emma TM conducted by Ipsos Media CT, People 14+ for the 12 months ending February 2017. All times are AEST. Advertising benefits¹ 3.4x 1.4x 1.8x more likely to receive a personal income of $300,000+ p.a. more likely to be C-suite managers / CEO or General Managers more likely to make investment of $1M+ Display advertising – deadlines Day Booking and cancellation Material Saturday Classifieds Display Noon, Thursday 3pm, Thursday Monday to Friday Noon, 2 business days prior 3pm, working day prior Lineage advertising – rates and deadlines Day Rate per line Booking and setting deadline Saturday $13.01 ex GST ($14.31 inc GST) 4pm, 2 business days prior to publication Monday to Friday $11.69 ex GST ($12.86 inc GST) 4.30pm, 1 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. To book lineage advertising, contact: smhclassifi[email protected]At time of booking, please choose your Commercial and Business for Sale Classifieds section: • Businesses for Sale • Commercial Investment Properties • Commercial Premises to Lease • Hotels / Motels Print Advertising: The Sydney Morning Herald Print advertising in The Sydney Morning Herald remains a commanding and effective medium complimenting digital campaigns with strong visual impact. Commercial Real Estate is an integral part of The Sydney Morning Herald’s Business Day and Weekend Business on Wednesday and Saturday, offering a unique platform to showcase your products and services to a highly targeted and engaged premium audience. commercialrealestate.com.au The Sydney Morning Herald = ? $30m target for Lone Pine Tavern wof a bjto in to of HOT PROPERTY: ENERGY EFFICIENCY WAY TO GO BUSINESSES FOR SALE PAGES 19-21 AUCTIONS BOATING BUY AND SELL NOTICES COMMENT: TRIPADVISOR ADDS EYEBALLS TO HOTELS CAROLYN CUMMINS Coming soon Suite serendipity INSIDE 1 BusinessDay Ross Gittins Turnbull: Man with no plan but lots of flimflam. PAGE 4 Concern over rate rig NAB trader allegedly rigged bank bill swap PAGE 3 My Career Artist and writer explores the tragic life of Ned Kelly’s sister. PAGE 9 INSIDE 7 wbto at I was kept in the dark, says Pell In his third day of evidence to the royal commission into sex abuse, Cardinal Pell accused school administrators and a former archbishop of Melbourne of covering up sex claims against a priest. Full story, News, Pages 2-3 Comment, Page 29 I . A. SUPER TUESDAY TRUMP SEES ONLY CLINTON IN HIS WAY News, Page 10 • Editorial, Page 18 FREE ENTERTAINMENT @ THE DOMAIN NOW ON! N @ TH TH H H H H H H H H H TH TH TH H H H H H H H H H H H H H H H H TH T T TH H H H H H H H H H T T T T T T TH H H H H H H HE E E E E EDOMAIN N! M4-M5 Link tunnel Western Harbour tunnel ROZELLE LILYFIELD GLEBE Victoria Rd Western City West Link Lilyfield Rd Anzac Bridge ANNANDALE M4-M5 link surface roads (elevated ramps) Tunnel access points More homes in motorway path EXCLUSIVE Jacob Saulwick WestConnexInterchange plans unveiled Continued Page 7 Community angst over the WestConnex motorway will soon spread when plans for new motor- way interchanges are unveiled for Rozelle and at Sydney University, Camperdown. The interchanges will almost in- evitably involve property acquisi- tion and, in Rozelle and adjacent Lilyfield in particular, will require the construction of elevated ramps to Anzac Bridge and Victoria Road. More detailed plans for the mo- torway interchanges are set to be unveiled by NSW Planning and En- vironment in the next few weeks, after the organisation building the $16.8 billion toll road – the Sydney Motorway Corporation – lodged planning documents last month. Yet the interchanges are already raising the ire of local politicians opposed to the motorway, after previous motorway entrances at St Peters and Haberfield and Con- cord were criticised for their im- pact on densely populated neigh- bourhoods and local roads. As part of the business case for the project released late last year, the Sydney Motorway Corporation released images of the shape of the interchanges for Rozelle and Camperdown at Parramatta Road. Overlaid onto street maps, those images show that the bulk of the land used for the WestConnex in- terchange will be in the Rozelle goods yard. But the images also show tunnels emerging froma linked motorway project – the so- called Western Harbour Tunnel – in suburban streets just north of Lilyfield Road. ‘‘The massive spaghetti-style in- terchange planned for Rozelle threatens the future of the Bays Precinct urban redevelopment – instead of a thriving digital hub, we’ll get congested roads and pol- luting vent stacks,’’ said the Sydney lord mayor, Clover Moore. ‘‘The interchange at Camperdown will overwhelm Broadway and Parramatta Road with increased traffic,’’ Cr Moore said. Baird’s $100m line of credit It’s no wonder Mike Baird’s govern- ment is encouraging people to catch the train to the airport. The govern- ment is set to reap more than $100 million in just two years from the exorbitant fares charged on the privately owned rail line to Sydney Airport. The increasing flow of money has reignited calls for the government to slash the $17 fare for a one-way trip from the CBD to the airport, which makes it the most ex- pensive stretch of rail track in Sydney. This is particularly so after congestion on roads around the air- port worsened recently, which Roads Minister Duncan Gay said ‘‘could only be described in technic- al terms as a bloody mess’’. News — Page 3 Dodson heading to Senate Labor leader Bill Shorten has nomin- ated indig- enous leader Pat Dodson to fill a Sen- ate seat left vacant by Joe Bullock. The Yawuru man, who is known as the ‘‘father of reconcili- ation’’, was ‘‘a person of unmatched intelligence, integrity and achieve- ment’’, Mr Shorten said. News — Page 4 First published 1831 No. 55,659 Thursday, March 3, 2016 $2.50Body found in Kathy Jackson’s home A man has been found dead inside the home of former union boss Kathy Jackson. Police were called to the Wombarra home, just north of Wollongong, at 11.30am, and found a 40-year-old man. A police spokesman said the death is not being treated as suspicious. The man is understood to be a friend of Ms Jackson and her partner Michael Lawler. News — Page 6
Transcript
emmaTM conducted by Ipsos Media CT, People 14+ for the 12 months ending February 2017. All times are AEST.
Monday to Friday Noon, 2 business days prior 3pm, working day prior
Lineage advertising – rates and deadlines
Day Rate per line Booking and setting deadline
Saturday $13.01 ex GST ($14.31 inc GST) 4pm, 2 business days prior to publication
Monday to Friday $11.69 ex GST ($12.86 inc GST) 4.30pm, 1 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.
To book lineage advertising, contact: [email protected] time of booking, please choose your Commercial and Business for Sale Classifieds section:• Businesses for Sale• Commercial Investment Properties• Commercial Premises to Lease• Hotels / Motels
Print Advertising: The Sydney Morning HeraldPrint advertising in The Sydney Morning Herald remains a commanding and effective medium complimenting digital campaigns with strong visual impact.
Commercial Real Estate is an integral part of The Sydney Morning Herald’s Business Day and Weekend Business on Wednesday and Saturday, offering a unique platform to showcase your products and services to a highly targeted and engaged premium audience.
1HERSA1 B028
E X P R E S S I O N S O F I N T E R E S T
DA APPROVED — HIGH DENSITY MIXED-USE DEVELOPMENT SITE S U R F E R S P A R A D I S E , Q U E E N S L A N D
For Sale by Expressions of InterestClosing Wednesday 3 August 2016
Jeff Moxham 0413 838 339Rick Bird 0417 750 950
James Walsh 0431 712 211Simone Caralis 0414 662 066raywhitecommercial.com | Property ID 1496528
• Landmark development site encompassing entire city block• 500m* to Surfers Paradise retail and entertainment precinct • 11,848m2* site, four street frontages • DA for 1,000 apartments plus 680m2* of retail space and community
facilities over two towers• 12 month lease back at 5%* net yield• Stunning contemporary design by renowned award wining architects DBI
commercialrealestate.com.au Weekend Edition JULY 23-24, 2016
The Sydney Morning Herald
=?
$30m target for Lone Pine TavernCarolyn CumminsCommercial property editor
The Lone Pine Tavern, Rooty Hill, Sydney, is on themarket through JLL Hotels.
In the tightest held hotel marketfor nearly a decade, the Lone PineTavern at Rooty Hill, in Sydney’swest, is being offered for sale withprice expectations of about$30 million, due to its high cashflow business.JLL Hotels & Hospitality Group
has been appointed to the cam-paign for the pub, which is adjacentto the Rooty Hill train station andhas been extensively renovated tooffer a new bistro and bistro bar,gaming lounge with 28 gaming ma-chines, a large function room andlarge beer garden.The Tavern occupies a one
hectare-plus site and trades withthe benefit of a 3am hotel licence.There have been some smaller
inner-city and fringe sales as ven-dors look to exit, not just becauseof the lockout laws but also to takeadvantage of the demand frombuyers who are keen to expand thefood and beverage area and notrely on gaming as much as in thepast.The new operators are the tradi-
tional publicans who see thechance to expand the food offer-ings and craft beers to cater for thechanging nature of the inner-citymarket, where people go to pubsfor a well-known chef rather thanmerely to drink and watch sport.But demand is high for the outer
fringe market where pubs, such asthe Lone Pine, are seen as a meet-ing place for the community.National director at JLL, John
Musca, said that in the first half of2016 there had been an ‘‘unpreced-ented scarcity of large suburbanhotels available for purchase’’.‘‘There has not been a single,
coveted top-ranking gaming assettransacted, so there exists a log-jam of private and public sectorcapital seeking acquisitions in theasset class,’’ Mr Musca said.The tavern is being sold by priv-
ate Sydney hotelier family theFeros Group who are developing anumber of newgreenfield hotel andhospitality venues in south Sydney.Chris Feros said: ‘‘The Lone
Pine is an impressive asset thatcontinues to grow but our group’sresources are focused on the newprojects and we appreciate thatthere are operators better suitedto optimising this business thanwe are.‘‘A few hotels on large sites with
development potential seem tohave transacted this year, includ-ing the Kings Head Tavern inHurstville and the PenshurstHotel, which augurs pretty well forthe Lone Pine on 10,000 squaremetres next a train station,’’ MrFeros said.The offering comes at a time
when Redcape shareholders YorkCapital and Varde Partners conti-
nue to explore their exit optionseither via trade sale or IPO.Varde Partners are said to be so
enamoured of the lucrative hotelasset class in Sydney that they aremooted to have recently formedMonarch Hotels as a separate in-vestment vehicle, having quicklymoved to acquire the gaming-centric Belmore and Banksia ho-tels for more than $45 million.The successful reopening of the
Newport Arms Hotel, rapid expan-sion of the Public House Group andthe rapacious nature of the UrbanPurveyor Group are further evid-ence that hotel cash flows are notjust seemingly quarantined frombroad business sentiment, but areexpanding with improved productand service offerings, often reflect-ing the latest international diningand hospitality movements.The watering hole The Dove &
Olive Hotel in Surry Hills is alsobeing offered for sale as its own-ers, The Good Beer Company, em-bark on major renovation plans attheir newly acquired Duke ofGloucester Hotel in Randwick.‘‘The customer experience in
Sydney hotels has improved mar-kedly in recent years and with res-idential densities intensifying,particularly around main publictransport nodes, and continuedhigh barriers to entry, it stands toreason that these businesses arebecoming more valuable,’’ MrMusca said.The receivers and managers for
The Keystone Group, FerrierHodgson, are alsomoving closer toappointing agents for the sales ofthe leaseholds of somewell-knownpubs and food and beverage out-lets including the Jamie’s Italianchain across the country.
HOT PROPERTY:ENERGY EFFICIENCYWAY TO GOPAGE 24
BUSINESSESFOR SALEPAGES 19-21
AUCTIONSPAGE 18
BOATINGPAGE 19
BUY AND SELLPAGE 19
NOTICESPAGES 19
COMMENT:TRIPADVISOR ADDSEYEBALLS TO HOTELSCAROLYN CUMMINSPAGE 21
JANUARY 9-10, 2016
THE WORLD ON WHEELSPrestige head to head on page 8
My CareerArtist andwriterexplores the tragiclife ofNedKelly’ssister.
PAGE 9
FEBRUARY 22-23, 2014
DIT
MARCH 1–2, 2014 SMH.COM.AU/TRAVEL
Mind
INSIDE
The life of a FIFOminer is not what itwas. Peter Ker looks at the changingface of the industry, Pages 6 & 7
ILLUSTRATION: SIMON BOSCH
Penthouse tothe outhousePenthouse tothe outhouse
Big four Ripple effect
Banks‘unlikely’to avoidratings cut
Clancy Yeates
Continued Page 2
The big four banks’multibillion-dollar capit-al raisings last year will not be enough toprotect the lenders from a potential cut intheir credit ratings, if the government’s top-notch rating is downgraded.After changing the banks’ credit outlook
to ‘‘negative’’ this week, Standard & Poor’son Friday said Commonwealth Bank, West-pac, and National Australia Bank couldoffset such a cut if they had $7 billion to$8 billion extra in capital each.However, it views such a scenario as ‘‘un-
likely’’ over the short term, despite longer-term pressure on lenders to build up theircapital buffers. The big four are among asmall pool of global banks with AA- creditratings, but the lenders are now staringdown the barrel of a potential downgrade,after S&P this week put a negative outlookon the banks’ and the government’s rating.On Friday, S&P confirmed that if the fed-
eral government’s AAA rating were re-duced, the banks’ AA- rating would also becut by one notch, to A+. That’s because theagency assumes the government would sup-port the banks in a crisis.In the event of such a downgrade, S&P
analyst Sharad Jain said CommonwealthBank, Westpac, and National Australia Bankcould reclaim their rating through jumbo cap-ital raisings of $7 billion to $8 billion each, butthat was unlikely in the short term.
Telstra to shuts down call centres and cut hundreds of jobsLucy BattersbyNick Toscano
Some Telstra call centre work will be sent to the Philippines.
Telstra has sacked hundreds ofcustomer service andmanagementstaff from its call centres nation-wide and will offshore more workto the Philippines.The telecommunications giant
has not publicly announced the re-dundancies, but the Communityand Public Sector Union revealedthe job losses on Friday after re-ceiving alerts from affected mem-bers. The union said 450 workershad received notices in recent daysthat they would lose their jobs.A Telstra spokesman confirmed
the cuts on Friday afternoon, butsaid 326 staff would be affected.The Telstra job losses are na-
tionwide, with at least 140 jobsslashed in Melbourne and the clos-ure of an entire call centre in Perth,according to the union. Calls goingto Perth centre would now behandled through call centres inBathurst, NSW and Cebu, in thePhilippines.In Melbourne, Telstra is closing
down several niche call centres,such as the one that handles be-reavement calls about deceasedcustomers, and will lay off the rel-evant team leaders.‘‘We have talked to our people
about a proposal to make changesto our contact centre and Telstrabusiness teams that will see a totalof 326 roles impacted nationally. Itimpacts roles across our sales, ser-vice and national office teams,’’ the
Telstra spokesman said.‘‘We take our responsibility to
support employees through thisperiod very seriously . . .’’Unions claim job cuts and off-
shoring are reducing Telstra’s abil-
ity to manage its data, mobile andtelephone networks.‘‘CPSU members working at
Telstra predict that network out-ages and other problems will onlybecome more common because of
the highly skilled people who havebeen sacked . . .’’ union officialTeresa Davison said.Telstra has seen a series of net-
work outages this year including anationalmobile outage in Februaryand a data network outage that af-fected several major enterprisecustomers on the last day of thefinancial year.The Communications, Electrical
and Plumbing Union, which coversTelstra technicians, said budgetand staff cutbacks were causingnetwork problems.‘‘Themain problem is . . . the reli-
ance on contractors and vendors toprovide the fix to a problem that iswider than just the vendors’products,’’ branch secretary JohnEllery recently said.
1HERSA1 A001
I was keptin the dark,says PellIn his third day ofevidence to the royalcommission into sexabuse, Cardinal Pellaccused schooladministrators anda former archbishopofMelbourne ofcovering up sexclaims against a priest.
Community angst over theWestConnex motorway will soonspread when plans for new motor-way interchanges are unveiled forRozelle and at Sydney University,Camperdown.The interchanges will almost in-
evitably involve property acquisi-tion and, in Rozelle and adjacentLilyfield in particular, will requirethe construction of elevated rampstoAnzacBridge andVictoriaRoad.More detailed plans for the mo-
torway interchanges are set to beunveiled byNSWPlanning and En-vironment in the next few weeks,
after the organisation building the$16.8 billion toll road – the SydneyMotorway Corporation – lodgedplanning documents last month.Yet the interchanges are already
raising the ire of local politiciansopposed to the motorway, afterpreviousmotorway entrances at StPeters and Haberfield and Con-
cord were criticised for their im-pact on densely populated neigh-bourhoods and local roads.As part of the business case for
the project released late last year,the Sydney Motorway Corporationreleased images of the shape of theinterchanges for Rozelle andCamperdown at Parramatta Road.Overlaid onto street maps, those
images show that the bulk of theland used for the WestConnex in-terchange will be in the Rozellegoods yard. But the images alsoshow tunnels emerging from alinked motorway project – the so-
called Western Harbour Tunnel –in suburban streets just north ofLilyfield Road.‘‘The massive spaghetti-style in-
terchange planned for Rozellethreatens the future of the BaysPrecinct urban redevelopment –instead of a thriving digital hub,we’ll get congested roads and pol-luting vent stacks,’’ said theSydney lord mayor, Clover Moore.‘‘The interchange at Camperdownwill overwhelm Broadway andParramatta Road with increasedtraffic,’’ Cr Moore said.
Baird’s $100m line of creditIt’s no wonder Mike Baird’s govern-ment is encouraging people to catchthe train to the airport. The govern-ment is set to reap more than$100 million in just two years fromthe exorbitant fares charged on theprivately owned rail line to SydneyAirport. The increasing flow ofmoney has reignited calls for thegovernment to slash the $17 fare for
a one-way trip from the CBD to theairport, which makes it the most ex-pensive stretch of rail track inSydney. This is particularly so aftercongestion on roads around the air-port worsened recently, whichRoads Minister Duncan Gay said‘‘could only be described in technic-al terms as a bloody mess’’.� News — Page 3
Dodsonheadingto SenateLabor leaderBill Shortenhas nomin-ated indig-enous leaderPat Dodsonto fill a Sen-ate seat leftvacant byJoe Bullock. The Yawuru man, who isknown as the ‘‘father of reconcili-ation’’, was ‘‘a person of unmatchedintelligence, integrity and achieve-ment’’, Mr Shorten said.� News — Page4
First published 1831 No. 55,659 Thursday, March 3, 2016 $2.50 (inc GST)
Body found in KathyJackson’s homeA man has been found dead inside the home of formerunion boss Kathy Jackson. Police were called to theWombarra home, just north of Wollongong, at11.30am, and found a 40-year-old man. A policespokesman said the death is not being treated assuspicious. The man is understood to be a friend ofMs Jackson and her partner Michael Lawler.� News — Page6
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