Bill Shorten risks rift with unions as election nears

Ms O'Neil, an alternate director on the board of AustralianSuper, said companies engaging in poor labour practices presented a double whammy of risk: lower investment returns and an erosion of wages now, leading to fewer retirement savings. Transport Workers Union national secretary Michael Kaine, an alternate director on TWUSuper, told The Australian Financial Review on…

Michael Daley is no racist, no orator either

"And I don't want to sound xenophobic. It's not a xenophobic thing. It's an economic question." How to appeal to prejudice One of the tricks of politics is to appeal to prejudices without altering those being demonised. Daley is no racist. He is no orator either. He was bluntly articulating one of the great preoccupations…

Westpac exit from financial advice concedes reality

Unlike its peers, Westpac is still intent on continuing in wealth management, including the expansion of its Panorama wealth administration platform and a focus on offering its breadth of services to customers in insurance, superannuation and private wealth. CEO Brian Hartzer actually calls it "doubling down". However, financial advisers steering clients towards such products and…

Local investors stick with Facebook despite global storm

Asset management giants Vanguard, Fidelity and BlackRock are the social network's three biggest investors globally. Other Australian fund managers with smaller positions in Facebook said they preferred to speak anonymously as they did not wish to seem insensitive to those affected by the horrific events in New Zealand last week. "There absolutely needs to be…

Barangaroo’s ‘bird nest’ hits the market

"Location and design are two key elements in creating great places that people are drawn to. This building has both - a distinctive design and a prime address on the waterfront at Barangaroo," Mr Burton added. CBRE director James Parry, who has been engaged to sell the building, said it was a "trophy asset" ideally…

WiseTech, Atlassian rev growth engines

Both companies’ shares prices are now hovering just below record levels. And the Rich Lister founders of both business – Atlassain’s Mike Cannon-Brookes and Scott Farquar, and WiseTech’s Richard White – are determined to keep investing as they look to reinforce the competitive advantage of their businesses. Speaking to White on Tuesday, it’s clear where…

‘We are not rich’: Retirees rally against Labor’s ‘class war’

"I do not like it when one pits one generation against another, one class against another, one race against another, it is unbecoming and that is what the Labor Party plans to do," she said. This triggered an outcry after Labor's Matt Thistlethwaite denied the characterisation. 'Not just the mega wealthy' Andrew Lee, 73, says…

PM rules out preference deals with One Nation

Strategists in both major parties say One Nation could win up to 20 per cent of the vote in north and central Queensland. AFRUnder pressure from Labor to marginalise the far right party in the wake of the New Zealand massacre, the Prime Minister also faces pressure from Coalition MPs in Queensland who are likely to need One…

Janine Allis boosts housing market with $6.3m sale

Earlier this month, a six-bedroom house in Canberra's Chapman sold for $2.33 million, $330,000 above reserve, to a buyer who had already drawn up plans to build a family home elsewhere. But Australia's housing market is still struggling to recover from a downturn that the Reserve Bank last month called "a significant area of uncertainty"…

APRA warns against super fund activisim

TWU attacks super boards Transport Workers Union national secretary Michael Kaine, an alternate trustee of TWUSuper, said super funds must regularly review the employment issues of companies they invest in. Mr Kaine attacked super fund boards for paying "lip service" to environmental, social and government investment principles and backed a harder approach against employers with…

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