Australia's RBA mulls new growth drivers

A top Australian central bank official said Tuesday that the resource-rich nation will need to find new drivers of growth as a mining investment boom that has underpinned the economy is fading. 

"With the peak in mining investment now coming into view, it is not surprising that attention is turning to the question of what forms of activity might pick up, where the future jobs might come from, and what combination of interest rates and exchange rates might keep the overall economy on an even keel," Reserve Bank of Australia Deputy Governor Philip Lowe said at a conference in Hobart. 

In May, Mr. Lowe referred in a speech to a "once-in-a-century boom in mining investment". But the industry is now feeling the pain of weakening global demand as Europe's woes play out and China's economy slows. In recent weeks, mining companies have scrapped big investment plans, shuttered mines and laid off thousands of workers. 

The RBA last week surprised economists by cutting its benchmark lending rate by 0.25 percentage point to 3.25%, a level last seen in late 2009, reacting to declines in commodity prices and slowing growth. Most economists had expected no change. 

It now expects the peak in resource investment to occur next year, possibly at a lower level than earlier expected. 

Mr. Lowe said Tuesday that concerns about world growth and signs the country's job market has softened recently prompted last week's cut in interest rates. 

"Given the outlook for contained inflation, the board judged at its meeting last week that it was appropriate for the stance of monetary policy to be a little more accommodative," Mr. Lowe said. 

Source  http://www.marketwatch.com/story/australias-rba-mulls-new-growth-drivers-2012-10-08?link=MW_latest_news

Carmen announced as Sydney Harbour opera

RAIN did its best to sink the first opera to grace Sydney Harbour, but the show will go on with Opera Australia confirming the Spanish sizzler Carmen for next March. 

 

A day after Handa Opera On Sydney Harbour won four Helpmann Awards for La Traviata, including best special event and best actor for Emma Matthews, organisers have announced the return of al fresco opera.

Like La Traviata earlier this year, Carmen will be played out in grand scale over 18 shows; positioned off the Royal Botanic Gardens on a tilting stage and backed by an orchestra and fireworks.

"There is no stage in the world as spectacular as this one," said Lyndon Terracini, artistic director of Opera Australia.

"Sitting on top of Sydney Harbour with the city skyline as the backdrop, this is opera like you'll see in no other place in the world."

In bringing Carmen's seductive love story to life, director Gale Edwards has teamed up with designers Brian Thompson, who won a Helpmann for his La Traviata set, costumes guru Julie Lynch and lighting specialist John Rayment.

Two mezzo-sopranos will alternate in the role of the fiery Carmen, Israeli star Rinat Shaham and Serbian model-turned-singer Milijana Nikolic.

Two tenors, Russian singer Dmitry Popov and American star Adam Diegel, will assume the part of the opera's hero Don Jose.

Opera Australia will present 18 performances over three weeks from March 22 to April 12. Tickets from $79 will go on sale from October 8.

Source  http://www.theaustralian.com.au/news/breaking-news/carmen-announced-as-sydney-harbour-opera/story-fn3dxiwe-1226481675205

One-stop shops to showcase South Australia's top food and wine in China

SOUTH Australian food and wine will be showcased in two "one-stop-shop" outlets to be built in China, giving local producers and exporters direct access to a market of more than 7.6 million Chinese consumers. 

 

The SA produce centres are expected to open in about 18 months and will give visitors the opportunity to eat, buy and order the state's  food and wine. Agriculture, Food and Fisheries Minister Gail Gago, who recently made her first ministerial visit to China, said  the centres would give  SA producers and exporters more direct access to markets in China.

Ms Gago said they would likely feature restaurants, shops and information and marketing on regions of South Australia while also operating as a wholesaler to Chinese outlets.

They would focus on food quality and safety and would also provide accreditation to available products.

The centres will be based in Nanping, with a population of 3.06 million, and Zhangzhou, with a population of 4.6 million, both in Fujian province on China's east coast.

The State Government is expected to begin discussions with local producers about their potential involvement in coming weeks.

"Fujian Province has recognised South Australia's competitive advantage of premium food and wine, grown and produced in a clean and safe environment," Ms Gago said. "The Chinese have a burgeoning economy, a burgeoning middle class that are very interested in quality food ... (and) want assurances and reliability about the quality and safety of those products.

"They're interested in basically all our primary produce and also processed foods.

"They love our seafood; fresh fish, abalone and lobster."

The centres would be paid for and run by the Chinese, in consultation with SA officials. Ms Gago said there was scope to build more stores if the first two proved successful.

Her visit to China also explored opportunities for SA university researchers to partner with the Chinese on food quality, hygiene training and technology.

"They're very interested in research links to support food quality and hygiene safety standards," she said.

Source  http://www.dailytelegraph.com.au/news/national/one-stop-shops-to-showcase-south-australias-top-food-and-wine-in-china/story-fndo2izk-1226465959140

Australia’s Top 100 property investment suburbs revealed in annual guide

A growing number of investors are setting up self-managed super funds (SMSFs) and the ATO’s tax ruling late last year has made it more attractive than ever to purchase property through such funds. As investor interest in real estate picks up, it is important to keep abreast of the property market and the best opportunities out there for your clients.

Wealth Professional's sister publication Your Investment Property is the intelligent investor’s choice for essential information about Australia’s property market. Each issue contains all the latest property data, suburb profiles, case studies, tax tips and more to help investors build wealth from property.

And with the annual Your Investment Property Top 100 Suburbs Guide now available, you'll have all the information you need to provide better advice to your clients who are looking to buy property.

This is the only hot spot list that actually ranks suburbs based on capital growth and rental return potential, and the only report to focus on the investor sweet-spot of $500K and under. It provides the most comprehensive suburb analysis focusing on both short and long-term performance as well as growth projections, and is sure to impress your clients.

Pick up your copy from leading newsagents or online at www.yourinvestmentpropertymag.com.au.

Australian billionaire moves to buy out Whitehaven Coal

Whitehaven Coal , Australia's second-biggest independent coal producer, said it has received a buyout approach from its top shareholder, billionaire Nathan Tinkler, but bankers and analysts doubted a deal could be put together.

Whitehaven's shares shot up 9 percent after the announcement on Wednesday but later drifted back on skepticism over a deal going ahead, as tight access to debt would make it tough to finance a bid for the company, valued at $4.4 billion.

"It's at an early stage with some substantial funding question marks. The funding would be the challenge," said Chris Drew, an analyst at RBC Capital Markets in Sydney.

Tinkler would have to offer a solid premium to satisfy Whitehaven's board, which just over a year ago scrapped an auction of the company after receiving unacceptable offers from around six suitors.

Whitehaven said Tinkler Group's proposal was too incomplete to be considered but left the door open to a bid, saying it has set up a committee of independent directors to consider any further proposal.

"It'd be an uphill task for Tinkler to take it private. He'd need plenty of equity and backing, which is a luxury right now," said a source who has worked on recent industry deals.

A former electrician, Tinkler, 36, had been widely expected to sell down his 21 percent stake in Whitehaven, which in April paid about $2.7 billion for Tinkler's Aston Resources and his exploration company Boardwalk Resources.

However, he has instead turned his attention to taking over the business, driven by recent share price weakness and plans to speed up development of Whitehaven's projects, a source with knowledge of the deal said.

Whitehaven and a spokesman for Tinkler Group declined to elaborate on the tentative proposal or identify who might be working with Tinkler on the bid.

Whitehaven notably has not appointed any major investment bank as a defense adviser. Last year it hired Goldman Sachs to advise on the auction of the company.

BIG BETS

Tinkler, with a taste for fast cars, made his fortune selling a coal tenement to Macarthur Coal in 2007 and now owns the Newcastle Knights rugby league team and a horse racing and breeding operation, which he picked up when the industry was hit by equine flu.

He also rescued the Newcastle Jets Australian A-League soccer club, tried to dump it, then held on to it after winning concessions from another Australian billionaire, shopping mall magnate Frank Lowy, who heads Australia's football federation.

Tinkler, who recently moved to Singapore, would need backers for the Whitehaven bid and there is industry speculation he could seek a mix of partners, including coal customers and investment firms. He is being advised by Queen Street Capital, a boutique firm that he owns.

Whitehaven has an off-take agreement with Japan's Electric power Development Co (J-Power) , which recently bought a 10 percent stake in Whitehaven's Maules Creek project. The mine, the big prize in Whitehaven's takeover of Aston, is also 15 percent owned by Itochu Corp .

Other names mentioned as potential partners in a bid are investment firms Farallon Capital and its subsidiary Noonday Capital, which have worked with Tinkler in the past.

Whitehaven's output is expected to rise from 6 million tonnes a year in 2012 to 25 million tonnes by 2016, when about 60 percent of output will be coking coal for steel mills.

At least half of the companies that put in bids for Whitehaven last year are unlikely to pounce now, including U.S. coal miner Peabody Energy , which has since taken over Macarthur Coal, and China's Yanzhou Coal , which is now in the process of taking over Gloucester Coal .

Whitehaven's shares jumped to a high of A$4.36 after the buyout approach was announced and closed up 4.5 percent at A$4.18, valuing the company at A$4.2 billion ($4.2 billion).

Ahead of the approach, the stock had slumped 23 percent since the takeover of Aston was sealed in early May. The fall is in line with other coal miners, like Yanzhou and Peabody, amid a drop in coal prices due to worries about soft Chinese growth.

Source  http://www.chicagotribune.com/classified/automotive/sns-rt-us-whitehaven-privatisationbre85c08h-20120612,0,1401006.story

Australia says troops could soon leave East Timor

Australian Defense Minister Stephen Smith says parliamentary elections planned in East Timor could allow international troops to begin withdrawing after six years of restoring stability to the fledgling Southeast Asian nation.

Smith on Monday welcomed the success of weekend presidential elections. The official results won't be known until Tuesday, but the incumbent, Nobel laureate Jose Ramos Horta, had nowhere near the support needed to advance to an April 21 run-off between the two front-runners.

Smith says if the run-off election and June parliamentary elections are similarly successful, Australia will discuss with the government, United Nations and New Zealand a drawdown of the 470 Australian and New Zealand troops stationed in East Timor.

Source http://www.wgme.com/template/inews_wire/wires.international/3e41cd3c-www.wgme.com.shtml

Australian Group Buying Site Scoopon is Named Market Leader for 2011

A recent report from the independent analyst house, Telsyte, suggests the Australian owned group buying site, Scoopon, dominated the local group buying market in 2011. This was the second year Scoopon clinched the top spot, outperforming multinational companies like LivingSocial and Groupon. The news is hailed as a windfall for Scoopon, competing in a sector of over 80 similar group buying websites.

Co-founder Gabby Liebovich attributes the brand’s success to the site’s focus on deal quality, rather than quantity, an organic and loyal membership base, as well as an industry leading commission structure.

“The international entrants have come in and exerted their weight with massive spends on marketing campaigns and recruited an army of hundreds to try and buy their way into the Australian market,” Leibovich says.

“We, on the other hand, have always let our deals do the talking, and despite little marketing effort, have built the country’s strongest and most loyal membership base of over 1.8 million members who have signed up simply because they are genuinely interested in what we have to offer.”

In the past, Scoopon has demonstrated it isn’t afraid to take the larger internationals on head-to-head. A legal battle with the US site, Groupon, over the control of the Groupon Australia trademark and URL address resulted in an out-of-court settlement in July 2011.

“We keep a close eye on the Americans who are throwing some pretty hefty dollars at marketing,” says Leibovich. “I question whether they are in fact making a profit.”

The data released in the Telsyte report shows that the group buying market has grown seven times from 2010. Australians spent just under $500 million in this fashion in 2011 alone, and the market is projected to reach $1 billion by 2015.

Leibovich believes that Scoopon’s leadership in the sector all comes down to providing a quality experience for customers every day.

“Through our centralised product sourcing capabilities through CatchOfTheDay group, as well as Scoopon’s market-leading commissions structure, we have and will continue to lead in the quality of deals we have on offer,” explains Leibovich.

Telsyte has measured this sector since the beginning of the group buying market in February 2010. Sam Yip, Analyst for Telsyte, worked on the latest report.

“We have a database of over 55,000 deals across all Australian locations and deal categories,” Yip says. “Scoopon was market leader for the year, however we saw strong growth from multinationals Groupon and LivingSocial, who grew very quickly in 2011.”

“However,” Yip says, “Australians continue to be loyal to the best deals and the best price, not the sites.”

Source http://www.powerretail.com.au/news/scoopon-named-market-leader/

NZ singer wins top Australian award

New Zealand singer Kimbra was named best female artist at the Australian Recording Industry Association Awards in Sydney on Sunday for her debut album Cameo Lover.

The former Hamilton resident also popped up in the single of the year Somebody That I Used To Know. She co-sings on the song by Belgian-Australian singer-songwriter Gotye.

The ABC reports Sydney band Boy and Bear received five awards, including the best group and best album prizes for their debut Moonfire.

Kylie Minogue and The Wiggles were inducted into the ARIA hall of fame.

Minogue, 43, has released 11 albums and sold more than 68 million records. She has 16 ARIA awards.

Source http://www.radionz.co.nz/news/national/92305/nz-singer-wins-top-australian-award

Red Dog makes it into the Top 10

The Australian film 'Red Dog' is now number 7 in the top ten grossing Australian films of all time and it was released a mere 8 weeks ago!

Mark spoke to the director Nelson Woss and of course the biggest star of all Koko, otherwise known as 'Red Dog', in the film.

They discussed just why the movie has resonated so much with Australian audiences and their plans to take it to Europe, America and beyond. The soundtrack to 'Red Dog' is out this week.

Source http://blogs.abc.net.au/victoria/2011/10/red-dog-makes-it-into-the-top-10.html

RSS Text Size Print Share This Home / sports / Former Ole Miss Guard Chris Warren Signs With Australian Team

Throughout his exceptional high school and college career, Chris Warren dreamed of taking his basketball talents to the professional level.

On Wednesday, the former Ole Miss point guard was granted such an opportunity when he signed with the Adelaide 36ers of Australia’s National Basketball League.

Warren joins a long list of Rebels who have extended their careers into the professional ranks, including 11 former players who were active in 2010-11.

One of the top seniors in all of college basketball in 2011, Warren was the first import player signed by the NBL’s 36ers for the upcoming season. The nine-team NBL is the top pro basketball league in Australia. The league’s leading scorer last year was former Mississippi State and Arkansas guard Gary Ervin.

“I am really excited to be playing in Australia,” Warren was quoted in the team’s press release. “I have heard great things about the country and the league. I have spoken to (36ers) Coach (Marty) Clarke several times and the club sounds fantastic. Meeting the guys will be great, and once I pull on my Adelaide 36ers uniform it will be about what I can do to help the team win. I hope the Adelaide supporters are ready for an exciting year.”

The Orlando, Fla., native was a two-time All-SEC performer for the Rebels, including first-team accolades as a senior. Last year, he ranked second in the SEC with 19.1 points per game and led all NCAA players with a school and SEC record 92.8 free-throw percentage. Among his many achievements, Warren became the fourth player in Southeastern Conference history with 2,000 points and 400 assists, joining LSU’s Pete Maravich, Tennessee’s Allan Houston and Georgia’s Litterial Green.

“Chris displays a great game sense, an ability to score against top flight players, and both leadership and composure of a quality point guard,” 36ers coach Marty Clarke said of his new player. “Our due diligence has been extensive with numerous conversations with his college coach, opposition coaches and scouts. He is a dynamic player who we believe will help bring on-court success and enhance our commitment to creating an elite mindset within the team. We believe his game style fits our philosophies and will bring great excitement to our fans.”

Source http://www2.wjtv.com/sports/2011/jul/20/former-ole-miss-guard-chris-warren-signs-australia-ar-2165416/

Australian gov't provides aid package for cattle industry

Australian federal government on Thursday announced a 31 million U.S. dollars assistance package to the Australian live cattle exporters, in a move to tide them over the freeze on live cattle exports to Indonesia.

It is on top of the 3.12 million U.S. dollars fund announced on Monday, and the assistance package will also benefit businesses that rely on the live cattle trade, like trucking companies and helicopter mustering businesses.

Prime Minister Julia Gillard said she recognized the government's decision to suspend live exports to Indonesia earlier in June was putting pressure on beef producers.

"This is a package to meet the short-term hardship that the industry is facing now," Gillard told Nine News at a press conference in Darwin on Thursday.

"The best thing we can do for the industry is get the trade resumed with Indonesia with the animal welfare issues addressed and we are working hard on that."

Gillard said it was "absolutely the right decision" to suspend the trade, despite the cost of supporting the industry now.

"I want this industry to have a long-term sustainable future. The worst thing that could happen to the industry is that we didn' t resolve the animal welfare issues now and in two years time there's another problem and in four years time there's another problem," she said.

"This is the time to get the animal welfare issues right so the Australian community can be assured that this trade is meeting their expectations about the treatment of animals."

However, Gillard refused to draw on when the trade will be resumed, saying that it will happen until animal welfare issues are resolved.

Early June, Australian federal Agriculture Minister Joe Ludwig announced suspension of all live exports to Indonesia until the welfare of cattle can be guaranteed. This came following the release of a footage showing Australian cattle being tortured in Indonesian slaughterhouses.

As a result of the suspension, more than 150,000 ready-to- export cattle has been stranded across Australia, with animal exporters saying that the suspension has hurt the industry badly.

Indonesia is the biggest buyer of Australian live cattle. The trade made up 60 percent of live cattle exports last year and generated 332 million U.S. dollars.

Source http://english.peopledaily.com.cn/90001/90777/90851/7425778.html

Australian Consumer Inflation Expectations Steady In June -Survey

Australian consumer inflation expectations remained relatively modest in the June, taking some of the heat out of a widening national debate over the outlook for interest rates.

The Melbourne Institute survey of inflationary expectations for June showed consumers expect inflation to rise 3.3% over the next year, just above the Reserve Bank of Australia's 2%-3% inflation target ...

Source http://online.wsj.com/article/BT-CO-20110615-714960.html