’s no papers, there’s no plaintiffs’, Minister says

Government Services Minister Stuart Robert accused Mr Shorten of pulling a political stunt by announcing Labor’s backing of the class action an hour before Question Time.

He criticised the suit’s backers for announcing it without having filed papers, or putting forward prospective plaintiffs.

“There is no court case, there’s no case, there’s no papers, there’s no [plaintiffs],” Mr Robert said.

“I’m simply saying that if you were going to launch a class action before Question Time, and you were serious about it, do you think you’d ask a single question about it in Question Time? Just one?”

Stuart Robert sits on the Government front bench.

PHOTO: Stuart Robert backed the debt recovery system. (ABC News: Tamara Penniket)

Mr Robert said he had faith in the debt recovery system, and said while 20 per cent of letters issued were later shown to be chasing debt that was not owed, it demonstrated the system was working.

“Australians are required to report their income to Centrelink. That income, or what they report, is then matched against what they [are] reporting on their tax return to the ATO, and if there is a discrepancy, Australians are asked to explain that discrepancy,” he said.

“In 20 per cent of those cases, that discrepancy is adequately explained.”

Mr Shorten said he believed the robodebt billing practices were “verging on extortion”.

He said the fact the Government regularly settled claims meant the legality of the system was not tested in courts.

This Government has been quietly settling the claims and not proving the legal basis upon which these robodebt letters are sent out to people,” he said.

SOURCE: https://www.abc.net.au/news/2019-09-17/centrelink-robodebt-class-action-lawsuit-announced/11520338

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Sydney, Illawarra drinking water catchment under threat as mining takes toll on key wetlands

AND we don’t have problems with expanding suburbs to the south and south west promoted by foreign corporations, and sold to overseas investors?


Listen all …


We are running out of water and we are still increasing our population by unsustainable numbers

Key Points …

-South32 operations beneath the water catchment have undermined upland swamp’s sandstone beds; many can no longer store water

-underlying sandstone is cracked and the swamps have dried out

swamps provide vital drinking water to Sydney and the Illawarra; the impacts are exacerbated by the drought

WaterNSW holds the firm view that no further longwall mining should be approved within the Special Areas with dimensions of the size currently undertaken at the Dendrobium mine

Sydney, Illawarra drinking water catchment under threat as mining takes toll on key wetlands

ABC Illawarra By Ainslie Drewitt-Smith and Justin Huntsdale

17 SEPTEMBER 2019

Duncan Rayner holds a tree trunk while standing in a swamp in the Cordeaux Dam catchment area.

PHOTO: UNSW researcher Duncan Rayner has been studying the impact of mining in the Cordeaux Dam catchment area for the past five years. (ABC Illawarra: Justin Huntsdale)

RELATED STORY: Coal operator’s dire warning amid push to expand under Sydney water catchment

RELATED STORY: What gives tap water its taste, and which state has the best in Australia?

RELATED STORY: Who’s watching the water? Experts urge better groundwater monitoring

Sydney’s drinking water catchment is under threat from longwall mining operations, with research confirming upland swamps and streams are drying out.

Key points:

  • Research indicates longwall mining has been drying up NSW swamps that provide drinking water
  • Mining company South32 plans to expand its operations in the Cordeaux Dam area
  • Environmental groups are calling for mining expansion in the area to be stopped

A study conducted by the University of New South Wales has revealed that the impact of mining operations south of Sydney are becoming more widespread.

Mining company South32 wants to extend the life of its Dendrobium Colliery, south of Sydney, where it extracts 5.2 million tonnes of coking coal each year for steel-making.

Duncan Rayner, the principal engineer at the UNSW Water Research Laboratory, said the company’s existing operations beneath the water catchment have undermined some of the upland swamp’s sandstone beds, meaning many of them can no longer store water.

Longwall mining, which involves the creation of a horizontal shaft underground, can cause cracking in the river and creek beds above.

*“Temperate highland pit swaps are endangered ecological communities that act like a sponge and a filter, releasing pure drinking water,” Mr Rayner said.

“What we’re seeing from swamps that are undermined, or that have had longwall mining going underneath them, is that those swamps no longer hold water.

“Their underlying sandstone is cracked and the swamps have dried out.”

An aerial view of a Cordeaux Dam swamp.

PHOTO: This swamp in the Cordeaux Dam would be impacted under South32’s expansion plans. (ABC Illawarra: Justin Huntsdale)

Swamps crucial during drought

The university has been researching the area for the past five years on behalf of Water NSW and alongside the Office of Environment and Heritage.

“The impacts have been the same for as long as longwall mining has been undertaken,” Mr Rayner said.

“But mining operations are expanding, so the impacts are expanding.”

The swamps provide vital drinking water to Sydney and the Illawarra, and Mr Rayner said the impacts on the systems are being exacerbated by the drought.

*“These swamps are more important during drought periods because of their ability to store water and release it slowly over time,” he said.

*”So the fact that this is ongoing during a drought period is a bad outlook for water flowing downstream, and a bad outlook for the watercourses that rely on water from these swamps.”

Julie Sheppard holds documents while standing on a dry creek bed in the Cordeaux Dam catchment area.

PHOTO: Julie Sheppard says the Cordeaux Dam catchment is a vital source of drinking water and must be protected. (ABC Illawarra: Justin Huntsdale)

Fears damage ‘irreversible’

Several environmental groups have collaborated in opposition of South32’s proposal to continue mining in the catchment until 2048.

Julie Sheppard from the National Parks Association said she is distressed by the ongoing degradation of Sydney’s Drinking Water Catchment.

“Obviously the land is going to be dry in the drought and that’s even more reason why we shouldn’t have any further stresses on the vegetation and the water-holding capacity of the catchment areas,” Ms Sheppard said.

“You’ve got to wonder if these catchments can even cope.

“If we have a fire through the catchments in summer, then we could see massive impacts that will destroy the swamps forever.”

Ms Sheppard has been observing and reviewing the impact of mining operations in the area since 2005 and said there is no way to repair the damage to the swamps.

“The repair of the cracked bases of the swamps has never been done — there is no example of this having ever been done, so they don’t know how to do it,” she said.

*”And yet we’re continuing to allow mining in a water supply area that is incredibly important to the people of greater Sydney and the projected increase in population in greater Sydney.

“It does upset me greatly.

“It’s dispiriting and depressing and frustrating and makes me very angry.”

In its submission to the independent Expert Panel for Mining in the Catchment, Water New South Wales said its opposed to operations at the Dendrobium Colliery being extended.

*“WaterNSW holds the firm view that no further longwall mining should be approved within the Special Areas with dimensions of the size currently undertaken at the Dendrobium mine,” a WaterNSW spokesman said.

Hands point to sections of a map of Cordeaux Dam catchment area.

PHOTO: Mining company South32 said it will offset impacts to upland swamps affected by its longwall mining. (ABC Illawarra: Justin Huntsdale)

South32 responds to environmental concerns

In its Environmental Impact Statement (EIS) as part of its application to extend the life of its Dendrobium mine, South32 said it will not mine under water supply reservoirs, which are referred to as watercourses and key stream features.

*”We will compensate WaterNSW for the agreed volume of surface water diverted from the Sydney drinking water catchment, which is estimated at less than one per cent of the Avon and Cordeaux catchment yields,” the statement said.

The company said it would offset potential subsidence-related impacts to upland swamps consistent with government policies.

“Project sediment controls for surface disturbance activities would be designed consistent with applicable guidance materials.

“South32 proposes water quality improvement actions such as fire management and maintenance of unsealed roads which would target reduced sedimentation in the Special Catchment Areas.

“It is considered that the Project would, therefore, have a net beneficial effect on water quality in the Special Catchment Areas.”

SOURCE: https://www.abc.net.au/news/2019-09-17/longwall-mining-impact-on-drinking-water/11519970

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HUANG XIANGMO CHINESE BILLIONAIRE HAS AUSTRALIAN ASSETS FROZEN OVER US$96 MILLION TAX BILL

EXTRACT FROM THE SMH: ‘Huang Xiangmo’s assets frozen as Tax Office pursues him for $140 million

The ATO sought urgent orders in the Federal Court in Sydney on Monday to freeze the local assets of Mr Huang and his wife Jiefang as it seeks to claw back millions in allegedly unpaid tax and penalties.

ATO’s barrister, Anthony McInerney, SC said Mr Huang had taken “no active steps to dissipate” his local assets but he was “evincing an intention to no longer have an association with this country” and the Tax Office feared he would either sell or “encumber” his local assets to put them beyond its reach.

Neither Mr Huang nor his lawyers were in court to respond to the claims.

Mr McInerney said information from government agency AUSTRAC revealed Mr Huang had transferred tens of millions of dollars into and out of the country between January 2016 and August this year. There had been an “increasing outflow of money, particularly since December 2018”, he said.

Justice Anna Katzmann said she was “satisfied that an order should be made” against Mr Huang and his wife, and reasons would be given at a later date. Mr and Mrs Huang may elect to challenge the freezing orders in court. The matter returns to court on Friday.

Chinese billionaire Huang Xiangmo has Australian assets frozen over US$96 million tax bill

  • Huang was last year stripped of his Australian residency and barred from returning to the country
  • He has been at the centre of a series of political interference concerns, having donated millions to Australia’s two main political parties

Compiled by SCMP’s Asia desk  

Published: 17 Sep, 2019

Huang Xiangmo with Malcolm Turnbull in 2016. Photo: Handout
Huang Xiangmo with Malcolm Turnbull in 2016. Photo: Handout

Huang Xiangmo with Malcolm Turnbull in 2016. Photo: Handout

Huang Xiangmo, the Chinese billionaire political donor who was last year stripped of his Australian residency and barred from returning to the country, has now reportedly has his Australian assets frozen and is being pursued by the country’s tax office for A$140 million (US$96 million).

Huang has been at the centre of a series of political interference concerns, having donated millions to Australia’s two main political parties and been photographed with key figures including former prime minister Malcolm Turnbull.

He has also come under scrutiny for alleged links to the United Front Work Department – a Chinese Communist Party-linked body accused of neutralising opposition and buying political influence around the world.

Gladys Liu scandal: Australian PM condemns ‘grubby smear’ against MP with links to China’s ‘propaganda arm’

On Tuesday, The Sydney Morning Herald reported the Australian Tax Office (ATO) this week moved to freeze Huang’s assets over unpaid taxes and penalties.

https://www.smh.com.au/national/huang-xiangmo-s-assets-frozen-as-tax-office-pursues-him-for-140-million-20190916-p52rub.html

Huang has lived in Hong Kong with his wife, Jiefang, since his Australian residency was cancelled last year. The couple’s assets include a mansion worth A$13 million in the upscale Sydney suburb of Mosman.

In Federal Court, the ATO’s lawyers said Huang had been under audit since 2017 and had “grossly understated his income” between 2013 and 2015 and made “false or misleading statements” in income tax returns, the Herald reported.

The court heard Huang had received a A$140 million tax bill earlier this month, stemming mostly from the sale of a mansion in Hong Kong, creating a capital gains tax liability.

Huang has also emerged as a key figure in an inquiry conducted by the Independent Commission Against Corruption (ICAC) into an alleged scheme by the NSW Labor Party to conceal a A$100,000 cash donation allegedly made by Huang before the 2015 state election. Such donations by property developers have been banned in NSW since 2009.

What’s driving China conspiracy theories in Australia?

Huang allegedly delivered the cash personally to the party’s Sydney headquarters after a fundraising dinner in March 2015. He has denied making the donation and declined to testify during the ICAC inquiry.

In 2017, it was revealed Huang’s company had paid former Labor senator Sam Dastyari’s personal legal bills, and appeared alongside the politician at a news conference for Chinese media where Dastyari supported Beijing’s stance on territorial disputes in the South China Sea, contradicting Labor’s policy. The controversy forced Dastyari to quit politics.

“Wealthy Chinese businessmen have been pouring money into Australia’s two main political parties,” said Clive Hamilton, author of Silent Invasion: China’s Influence in Australia.

“It’s believed that Beijing has been buying influence. Mr Huang has donated around A$2.7 million and demanded Australia change its policy on China’s unlawful occupation of islands in the South China Sea.

“The tax office’s pursuit of Mr Huang takes us deeper into the poison of dark money and CCP influence in the bloodstream of Australian politics.”

Additional reporting by John Power

SOURCE: https://www.scmp.com/news/asia/australasia/article/3025323/chinese-billionaire-huang-xiangmo-offered-deliver-big-bag

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CEO BONUSES SOAR AS QANTAS BOSS ALAN JOYCE TOPS LIST OF HIGHEST-PAID EXECUTIVES

AS the gap widens … how brash!

AS the rest of Australia has endured the lowest wages growth for 7 years …

-home ownership is the lowest it has been since WW2

-private debt has prevailed at record levels

-unemployment has persisted; now at 8.7%: Roy Morgan Research

-the dole has not changed in real terms in over a decade

AND …

-concerted efforts are being made to ensure Australians being stuck in the rent cycle are okay … with boarding houses, co-living, build-to-rent


-concerted efforts are made to legitimise ‘disruptive’ industries that are vehicles that pull apart standards, employment models and reversing risk onto the disadvantaged

AND there’s more…

Like a tax system that advantages the rich!

CEO bonuses soar as Qantas boss Alan Joyce tops list of highest-paid executives

By business reporter Nassim Khadem

17 SEPTEMBER 2019

Qantas CEO Alan Joyce

PHOTO: Qantas Group CEO Alan Joyce topped the list of highest paid CEOs in 2018, but his pay has since halved. (AAP: Joel Carrett)

RELATED STORY: Australia’s rich getting richer, with billionaires’ wealth rising to $160b, says Oxfam

RELATED STORY: ‘Unacceptable face of capitalism’: NAB and ANZ bosses face investor backlash on executive pay

RELATED STORY: CEO pay deals surge to ‘highest level in 17 years’

RELATED STORY: APRA’s latest attempt to rein in bank bosses’ bonuses may just create new problems

Qantas chief executive Alan Joyce has topped the list of Australia’s highest-paid chief executives for 2018, taking home $23.9 million — which is more than 275 times the full-time average wage.

Key points:

  • A report by the Australian Council of Superannuation Investors (ACSI) has found most of the nation’s top 100 CEOs got a big bonus in the 2018 financial year
  • Pressure is growing on companies to be more transparent with shareholders about CEO pay
  • The ACSI is calling for Australia to look to a UK model where CEO pay is to be measured against that of their company’s average worker

The 2018 financial year was another bumper year for CEO bonuses, according to a report by the Australian Council of Superannuation Investors (ACSI).

Of the nation’s 100 largest companies, only one CEO eligible for a bonus was not awarded one: Domino’s boss Don Meij.

In the 2017 financial year Mr Meij had topped the ACSI’s list with realised pay of $36.8 million, mostly gained via an exercise of options.

But this did not recur in FY18 with Mr Meij’s realised pay (which includes cash and the actual value of equity that vested during the year) falling to $7.06 million, largely due to the company’s share price declining.

Across the top companies, average realised pay dropped to $5.66 million from $6.23 million, following the departure of several highly paid CEOs.

It was also due to the fact that only two CEOs realised more than $20 million in FY18: Mr Joyce and Macquarie’s Nicholas Moore (who has since been replaced by Shemara Wikramanayake as chief executive).

Mr Joyce reaped the rewards of a large long-term incentive allocation granted in 2014 when the share price was $1.26, which vested in full during FY2018, when the Qantas share price was $5.66. His pay has since halved.

Here are the top CEOs based on realised pay in the 2018 financial year:

  1. Alan Joyce, Qantas Airways ($23,876,351)
  2. Nicholas Moore, Macquarie Group ($23,855,580)
  3. Michael Clarke, Treasury Wine Estates ($19,024,334)
  4. Bob Vassie, St Barbara ($13,246,088)
  5. Craig Scroggie, NextDC ($12,515,914)
  6. Sandeep Biswas, Newcrest Mining ($12,083,392)
  7. Brian Benari, Challenger Group ($11,696,001)
  8. Raleigh Finlayson, Saracen Mineral Holdings ($11,284,256)
  9. Andrew Bassat, Seek ($10,744,472)
  10. Colin Goldschmidt, Sonic Healthcare ($10,017,376)

Median bonus for the ASX100 CEO hits $1.61 million

ACSI chief executive Louise Davidson wants to see more transparency on pay, noting the banking royal commission had resulted in a decline in the public’s trust of major companies and their management.

Rich get richer

Rich get richer

Australia’s rich keep getting richer, with the top 1 per cent of Australians owning more wealth than the bottom 70 per cent combined.

Ms Davidson is calling for Australia to look to a UK model where CEO pay is to be measured against that of their company’s average worker.

The ACSI also wants to see board directors be elected annually, rather than every three years as is the case presently.

“The way bonuses are being handed out suggests there is a culture of entitlement whereby supposedly ‘at risk’ pay is not very risky at all,” Ms Davidson said.

The ACSI’s report found more than half of ASX100 CEOs received at least 70 per cent of their maximum entitlement — a figure almost unchanged in four years.

The median bonus awarded to an ASX100 CEO in FY18 was $1.61 million — the second highest in the history of the survey, which is in its 18th year.

There were five ASX100 CEOs in FY18 who received 100 per cent of their maximum bonus.

This included Treasury Wine Estate’s Michael Clarke, who in his four full years as CEO has received maximum bonus every year.

The others were Crown’s John Alexander, TPG Telecom’s David Teoh and Adelaide Brighton’s Martin Brydon.

CEOs opt for equity over cash

There is a trend for CEOs to defer bonuses and opt for equity over cash.

The median cash bonus fell 16.5 per cent for ASX100 CEOs to $927,159.

These payments occurred in a year when the banking royal commission heard evidence, on an almost daily basis, that executives were not being held accountable for poor conduct.

“Intuitively, we would have expected that bonus outcomes would have been lower amid such intense scrutiny from regulators, politicians, the public and investors,” Ms Davidson said.

It also came in the wake of unprecedented investor revolt against CEO pay, with more than 88 per cent of shareholders opposing NAB’s renumeration report at its annual general meeting in Melbourne last year.

Ms Davidson said corporate Australia had not got the message that bonus payments should be variable and awarded for exceptional performance, rather than being fixed pay under another name.

“This is a failure of both discipline and leadership,” Ms Davidson said.

In FY2018 the highest ranked of big four bank CEOs on a realised pay basis was NAB’s Andrew Thorburn at 26th place.

His realised pay was $6.2 million due to the vesting in FY2018 of long-term incentives granted in 2012.

Ten CEOs got paid over $10 million

Ten CEOs realised more than $10 million in pay last year — three of them in the ASX101-200.

The bonuses that aren’t

The bonuses that aren't

CBA CEO Ian Narev has unwittingly highlighted the farce that is the executive bonus, writes Ian Verrender.

The median realised pay for an ASX100 CEO rose to $4.5 million, up 3.2 per cent from the prior year.

ABS data shows that in the 12 months to November 2018, average full-time wage, with overtime and penalty rates, was $1,668.1 a week (up 2.2 per cent). That is, an average of $86,736 annually.

That is about 276 times smaller than Mr Joyce’s take-home pay of $23.9 million.

But it was an exceptional year for Mr Joyce. His annual salary, announced late last month, was reported at $10 million as the company revealed other Qantas executives saw modest decreases in their total salaries following a 17 per cent drop in annual profit.

“Qantas remains one of the best-performing airline groups in the world, but executive pay has dropped twice in the two years since the data in this report,” a Qantas spokesman said.

A new entrant to the top 10 was Treasury’s Mr Clarke.

His fixed pay and bonus potential rose from $5.5 million in FY17 to $6.25 million, and in late 2017 Mr Clarke’s first long-term incentive allocation and the deferred equity component of prior year bonuses also vested in full, generating a gain of $13.12 million.

A spokeswoman for Treasury said the value driven for TWE shareholders in the past five years under Mr Clarke’s leadership has increased fivefold.

Another new entrant into the top 10 included Challenger’s former CEO Brian Benari (he retired as Challenger CEO in January 2019), again a beneficiary of substantial share price increases to September 2017 increasing the value of equity incentives.

A spokeswoman for Challenger said the company had recently undertaken a review of its renumeration to ensure “clear alignment with shareholder interests and enhanced disclosure and transparency”.

Fixed pay takes a hit

While bonuses were up, fixed pay for CEOs was flat.

Median fixed pay for an ASX100 CEO was up 1 per cent to $1.79 million in FY18, having increased by an average of just 0.2 per cent per annum over the prior decade.

Average fixed pay for an ASX100 CEO fell 1.3 per cent from $1.91 million to $1.88 million, largely due to Westfield Corporation’s co-CEOs no longer being included in the sample (the Lowy brothers regularly received realised pay above $20 million).

Ms Davidson noted that over the past year several companies had lowered remuneration for incoming CEOs, reducing cash pay by deferring incentives into equity, and ensuring that incentives are subject to clawback provisions where there has been poor performance.

There were only two CEOs in the ASX101-200 sample for FY17 and FY18 with fixed pay above $2 million: Premier’s Mark McInnes and Seven West’s Tim Worner.

Exiting CEOs cost shareholders $25.15 million last year, down from $33.63 million in the 2017 financial year — largely due to a decline in the number of termination payments from 20 to 15.

The highest termination payment in the FY18 sample went to former Adelaide Brighton CEO Martin Brydon at $4.43 million, in addition to a $1.47 million bonus for FY18 that the report said was effectively part of his departure arrangements.

The ACSI members include 38 Australian and international asset owners and institutional investors, which manage over $2.2 trillion in assets and own on average 10 per cent of every ASX200 company.

“Investors want to see a greater focus from boards on assessing whether their existing incentive schemes are truly rewarding executives for exceptional performance, or just a top-up for meeting budget,” Ms Davidson said.

SOURCE: https://www.abc.net.au/news/2019-09-17/ceo-bonuses-soar-as-qantas-boss-alan-joyce-tops-list/11518356

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Sacked Uber Eats worker’s Fair Work Commission appeal could change the gig economy

A side issue … however income is required to acquire shelter …

BUT this is indicative of where many in our community want to go …


The so-called ‘disruptive business models’ are out there

-to effectively pull apart the employment model

-to fold back all the gains of the last 100 years and place any/all risk on the worker

And so on and so on…

It’s appalling

-we should think very carefully before using these ‘convenient service providers’ as we are enabling these so-called gig economy players to make money at significant human cost!

LET’s hope as with the UK Court of Appeal ruling that these drivers are granted entitlement to minimum wage, holiday pay, and paid rest break!

Sacked Uber Eats worker’s Fair Work Commission appeal could change the gig economy

By business reporter David Chau

16 SEPTEMBER 2019

TWU national secretary Michael Kaine, with Uber delivery drivers Santosh and Amita Gupta at a press conference.

PHOTO: Santosh Gupta says his wife Amita was underpaid and unfairly dismissed by Uber. (Supplied: TWU)

RELATED STORY: Uber Eats would face ‘large penalties’, but Australia’s laws are ‘deficient’: ACCC

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RELATED STORY: Bicycle courier sues Deliveroo, in case that could shake up the gig economy

A former delivery worker is suing Uber Eats for unfair dismissal after she was allegedly sacked for showing up 10 minutes late.

Key points:

  • Uber Eats drivers argue the company has intentionally misclassified them as ‘independent contractors’, rather than ’employees’.
  • Employees can sue for unfair dismissal, and receive minimum wage, superannuation, annual leave and other benefits
  • Contractors don’t have these rights under Australian law.

Adelaide-based Amita Gupta also claims to have been severely underpaid by the food delivery giant.

Ms Gupta said she worked as long as 96 hours in some weeks — most of it spent waiting for orders to be placed via the Uber Eats app — but earned as little as $300 for those periods.

Taking the matter before the Fair Work Commission (FWC), Ms Gupta relied on a Hindi interpreter and was represented by her husband Santosh, who is also an Uber Eats delivery driver.

But Ms Gupta lost her case against Uber on August 23, and was given three weeks to lodge an appeal with the FWC’s Full Bench.

This is potentially an important test case as it could result in consumers paying a higher price for ordering food via a mobile app.

If Uber loses the appeal, it would be forced to pay its delivery drivers higher wages.

There could also be significant consequences for the wider gig economy, particularly for companies like Deliveroo, which is also being sued for alleged worker exploitation, and uses a similar business model.

‘Deliberate’ underpayment

The FWC decided Ms Gupta was technically an “independent contractor” (not an “employee”) — and therefore has no legal right to sue for unfair dismissal.

Restaurateurs allege Uber Eats imposes ‘unfair contracts’

An ABC investigation reveals that Uber Eats’ contracts may breach Australian consumer law.

However, Ms Gupta’s luck appears to have turned after the Transport Workers Union (TWU) took an interest in her case, agreed to legally represent her and filed an appeal at the eleventh hour.

“Uber Eats is deliberately misclassifying its workers, calling them independent contractors so they can deny them rights … deny them superannuation, the rights to [annual] leave,” TWU national secretary Michael Kaine told a press conference in Sydney on Monday.

“The Fair Work Commission found — we say wrongly — that Amita was not an employee.

“This case highlights just how low Uber can go in terms of abusing workers.

“They expect workers to be logged on for hours with no work and if they are a few minutes late they get sacked, with no warning or right to appeal.”

Under Australian law, businesses are not required to pay independent contractors a minimum wage, penalty rates, superannuation, paid sick leave or annual leave.

That is because contractors are treated as self-employed people, running their own businesses.

A number of Uber drivers and delivery workers have told the ABC that was not the case — and they had no real control over how, when or where they worked.

But according to the original decision, the FWC noted that Ms Gupta rejected more than 550 food delivery requests, and cancelled a further 240 after having accepted them.

Ms Gupta also attended the press conference with her husband, but did not speak publicly.

Instead, Mr Gupta told reporters, on her behalf: “We worked around 2,700 hours, and we got paid $21,000.”

“It works out to be $7.85 an hour and that includes weekly expenses … it’s slavery in [the] modern world in Australia.”

Australia’s minimum wage was increased by 3 per cent to $19.49 per hour on July 1.

‘Freedom and flexibility’

Uber declined to answer the ABC’s specific questions about Ms Gupta’s case as it remains an ongoing legal dispute.

However, it provided a brief statement, which said: “Uber welcomed the Fair Work Commission’s decision on this matter.”

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“It reflected what delivery partners tell us — that they value the freedom and flexibility the Uber app provides.”

The TWU is also ramping up its pressure on the Morrison government to pass legislation to improve the rights of gig economy workers.

“It cannot be left any longer to individuals to take on these cashed-up Silicon Valley behemoths, dragging them through the courts,” Mr Kaine said.

“California last week stepped up and gave these rights to workers, why can’t the Australian government do the same?”

On September 10, California’s State Senate voted to pass a bill called “Assembly Bill 5” (AB5) that would make it harder for companies like Uber to classify workers as independent contractors, rather than employees.

AB5 will, however, need to undergo a final vote at the California State Assembly, before the bill can be signed by its Governor and become law.

The United Kingdom has also moved towards classifying Uber drivers as “workers”, rather than self-employed contractors.

The UK Court of Appeal ruled, on December 19, that the drivers were entitled to minimum wage, holiday pay, and paid rest breaks.

SOURCE: https://www.abc.net.au/news/2019-09-16/uber-eats-fwc-appeal-unfair-dismissal/11516808

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REUTERS Exclusive: Australia concluded China was behind hack on parliament, political parties – sources   

A man looks at a screen filled with code

RELATED ARTICLE: https://caanhousinginequalitywithaussieslockedout.com/2019/09/17/security-agencies-feared-state-and-territory-electoral-commissions-were-targeted-in-cyber-attack/

Grovelling to China “the worst thing you can do”

Grovelling to China “the worst thing you can do”

By Houses and Holes in Australian PoliticsChina American Cold War

September 17, 2019 | 7 comments

Recall from Reuters yesterday: (full Transcript below)

Australian intelligence determined China was responsible for a cyber-attack on its national parliament and three largest political parties before the general election in May, five people with direct knowledge of the matter told Reuters…

The report, which also included input from the Department of Foreign Affairs, recommended keeping the findings secret in order to avoid disrupting trade relations with Beijing, two of the people said. The Australian government has not disclosed who it believes was behind the attack or any details of the report.

China’s Foreign Ministry denied involvement in any sort of hacking attacks and said the internet was full of theories that were hard to trace.

Sinocism’s Bill Bishop is succinct:

Comment: My experiences in China are no doubt micro-level but in life and business there one of the worst things you can do is let someone screw you and then do or say nothing about it.

If that is your approach then the other party assumes you are weak relative to them and you will take whatever they want to do to you.

Coral Bell’s iconic “Dependent ally” illustrated how Australia’s history of grovelling and needling its great and powerful friends in Britain and the US had functioned institutionally for a century.

That does not work with the Chinese Communist Party yet it is the only tradition we have…

SOURCE: https://www.macrobusiness.com.au/2019/09/grovelling-to-china-the-worst-thing-you-can-do/

Exclusive: Australia concluded China was behind hack on parliament, political parties – sources   

Colin Packham

7 MIN READ

SYDNEY (Reuters) – Australian intelligence determined China was responsible for a cyber-attack on its national parliament and three largest political parties before the general election in May, five people with direct knowledge of the matter told Reuters.

FILE PHOTO: A man holds a laptop computer as cyber code is projected on him in this illustration picture taken on May 13, 2017. REUTERS/Kacper Pempel/Illustration/File Photo

Australia’s cyber intelligence agency – the Australian Signals Directorate (ASD) – concluded in March that China’s Ministry of State Security was responsible for the attack, the five people with direct knowledge of the findings of the investigation told Reuters.

The five sources declined to be identified due to the sensitivity of the issue. Reuters has not reviewed the classified report.

The report, which also included input from the Department of Foreign Affairs, recommended keeping the findings secret in order to avoid disrupting trade relations with Beijing, two of the people said. The Australian government has not disclosed who it believes was behind the attack or any details of the report.

In response to questions posed by Reuters, Prime Minister Scott Morrison’s office declined to comment on the attack, the report’s findings or whether Australia had privately raised the hack with China. The ASD also declined to comment.

China’s Foreign Ministry denied involvement in any sort of hacking attacks and said the internet was full of theories that were hard to trace.

“When investigating and determining the nature of online incidents there must be full proof of the facts, otherwise it’s just creating rumors and smearing others, pinning labels on people indiscriminately. We would like to stress that China is also a victim of internet attacks,” the Ministry said in a statement sent to Reuters.

“China hopes that Australia can meet China halfway, and do more to benefit mutual trust and cooperation between the two countries.”

China is Australia’s largest trading partner, dominating the purchase of Australian iron ore, coal and agricultural goods, buying more than one-third of the country’s total exports and sending more than a million tourists and students there each year.

Australian authorities felt there was a “very real prospect of damaging the economy” if it were to publicly accuse China over the attack, one of the people said.

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UNHINDERED ACCESS

Australia in February revealed hackers had breached the network of the Australian national parliament. Morrison said at the time that the attack was “sophisticated” and probably carried out by a foreign government. He did not name any government suspected of being involved.  

When the hack was discovered, Australian lawmakers and their staff were told by the Speaker of the House of Representatives and the President of the Senate to urgently change their passwords, according to a parliamentary statement at the time.

The ASD investigation quickly established that the hackers had also accessed the networks of the ruling Liberal party, its coalition partner the rural-based Nationals, and the opposition Labor party, two of the sources said.

The Labor Party did not respond to a request for comment. One person close to the party said it was informed of the findings, without providing details.

The timing of the attack, three months ahead of Australia’s election, and coming after the cyber-attack on the U.S. Democratic Party ahead of the 2016 U.S. election, had raised concerns of election interference, but there was no indication that information gathered by the hackers was used in any way, one of the sources said.

Morrison and his Liberal-National coalition defied polls to narrowly win the May election, a result Morrison described as a “miracle”.

The attack on the political parties gave the perpetrators access to policy papers on topics such as tax and foreign policy, and private email correspondence between lawmakers, their staff and other citizens, two sources said.

Independent members of parliament and other political parties were not affected, one of those sources said.

Australian investigators found the attacker used code and techniques known to have been used by China in the past, according to the two sources.

Australian intelligence also determined that the country’s political parties were a target of Beijing spying, they added, without specifying any other incidents.

The people declined to specify how the attackers breached network security and said it was unclear when the attack had begun or how long the hackers had access to the networks.  

The attackers used sophisticated techniques to try to conceal their access and their identity, one of the people said, without providing details.

The findings were also shared with at least two allies, the United States and the United Kingdom, said four people familiar with the investigation.

The UK sent a small team of cyber experts to Canberra to help investigate the attack, three of those people said.

The United States and the United Kingdom both declined to comment.

CHINA TIES

Australia has in recent years intensified efforts to address China’s growing influence in Australia, policies that have seen trade with China suffer. 

For instance, in 2017, Canberra banned political donations from overseas and required lobbyists to register any links to foreign governments. A year later, the ASD led Australia’s risk assessment of new 5G technology, which prompted Canberra to effectively ban Chinese telecoms firm Huawei from its nascent 5G network.

While some U.S. officials and diplomats have welcomed such steps by Australia and praise the countries’ strong intelligence relationship, others have been frustrated by Australia’s reluctance to more publicly confront China, according to two U.S. diplomatic sources.  

On a visit to Sydney last month, U.S. Secretary of State Mike Pompeo delivered thinly veiled criticism of Australia’s approach after Foreign Minister Marise Payne said Canberra would make decisions toward China in based on “our national interest”.

Pompeo said countries could not separate trade and economic issues from national security.

“You can sell your soul for a pile of soybeans, or you can protect your people,” he told reporters at a joint appearance with Payne in Sydney.

Morrison’s office declined to comment on whether the United States had expressed any frustration at Australia for not publicly challenging China over the attack. The U.S. State Department did not immediately respond to requests for comment.

Reporting by Colin Packham in SYDNEY; Additional reporting by Jack Stubbs and Guy Faulconbridge in LONDON, Christopher Bing in WASHINGTON and Ben Blanchard in BEIJING; Editing by Lincoln Feast and John Mair.Our Standards:The Thomson Reuters Trust Principles.

SOURCE: https://www.reuters.com/article/us-australia-china-cyber-exclusive/exclusive-australia-concluded-china-was-behind-hack-on-parliament-political-parties-sources-idUSKBN1W00VF