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Monday to Friday Property Section

The Australian Financial Review is one of the industry’s most valuable and essential daily business intelligence partners.

The Monday to Saturday Property section in The Australian Financial Review explores who bought, who sold and who made money from the market across Australia, with coverage provided by dedicated journalists in all major capital cities.

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The Property section attracts advertisers from leading commercial property agencies, government

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Each day provides a focus on various sectors such as:

Rural – Monday

Commercial – Tuesday/Wednesday/Thursday/Friday

Residential – Friday/Saturday

Source: Business Elite Australia Survey 2014

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BHPBillitonisconsideringreactivatingits Olympic Dam copper-uraniumexpansion two years after the $30 bil-lion project was controversiallyshelved, a move that would stimulateSouthAustralia’sflaggingeconomy.Theworld’slargestminingcompany

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stymied its development, withBHP shelving plans inAugust 2012 foran expansion of Olympic Dam inamajor blow for the SouthAustralianeconomy.Atthetime,SouthAustralianPremier Jay Weatherill slammedthe decision and threatened to with-drawitsapprovals.South Australia Treasurer Tom

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Print Advertising

• The Australian Financial Review (Mon-Sat) reaches 57% of senior real estate business decision makers each week. These real estate decision makers are responsible for a combined $40 billion in annual business expenditure.

• 62% of the The Australian Financial Review’s (Mon-Sat) senior business audience currently have property investments and 34% intend to invest in property in the next 12 months.

• The Property section appeals to the industry leaders and those interested in property market movements.

• The Australian Financial Review (Mon-Sat) audience are 15% more likely than average to invest in residential property and 30% more likely than average to invest in commercial property in the next 12 months.

Advertising Benefits

Financial Review readers are astute business decision makers who are open to new products and services that deliver viable solutions.

Press inserts are a great way to increase brand awareness, advertise new commercial properties or enhance sales initiatives. The Australian Financial Review offers a wide range of advertising solutions through the use of inserts. Target an audience with a single sheet flier or multiple page

catalogue and through specific geographical distributions such as city metro, state only or up to a full national run.

Make your product stand out from the competition by placing an insert on the same day as one of our weekly sections to coincide with the property industry.

Press Inserts For The Commercial Property Industry

Property Section Deadline

Day

10am two business days prior Noon one business day prior

7

Size: 100x147mm

Size: 100x72mm

Size: 280x185mm

Size: 120x147mm

Size: 120x72mm

Size: 100x260mm

Size: 100x110mm

Size: 200x260mm

Size: 200x110mm

Size: 120x110mm

Size: 200x147mmSize: 375x260mm

10 x

3

10 x

4

28 x

5

12 x

4

10 x

7

12 x

3

10 x

2

20 x

3

12 x

2

20 x

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38 x

7 -

FU

LL P

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20 x

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HA

LF P

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• The Financial Review does not accept 1 column or 6 column advertisements

• 28 centimetres is the highest advertisement you can run before a full page

• Above are only examples of some of the display sizes available

• Bespoke sizes available on request

Rates Per Column Centimetre

Display Advertising Print Sizes & Specifications

Run of Paper Property ColourContract Level

Casual

Monday - Friday

$68.70 ex GST ($75.57 incl. GST)

Monday - Wednesday ColourThursday - Friday

+15% +30%+30%

8

38 x 7 - Full Page

20 x 3

20 x 7 - Half Page

12 x 4

12 x 3

12 x 2

28 x 5

10 x 7

20 x 4

10 x 4

10 x 3

10 x 2

ex GST

ex GST

ex GST

ex GST

ex GST

ex GST

ex GST

ex GST

ex GST

ex GST

ex GST

ex GST

$27,319.93

$6,162.39

$14, 378.91

$4,929.91

$3,697.43

$2,464.96

$14, 378.91

$7,189.46

$8,216.52

$4,108.26

$3,081.20

$2,054.13

$30,883.40

$6,966.18

$16,254.42

$5,572.94

$4,179.71

$2,786.47

$16,254.42

$8,127.21

$9,288.24

$4,644.12

$3,483.09

$2,322.06

Monday - Wednesday Thursday - Friday

inc GST

inc GST

inc GST

inc GST

inc GST

inc GST

inc GST

inc GST

inc GST

inc GST

inc GST

inc GST

$30,051.92

$6,778.63

$15,816.80

$5,422.90

$4,067.18

$2,711.45

$15,816.80

$7,908.40

$9,038.17

$4,519.09

$3,389.31

$2,259.54

$33,971.74

$7,662.80

$17,879.86

$6,130.24

$4,597.68

$3,065.12

$17,879.86

$8,939.93

$10,217.06

$5,108.53

$3,831.40

$2,554.27

GST Sizes

• These rates are applicable to The Australian Financial Review Property Section (Monday-Friday)

• Rates are inclusive of colour loading

Property Section - Display Advertising Rates

9

1HERSA1 B044

HOT PROPERTY:LANDLORDS TAPEXTRA INCOMEPAGE 42

BUSINESSESFOR SALEPAGES 28-30

AUCTIONSPAGES 26-27

BOATINGPAGE 24

BUY AND SELLPAGE 25

NOTICESPAGES 24, 25

COMMENT:SHARE BUYBACKIN VOGUE?CAROLYN CUMMINSPAGE 41

Weekend Edition OCTOBER 18-19, 2014

23, 2014

DIT

SMH.COM.AU/TRAVEL

Mind

INSIDE

Lipsticks wars set to start

Beauty: Sephora will soon open an 800-square-metre store in Pitt Street Mall, in Sydney’s CBD. Photo: Mark Kolbe

Carolyn CumminsCommercial Property Editor

It’s going to be lipsticks at 10 paceswhen the giant cosmetics retailerSephora opens in Australia, for itwill a�ect department stores morethan any of the new fashion labels,experts have warned.While the focus has been on the

e�ect on department stores of ap-parel retailers H&M, Zara, TopShop and soon-to-arrive Forever21, the new category of cosmeticswill pack the biggest punch.Themulti-billion-dollar sector is

well embedded in the online shop-ping world, but retailers also makebig profits from it, and even dutyfree stores make money on cos-metics and other beauty products.Sephora is owned by LVMH

Moet Hennessy Louis Vuitton, theworld’s leading luxury goods groupand, according to its website,‘‘Sephora is highly regarded as abeauty trailblazer’’.Sephora has about 1900 stores

in 29 countries worldwide and willopen an 800-square-metre outletin Pitt Street Mall, in Sydney’sCBD, in the coming months, in thespace vacated by Esprit.In times of belt-tightening, cos-

metics remain immune, as they fallin the pampering category. Theyalso cut across all ages: girls likethem and older women need them.Retailers say the introduction of

Sephora, which sells cosmeticbrands from La Mer to Clarins,Benefit and Estee Lauder, as wellas its own house brand, but at re-duced prices because it buys inbulk, will hit the two departmentstores Myer and David Jones veryhard, as theymake larger profits onbranded cosmetics.Insiders at the chains, who de-

clined to be named, said the newsof the category killer had triggeredmany late-night strategy meetingsat all retailers that sell cosmetics.

Priceline, Big W, Target, Kmartand supermarkets would be af-fected less, because they don’t sellthe luxury brands, but the biggerplayers would feel the pressure,said the department store insiders.‘‘The entrant of this new cate-

gory will cause major ructions inthe bigger stores and chemists thatsell these brands,’’ one source said.‘‘It’s one of the most highly compe-titive and lucrative areas for a gen-eral retailer and it cuts across allitems, including cosmetic brushesand accessories, as well as mois-turisers, make-up and perfume.’’Sephora itself has struggled in

Asia against the power of otherHong Kong stores such as Sasa.At this stage, Sephorawill have a

store only in Sydney’s central busi-ness district, as the beauty chain

gauges interest, but there are sug-gestions Melbourne will be thenext market, depending on theavailability of a flagship site.Sephora’s entry comes as UBS

says retail rents in Pitt Street Mallrange from $8500 to $10,000 asquare metre, which is among thetop 10 most expensive retail stripsglobally by rent per capita.UBS analysts said landlords

were favouring o�shore tenants,such as Zara Home in the Glass-house arcade, over established do-mestic retailers, which were beingdisplaced. Rental levels seemed tobe supported but, despite strongdemand, growth was not expected.CBRE associate director, retail

tenant representation, Tim Star-ling linked the heightened interestto the fact Australia was still a rel-

atively ‘‘immature’’ market interms of the representation ofglobal retail brands.‘‘Globalisation of retail, first and

foremost, is driving the shift asAustralians now expect to be ableto shop for these luxury and inter-national brands,’’ he said.‘‘Home markets for many of

these retailers have matured inNorth America and Europe andmost of these brands now have apresence in Asia, so Australia iseasy to bolt on as a country.’’Other drivers included the suc-

cess of brands in Australia such asZara, Ti�any & Co, Costco andH&M, which recently opened oneofits largest global stores in Mel-bourne and enjoyed an openingturnover of $21 million in the firsteight weeks.

1HERSA1 A021

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WEDNESDAY, JULY 16, 2014 THE SYDNEY MORNING HERALD

21

BusinessDay smh.com.au/businessday@businessday

The Sydney Morning Herald

Selling off

Selling off

Quirky Inves

Localmastersmust foart buye

Marcus PadleySit back, relax and let theETFs take the strain Page 6

Ask Noel

Do I have to pay tax ondaughter’s home ? Page 4

The Sydney Morning HeraldMoneyWEDNESDAY JULY 16, 2014

LIFTOUTAged-carerules arechanging

PAGE 24

Punters get theirkicks with bigWorld Cup bets

PAGE 25

Inside CBD:Gone without aTinkler’s toss

Cormanncan’t escapeconflicts

Continued Page 28

AdeleFerguson

On the sameday theCoalition successfullyrammed throughawindbackoffinancial

advice reformsbydoinga “dirtydeal”with thePalmerUnitedParty,theMurray inquiry foundconflictedremuneration structures“undermine” theability ofcustomers togetquality advice.If it seems like the twoareat odds,

theyare.Nomatterwhichway thegovernment tries toplay it, thechanges to theFutureofFinancialAdvice (FoFA) reformsaresubstantial and it is only thebanksanda fewothervested interestgroups that support them.IndeedSenatorMathias

Cormann’s argument that theamendments toFoFAaredesignedtomakeadvicemoreaffordablebycutting red tape fails to recognisethat thecurrent structureof verticalintegration is inherently conflicted.It also fails to recognise that cheapadvice is good fornobody if theadvice is badorconflicted.The reality is theAustralian

banking system ishighlyconcentratedand theexpansionofbanks intowealthmanagement inthepastdecadeor somakes theissueof vertical integrationofparamount importance.The interimreport into the

finance systemheadedbyDavid

Murray InquiryNew rules loom

Big banks onnotice overstranglehold

Clancy Yeates

David Murray: Case for action on banks. Photo: Nic Walker

Continued Page 22

Australia’s big banks could face adouble whammy of tougher capitalrules and more intense competitionin the $1.3 trillion mortgage market,under proposals being consideredby the government’s financialsystem inquiry.In an interim report published on

Tuesday, the inquiry panel led byformer Commonwealth Bank chiefDavid Murray canvassed severalmeasures that would curb the dom-inanceof the country’s biggestbanksin home lending.On the critical question of wheth-

er Australia’s banks are ‘‘too big tofail’’, the report also signalled a casefor action.Among a range of potential re-

sponses, it floated forcing banks toset aside billionsmore in capital, andtougher rules that would forcelenders to ‘‘ring fence’’ their criticalretail banking operations.Concerns about competitionwere

a key driving force behind the in-quiry, the first of its type in almosttwo decades. Treasurer Joe Hockeypromoted the inquiry when he wasin opposition in 2010, amid a fiercepublic debate about the power ofCommonwealth Bank, Westpac,NAB and ANZ in home lending.The 460-page report found that

Australia’s banking system wascompetitive, though it had becomemore concentrated since the globalfinancial crisis.But in a win for the smaller re-

gional banks, it signalled there wasscope to level the playing field.The report said the majors re-

ceived an advantage in themortgagemarket, due to rules that allow themto set aside less capital against homeloans because of their more ad-vanced risk management systems.Without making recommenda-

tions, the report asked for feedbackon a proposal to introduceminimum‘‘risk weights’’ for the big banks – amove that could curb the big banks’advantages in mortgage lending.If the government introduced

such a policy, analysts say Westpac,CBA, NAB and ANZ would facegreater competition in their crucialmortgage lending businesses.Such a policy may also help to

limit future growth in householddebt, which has surged from0.8 years’ worth of disposable in-come in 1997 to about 1.5 years today.Credit Suisseanalyst JarrodMar-

tin said minimum mortgage riskweights would be negative for themajor banks, especially the largestmortgage lenders, the Common-wealth Bank and Westpac. UBS

Malcolm Maiden

The biggest risk in the inquiry was thatit would recommend sweepingchanges that weren’t needed. Murray

and his inquiry colleagues have,however, saved the furniture andpreserved the structure of thehouse that contains it. � Page28

Print Advertising

Saturday

Saturday Classifieds Display

Monday to Friday

Monday to Friday

The Sydney Morning Herald offers independance, authority, integrity, quality and an inquiring, commited readership. Its news analysis and commentary set the standard for journalisitic excellence.

Print advertising in The Sydney Morning Herald remains a commanding and effective medium complimenting digital campaigns with strong visual impact that is impossible to ignore.

CommercialRealEstate is an integral part of The Sydney Morning Herald’s Business Day and Weekend Business on Wednesday and Saturday.

CommercialRealEstate’s position within Business Day and Weekend Business offers a unique platform to showcase your products and services to a highly targeted, relevant and engaged premium audience - a daily must-read for business decision makers.

CommercialRealEstate in The Sydney Morning Herald has the potential to reach 850,000 readers on Saturday and 682,000 readers on Wednesday.

Source: emma™ conducted by Ipsos MediaCT, people 14+ for the 12 months ending July 2014.

Rate per line Booking & Setting Deadline

Booking Material

• Commercial, industrial and investment, property, auctions and for sale

• Commercial premises to rent

• Retail premises to rent

• Industrial premises to rent

• Commercial real estate web services

• Businesses for sale and wanted

• Businesses for sale and wanted (interstate)

• Franchises

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• Money, stocks and shares

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• Businesses and franchise web services

• Businesses for sale hotels / motels

• Properties wanted (commercial investment and industrial)

Lineage Advertising - Rates & Deadlines

Display Advertising - Deadlines

Day

Section

$13.01 ex GST ($14.31 inc GST)

$11.69 ex GST ($12.86 inc GST)

4pm two business days prior to publication

2pm two business days prior

Noon two business days prior

3pm two business days prior

3pm one business days prior

4:30pm one business day prior to publication

Minimum sizes: Lineage single column 4 lines, double column 8 lines. Lineage over 9cm in height may fold into next column.

At time of booking, please choose your Commercial Classifieds section:

1HERSA1 A001

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Continued Page 6

Abbott talks tough ‘After the crime, comes the cover-up’

JourneyhomebeginsDavid Wroe,James Massola

> Death ofinnocents unjuston all countsLetters, Page 17

> Time forAustralia to turnup the volumeComment, Page 18

Tony Abbott has warned of evid-ence tampering on ‘‘an industrialscale’’ at the MH17 crash site, un-derscoring the massive challengefacing international investigatorsincluding Australians as they con-verge on Ukraine.The bodies of the victims have

arrived in the Ukrainian city ofKharkiv on Tuesday night Austra-lian time, from where they will beflown with help from an AustralianC-17 plane to the Netherlands.And Moscow began laying the

foundations of a counter-narrativefor the crash by blaming theUkrainian armed forces and dis-missing suspicion of Russian in-volvement as ‘‘a fabrication’’.Mr Abbott also raised the pos-

sibility a multinational securityforce of countries ‘‘wronged’’ in thecrash – including Australia – couldbe deployed to guard the site,

though his office later stressedthere were no immediate plans tosend defence or police personnel tothe scene.Crash investigators led by the

Dutch and including two Australi-ans were poised in Kiev for the all-clear to travel to the site and begintheir work after the United Na-tions Security Council approved an

Australian-sponsored call for theprobe to begin free from harass-ment by local militias.But Mr Abbott laid out the stark

obstacles facing the investigation,bluntly calling the removal of evid-ence as a cover-up, and warningthere was a ‘‘long, long way to go’’in the investigation.‘‘After the crime, comes the

cover-up. What we have seen isevidence tampering on an industri-al scale and obviously that has tostop,’’ he said.The road ahead for the investig-

ation appears to be a bumpy one,

I N D E P E N D E N T . A L W A Y S .

Is this proof of a missile blast?

I N

Ross GittinsHow cities are driving the economyComment, Page 18

MANLY: STOP POACHING OUR PLAYERS SportsDay

First published 1831 No. 55,157 Wednesday, July 23, 2014 $2.30 (inc GST)

Diplomatic push for peace in Middle East

World, Page 15

Mike Baird embraces solar future for the state

News, Page 3

xxxxxxxxxxxxxxxx

Overseas investing

The world is your oyster

Money lift out

Military expertsstudying photos of thewreckage of MH17 havepointed to evidence ofshrapnel damageindicating the plane wasmost likely shot out ofthe sky by a surface-to-air missile. And onedefence expert hassuperimposed aphotograph (above) ofpossible shrapneldamage onto an imageof the plane’s cockpit,providing clues as towhere the warheadexploded.Full coveragePages 4-7

Photo: New York Times

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$627.90 ex GST ($690.69 incl GST) $805.35 ex GST ($885.89 incl GST)

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$10,046.40

$6,279.00

$941.85

$3,767.40

$3,139.50

$1,255.80

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$627.90

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$627.90

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$11,051.04

$6,906.90

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$16,107.00

$2,416.05

$9,664.20

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$8,288.28

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$1,381.38

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$11,051.04

$5,525.52

$5,525.52

$16,576.56

$2,762.76

$8,288.28

$5,525.52

$4,144.14

$2,762.76

$1,381.38

$2,072.07

$690.69

$28,348.32

$17,717.70

$2,657.66

$10,630.62

$8,858.85

$3,543.54

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$13,288.28

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$4,429.43

$14,174.16

$14,174.16

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$21,261.24

$3,543.54

$10,630.62

$7,087.08

$5,315.31

$3,543.54

$1,771.77

$2,657.66

$885.89

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NATAGE B012

THE AGE SATURDAY, OCTOBER 18, 2014

12

9654 8666

grosswaddell.com.au

TENDER: CLOSING THURS 13TH NOV 4PMMichael Gross 0419 355 561Andrew Waddell 0419 400 991Jamie Stuart 0412 565 562

*approx

CAULFIELD 333-345 Hawthorn Road

FIRST TIME OFFERED IN 70 YEARS

■ Land Size: 5,152m 2*

■ Two street frontages- Hawthorn Road: 80 metres*- Briggs Street: 50 metres*

■ Suit a variety of development options (STPA)

■ Close to Glenhuntly Road, excellent public transport

GLEN HUNTLY ROAD

SUBJECT PROPERTY

HAWTHO

RN ROAD

*approxEXPRESSION OF INTEREST: CLOSING THURSDAY 13TH NOVEMBER 4PMBenjamin Klein 0433 047 000 Jamie Stuart 0412 565 562

NOBLE PARK 221-239 Browns Road

■ Land Area: 21,070m 2*

■ Building Area: 7,797m 2*

■ Short term income

■ 2000* amps/fully sprinklered/multiple RSD’s & loading dock

■ Fully �tted quality o�ces/laboratories and three sizeable warehouses

EASTLINK

PRIN

CES

HW

Y

OVERSEAS DRIVE

BROWNS ROAD

SUBJECT PROPERTY

SUBSTANTIAL BUILDINGS WITH DEVELOPMENT POTENTIAL

LAST MAJOR COMMERCIAL SITE IN HAWTHORN■ Land Area: 5,506m 2*■ 9,166m 2* of building part 3 levels plus basement■ Zoning: Commercial 2■ Suit developers, owner occupiers, investors■ Close to Monash Freeway, Toorak Road interchange,

Tooronga Train Station, Stockland Shopping Centre

EOI: CLOSING THURSDAY 13TH NOVEMBER 4PM Andrew Waddell 0419 400 991Jonathon McCormack 0418 835 885 *approx

HAWTHORN 453 Auburn Road

94.5m*.5m*Cato Street Auburn Road52.9m*

2 SHOPS ON ONE TITLEOCCUPY/INVEST/DEVELOP (STPA)■ Land Area: 228m 2*■ 125 Toorak Road - Monthly tenancy■ 127 Toorak Road - Vacant■ R.O.W at rear■ Zoning: Commercial 1

AUCTION: FRIDAY 14TH NOVEMBER 12PMTamara Gross 0411 748 538 Michael Gross 0419 355 561 *approx

SOUTH YARRA 125-127 Toorak Road

EOI: CLOSING FRI 14TH NOV 4PMAlex Ham 0410 545 226Jamie Stuart 0412 565 562

*approx

SANDRINGHAM 208 Bay Road

DEVELOP BY THE BAY

■ Signi�cant Land Area: 5,120m 2*

■ Major frontage to Bay Road of 50m*

■ Zoning: Mixed Use

■ Close to Southland Shopping Centre, Nepean Highway and more

MELBOURNE CBD 17KM

SANDRINGHAM EAST PRIMARY SCHOOL

BRIGHTON 6KMST KILDA 12KM

BLUFF ROAD

BAY ROAD

SUBJECT PROPERTY

SANDRINGHAM YACHT CLUB 3KM

HALF MOON BAY 2.6KM

SOUTHLAND SHOPPING

CENTRE 2KM

SANDRINGHAM, BEACH, SHOPS &

RAIL STATION 2KM

CharterHall reaps taxbenefit from o�ce sale

Capital Gain

Marc Pallisco

CharterHall has soldasuburbanofficenear theMooneePondsJunctionfora speculated

$83 million–$3millionmore thantheasset’s bookvaluation fourmonthsago.Theseven-level, 21,034-square-

metrebuildingat6-22GladstoneStreet is fully occupiedby theAustralianTaxationOffice,which in2011 reneweda lease –due toexpirein 2013 –until 2020.Basedon the$7.5millionannual

rent theATOpays, the investmentsoldonayield of about9percent.It couldhave longer-term

redevelopmentpotential,with sitesaroundretail stripMooneePondsproposed tomakeway for 20-plus-level towers.TheATOhasoccupied the

GladstoneStreet office since itwasdeveloped in 1991,withCharterHall– as the authorised representativeofPerpetual – the landlord since 1993.TheCommonwealthgovernmentdepartment recently committed toa20-level, 19,600-square-metreofficeunderconstruction inBoxHill.Colliers International’sPeter

BremnerandLeighMelbournemarketed theMooneePondsofficewithCBRE’sJustinClarksonand

MarkCoster.Thenewowner is aconsortium includingCyprus-basedprivate investors.

DelicatedanceThebusinessmenwhodecadesagoacquiredneighbouring sites at aprominentCBD intersection–including theKilkenny Inn,whichcurrently tradesas theGoldfingersstrip club–are about to lapup.AviSilverandEddieHirschare

o�ering theproperties at thenorth-east cornerofLonsdale andKingstreetswitha lease.However, theownercanbreak it if theKilkenny istobedemolished.This clausehaspreviously turned

o�potential businessoperators.SilverandHirsch foundedservicestationgiantUnitedPetroleum.The four-propertyportfolio,

which sources expectwill sell forabout$40million, couldaccommodatean80-plus-leveltower incorporatingwhatwouldbe

adisusedcouncil laneway.CBRE’sJoshRutmanandMarkWizel arethemarketingagents.

GoldenMiledealThePearsonAustralia office inNunawadinghas sold foraspeculated$5.7million, reflectingayieldof 8.5per cent.Themodern, two-storey,

3674-square-metrebuilding isnexttowhat commercial agents callNunawading’s ‘‘GoldenMile’’ – abulkygoods retail precinct.DawkinsOcchiuto’sAndrew

DawkinsandWalterOcchiutodeclined tocomment about the sale.

Super-sitemovesRather thancomplainaboutnewhousingestatesbeingdevelopedonneighbouring farms,moreoutskirtslandholdersareuniting too�ersuper sites thatwouldbemoreattractive to thebiggest-spendingbuilders.InMeltonWest six landowners

controllinga site that iswalkingdistance toQIC’sWoodgroveShoppingCentreare selling.Their82-hectareparcel is expected to sellfor about$30millionandmakeway

formore than 1200 lots, plusopenspaceandcommercial zones.Biggin&ScottLand’sFrank

Nagle said itwas the third time theagencyhadworkedwithABCProjectManagement topackageasite.ABChelps rural landownershandleaspects suchas rezoning.Redevelopmentmasterplansandfair valuationsare also important forthesekindof sell-downs.In2000Stocklandpaid six

individuals $43.5million for

200 hectaresof adjoining farmsnowknownasMerndaVillages.Last year four ownersofprime

farmsoverlooking theMeltonReservoir gorge reaped$26millionoffloadingacombined62-hectareparcel.

GoodsShed listedEquisethas listedahighlyacclaimedDocklandsassetwithvaluableredevelopmentpotential.

NATAGE A021

fitzroys.com.au 9275 7777367 Collins Street Melbourne

fitzroys.com.au 9275 7777367 Collins Street Melbourne

Chris Kombi 0438 156 236

James Gregson 0421 516 480

Conj Agent:

John Camilleri 0409 327 120

Auction

Superb freehold investment434 Lygon St, Brunswick East

Auc: Wed 20 Aug 1pm on site

Property id: 8757

– New 10+5+5 year lease to iconic restaurant, Hellenic Republic

– Returning $120,000 pa net– Land Area: 340m2 approx.– Flourishing inner north location

James Gregson 0421 516 480

Auction

Prime affordable shop & dwelling157 Nicholson Street, Footscray

Auc: Fri 8 Aug 12pm on site

Property id: 8745

– Land: 135m2 approx. with ROW– New 5 year lease– Combined Rent: $38,524 pa+GST– Rental upside– Major growth location

AuctionsChris Kombi 0438 156 236

James Lockwood 0402 824 441

4 quality retail investments in thriving location7, 9 & 17 Copernicus Crescent & 22 Galileo Gateway, Bundoora

Auc: Wed 30 July 1pm on site (offered separately)

Property id: 8723 *approx.

– Brilliant location adjoining Woolworths, Dan Murphy’s & La Trobe Uni– Chemist Warehouse: 7 x 7 x 6 year lease, returning $181,790* pa– Pizza Hut: 7 x 5 x 5 year lease, returning $40,000* pa– Tattslotto & Newsagency: 7 x 7 year lease, returning $37,020* pa– The Legends Room: 3 x 5 year lease, returning $25,602* pa

WEDNESDAY, JULY 23, 2014 THE AGE

21

BusinessDay theage.com.au/businessday@businessday

The world is your oyster

modernistfurniture

Page 8

xducks in a rowPage 6

EDNESDAY JULY 23, 2014

PAGE 44

MalcolmMaidenStevens nailsmarket’sbig question

PAGE 23

DJswarnsof Lew inMyerframe

LIFTOUT

Globalmarkets awhole newfrontier

BusinessDay theage.com.au/businessday @businessday

The world is your oyster

Quirky InvestmentsHappytimes formodernistfurniture

Page 8

Melissa BrowneHow to get all your taxducks in a rowPage 6

Ask Noel

Family home is sappingmy dad’s pension Page 4MoneyWEDNESDAY JULY 23, 2014

Economy Business chiefs call for end to budget impasse

Senate ‘destroying’ investmentDavid Ramli

AndrewMackenzie, David Thodey andMike Smith at the B20 business lunch. Photo: Louis Douvis

Continued Page 26

Top business leaders are concernedthe Senate budget impasse will de-ter foreign investment and make itharder for Australia to reach thegrowth target it is pressing on theGroup of 20 leading nations.The chief executives of ANZ

Banking Group, Telstra, BHP Bil-liton andGEMining called onoppos-ition parties to respect the govern-ment’smandate andpass the $41 bil-lion in cuts and savings that arestalled in the Senate.BHP Billiton chief executive An-

drew Mackenzie said on Tuesdaythere was a political failure to recog-nise that the mining tax, which israising much less than forecast, wasdeterring investment.‘‘The minerals resource rent tax

.. . is a huge disincentive to investand I think the people in the Senatedon’t get that,’’ he told TheAustralian Financial Review B20business lunch.‘‘What I would say to the Senate

is, ‘you are destroying huge amountsof potential inward investment thatultimatelywill pay a lotmore tax in amuch more stable way to actuallypay for services by the way you’rebehaving’.’’BHP Billiton was a supporter of

theMRRT andwas part of the nego-tiations for the final design of the taxunder its previous chief executive,Marius Kloppers.‘‘A really strong signal that Aus-

tralia was open for business wouldbe to get on and abolish the MRRT,’’he said.Mr Mackenzie said would-be

Qantas splitcould temptinvestors

Continued Page 36

A v i a t i o nJamie FreedSarah Thompson

Qantas is considering a split of itsdomestic and international arms toattract more foreign investment aspart of its wide-ranging structuralreview.Less than a week after the Senate

passed changes to the Qantas SaleAct in a compromise deal, sourcessaid the airline was studying wheth-er it should pursue a similar struc-ture to that of rival Virgin Australia.Qantas is due to provide an up-

date on its structural review along-side its full-year results next month.It is also considering options such asa part sale of its frequent flyer busi-ness or Jetstar as part of the review.Analysts said a split of the do-

mestic and international arms, toallow greater foreign investment inQantas’ domestic business,would bea positive for the ailing carrier.‘‘That would take some work but

wedon’t think itwouldbe impossibleto achieve,’’ Deutsche Bank analystCameronMcDonald said. ‘‘I do thinkthat [Qantas] obviously are keen tohave a seat at [the global airlineconsolidation] table if and when itbecomes appropriate.’’Virgin split the ownership of its

domestic and international businessin 2012 through an in-specie distri-bution of shares in its internationaldivision to its holders at the time.Virgin’s international division is

an unlisted entity with a separateAustralian-controlled board andownership structure from the

Reserve Bank hopes for G20 ‘bounce’E c o n o m yGareth Hutchens

Continued Page 22

ReserveBankgovernorGlennStevens says theG20LeadersSummit canhelp toboost globaleconomicgrowth–andrenderglobalmonetarypolicy farmoreeffective – if it properly exploitsits agendawhenworld leaders

meet inBrisbane inNovember.MrStevens told aconference in

SydneyonTuesday theG20will beable to inject a senseof ‘‘dynamismandopportunity’’ into theworld’sbiggest economies if it followsthroughwith itspromised reformsto the ‘‘supply side’’ ofG20countries.Hesaid theprospects forglobal

economicexpansionwill also im-prove ifG20governments canun-lock the ‘‘hugepotential’’ forpublicandprivate investment in infra-structure; if theymakefinancialsystemssafer andmorecertainwithout crimpinggrowth; and ifglobal ‘‘free trade’’ agreementscanbemade tomeanwhat their

NATAGE A001

CELEBRATING 50:50 GIRLS AND BOYS CO-EDUCATIONwww.carey.com.au • CRICOS #00135G • ABN 83 051 576 062

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CareyBaptist Grammar School

$2.30WednesdayJuly 23, 2014Published in Melbourne since 1854theage.com.au

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

N E W S PA P E R O F T H E Y E A R

ALL COACHES ARE MADDOCKLANDS TURNAROUNDFrom ghost town to economic powerhouse

NEWS ‘Even Paul Roos, the Zen master himself, has a dark side.’ SPORT

WeatherToday Early fog, partly cloudy 4 – 13Tomorrow Cloudy, patchy rain, light winds 6 – 14Friday Cloudy, isolated showers 9 – 14Details Page 52

Odd SpotJean Colquhoun plantedMexican agave root - used tomake tequila - in her frontgarden in Epsom, England, five years ago and forgot about it, thinking it had died.In the past twomonths, it hasmysteriously sprouted, is taller than her two-storeysemi-detached house and has become a local landmark that people travel to see.

BusinessDayRural Bank deniesinvolvement in fraudPage 24

Let the Commonwealth Games begin

Champion cyclist

Anna Meares has the honour of carrying the

nation’s fl ag at the opening ceremony in

Glasgow tomorrow.

SPORT

Photo: Getty Images

Hockey‘wantedtougherbudget’

James Massola

Continued Page 5

Joe Hockey’s first budget, whichdelivered swingeing cuts to health,education andwelfare, raised taxesand broke a series of promises, was‘‘much softer’’ than the Treasurerhad wanted.Mr Hockey was convinced by

Prime Minister Tony Abbott totake a more cautious approach,delaying cuts to pensions and redu-cing the number of people whowould pay the deficit levy.The Treasurer is also named as

Mr Abbott’s most likely successorby the Prime Minister’s powerfulchief of staff, Peta Credlin, whodeclares Mr Hockey has ‘‘got hishead above every othercontender’’, though she cautionshe is not yet the ‘‘heir apparent’’ toreplace Mr Abbott.The revelations are contained in

Hockey: Not your average Joe, writ-ten by Fairfax Media columnistand long-time ABC broadcasterMadonna King.The federal budget cut a range

of entitlements for older Australi-ans, including lowering the yearlyincreases of the pension, imposed a2 per cent deficit levy on incomesabove $180,000 – at one point thegovernment reportedly consideredimposing the levy on incomesabove $80,000 – and forecast up to$80 billion in cuts to health andeducation over a decade.The book also details tensions

between Mr Hockey and IndustryMinister Ian Macfarlane over thefederal government’s tough stanceon industry assistance to Holden,

Flight MH17 Resolution a diplomatic feat

Australia takes lead inUNNick O’MalleyUnited States CorrespondentNew York

Bodies on the move Page 10

Michael Gordon Page 11

Claims debunked Page 12

PM’s secret talks Page 12

Truth goes missing Page 13

Don’t ban Putin Page 20

Daniel Flitton analysis Page 45

INSIDE

Continued Page 8

The United Nations SecurityCouncil meets in a beautiful hallthat was a gift to the world fromthe people of Norway when theorganisation’s headquarters werebuilt in New York after the dead ofWorld War II were buried.Since then it has often been a

shrine to good intentions, a cham-

ber in which plain language andfirm resolve are mangled or oblit-erated by compromise and inter-ference. Not on Monday.When Security Council mem-

bers, with representatives ofnations whose citizens weremurdered aboard flight MH17 lastweek, gathered to pass unanim-ously an Australian resolution con-demning the downing of the flightand demanding immediate accessto the site of the atrocity, the digni-

fied repatriation of the remainsand an independent internationalinvestigation, the language usedwas powerful, angry and bitterlysad.That the resolution survived

Russia’s power of veto with its lan-guage and intent largely intact wasthe result of a smart and astonish-ingly fast diplomatic effort led byAustralia.

13

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E ST

RIP

T23

T22

- P

OST

CA

RD

T21

- ST

AC

KED

MIN

I

T14

- M

INI

STR

IPT1

3T1

2 -

MO

VIE

TIC

KET

T11

- M

INI

1 MODULE WIDE

2 MODULE WIDE

3 MODULE WIDE

4 MODULE WIDE

Display Advertising Rates Per Module

Business Day DisplayCommercial ClassifiedsContract Level

Casual Wednesday

$832.73 ex GST ($916.01 inc GST)

Monday - Wednesday Saturday lift over^Saturday

$616.84 ex GST ($678.524 inc GST)

$369.60 ex GST ($406.55 inc GST)

$739.19 ex GST ($813.109 inc GST)

Module Display Advertising Print Sizes & Specifications

T84

-FU

LL P

AG

ET8

3T8

2 -

HA

LF P

AG

ET8

1

^Valid in conjunction with a Wednesday Business Day Display booking only. Per property only.

14

^Valid in conjunction with a Wednesday Business Day Display booking only. Per property only. Rates are inclusive of colour loading.

T84 - Full Page

T54

T13

T34 - Large Strip

T52

T14 - Mini Strip

T32 - Corner Block

T53 - Junior Page

T12 - Movie Ticket

T33

T51

T44 - Half Page

T82 -Half Page

T24 -1/4 Page Strip

T42 - 1/4 Page

T83

T22 - Postcard

T43

T81

T23

T41

T21 - Stacked Mini

T31 - Triple Mini

T11 - Mini

Wednesday SaturdayMonday - Friday Saturday lift over^

Business Day Display Commercial Classifieds

ex GST

ex GST

ex GST

ex GST

ex GST

ex GST

ex GST

ex GST

ex GST

ex GST

ex GST

ex GST

ex GST

ex GST

ex GST

ex GST

ex GST

ex GST

ex GST

ex GST

ex GST

ex GST

ex GST

ex GST

inc GST

inc GST

inc GST

inc GST

inc GST

inc GST

inc GST

inc GST

inc GST

inc GST

inc GST

inc GST

inc GST

inc GST

inc GST

inc GST

inc GST

inc GST

inc GST

inc GST

inc GST

inc GST

inc GST

inc GST

$26,647.36

$16,654.60

$2,498.19

$9,992.76

$8,327.30

$3,330.92

$4,996.38

$12,490.95

$1,665.46

$7,494.57

$4,163.65

$13,323.68

$13,323.68

$6,661.84

$6,661.84

$19,985.52

$3,330.92

$9,992.76

$6,661.84

$4,996.38

$3,330.92

$1,665.46

$2,498.19

$832.73

$23,654.08

$14,783.80

$2,217.57

$8,870.28

$7,391.90

$2,956.76

$4,435.14

$11,087.85

$1,478.38

$6,652.71

$3,695.95

$11,827.04

$11,827.04

$5,913.52

$5,913.52

$17,740.56

$2,956.76

$8,870.28

$5,913.52

$4,435.14

$2,956.76

$1,478.38

$2,217.57

$739.19

$29,312.10

$18,320.06

$2,748.01

$10,992.04

$9,160.03

$3,664.01

$5,496.02

$13,740.05

$1,832.01

$8,244.03

$4,580.02

$14,656.05

$14,656.05

$7,328.02

$7,328.02

$21,984.07

$3,664.01

$10,992.04

$7,328.02

$5,496.02

$3,664.01

$1,832.01

$2,748.01

$916.00

$26,019.49

$16,262.18

$2,439.33

$9,757.31

$8,131.09

$3,252.44

$4,878.65

$12,196.64

$1,626.22

$7,317.98

$4,065.55

$13,009.74

$13,009.74

$6,504.87

$6,504.87

$19,514.62

$3,252.44

$9,757.31

$6,504.87

$4,878.65

$3,252.44

$1,626.22

$2,439.33

$813.11

$19,738.88

$12,336.80

$1,850.52

$7,402.08

$6,168.40

$2,467.36

$3,701.04

$9,252.60

$1,233.68

$5,551.56

$3,084.20

$9,869.44

$9,869.44

$4,934.72

$4,934.72

$14,804.16

$2,467.36

$7,402.08

$4,934.72

$3,701.04

$2,467.36

$1,233.68

$1,850.52

$616.84

$11,827.04

$7,391.90

$1,108.79

$4,435.14

$3,695.95

$1,478.38

$2,217.57

$5,543.93

$739.19

$3,326.36

$1,847.98

$5,913.52

$5,913.52

$2,956.76

$2,956.76

$8,870.28

$1,478.38

$4,435.14

$2,956.76

$2,217.57

$1,478.38

$739.19

$1,108.79

$369.60

$21,712.77

$13,570.48

$2,035.57

$8,142.29

$6,785.24

$2,714.10

$4,071.14

$10,177.86

$1,357.05

$6,106.72

$3,392.62

$10,856.38

$10,856.38

$5,428.19

$5,428.19

$16,284.58

$2,714.10

$8,142.29

$5,428.19

$4,071.14

$2,714.10

$1,357.05

$2,035.57

$678.52

$13,009.74

$8,131.09

$1,219.66

$4,878.65

$4,065.55

$1,626.22

$2,439.33

$6,098.32

$813.11

$3,658.99

$2,032.77

$6,504.87

$6,504.87

$3,252.44

$3,252.44

$9,757.31

$1,626.22

$4,878.65

$3,252.44

$2,439.33

$1,626.22

$813.11

$1,219.66

$406.55

Module Display Advertising Rates

GSTSizes

CR1

40

06

01

Advertising Booking Procedures

Print

Online

Terms & Conditions

Advertising Material Specifications:

Please note that Fairfax Media will only accept material via electronic transmission. For technical specifications and further information please refer to the Fairfax website at www.adcentre.com.au .1300 666 326.

All digital ads need to undergo Quality Assurance testing prior to being accepted for publication. To facilitate this, Fairfax Media has certified a number of methods for Quality Assurance testing and ad delivery (fees and charges apply).

Booking Contact Details:

crebookings@fairfaxmedia.com.au

Cancellation Procedure:

Cancellations must be confirmed by email to crebookings@fairfaxmedia.com.au prior to the cancellation deadline. All bookings taken inside cancellation deadline are taken on a non-cancellation basis. No liability will be accepted unless the above procedures are followed.

Booking Contact Details:

Via Agent Admin: http://admin.commercialrealestate.com.au/

Or contact your Commercial Manager

Alternatively contact our support team on 1800 999 982 or support@commercialrealestate.com.au

Cancellation Procedure:

Cancellations must be confirmed by email to your Commercial Manager in accordance with the terms and conditions of the product. No liability will be accepted unless the above procedures are followed.

Online Terms & Conditions:

The online terms and conditions in relation to all online products as amended from time to time, available at http://www.commercialrealestate.com.au/productflyers/cretandcs.pdf

All advertising is subject to Fairfax Media’s standard terms and conditions of advertising, as amended from time to time, available at adcentre.com.au/fairfax-advertising-terms.

All rates within the CommercialRealEstate FY15 Rate Card are quoted in Australian Dollars and are valid until 30 June 2015 unless otherwise stated.

Information correct at time of publishing.

(+61) 2 8689 9000 (+61) 2 9818 1965

www.adsend.com.au www.sendlite.com.au

Adsend Australia Digital Ads International SENDliteAdstream

(+61) 2 9467 7500

www.adstream.com.au