Fundies back David Murray’s call to rethink governance

Fundies back David Murray’s call to rethink governance

Prominent fund managers have backed AMP chairman David Murray's call for tearing up corporate governance principles, agreeing that a literal interpretation of the rules alone does not translate to good governance. Mr Murray said that a by-the-book approach to governance was one of the reasons AMP lost its way, leading to an exodus of directors…
BOSS True Leaders 2018: Sir Frank Lowy

BOSS True Leaders 2018: Sir Frank Lowy

The reason Sir Frank Lowy is known as Australia’s most successful postwar immigrant is not because he came with nothing and rose to the top of the Rich List. Rags to riches stories are common; it is what he did once he got there, and what he continues to do. As a pioneer of the…
‘Moment in the sun’ for office landlords: no room for tenants

‘Moment in the sun’ for office landlords: no room for tenants

Every capital city in Australia now has a lower percentage of available office space to rent out than it did six months earlier following big shifts in supply levels and strong demand from businesses. Australia's falling unemployment rate is being reflected in more space being taken up by white-collar jobs, most particularly in Melbourne where the level of…
ASIC and APRA sow confusion over super regulation

ASIC and APRA sow confusion over super regulation

The spotlight put on Australia's 'twin peaks' regulators this week by AMP chairman David Murray should be the catalyst for a deeper discussion about the role they must play in restoring trust in the financial system. Murray said the Australian Securities and Investments Commission needed to be far quicker in its response to self-reported breaches…
How the Rich Invest: Graham Tuckwell’s next big ETF move

How the Rich Invest: Graham Tuckwell’s next big ETF move

Graham Tuckwell can now joke that fund managers used to give him the cold shoulder. When he wanted to talk to them about his business, ETF Securities, they would often think he was pitching Eftpos (EFT). Now, billions are flowing into ETF (exchange-traded funds) assets globally. In the first six months of this year about…
Rio Tinto to pay record interim dividend

Rio Tinto to pay record interim dividend

Rio Tinto is on track for another record dividend in 2018 after its board approved the largest half year payout in the company's history. Confirmation of the record interim dividend of $US1.27 per share came as Rio reported a 12 per cent increase in underlying half year profit to $US4.4 billion. The underlying profit was…
Rents tell the real story around housing demand and supply

Rents tell the real story around housing demand and supply

Amid all the talk of a turning property market, it is a remarkable fact that over the past decade growth in house prices has massively outstripped growth in rents. Residential property prices across the eight capital cities, adjusted for inflation, have climbed by close to 30 per cent since 2008, Curtin University professor of economics…
Major banks lead losses on ASX as house prices tumble

Major banks lead losses on ASX as house prices tumble

The Australian sharemarket has started the month lower led by losses in the finance sector as house prices continue to soften.  The S&P/ASX 200 index closed 4.5 points or 0.1 per cent lower, at 6275.7 after CoreLogic data revealed that house prices had experienced their biggest annual fall since 2012.  The major banks fell on the news, with…
Board outrage over push to have a social licence

Board outrage over push to have a social licence

 Company directors warn that a push to require companies to justify their "social licence to operate" is the sort of politically correct nonsense that AMP chairman David Murray warns has distracted boards and contributed to the scandals at AMP and the financial sector. Mr Murray took a stand on Wednesday to say he will not follow the ASX…
PwC revenue up 10.8pc to $2.35b

PwC revenue up 10.8pc to $2.35b

PwC Australia CEO Luke Sayers said the firm's annual results demonstrate an outfit with "tremendous breadth and depth" that is firing across its divisions. The firm, one of the big four accounting and consulting firms, reported revenue was up 10.8 per cent to $2.35 billion for the financial year in an annual trading update. "I'm…

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