Marshall White Projects Newsletter Edition 4

‘what are you actually selling?’ moving toward mixed-use developments Project Profiles Past and Present

9822 9999 | marshallwhite.com.au

Edition 04 | 2014

Mark Dayman

Leonard teplin

A WORD FROM THE DIRECTORS as the financial year resets and the first quarter of 2014-2015 is well upon us, we take a look at what is selling well, changes in the market and things to watch out for. marshall white Projects has seen their off the plan sales team sustainably grow over the last 6 months, selling on average 1.4 properties per day, generating 37 daily enquiries which has helped us sell properties without renders, brochures and other typical sales tools. marshall white Projects as part of the marshall white family leverages off an exceptional brand within the key demographics and locations of our Boroondara, Bayside and stonnington offices. this relationship has allowed our clients to have access to over 100 commission based sales people selling property to over 57,000 investors and home owners within the central company database. with our off the plan sales catering to an owner occupier at a three to one ratio, we see a commonality of buyer requests and their individual preferences, first hand. we’ve always emphasised to our clients the benefit of allowing us to consult on size, product mix and appropriate specifications before submitting to council or vcat (in other words help us to help you). developments such as magnolia, doncaster’s tallest building where 176 apartments will be released to the market in october, which should see the resurgent ‘empty nester’ actively pursue large single level, high quality living (carabott Holt turcinov designed) as a swap for their existing family homes and a low maintenance lifestyle (watch this space for the new, cost effective way of releasing a high demand, high priced product to the market). we are pleased to release a number of large scale projects to the market during this financial year. our determined ability to cross both markets, namely working with local and overseas referral partners, as well as crucially knowing who’s buying in your own ‘backyard’, has seen a raft of projects that we’ve sold out now starting construction early – it all adds to the bottom line!call us today regarding your project needs.

Leonard 0402 431 657 or Mark 0409 342 462.

Every effort is made to provide accurate and complete information in Marshall White’s (trading as Marshall White Projects) technical and regulatory newsletters. However, Marshall White cannot guarantee that there will be no errors. Marshall White and its contributors to the newsletter make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the contents of the newsletters and expressly disclaims liability for errors and omissions in the contents of this newsletters. Neither does Marshall White and its contributors to the newsletter assume any legal liability for any direct, indirect or any other loss or damage of any kind for the accuracy, completeness, or usefulness of any information, product, or process disclosed herein, and do not represent that use of such information, product, or process would not infringe on privately owned rights.

Spotlight Michael Wong If you're offering developments around the world, it helps to have a team member who ‘speaks the language’, particularly in an Asian centric market.

Michael, fluent in Cantonese and Mandarin assists with both developers, clients and importantly a larger percentage of our buyers who are often looking for reassurance before purchasing off the plan.

Michael is a vital part of the Marshall White Projects team.

Adin Bloomer From a career background of dealing with investor grade apartments and townhouses, Adin has evolved her comprehensive skill set to now helping clients own off-the plan.

With a mature and calm manner, Adin consistantly helps owner occupier’s transition from the uncertainty of buying off the plan to a confident, well informed decision.

Adin is a vital part of the Marshall White Projects team.

Lara Tehennepe Just as selling off the plan is a different skill set to selling established real estate, so is leasing and managing off the plan apartments and townhouses. Lara offers a wealth of property managing experience, now specifically dedicated to off the plan property management in a market offering an ever increasing supply of investor grade stock, you need an ‘edge’ to ensure your unsold and remaining apartments are quickly leased to quality tenants.

Lara is a vital part of the Marshall White Projects team.

Conservatory 5 Winton Road, Malvern East A contemporary and deliberately understated building faรงade of concrete, timber, exposed brick, and glazing is broken into connecting forms to gently glide into a secluded, leafy environment.

An excellent mix of one, two and two plus study apartments all with parking.

Relax or entertain in spaces that invite interaction. A palette of earthy tones in a choice of darker, classic hues or light, contemporary tones are used to create a modern urban sanctuary. Bright, airy interiors segue into expansive balconies or established, landscaped courtyards that frame beautiful living spaces. New urban style blends design and function. www.conservatorymalverneast.com.au

C3 APARTMENTS 300 Victoria Street, Brunswick C3 Apartments encapsulate Brunswick - a vibrant, multicultural, inner city hub with a lively community spirit. C3 Apartments provide an excellent mix of apartments with ground floor retail and a striking external facade.

Featuring a series of one and two bedroom options with individual parking and storage facilities, world class technology and sustainable design elements to offer a sophisticated inner city lifestyle. www.c3apartments.com.au

PALAMON 

magnolia 

12 Dudley Parade, Canterbury www.palamon.com.au

20-24 Hepburn Road, Doncaster www.magnoliadoncasterhill.com.au

oscar 

hart 

2 Well Street, Brighton www.oscarbrighton.com.au

14 Hartwood Street, Kew East www.thehart.com.au

WHAT ARE YOU ACTUALLY SELLING..?

The pressures on a developer to get to the market and get some sales on the board are often considerable. Aside from a raft of commercial pressures and risks that developers must manage, often it is the case that financiers need to see a large portion of a development sold off-the-plan before they will advance construction funds. And so the sales process can start quite early in the lifecycle of a project. There are a number of challenges when selling off-the-plan early, one of which has been recently highlighted in the case - Birch v Robek Australia Pty Ltd [2014] VCC 68.

Birch purchased an apartment off-the-plan in a development in Hampton – before construction had commenced. The vendor’s marketing material, which included a brochure, indicated the apartment Birch was purchasing had internal dimensions of 40m2 excluding the balcony, and 48.5m2 including the balcony. Attached to the Contract of Sale were architectural planning drawings which also indicated a total area of 48.5m2. Also attached to the Contract of Sale was a proposed plan of subdivision, which noted that “…the location of the boundaries defined by the buildings were the interior face, and the boundaries shown by thick continuous lines are defined by buildings and lie along the interior face of walls, floors and ceilings…” (the title area method). But there were no specific measurements on this plan.

The apartment building was constructed and the purchaser had applied for finance to complete the purchase. The purchaser’s financier arranged for a valuation and the valuer provided a valuation noting that the internal area of the apartment was 32m2. The valuation came in short of the purchase price and the purchaser could not get the desired finance.

The purchaser proceeded to inspect the apartment with a surveyor, after which they concluded that there were not insignificant discrepancies in area between what the purchaser believed she was buying (as detailed in the brochure and planning drawings) and what was built.

Not surprisingly the purchaser tried to rescind the contract, following which the vendor also issued a notice of rescission. The purchaser commenced a proceeding in the County Court of Victoria seeking return of her deposit and the vendor defended the action and counterclaimed, seeking forfeiture of the deposit plus damages allegedly incurred when the apartment was subsequently sold for a lesser price.

In the course of the proceeding, the method of measurement of the area of the apartment became a significant issue, and it became apparent that different methods of measurement resulted in considerably different results.

Specifically, in measuring the apartment, expert evidence showed that the Property Council of Australia method resulted in an area of 47.5m2, the useable floor space method resulted in an area of 40.4m2, the internal finished surface method resulted in an area of 41.8m2, and the titled area was measured at 42.6m2. So which method should be used in this instance? The answer to that question depended on the terms and conditions of the Contract of Sale and the contract documents, including the plan of subdivision. That is to say, what was the actual area of the lot that was being sold, as defined by reference to the contract documents?

As one might imagine, there was much legal argument around interpretation of the terms and conditions in the Contract of Sale, including but not limited to disclaimers and other specific special conditions that the vendor sought to rely on. Amongst other things, it was found to be significant that the planning drawings were the only

drawings in the contract that appeared to provide measurements.

Ultimately, in this case the Court determined that “…the subject matter of this sale was a Lot with a particular area as given by the parties to the contract to be measured in accordance with the “title method” (consistent with the terms of the plan of subdivision)” . Therefore, the title area method was that deemed relevant to measure the lot as constructed, and which the vendor was seeking to transfer to the purchaser. This meant - bearing in mind the purchaser thought she was buying an apartment with an area of 48.5 m2 – the actual title area measurement came in 12.17% short of what the purchaser was expecting.

The court therefore ultimately decided that the property the vendor sought to transfer to the purchaser (area measured at 42.6m2) was substantially different to that which the vendor was obliged to transfer under the contract (area of 48.5m2). The purchaser therefore succeeded - the court finding in her favour. Importantly, the court also found that the purchaser would have been entitled to have her deposit refunded under the Competition and Consumer Act 2010 (Cth), in that the vendor’s conduct was considered to be misleading.

The principle for developers moving forwards is that time and care should be devoted to ensuring there is proper disclosure in all materials, of what is being sold, where the title boundaries will likely be, and proper and accurate measurements. It is important that there is no inconsistency between what is in the Contract of Sale and contract documents, and what is in the marketing material. Whilst a good Contract of Sale will include appropriate clauses dealing with these issues as much as legally possible, ultimately a developer must ensure disclosure is not misleading, and there should not be undue reliance on disclaimers. It highlights the importance of ensuring that consultants – architects, surveyors, agents, solicitors and other advisers, are on ‘the same page’, producing consistent, accurate and considered documentation.

This article is provided as a general guide in summary form only and should not be relied upon as advice for any specific circumstance.

Specialist advice should be sought if and when required.

For further information please contact: Mark Marcou | PARTNER p: 9622 0999 | w: www.frenkels.com.au

Past Project Profile Solstice 138 Camberwell Road, Hawthorn East Let's look at the numbers

Number of apartments

106

Price Range

$449,995 to $859,950

Gross Revenue

$66,284,075

Developer

Bensons Property Group

Website

www.solsticeapartments.com.au

Architect

Fender Kastalidis

Builder

ABD Group

Target Market

Professional singles, empty nesters and investors

Product

No.

1 Bedroom, 1 Bathroom

18

1 Bathroom + Study, 1 Bathroom 2 Bedroom, 1 Bathroom

Average m2

Average Price

Average price per m2

51.8

$507,772

$9,784

13

55.3

$541,829

$9,897

21

60.8

$609,276

$10,014

2 Bedroom, 2 Bathroom

50

62.2

$615,073

$9,889

3 Bedroom, 2 Bathroom

4

85.7

$853,283

$10,000

Past Project Profile The Union 178 UNION ROAD, SURREY HILLS Let's look at the numbers

Number of apartments

26

Price Range

$399,000 to $679,000

Gross Revenue

$14,075,000

Architect

Rothe Lowman

Developer

Taranaki Developments

Website

www.unionapartments.com.au

Target Market

Owner Occupiers

Product

No.

Average m2

Average Price

Average price per m2

1 Bedroom, 1 Bathroom

10

53.3

$445,600

$8,360

2 Bedroom, 1 Bathroom

9

68.7

$591,500

$8,609

2 Bedroom, 2 Bathroom

7

71

$613,642

$8,642

Moving Towards Mixed-use Developments

Many residential town planning permit applications these days include some form of mixed-use.

Whether it is a ground floor café or restaurant, a supermarket or car showroom, there is certainly a growing trend to mix residential with retail and/or commercial use, particularly in mediumto-large sized developments. Councils talk about “street activation”. They want to see how the proposed development will interact with the community at street level. A development that has a high level of street activation is more likely to get a tick from council at the planning permit stage.

For developers, providing for a trendy café or restaurant can be a big selling point for future residents of the building. For builders of mixed-use developments, careful consideration has to be given not only to the building as a whole, but specifically for how the commercial space integrates and interacts with the residential apartments above.

For Crema Constructions, mixed-use developments are nothing new. Since 2011, Crema has constructed more than $350 million in value in this space. While some mixed-use developments are fairly straight forward, others can prove more challenging and require a lot more planning and due diligence.

In 2013, Crema completed 380 Degrees for Abacus Property Group. Located in Bay St, Brighton, 380 Degrees consisted of a state of the art 4,200m2 Coles supermarket, with 94 luxury apartments over 4 levels sitting atop. The challenge for Crema was carefully managing the integration of the two uses. This involved working closely with the project’s consultant team to design and construct a seamless interface for the benefit of both Coles and the residents.

Luciano Crema, Managing Director of Crema Constructions, says that for this type of development, the construction intricacies are carried through the whole job. “The challenge started in the basement, where a speed ramp was utilised to ensure residents of the building could bypass the two levels of Coles customer parking. A high level security system for the basement was installed so that the residents’ car park level was not accessible by shoppers”. For the Client, one of the biggest considerations for this project was how to minimise noise impact from the supermarket so that the apartment owners and surrounding home owners were not impacted.

“Due to the noisy out-of-hours nature of supermarket operations, a vibration isolated back of house slab was constructed to isolate any vibrations from transferring through the building creating noise in the apartments above”. The Coles loading dock was constructed with an acoustic treated panel lift door, a 6 pallet scissor hoist and an internal suspended truck turntable to allow trucks to drive in and drive out of the loading dock without the need to back in or out on to the street. Above the apartment levels, plant decks housing both Coles’ and apartment plant has been constructed. For both aesthetic and acoustic purposes, large screens were installed surrounding the plant which blocks the transfer of noise to both the apartments and also the nearby residents.

Crema Constructions is currently building the Richmond Icon project in Swan St, Richmond.

Formally the old “Dimmey’s” building and clock tower, Richmond Icon consists of a ground floor Coles supermarket with a 10-level glass apartment tower above. While Crema can certainly draw on its experience with 380 Degrees, there is an additional element of difficulty in this project, given that the project scope includes retaining and refurbishing the original 2-level heritage façade. “Richmond Icon is a fantastic project and should be well received upon completion. There are a number of complexities associated with building within an existing structure, however the end result will be a great combination of old and new design form”, Crema says.

For further information please contact: Luciano Crema | MANAGING DIRECTOR p: 9646 2188 | w: www.cremaconstructions.com.au

DEVELOPMENT STRATEGIES - WHAT'S NEXT! There is no doubt that Melbourne’s property market is hot. The increasing appetite for Melbourne property acquisition amongst Asian-backed development firms continues and shows no signs of slowing down. Correspondingly, many local developers have turned their focus away from Melbourne’s CBD and are actively pursuing sites in the inner-suburban areas of Melbourne in response to land prices within the CBD becoming so competitive.

Melbourne is emerging as the centre of high-rise residential development in Australia and in recent years, we have seen a significant increase in the number of new residential towers and apartment dwellings. While we are all asking ourselves if an oversupply of apartments is looming, the indicators would suggest otherwise.

The landscape of Melbourne’s Residential Market is changing.

With an average increase in population of 2.1% per annum, this directly impacts on housing affordability and consequently people are quickly adapting to apartment-style living as opposed to traditional landed property. According to Pomeroy Pacific’s Chief Executive Officer, Mark Pomeroy, this is further boosted by a fundamental shift in the demand for low maintenance dwellings and a desire to live in a location within relatively close proximity to the CBD. “People want to live near the CBD and are willing to forgo living in a house, for a well-located apartment supported by good amenity,” Mr Pomeroy said.

In response to these changing market conditions, the Victorian Government and local Councils are addressing the need for broader master-planning of key precincts in order to accommodate population growth and change in demand.

Recently, the Fishermans Bend Strategic Framework Plan and Stonnington City Council’s Chapel reVision were released to help guide future development within these areas. The plans are also designed to monitor and manage public and private investment in infrastructure, public realm / open space, land use, movement and economic /social planning and sustainability. Apartmentfilled precincts like the Docklands and Fishermans Bend are prime examples of the growing appeal of apartment living to families, with supplementary schools and parks currently being established to meet residents’ needs.

Complementing the recent master-planning strategies, the Office of the Victorian Government Architect (OVGA) has proposed the Draft Victorian Apartment Design Standard suggesting regulations are implemented to govern internal amenity of apartment dwelling developments in Melbourne. The policy is expected to be implemented in late 2014. The desire for regulation has come from Melbourne’s aspiration to continue as an extremely liveable city, its increasing population, the need for planning codes and standards, and draws on both interstate and overseas experience. The policy is Melbourne’s equivalent to Sydney’s SEPP 65 and Residential Flat Design Code which was implemented in 2002.

The Draft Victorian Apartment Design Standard proposes a prescribed standard of amenity for residents, with residential development outcomes that respond to the unique characteristics of its site and environment, allow for equitable development opportunity on neighbouring sites and provide for well-being of residents. It is likely that the design standards will be centred on urban context and design response, site layout and built form (orientation, landscape etc.) and building amenity and performance (apartment size and layout, daylight and sunlight access, natural ventilation, outlook and privacy etc.)

Further impacting the planning environment, the Victorian Government’s Reformed Residential Zones came into full effect as of 1 July 2014 with the intention of responding to present-day requirements and giving greater clarity about what type of development can be expected in residential areas. While there has been mixed feedback, the policy has changed the landscape of apartment development particularly in the suburbs across Melbourne, with a significant amount of property being deemed no longer developable.

It is clear that the landscape of the Victorian Residential Property Market is changing due to population growth, overseas migration, the affordability of apartments over houses and the strong desire for location and amenity over land. As a result, the Victorian Government and local Councils are implementing legislation with the intention of future protection of our city. In this transitional phase, now more than ever, when undertaking development projects, the right advice is critical.

For further information please contact: Whitney McLaren | business development manager p: 8825 6777 | e: whitney.mclaren@pomeroypacific.com.au

Past Project Profile Boisdale 28-34 Boisdale Street, Surrey Hills Let's look at the numbers

Number of apartments

31

Price Range

$410,000 to $1,030,000

Gross Revenue

$21,334,500

Architect

Interlandi Mantesso and Elevli Plus

Builder

Cobuild

Developer

Everbright Group (EBG)

Website

www.willowsurreyhills.com.au

Target Market

Owner Occupiers

Product

No.

1 Bedroom, 1 Bathroom

1

2 Bedroom, 1 Bathroom 2 Bedroom, 2 Bathroom

Average m2

Average Price

Average price per m2

50.0

$415,000

$8,300

1

70.0

$535,000

$7,643

20

79.8

$636,750

$7,986

2 Bedroom+Study, 2 Bathroom

8

97.8

$775,562

$7,925

3 Bedroom, 2 Bathroom

1

120.0

$1,030,000

$8,583

Past Project Profile kulin 10 Emily Street, Carnegie Let's look at the numbers

Number of townhouses

14

Price Range

$599,950 to $649,950

Gross Revenue

$8,765,600

Architect

Point Architecture

Developer

National Sterling

Builder

Valeo Construction

Website

www.kulinresidences.com.au

Target Market

First home buyers, investors

Product

No.

2 Bedroom, 1 Bathroom

14

Average m2 90.2

Average Price

Average price per m2

$626,114

$6,941

Size Doesn’t Matter The case for density in sustainable, economically viable cities is growing stronger and the best way to ensure that denser living means living well will be determined by design.

Architects today must be expert in knowing how to design a more compact apartment that is still high quality, and uses integrated, flexible, thoughtful innovations. Architects need to know how to design a smaller apartment that feels spacious and abundant with amenity.

OUTDOOR LIVING Designing for Australians means designing for lovers of the great outdoors.

Compact spaces and high-quality outdoor living are not mutually exclusive. Any good design process focuses on planning to ensure that even smaller-scaled apartments can provide plenty of natural light, no dependence on borrowed light, fresh breeze-throughs and comfortable-sized private and shared communal balconies that operate like secondary living spaces. Nor does a compact apartment mean cutting out essentials. A thoughtfully designed apartment can include full-service kitchens and bathrooms, with premium facilities and storage space for easy cooking, cleaning and entertaining.

STORAGE & FLEXIBILITY Attention to detail is crucial when designing a more compact apartment. A good fit-out goes through intensive design and planning with an emphasis on integration and joinery design, enabling ingenious storage, flexibility and multi-functionality (ie: TVs integrated into walls, spacesaving pantries). The added value of designing to conserve space is that it creates apartments that reduce clutter and creates clean lines, further enhancing the design look and feel.

PLANNING FOR OPPORTUNITY By carefully planning the layout of an apartment building, architects can provide a mix of different apartment typologies, bringing more opportunities to different people wanting to buy their first home. A careful approach to layout can offer the flexibility to combine compact apartments into one, larger home with a minimum of disruption and no loss to the overall high quality of the apartment design.

MATERIALS Materials play an important role in creating an expansive feel. Our interior design team work closely with the project architects to incorporate lighter, more neutral colour palettes, natural materials and subtle, reflective finishes, producing apartments that can breathe. As architects and designers, we create ingenious layouts that conserve square metres, provide ample storage, natural light combined with quality fit outs, materials and finishes. Intelligent architecture can not only provide high-quality, liveable spaces but importantly, more opportunities for more people to buy a home. CHT Architects offers services in architecture, urban design and interior design across multi-residential, single residential, aged care, retirement living, medical, commercial, institutional and hospitality sectors.

Based in Melbourne, CHT Architects design high-quality, distinctive buildings and spaces that complement modern Australian life and respond to the aspirations of those who occupy them.

For further information please contact: David Carabott | Principle p: 9417 1944 | e: dc@chtArchitects.com.au

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LAND GRAB CLAIMS CRIME OF MERCY??

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Liberal lessons

Dr Rodney Syme risks ks jail with euthanasia confession on NEWS, FOCU FOCUS US

The outsider taking on the education elite Educationp11 April 25-26, 2014

N E W S PA P E R OF THE YEAR

Moore deals

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Macquarie’s future is in funds management

Investors’ faith slips in an internet giant

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Chinese spies may have read all MPs’ emails for a year

I N D E P E N D E N T. A LWAY S .

COME IN SPINNER

Federal $1b for East West stage two

EXCLUSIVE: Premier Denis Napthine owns a share in racehorse horse e Spin the Bottle with mate and Warrnambool Warrrnambo ool meat mogul Colin McKenna. cKen nna. Could Cou uld that friendship cost him dearly? im d early?

The Chinese intelligence agencies that penetrated Australia’s parliamentary computer network in 2011 may have been inside the system for up to a year and had access to documents and emails that reveal the political, professional and social links across the political world, according to seven sources with knowledge of the breach.

Security and parliamentary sources said Chinese agencies obtained remote, system administrator access to the Par-

Exclusive James Massola Henrietta Cook The Abbott government will commit more than a billion dollars to fund the second stage of the East West Link road under a deal hammered out with the Napthine government.

Fairfax Media has learnt the federal and state governments have finally reached agreement on Canberra’s contribution to the road in recent days. The agreement is expected to be formally announced later this week, just days before the Victorian and federal budgets are handed down.

Canberra’s contribution of just over $1 billion is designed to bring forward the second stage of the project, which connects the Tullamarine Freeway to the Western Ring Road, and could see preliminary work begin as soon as next year.

But the $1 billion package falls short of the amount Victoria had hoped for from Canberra, raising the prospect the state government will have to reduce the scope of the project or find extra funds.

Victorian Treasurer Michael O’Brien stepped up his lobbying of federal counterparts in recent weeks to bring forward the spending as the state election approaches.

Fairfax revealed earlier this month that Mr O’Brien had flown to Canberra to lobby his federal counterparts about the project.

He said recently he hoped Canberra would contribute more than the $1.5 billion it has promised for the first stage of the project because of the second stage’s higher overall cost. ‘‘Our view is the cost of stage two of East West would be more than stage one, and we would obviously like to see a commensurately greater contribution from Canberra,’’ Mr O’Brien told ABC radio earlier this month.

The first stage of the project is expected to cost $6 billion to $8 billion and will be built from the

Royce Millar and Ben Schneiders rs Premier and Racing Minister Denis Napthine faces major conflict of interest questions over a $1.5 million government grant to a leading Warrnambool business and racing figure with whom he co-owns a thoroughbred racehorse.

Inquiries by Fairfax Media have revealed that Premier Napthine is in partnership in the racehorse Spin the Bottle with Colin McKenna, the head of expanding meat processor Midfield Group, a major employer in the premier’s South-West Coast electorate.

Mr McKenna and Dr Napthine share multiple connections, including through the businessman’s role as a committee member at the Premier’s beloved Warrnambool Racing Club, which hosts its annual carnival this week.

Mr McKenna also features in club promotions for a Liberal Party/Napthine fund-raiser at the Warrnambool track on Wednesday evening.

In 2012 the Warrnambool Standard reported that Mr Napthine co-owned Spin the Bottle with fellow politician, federal Wannon MP Dan Tehan, and ‘‘a group of friends’’.

Premier Napthine owns a share of Spin the Bottle in his own name. Mr McKenna’s share is in the name of Halo Racing Services Pty Ltd. Halo is fully owned by Mr McKenna’s CB McKenna Investments Pty Ltd. Revelations of the Premier’s relationship with Mr McKenna are likely to raise questions about Dr Napthine’s involvement in racing, fund-raising and, now, government grants, especially in his own South-West Coast electorate.

5

APARTMENT OF THE WEEK: REDFERN KATE FARRELLY Midfield Group managing director Colin McKenna with Premier Denis Napthine. Left, Spin the Bottle.

Photo: Damian White

9 – 22 16 – 20 11 – 16 Page 33

6-7

10-11

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EX-L EAGUE GREAT SELLING TITLE DEEDS WITH LUCY MACKEN

NEIGHBOURHOODS: RYDE PUTS ON A SPREAD ANNA ANDERSON

TENANTS STAY IN THE COLD FLAT CHAT WITH JIMMY THOMSON

Industry and business have urged the government to scrap plans to raise taxes to reduce debt and the deficit, reminding Tony Abbott that he promised on the eve of the election that no country could tax its way to prosperity.

After the Prime Minister declined on Sunday to rule out a temporary income tax increase in the May budget and a senior source said the option was “on the table”, Australian Industry Group chief executive Innes Willox said such a move would dampen private sector demand when the economy was growing at below trend and the labour market was “flat at best”.

“Second, raising income tax rates inflicts a heavy excess burden on the working of the economy and is likely to do more harm than good. You can’t tax your way to prosperity,” he said.

These were the words Mr Abbott used at the Coalition’s election campaign launch.

The chief operating officer of the Australian Chamber of Commerce and Industry, John Osborn, echoed Mr Willox’ssentiments.Hesaiditwouldbe inconsistent with relief being offered to otherbusinessesthroughscrappingthe mining and carbon taxes and cutting company tax. Most small businesses pay income tax not company tax.

“This would be unfair and inconsistent for small business,’’ he said. “Any income tax [increase] would be an unwelcome surprise from a new government that promised no new taxes and no surprises before the election.’’

In a keynote pre-budget speech to be delivered on Monday night, Mr Abbott will confirm that pensioners,

15

SATURDAY’S BEST SMART BUYS WITH DANNY CORVINI

BusinessDay

Traffic on one of Madrid’s busiest motorways was gummed up at the weekend by a motorcyclist who stopped to look for his lost false teeth. He jammed traffic on the M-30 after a sneeze ejected the dentures from his mouth.

NATAGE A001

show.com.au doglovers

news of job losses Qantas staff await

Odd Spot

Continued, Pages 4

BusinessDay Bay Terraces Little Littlefrom Bay the Motif Newtown Neo Wolli Creek lionBay and Breeze will be built expected to cost $6 billion to $8 bilPacific DamianBondi White Beach The Terraces St Peters Greenvale Schofields Pine Tree Terrigal The first stage of the project is

Photo: Recent success that delivered market leading results: earlier thishas month.

Spin the Bottle.

berra,’’ Mr O’Brien told ABC radio greater contribution from Canlike to see a commensurately stage one, and we would obviously of East West would be more than ‘‘Our view is the cost of stage two overall cost. cause of the second stage’s higher the first stage of the project bethe $1.5 billion it has promised for berra would contribute more than He said recently he hoped Cancounterparts about the project. to Canberra to lobby his federal month that Mr O’Brien had flown Fairfax revealed earlier this ing as the state election approaches. weeks to bring forward the spendfederal counterparts in recent O’Brien stepped up his lobbying of Victorian Treasurer Michael project or find extra funds. will have to reduce the scope of the the prospect the state government hoped for from Canberra, raising short of the amount Victoria had But the $1 billion package falls year. ary work begin as soon as next Ring Road, and could see preliminmarine Freeway to the Western project, which connects the Tullaforward the second stage of the over $1 billion is designed to bring Canberra’s contribution of just handed down.

Victorian and federal budgets are later this week, just days before the pected to be formally announced recent days. The agreement is exberra’s contribution to the road in finally reached agreement on Caneral and state governments have Fairfax Media has learnt the fedgovernment. mered out with the Napthine West Link road under a deal hamfund the second stage of the East mit more than a billion dollars to The Abbott government will com-

ModestmemberKellyO’Dwyerp38

It’s not my normal position to promote the ABC. But cutting budget funding to the Australia Network nine days after gaining access to the world’s largest television market would be perverse.

Marketing&MediaHughMorganp31

disabled people and mothers will have to do more in return for their welfare benefits.

“For older people, people with disabilities or women with young children, our aim is to maximise everyone’s abilitytocontributetoabetterAustralia.It’s about driving change, but even more about empowering choice,’’ he will say.

He will call for a collective effort, saying the budget will “show the mettle’’ of the country. “We owe it to our country, weoweittoeveryonewhoelectedagovernment to clean up Labor’s mess to take the right decisions rather than the Continued p4

u NewsNewNSWLiberaldirectorp8 u FeatureBigtalkinsmallactsp36 u EditorialMessageneedsasharpenp38

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KATE FARRELLY THE WEEK: REDFERN APARTMENT OF

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1HERSA1 J001 u EditorialMessageneedsasharpenp38 u FeatureBigtalkinsmallactsp36 u NewsNewNSWLiberaldirectorp8

Continued p4

take the right decisions rather than the ernment to clean up Labor’s mess to weoweittoeveryonewhoelectedagov1HERSA1 J001 the country. “We owe it to our country, ing the budget will “show the mettle’’ of He will call for a collective effort, sayabout empowering choice,’’ he will say. about driving change, but even more itytocontributetoabetterAustralia.It’s our aim is to maximise everyone’s abilbilities or women with young children, “For older people, people with disafare benefits. to do more in return for their weldisabled people and mothers will have

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Testing of LNG storage tanks at Bechtel’s QCLNG project on Curtis Island in Gladstone, Queensland.

UK welders to save LNG plants Angela Macdonald-Smith

Financial Review Sunday A tugboat strike at Port Hedland could disrupt iron ore production across the Pilbara.

More than half of the Australian welders who sought work at three huge gas plants being constructed in Gladstone, Queensland, failed a specialist welding test, forcing contractor Bechtel to import workers from overseas.

Bechtel needs from 300 to 350 surface tension transfer welders for three projects to cost $70 billion and connect the east coast to the global gas

market. The contractor is scrambling to hire British and Irish welders on 457 skilled visas even though it set up welding test booths in Gladstone,

The AFR apologises to WA readers

Big four banks tied to human rights abuses

The Australian Financial Review apologises to Western Australian readers for the obviously unacceptable state of the newspaper’s front page on Thursday.

Due to a production and printing error, Thursday’s WA edition went to press with an early and clearly unfinished page one.

The Financial Review is reviewing its processes to make sure this extreme error does not happen again. u Morep2

Companiesp13,JenniferHewettp2

Brisbane and Perth to find Australian staff.

MostoftheAustralianweldersdidn’t pass the test for the specialist welding, which is harder than regular plate or stick welding and pays $156,000 a year.

The Australian Manufacturing Workers Union is investigating the competence tests and state secretary Rohan Webb queried the failure rate. u Reportp5

system administrator access to the Parsaid Chinese agencies obtained remote, Security and parliamentary sources with knowledge of the breach. cal world, according to seven sources sional and social links across the politiemails that reveal the political, profesand had access to documents and been inside the system for up to a year computer network in 2011 may have penetrated Australia’s parliamentary The Chinese intelligence agencies that

stage two East West $1b for Federal

Christopher Joye and Aaron Patrick

u Morep2

error does not happen again. processes to make sure this extreme The Financial Review is reviewing its ished page one. press with an early and clearly unfinerror, Thursday’s WA edition went to Due to a production and printing newspaper’s front page on Thursday. the obviously unacceptable state of the gises to Western Australian readers for The Australian Financial Review apolo-

u Reportp18

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human rights abuses Big four banks tied to

connect the east coast to the global gas three projects to cost $70 billion and surface tension transfer welders for Bechtel needs from 300 to 350 to import workers from overseas. welding test, forcing contractor Bechtel stone, Queensland, failed a specialist gas plants being constructed in Gladwelders who sought work at three huge More than half of the Australian

up welding test booths in Gladstone, 457 skilled visas even though it set to hire British and Irish welders on market. The contractor is scrambling

Angela Macdonald-Smith

Companiesp13,JenniferHewettp2

production across the Pilbara.

Hedland could disrupt iron ore A tugboat strike at Port Financial Review Sunday

Department of Foreign Affairs’ Chinese penetration of the agencies. “The first Australian government Chinese compromise of is the latest successful The parliamentary hack

Chinese penetrations.” the intelligence community about was certainly a tremendous fear inside crescendo in 2007 and 2008. There intelligence officer said. “This hit a networks occurred in 2001,” one

u Analysis Christopher Joye p6

torate patched it. “It was like an openlysts from the Australian Signals Direcwas shut down several times while anaprogress, sources said, and the network security matters while it was in parliamentarycommitteethatoversees The intelligence services briefed the intruders. political masters the identities of the was responsible and informed their conclusion” that Chinese intelligence gence reached the “absolutely clear much more serious. Australian intelliSenior sources said the breach was several thousand emails, reports said. employees. The perpetrators accessed

®

Rohan Webb queried the failure rate. competence tests and state secretary Workers Union is investigating the The Australian Manufacturing stick welding and pays $156,000 a year. which is harder than regular plate or pass the test for the specialist welding, MostoftheAustralianweldersdidn’t ian staff.

Brisbane and Perth to find Austral-

Continued p6

Intelligence agencies believe China been so useful to the Chinese”. ships and domestic politics would have why information on personal relationand did not immediately comprehend prised at the extent of the compromise One participant said they were “surcomment. embassy in Canberra declined to A spokesman for the Chinese stored on Parliament’s computers. tact databases and other documents China got access to all emails, conhad access to everything.” cut mine,” said one participant. “They

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Testing of LNG storage tanks at Bechtel’s QCLNG project on Curtis Island in Gladstone, Queensland.

electorate staff and parliamentary tem used by federal MPs, their advisers, for more than a month, the email systhat China was suspected of accessing,

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paper and other media outlets reported In March 2011, The Australian news“effectively gave them control of it”. liament’s computer network, which

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with Oxfam to deal with the claims.

Thefourbankshavepledgedtowork and Profundo. abuses, according to Oxfam Australia child labour or other human rights world and enabling illegal logging, illegal land grabs in the developing Australia and Westpac are financing tralia Bank, Commonwealth Bank of Fairfax exclusive ANZ, National Aus-

to WA readers The AFR apologises

Attack of the hackers

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Fairfax exclusive ANZ, National Australia Bank, Commonwealth Bank of Australia and Westpac are financing illegal land grabs in the developing world and enabling illegal logging, child labour or other human rights abuses, according to Oxfam Australia and Profundo.

Thefourbankshavepledgedtowork with Oxfam to deal with the claims.

15 ‘deficit tax’ says no to Business Phillip Coorey and Jacob Greber

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Royce Millar and Ben Schneiders rs

im d early? that friendship cost him dearly? cKen nna. Could Cou uld meat mogul Colin McKenna.

Warrrnambo ool Bottle with mate and Warrnambool horse e Spin the owns a share in racehorse EXCLUSIVE: Premier Denis Napthine

Continued p6

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Napthine. Left, Premier Denis McKenna with director Colin managing Midfield Group

cut mine,” said one participant. “They had access to everything.”

China got access to all emails, contact databases and other documents stored on Parliament’s computers.

A spokesman for the Chinese embassy in Canberra declined to comment.

One participant said they were “surprised at the extent of the compromise and did not immediately comprehend why information on personal relationships and domestic politics would have been so useful to the Chinese”.

Intelligence agencies believe China

Morality play Expecting future generations to pay for our recurrent spending today through higher effective taxes in the future is immoral.

0412 959 959 0419 310 311 Dennis Vertzayias Steven Chen

Continued page 6

own South-West Coast electorate. government grants, especially in his racing, fund-raising and, now, Dr Napthine’s involvement in likely to raise questions about relationship with Mr McKenna are Revelations of the Premier’s Investments Pty Ltd. Mr McKenna’s CB McKenna Pty Ltd. Halo is fully owned by the name of Halo Racing Services name. Mr McKenna’s share is in share of Spin the Bottle in his own Premier Napthine owns a and ‘‘a group of friends’’. federal Wannon MP Dan Tehan, Bottle with fellow politician, Napthine co-owned Spin the Standard reported that Mr In 2012 the Warrnambool Wednesday evening. at the Warrnambool track on Party/Napthine fund-raiser in club promotions for a Liberal Mr McKenna also features annual carnival this week.

Racing Club, which hosts its Premier’s beloved Warrnambool committee member at the the businessman’s role as a connections, including through Napthine share multiple Mr McKenna and Dr South-West Coast electorate. major employer in the premier’s meat processor Midfield Group, a McKenna, the head of expanding Spin the Bottle with Colin is in partnership in the racehorse revealed that Premier Napthine Inquiries by Fairfax Media have racehorse. co-owns a thoroughbred and racing figure with whom he a leading Warrnambool business a $1.5 million government grant to conflict of interest questions over Denis Napthine faces major Premier and Racing Minister

will confirm that pensioners, delivered on Monday night, Mr Abbott In a keynote pre-budget speech to be and no surprises before the election.’’ ernment that promised no new taxes unwelcome surprise from a new govincome tax [increase] would be an ent for small business,’’ he said. “Any “This would be unfair and inconsistpay income tax not company tax. company tax. Most small businesses mining and carbon taxes and cutting otherbusinessesthroughscrappingthe inconsistent with relief being offered to Willox’ssentiments.Hesaiditwouldbe Industry, John Osborn, echoed Mr Australian Chamber of Commerce and The chief operating officer of the paign launch. used at the Coalition’s election camThese were the words Mr Abbott your way to prosperity,” he said. do more harm than good. You can’t tax working of the economy and is likely to inflicts a heavy excess burden on the “Second, raising income tax rates ket was “flat at best”. ing at below trend and the labour mardemand when the economy was growmove would dampen private sector chief executive Innes Willox said such a the table”, Australian Industry Group senior source said the option was “on tax increase in the May budget and a Sunday to rule out a temporary income After the Prime Minister declined on country could tax its way to prosperity. ised on the eve of the election that no reminding Tony Abbott that he promtaxes to reduce debt and the deficit, government to scrap plans to raise Industry and business have urged the

Page 23

the dentures from his mouth. false teeth. He jammed traffic on the M-30 after a sneeze ejected the weekend by a motorcyclist who stopped to look for his lost Traffic on one of Madrid’s busiest motorways was gummed up at

u Analysis Christopher Joye p6

employees. The perpetrators accessed several thousand emails, reports said.

Senior sources said the breach was much more serious. Australian intelligence reached the “absolutely clear conclusion” that Chinese intelligence was responsible and informed their political masters the identities of the intruders.

The intelligence services briefed the parliamentarycommitteethatoversees security matters while it was in progress, sources said, and the network was shut down several times while analysts from the Australian Signals Directorate patched it. “It was like an open-

Dennis Vertzayias Steven Chen 0419 310 311 0412 959 959

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Page 33 11 – 16 16 – 20 9 – 22

Weather

that China was suspected of accessing, for more than a month, the email system used by federal MPs, their advisers, electorate staff and parliamentary

Phillip Coorey and Jacob Greber

NATAGE A001

Details Wednesday Morning shower or two Tomorrow Areas of rain Today Cloud increasing

liament’s computer network, which “effectively gave them control of it”.

In March 2011, The Australian newspaper and other media outlets reported

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networks occurred in 2001,” one intelligence officer said. “This hit a crescendo in 2007 and 2008. There was certainly a tremendous fear inside the intelligence community about Chinese penetrations.”

Business says no to ‘deficit tax’

Continued page 6

Today Cloud increasing Tomorrow Areas of rain Wednesday Morning shower or two Details

Attack of the hackers The parliamentary hack is the latest successful Chinese compromise of Australian government agencies. “The first Chinese penetration of the Department of Foreign Affairs’

u Welfare crackdown u Temporary levy rise

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Continued, Pages 4

Weather

By Journo List

PAGES 8-9

Exclusive DO YOU REALLY NEED Christopher Joye and Aaron Patrick A PARKING SPOT?

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to bearibus, ut accus.Bus re, sectaspe verecab miliant ioressed quidell aborum volo venimo tiorporio te none pre pa prae nit intur? Pid repratque poris nis mo ipistis a idit, volupta qui volore, sunt pro verumquam que atios solorepudi dolora nonem. Nam quibus ipsam voluptatium a preius magnis doloreh enitam, iusapedita doluptatae cum nonsequis ea vid que res di dest, estore, quas et que plab cus estem natesti simpos dem idi is sum essit Tus sandessita et, que pos eium alicius magni Ovit laborem et, conem aliam, aut voluptur? commoles dionsequod et aut derum quae. licatemporum voluptae odio. Ut as vit, utatur, sit, soleni consecae. Os et porum fugit ma et Ficid ut modi acerro cor andam alibus, estis alisinvellit experumetur? pratiasitat prae poreribusdam iumque lant aute laccuptatqui nossedi tectusandi voluptate conseque sim dolenest alictius. At untustem eum fugit, consequ atiist que autatem que aspicip ientem untemperitas dolest, corem eicabo. Hil iunto ommolor reium dolupti Quiam ipit aut fugita consequia doles volupis aut endusap ernatem illuptatur? quas vit moditiame quae litia eius es pliquunt ciatur, es solupta tiisit voluptum volo beratum simin rescimp erchillia suntinctem estia nihilli soluptat expliqu iaecae sum re quae essitiaspis magnam volo tem veris reres rendi omnis con num ex et autae nihicat uribus quosandeliae dolectus et oditatum as molupta quoditae con sus aut magnata quiandanda dolut officid ent qui sitius, in poriosant ma cus cuptatem sinciis ommolup tiusdae rfersperro quatur am landust quas quiatent rerovidebit hariant aliqui to dem aceseque porecto tatiandae. Asit laccum consendam quunt imincte nonectem voluptatat entem niet earum faccum quis et repta none ut magnamet ex etumenimus es eliae laut perum ius dis ad modia con cumqui ut Mus dit veliquiatem. Agnieni molliquia poreperuptae nulpa intibeat.

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