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Archive for August, 2018

30 August
Comments Off on Be well endowed to beat super’s flaw

Be well endowed to beat super’s flaw

For what’s supposed to be a gold-plated super system – setting aside the question of exactly which version since it changes so much – there’s a gaping hole because you don’t know what you’re going to get when you retire. Pretty basic flaw, you’d think.
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While you might have a rough idea of what your super pension will be on the eve of R-Day, you still can’t count on it, as the global financial crisis proved.

Even if you put all your super in a safe fixed-interest fund you won’t know what the returns will be each year.

All you could be sure of is that you wouldn’t have enough money to be self-sufficient, unless you’d built up a nest egg elsewhere.

Australia has one of the biggest super pools in the world, yet there are only two providers of annuities, or income streams, with a guaranteed income each year: Challenger and CommInsure.

Compare that with how many providers there are of managed funds for super. No point counting because a new one seems to start up every other day.

That’s another thing. There are any number of funds promising to build your super up, but once you retire you’re pretty much on your own.

Anyway, there is an investment that will tell you what you’ll have when you stop working, no thanks to the super industry, mind you. After all, molly-coddled funds feasting on the 9 per cent (9.25 per cent from July 1) of your salary put into super by your boss aren’t going to jeopardise their juicy fees from such easy money.

They aren’t interested in giving you a guaranteed income each year, though you’d think that would be the name of the game.

Which brings me to the new endowment bonds. These are a cross between an annuity and a bond. Their attraction is they cost less and pay more than either of them.

Each one is like a $10,000 banknote, except you choose the year you want the money, and buy it in advance at a discount.

So about $3800 today – the prices change each day – would provide a $10,000 one-off payment in 20 years. Think of it as a term deposit (though you lose the government guarantee) without having to invest it all upfront.

Strictly speaking, you aren’t paid interest, either, though the return works out at about 4.5 per cent a year for 10 years and 5 per cent for 20 years, about 0.5 per cent more than an annuity. The more endowment bonds you buy, the more multiples of $10,000 you’d have. The idea is to buy one or more for each year you’ll be retired.

Ah, but what about inflation? Good question, because an obvious shortcoming is they’re not indexed, though buying extra lots would cover it, I guess.

The investment is in either a state government bond or a deposit with Rabo Bank and the $10,000 payout is after a 0.37 per cent annual fee.

Either way, you get the better wholesale rather than the rate for the plebs.

They’re sold on ebx南京夜网.au and are held on your behalf by a trustee, a bit like super. Indeed, they work better in a super fund, otherwise you’d be paying tax on interest you’re not really getting – it’s part of the $10,000 at the end. At least that won’t be taxed.

But they don’t have the same protection or guarantee as annuities, which are issued by life insurance companies with regulated statutory accounts.

Still, it’s a start.

Twitter @moneypotts

This story Administrator ready to work first appeared on Nanjing Night Net.

30 August
Comments Off on Former NRL player sentenced over ‘disgusting’ blackmail campaign

Former NRL player sentenced over ‘disgusting’ blackmail campaign

Former NRL player Andrew Frew led a “disgusting” and “appalling” blackmail campaign against a postman by accusing him of being a paedophile, threatening to beat him up, and demanding more than $100,000, a magistrate says.
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Frew, who played for Manly, Parramatta and St George Illawarra between 1997 and 2004, could now spend a year behind bars.

The 39-year-old and his partner, Louise Jane Temple, admitted blackmailing the 58-year-old victim, who was Temple’s client when she was a sex worker in Kings Cross in the 1990s.

In Downing Centre Local Court on Tuesday, magistrate Janet Wahlquist sentenced Frew to one year in jail, but recommended he be assessed for an Intensive Correction Order, which would keep him in the community.

Ms Wahlquist handed Temple, 38, a one-year suspended jail term.

In April last year, Temple went to the victim’s home in Sydney’s north and asked him to look after a bag of watches for her, before they met again in June and he handed the bag back, an agreed statement of facts said.

A few days later, Frew called the victim demanding the watches back, but the man told him Temple had already collected them.

In August, the couple went to the victim’s home holding what they said was a police statement accusing him of having sex with Temple when she was 14.

According to the court documents, Frew said they should sort the problem out and asked the victim for $2000, claiming he was a “biker”. He said: “I don’t mind going to jail. I have been there before. I have 100 friends who will fix you up.”

The pair drove the victim to an ATM, where he withdrew $2000 and gave it to them.

The following month the victim met Frew and gave him $1000. During their meeting Frew told the victim that “the only way out” was to pay $100,000.

“[Frew] said ‘If you don’t pay we’ll sort you out, break your legs, proceed with charges and even after being convicted in prison, you will still owe $100,000’,” the court documents read.

The victim reported the incidents to police and the pair was arrested in September.

Frew pleaded guilty to two counts of demand with menace, while Temple admitted the August offence.

Ms Wahlquist blasted the pair, saying she considered full-time custody for Frew’s serious and “disgraceful” crime.

“It’s a disgusting crime to blackmail someone in this way. It really is … appalling to make these sort of threats,” she said.

The couple’s solicitor, Martin Ricci, said their actions were driven by “raging” ice addictions, and that Frew was at first trying to protect his partner.

“It’s a bizarre matter. It’s a matter where Mr Frew proceeded on a course of conduct which was initially driven by righteous indignation … and soon became less noble.”

Frew will return to court next month to be assessed for the correction order.

This story Administrator ready to work first appeared on Nanjing Night Net.

30 August
Comments Off on Longmire hits back at Brereton remarks

Longmire hits back at Brereton remarks

‘‘Absolutely wrong’’: John Longmire has rubbished Brereton’s remarks about Adam Goodes’ technique. Photo: Sebastian CostanzoAdam Goodes has won two Brownlow Medals, three club champion awards and owns four All Australian jumpers – not bad for a player who is supposedly guilty of committing one of football’s cardinal sins, says John Longmire.
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The Sydney coach has hit back at allegations by former Hawthorn star Dermott Brereton that Goodes did not put his head over the ball in contests, saying the Swans champion’s record for spoke for itself.

Brereton launched a scathing attack on Goodes on Monday night, describing the 33-year-old as a player who avoided body contact in 50-50 ground ball because he “chooses to go feet-first at other people’s peril”.

Goodes received a one-match ban last year for a rough conduct charge after he slid into Port Adelaide’s Jacob Surjan in a contest but escaped sanction from the AFL match review panel for making contact with his foot to Josh Gibson’s legs. The AFL ruled Goodes had been making a legitimate attempt at kicking the ball.

Longmire rubbished Brereton’s comments, describing them as “completely inappropriate and absolutely wrong”. Goodes is believed to be unperturbed by Brereton’s reaction.

“I had a brief chat with Adam; Adam really doesn’t care what Dermott Brereton thinks and so he shouldn’t,” Longmire said.

“In the end Adam Goodes’ football reputation and integrity stands alone. I just feel it’s a bit of a pity I’ve got to stand here and talk about it to be honest.

“The point’s got to be made, you don’t do what Adam Goodes has done in AFL football and have that accusation be levelled at him. You just have to stand by those facts.

“Why should we even discuss it [Goodes’ toughness]? If you’re not prepared to put your head over the ball you don’t play 50 games let alone 350, two best and fairests and do what he’s done – that’s very difficult to do.”

Longmire refuted Brereton’s suggestions that Goodes was not a fair player or that he received an “enormous amount of leniency” from the Match Review Panel.

“The facts are he’s been suspended when he’s done the wrong thing and the fact is the match review panel said he was attempting to kick the ball – they’re the facts,” Longmire said.

“To question the MRP as openly as what Dermott’s done – that’s really the issue. He’s questioning the integrity of the MRP.”

But the AFL will not be taking action against Brereton, who is a respected commentator and also a part-time assistant coach with Greater Western Sydney.

“He’s allowed to have an opinion,” said an AFL spoksman. “The only area where you’re not allowed a comment is an umpiring decision.”

Goodes will reach another milestone in his decorated career this week when he lines up with Ryan O’Keefe and Jude Bolton for the trio’s 250th game together.

It is only the second time in the league’s history three players have appeared together 250 times. Brad Johnson, Rohan Smith and Scott West played 253 games for the Western Bulldogs from 1994 to 2007.

Goodes, O’Keefe and Bolton are on track to equal their record of 253 games against Adelaide in round 11.

“They’re all absolute professionals in the way they go about it, they’re fierce competitors, they want to win and they’ve been fantastic drivers of what this footy club’s about for a long time,” Longmire said.

“It’s no accident they’ve been able to play for so long.”

Ruckman Shane Mumford remains in doubt to face Fremantle on Saturday. The big man, who was rated a 50-50 chance to play, was restricted to running laps on Tuesday and did not join the main group in training.

This story Administrator ready to work first appeared on Nanjing Night Net.

30 August
Comments Off on Waters: Glass helped change our culture

Waters: Glass helped change our culture

Darren Glass and Hayden BallantyneWest Coast vice-captain Beau Waters says the leadership provided by skipper Darren Glass will benefit the AFL club for generations to come.
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Glass played an influential role in changing the club’s culture in the wake of last decade’s drugs saga, which culminated in the sacking of Ben Cousins at the end of 2007.

West Coast implemented a raft of programs to clean up its act, but the heavy off-field focus took its toll on results as the club sank to the wooden spoon in 2010.

Glass, who took over as skipper in 2008, provided strong leadership during the dark times, and Waters said the 32-year-old’s legacy will be long remembered at the club.

“He was a big stalwart in changing our culture and turning it into the culture it is today,” Waters said on Tuesday.

“I’m grateful and I’m sure that all the young players coming through over the next couple of generations will be quite grateful as well.

“He’s a very natural leader; very charismatic. He always leads from the front.”

Glass will notch his 250-game milestone in Friday night’s clash with North Melbourne at Patersons Stadium.

The premiership defender remains at the peak of his powers, but is yet to decide whether to play on next year.

Eagles coach John Worsfold is supportive of the idea of Glass playing on.

“Right at the moment, you would definitely be saying he would be playing top-line football again next year, but that doesn’t mean he has to play,” Worsfold said.

“He’s got to make that call on where his life’s at and what he wants to do.”

Waters said the player group was also keen for Glass to continue.

“I wouldn’t mind wheeling him out in a wheelchair in a decade,” Waters joked.

“He’s a sensational player.

“It’s cliche, but you do walk taller when you play with him.

“There are certain players like that in each team and, for us, we’ve got two or three of them playing at the moment in Coxy, Glass and even Andrew Embley.”Follow WAtoday on Twitter

This story Administrator ready to work first appeared on Nanjing Night Net.

30 August
Comments Off on Investors give thumbs up to Air NZ

Investors give thumbs up to Air NZ

Air New Zealand has chosen Tony Carter, a former boss of grocery company Foodstuffs, to replace John Palmer as chairman after a 12-year stint which involved resurrecting the airline from one of its ‘‘darkest periods’’.
Nanjing Night Net

The naming of Mr Palmer’s replacement comes as the likelihood of the New Zealand government reducing its stake in the airline later this year grows following the partial sell-down of the first of several utility assets.

Shares in Air New Zealand jumped 2.9 per cent to strike a five-year high of $1.26 today, making the airline one of the best performers among its peers. The stock has almost doubled over the last year.

The New Zealand government has a 73 per cent stake in the airline, and will consider within the next few weeks whether to sell down its holding. Like utility assets such as Mighty River Power, the government intends to maintain a controlling stake in the country’s flag carrier.

Mr Carter, who is also chairman of Fisher and Paykel Healthcare, will replace Mr Palmer in September at Air New Zealand’s annual meeting. The former Foodstuffs boss has been on the airline’s board for two years, and is also a director of Fletcher Building and ANZ Bank’s New Zealand operations.

Mr Palmer has played a key role in reviving Air New Zealand over the last decade, alongside successive chief executives Ralph Norris and Rob Fyfe.

He assumed the role of chairman in November 2001, shortly after the New Zealand government bailed the airline out in the wake of its disastrous takeover of Ansett.

Mr Carter said Mr Palmer, who will remain a director until early next year, had assumed the chairmanship during ‘‘one of the darkest periods un the airline and corporate New Zealand’s history’’.

Air New Zealand also emphasised at an investor briefing on Tuesday the importance of its cornerstone stake in Virgin Australia, highlighting the fact that it gave it an ‘‘economic exposure to the faster-growing Australian market’’ and a ‘‘position in any Australasian regional consolidation’’.

The airline also said it expects the competition regulator to make a decision in September on whether to allow it to extend its trans-Tasman alliance with Virgin.

This story Administrator ready to work first appeared on Nanjing Night Net.