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An aged care and property development group had administrators appointed yesterday after the company collapsed as a result of long delays in planning approvals.
Riad Tayeh and David Solomons of de Vries Tayeh were appointed as administrators of the Crighton Group, which is made up of 15 companies.
The Crighton Group has been operating for over 25 years and has around 30 staff.
The companies now in administration are the Hermitage Lifestyle Resort, Crighton Properties, Myall River Downs, Crighton Building Co, Crighton Lifestyle Resorts Real Estate, Myall Quays Shopping Village, Lifestyle Resorts, Woodstock at Jamberoo, Crighton Bowral, Myall Down Angus Stud, Red Gum Grove, Laurieton Lifestyle Resort, Crighton Mudgee, Crighton Byron and Crighton Bathurst.
The company Hermitage Management has not been placed in administration and Tayeh said at this stage the retirement village, Hermitage Lifestyle Resort, will continue to operate as usual.
"In the main the group has been the victim of the slow and unyielding process of getting approvals for developments," Tayeh says.
It has taken 11 years to get zoning through for some developments and no company can survive that sort of delay, and with the prevailing economic conditions it could no longer continue to trade."
The Crighton Group's major creditors are the ANZ, Commonwealth Bank and St George.
Tayeh says the Crighton Group is "not a fly-by-night group" and at its full valuation had land holdings worth over $100 million. However, recent falls in value mean the valuation is now closer to $30 or $40 million.
"The thing that has really hampered this industry and similar developers has been the inability to get projects up and going that have been supported by the community, this is not a good thing for the industry," he says.
"You can't have something being held up for 11 years, some of the things they have to do to get these developments through are unbelievable."
Geoff Cox, founder and joint proprietor of the Crighton Group, said in the past the development industry has had to go through "a lot of nonsense" to get master plan approval from the Department of Planning.
In developing the Tea Gardens, Cox says ANZ lost patience after nine years in development.
"The land was rezoned as a residential parcel in June 2000, then three years later they brought through an embargo on residentially zoned land being developed unless subject to a master plan," he says.
"As part of that plan, we had to prepare a flood evacuation plan for 87 years' time for what would happen in the event of a 'probable maximum flood event', which is what happens when a cyclone comes through in the tropics – but we are not in the tropics."
Cox says the Crighton Group had to spend a huge amount of time going through computer modelling to prepare an evacuation plan for assumed residents in 87 years' time costing $250,000.
"When you look at the lunacy of that you think it is madness," he says.
"We were totally gobsmacked at what we had to go through. It's an example of the absolute nonsense the development industry had to go through to get master plan approval."
Cox says the problem is not with the department of planning but with the "nefarious government agencies" that developers are required to deal with.
"Now the banks have essentially stopped funding retirement development outside the metropolitan areas," he says.
The administration of the Crighton Group follows the <a href="https://www.smartcompany.com.au/buy-or-sell-a-business/054903-aged-care-business-falls-into-administration-after-being-struck-by-government-sanction" target="_blank">collapse earlier this year of Nepean Hospitals</a>, which operates two aged care centres in Victoria: one 46-bed operation in Bendigo and another 125-bed facility in Mount Martha.
This article originally appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Administrators appointed to $100 million NSW aged care Crighton Group

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Nathan Tinkler’s move yesterday to put his horse racing empire on the market reveals the true state of the embattled coal baron’s finances.
At a recent NSW Supreme Court hearing, Tinkler was very cagey about the extent of his assets and debt.
He put a value of $1.2 billion against the assets held in his family’s trust, all in his wife’s name but this is an aggressive valuation.
He also revealed he had as much as $600 million debt against these assets.
Tinkler has fought hard to hang onto Patinack Farm despite being more willing to give up other luxuries in life, like his private jet and helicopter.
The thoroughbred stable is one of the biggest in the land, with more than 1,000 horses and 150 staff despite recent sales of horses in a bid to raise cash.
Liquidators were appointed to <a href="https://www.smartcompany.com.au/wealth/053055-nathan-tinkler-s-horse-racing-empire-goes-into-liquidation" target="_blank">Patinack Farm in November last year</a> after an unpaid levy to WorkCover South Australia of around $17,000.
But Tinkler fought back to save Patinack Farm, which is at the centre of his horse racing interests.
He sold his champion colt, All Too Hard, for a reported $28 million, and had also sold $2.8 million worth of horses at <a href="https://www.smartcompany.com.au/the-fast-lane/magic-millions-gives-a-glimpse-of-the-year-ahead-for-rich-listers" target="_blank">Gerry Harvey’s Magic Millions Auction</a> at the start of this year, and paid off the levy so Patinack Farm escaped the liquidators.
But that fight has come to an end, with Tinkler releasing a statement announcing the sale of the operation, which includes more than 1,000 racehorses, broodmares and stallions and high quality facilities.
Tinkler said in a statement that Patinack Farm represents a “terrific opportunity” for a local or international owner.
“As I am spending more time overseas, I do not have the time to manage the business,” Tinkler said in the statement, referring to his decision to reside in Singapore.
More likely, Tinkler desperately needs the money, given that he has ploughed between $200 million and $300 million into Patinack Farm.
Critics who claim he overpaid for many of the thoroughbreds may find some justification in the estimated sale price of around $100 million for the operations.
In the past, Tinkler has done everything possible to hold on to Patinack Farm, and selling up sticks gives more indication of his perilous financial position than any statement made in the Supreme Court.
This article originally appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Nathan Tinkler's decision to list Patinack Farm suggests financial desperation: Cara Waters

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The self-managed superannuation fund sector is soaring, with the Australian Taxation Office revealing it expects more than 1,000 applications a week to be lodged for SMSFs in May and June this year.
Speaking at the annual <a target="_blank" href="https://www.smartcompany.com.au/superannuation/054815-asic-sounds-warning-bell-on-smsfs">Australian Securities and Investments Commission</a> forum in Sydney yesterday the ATO's commissioner for SMSF, Stuart Forsyth, said the rush was already on with the office receiving a record 500 applications to set up new funds in one day last week.
"It is the highest we have ever seen on one day," he said.
"It is an illustration of the growth that is out there."
This last minute surge before the end of the tax year will take the total number of <a target="_blank" href="/news">SMSFs</a> to half a million, although Forsyth said the ATO rejected about 68 of the 500 applications as being unsuitable.
Graeme Colley, director of education and professional standards at the SMSF Professionals Association of Australia, told SmartCompany a surge in applications for SMSFs was "not surprising" towards the end of the financial year.
"You can get a tax deduction of up to $25,000 on your contributions, so traditionally there is a spike towards the end of the year," Colley says.
"People are disillusioned with larger funds and there is more interest in SMSFs generally, which influences people to set up their own funds."
Colley believes speculation about the budget and the impact of what will happen means people are trying to protect themselves from any superannuation changes by setting up an SMSF.
He says the ATO receiving 500 applications in one day last year is interesting and he assumes people are setting up the SMSFs for the right purposes.
"The concern is that people are panicking or rushing in to set up an SMSF and hopefully the advice they are getting is for the right purpose to provide retirement benefits; they need to look before they leap," Colley says.
The ATO also revealed at yesterday's forum that it will seek to close down as many as 10,000 self-managed superannuation funds this year, targeting funds that are inactive and have not been lodging annual tax returns.
Forsyth told the forum the closures come at the end of a year-long review of the SMSF sector.
According to Colley this shutdown of SMSF funds is not something SMSF trustees should be concerned about.
He says "every now and again" the ATO goes through its database and looks at those funds which are inactive or have been closed down and it undertook a similar exercise a few years ago.
"When you look at shutting down 10,000 funds out of half a million it is only 2% of the total number, it is a very small proportion," he says.
"The ATO will notify trustees a number of times before closing down a fund, it's not like opening and shutting a shop."
This article first appeared on <a href="https://www.google.com.au/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;cad=rja&amp;ved=0CDMQFjAA&amp;url=http%3A%2F%2Fwww.smartcompany.com.au%2F&amp;ei=qVJSUYTyLcnYigeQxIDQBQ&amp;usg=AFQjCNHpZnYFW6OgdohnBFaGGjvpykD8CA&amp;bvm=bv.44342787,d.aGc" target="_blank">SmartCompany</a>.
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ATO prepares for influx of SMSF applications

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There is good news for retail property landlords with ice-cream franchise Baskin-Robbins announcing plans for another 200 shops in Australia over the next 10 years, tripling the chain's presence in the country.
On a smaller scale, relative newcomer to the market <a target="_blank" href="https://www.smartcompany.com.au/retail/20090804-ice-cream-chain-ben-a-jerrys-comes-to-australia-with-franchising-plan">Ben &amp; Jerry's</a> is planning an additional 30 stores across Australia.
Baskin-Robbins has entered into a master franchise joint agreement with Galadari Brothers, the parent company of Galadari Ice Cream Co, which is a long-time Baskin-Robbins licensee for the Middle East.
The tie-up comes after <a target="_blank" href="https://www.smartcompany.com.au/franchising/20101021-breaking-news-allied-brands-loses-baskin-robbins-franchise-rights-receivers-appointed-to-subsidiary">former master franchise Allied Brands </a>was stripped of its Australian franchise rights for the Baskin-Robbins franchise by the US owner of the brand, Dunkin' Brands.
Dunkin' Brands will maintain a 20% stake in the new joint venture while Galadari will be primarily responsible for day-to-day operations in Australia.
Galadari will open additional franchise locations as well as corporate-owned and operated stores, with each company jointly contributing $2 million over the next three years for marketing.
"Galadari has done an outstanding job of making Baskin-Robbins one of the pre-eminent ice cream brands in the Middle East, and we believe they can do the same in Australia, one of our high opportunity markets," said Giorgio Minardi, president of Dunkin' Brands International in a statement.
Ben &amp; Jerry's is also expanding in Australia with the opening of its fourth Scoop Shop franchise on the Gold Coast.
The expansion of the ice-cream chain into new states is part of a larger rollout plan, introducing Ben &amp; Jerry's packaged product and franchise outlets into new states with up to 30 franchise shops across Australia planned.
Launched in Australian in 2009, Ben &amp; Jerry's brand manager Kalli Swaik said in a statement the plan is to make the brand available across the nation.
The ice-cream chain aims to open up in key sites along the east coast including Circular Quay, Darling Harbour and Sydney CBD in New South Wales, Melbourne CBD, Southbank and St Kilda in Victoria, and Brisbane CBD, Broadbeach, South Bank and The Valley in Queensland.
"We're on the hunt for a team of dedicated Scoop Shop owners to help us spread peace, love and ice cream across the country," Swaik said in a statement announcing the expansion.
Jason Gehrke, director of the Franchise Advisory Centre, told SmartCompany Baskin-Robbins' ambitious plans were achievable provided it was prepared to invest enough.
"That will substantially increase their chances of achieving that growth target but it is not going to happen without a significant commitment of resources on the master franchisees behalf," he says.
"Baskin-Robbins is a mature brand in the Australian market today so the question is: What is new and different about this agreement that will cause a stampede of franchisees?"
In contrast, Gehrke says Ben &amp; Jerry's is a new player on the market and one that has been relatively conservative in its initial approach.
"So that relative newness and perceived vibrancy will be its competitive advantage in appealing to the market," he says.
"But these businesses are all affected by seasonal variations and consistent high temperatures are very good for these kind of businesses but one or two cool summers would quite severely impact a franchisee turnover."
Gehrke says there are already plenty of well-established ice-cream franchises in Australia and an additional 230 stores will add to the already hot competition for ice-cream customers and for sites.
"Often you find the more players in a market, the bigger the market segment becomes. The question is can everyone make money out of it," he says.
"These businesses are all going to be competing for sites as well and if you have multiple brands competing for the same locations that may have the knock-on effect of pushing up rents where rents are otherwise stagnating."
This article first appeared on <a target="_blank" href="https://www.smartcompany.com.au/">Smartcompany.com.au</a>
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Baskin-Robbins and Ben & Jerry's plan another 230 stores

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Australia's "Jeans Queen", Bettina Liano, has closed all but one of her Australian stores and set her sights on the United States market instead.

Liano's first store in the United States will open in New York at the end of this week as her original store on Chapel Street in Melbourne closes its doors after 24 years.
The designer has closed down her other four Australian stores, leaving only one store remaining in Sydney.
Liano told SmartCompany she wants Bettina Liano to become a global brand with international trends and styles at the core of the collections each season.
"I am just looking for volume in the market, I feel that I outgrew Melbourne in particular and I have been banging the drums for 25 years. I feel like I could do with a new audience and I'm confident that what I do is different enough from everyone else to be able to sell it [in the United States]," she says.
"I want to create a focal point here [in the US], because if you go into a new market and you don't sell anywhere they can't market you and department stores won't buy if you haven't got any marketing."
Liano says she has always been attracted to opening in the United States and to New York in particular.
"It is the fashion capital of the world and because I have always liked America and I've always liked the way they do business here," she says.
"They do retail like nobody else, and also they love denim; denim is an American thing at the end of the day."
Liano says after <a target="_blank" href="https://www.smartcompany.com.au/strategy/049928-bettina-liano-escapes-administration-and-stitches-up-a-new-deal-three-companies-that-have-hung-on-to-their-founders">fighting her way back from voluntary administration</a> the business struggled last year because of a supply delay.
"I experienced chronic delays with my suppliers. I didn't get delivery of a summer season until the first week of January so that just killed me – I don't know how long you can sell a sweater for," she says.
Liano cites the <a target="_blank" href="https://www.smartcompany.com.au/property/054256-international-retailers-keep-sydney-and-melbourne-in-top-10-most-expensive-global-retail-property-markets">expensive rents in Australia</a> as a key reason for closing her stores and says she was paying $25,000 a month in Chapel Street.
"It's sad, but I'm going to come back by the end of the year I'm going to reopen stores. I just want to pay good rent; Melbourne is not worth what they are charging at the moment," she says.
"At the moment in the States it is like repeating how I started in Melbourne, there were empty stores going cheap. In Australia, in the last 12 months, I have been on sale for the last 12 months; it is just so price sensitive."
Liano's New York store will open at 246 Mott Street in NewYork's SoHo district and she plans to open stores in San Francisco, Los Angeles and Miami.
"I saw an opportunity as they've had a recession here, it's small and the rent is really reasonable so I don't have to sell a lot of stock to break even," she says.
Liano is also developing a new Bettina Liano website but says actual bricks-and-mortar stores will always be important for retail.
"Opening a store is like a showroom, it's like a billboard, it gives people a place to go and you can communicate your offer," she says.
"Online is a focus for me but online and the real experience are not comparable. I might have been born in the 60s, [but] I don't care what anyone says, you can't touch the fabric online, you can't smell the candle burning, you can't sit on a chair and be served."
Liano says it has been <a target="_blank" href="https://www.smartcompany.com.au/retail/20110711-melbourne-jeans-label-bettina-liano-collapses">a long road back from the collapse</a> of her business but she is confident about the future for the Bettina Liano brand.
"I lost most of what I worked 25 years for, I lost millions of dollars in equity and I'm trying really hard. I'm not a crook," she says.
"They have a different attitude to that sort of stuff in America, what I have done is going to make me money. I am still here, I am still 100% in business, and I still own the business 100%."
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank" rel="nofollow">SmartCompany</a>.
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Bettina Liano closing Australian stores and selling jeans in the United States

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Continued legislative tinkering to the superannuation system is forcing individuals <a href="https://www.smartcompany.com.au/superannuation/052307-government-warned-to-back-off-on-proposed-changes-to-smsfs">to abandon super and self-managed super funds</a>, leading to $16 billion not being placed into SMSFs, according to research published this week.
The research by the SMSF Professionals Association and Russell Investments found that as a result of lower contribution caps and continued changes to super, 54% of SMSF trustees would change the decisions they are making currently about their strategies towards their retirement.
Launching the research, SPAA chief executive Andrea Slattery said, of those who would change, 75% said they would invest in things other than super.
“That would be outside of super, not inside of super, and so that leads towards $16 billion not being placed in the superannuation system in this last 12 months,” she says.
“It shows there are big numbers in the SMSF sector which are mainly professionals, small business and the self-employed that are not putting money into super and if they are not putting it into super they are putting it elsewhere or spending it.”
Slattery says negative gearing has been the main benefactor of the movement out of superannuation, with confidence amongst SMSF trustees low.
In July last year the amount of pre-tax income people over the age of 50 may put into super each year was halved to $25,000.
Trustees now have to deal with legislative risk, according to Alan Schoenheimer, chief executive of Russell Investments in the Asia Pacific.
“I think trustees are learning a new risk called legislative risk, which they used to ignore in the past but now it is becoming clear this is a major dilemma,” he says.
“You put your money into the system and once it is in it is locked in, and you can’t reverse that decision, and now it is there for the government to raid.”
Schoenheimer says 10 or 15 years ago people were encouraged to contribute more than the required amount into superannuation and they were given incentives to do that and told it was a good thing.
“It is in a system where you can’t hide it by the way, it is there for all to see and Australian Prudential and Regulation Authority or the Tax Office or someone have your statistics and can look at it all the time and you can’t hide it out, you can’t get it out and all of a sudden the rules change.”
“I would have thought there were a lot of angry people right now.”
This article first appeared on Smart Company.
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Government tinkering with superannuation proving costly

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Foreign tourists are travelling to Australia in record numbers, an increase the tourism industry is attributing to savvy marketing by Tourism Australia in Asia.
Figures from the Australian Bureau of Statistics released yesterday show the number of people travelling to Australia was up 6.9% on the same time last year.
While New Zealand continued to be the biggest source of tourism arrivals for Australia, Chinese visitors rose by about 14% in November. China is now Australia's second largest source of foreign tourists, beating the United Kingdom.
The growth in tourists from Asia was not limited to China, with Malaysian and Thai tourists increasing by 35% and 27% respectively.
The industry's peak body, the Tourism and Transport Forum, attributed the boost in numbers to an increase in flights by Asian airlines and successful marketing campaigns in the region by Tourism Australia.
John Lee, chief executive of the TTF, told SmartCompany there were increases across the board, with the exception being the UK.
"The passenger movement tax in the UK is just decimating outbound travel from the UK. It means a family of four pay just under $800 in taxes alone to travel from the UK to Australia," he says.
Lee says the strength of the tourist numbers coming from China, north Asia and south-east Asia is "heartening".
He attributes much of the growth to Tourism Australia's advertising campaign that was launched in June last year and garnered over 24 million hits on the ad, with 20 million hits in China.
"Millions and millions have seen the ad and have transferred their psychological intention to booking tickets and that is great news for our sector," he says.
"Now it is the Asian Century with huge growth from Malaysia, India and Thailand and, if we get it right, rather than the rivers of coal of the past 10 years in Australia there is an opportunity to have rivers of visitors from Asia."
Lee describes Tourism Australia's digital campaign and strong reach into new markets as "phenomenal" and singles out the leadership of managing director Andrew McEvoy and chairman Geoff Dixon.
"We are seeing the fruits of that intelligent strategy deployment. It is all about marketing where you are going to make a difference," he says.
"Andrew jokes China is an overnight success but it has taken 10 years to come to fruition."
Some 66,000 visitors traveled to Australia for business purposes. 
The ABS figures also revealed Australians are continuing their love affair with overseas travel, with the number of people flying abroad for holidays or business rising by 2.5% in November.
For the year to November, a record high of almost 8.18 million Australians travelled overseas.
"We still have a passenger deficit of six million inbound and eight million outbound but we were seeing outbound growth of over 10% last year and that is shrinking and is now back to 5.6% and dropping," Lee says.
"So it seems as though that is capped and it is dropping. I think there was an absolute spurt of outbound movement with the rise of the dollar and a perception of a once-in-a-lifetime opportunity to see other parts of the world."
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
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Foreign tourist numbers up 6.9% from last year, with Asian marketing increasing

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While property experts are predicting <a href="https://www.smartcompany.com.au/property/053595-property-experts-tip-recovery-in-house-prices-for-2013-but-boom-times-long-way-off" target="_blank">house prices will make a modest recovery for 2013</a>, driven by low interest rates, there is little comfort on the horizon for the struggling construction industry.
Last year was a tumultuous year for the industry with the <a href="https://www.smartcompany.com.au/construction-and-engineering/051126-construction-industry-nightmare-nsw-government-launches-inquiry-into-company-collapses" target="_blank">NSW government launching an inquiry</a> as a result of the sheer number of construction businesses that collapsed during the course of 2012.
The problem wasn’t confined to NSW alone, with the collapse of the Hastie Group and St Hilliers along with hundreds of smaller construction companies signalling the nationwide problems in the sector.
The slump in construction looks set to continue with the latest Australian Performance of Construction Index showing the national construction sector finished 2012 in negative territory.
Commercial construction and engineering construction contracted at a slower pace while house building and apartment building declined further.
Given the tough business conditions, it is unsurprising that the construction industry is continuing to reduce employment.
There continues to be a prevailing sense of caution in households, businesses and most importantly the financial sector, so construction starts and completions are likely to continue to languish.
Harley Dale, the chief economist at the Housing Industry Association, says he is tipping a “modest recovery” for new home building in 2013.
However, Dale admits this modest recovery comes from recessionary levels of new home building and the industry is by no means out of the woods yet.
Business sentiment and confidence continues to be fragile and the finance simply isn’t there to enable a strong recovery to take place.
One thing that could be done to bolster the construction industry is spending by government on infrastructure projects to keep work flowing through the construction industry until consumer and business building picks up.
Action needs to be taken now rather than sitting around waiting for the outcome of the NSW government’s inquiry.
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
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Australia's construction industry will continue to struggle in 2013

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Retailers are enjoying strong Boxing Day sales trading with the Australian Retailers Association predicting its estimates of $14.8 billion in spending from 26 December to 15 January will be met.
Most of this spending came immediately after Christmas with the Australian National Retailers Association estimating $1.8 billion was spent on Boxing Day itself, with $5.7 billion spent in the first week of the sales. However, the association does not have results to confirm its estimates yet.
It comes as the NAB Online Retail Sales Index for November recorded surges ahead of Christmas, rising to 241 points from 209 points in October, but year-on-year growth only edged higher to 27%.
In the 12 months to November 2012, Australians spent around $12.6 billion on online retail. This level is equivalent to 5.7% of the scale of traditional bricks and mortar retail (excluding cafés, restaurants and takeaway food) for the year to October 2012.
November is the peak month for online retail sales – with consumers allowing adequate time for delivery of their purchases prior to Christmas.
Alan Oster, chief economist at NAB, says as the online market matures, it will be interesting to observe whether consumers have greater confidence to make online purchases later in the month.
ANRA chief executive Margy Osmond says post-Christmas sales got off to a great start on Boxing Day with large numbers flocking to stores and shopping online.
“Christmas Day was one of the biggest online shopping days as people looked to cash in their Christmas present vouchers.”
Russell Zimmerman, executive director of the Australian Retailers Association, was also positive about the sales period and said the few days directly after Christmas and Boxing Day were “very strong and solid”, although sales were starting to slow down now.
“The Boxing Day sales were very big and the pre-Boxing Day sales by those retailers that were online worked very well,” he says.
The ARA predicted a 3.9% increase on last year’s post-Boxing Day sales and Zimmerman says he thinks that will be pretty close to the mark.
“Some things, like men’s clothing, are doing very well in post-Christmas sales as I suspect men have not been looked after over the last couple of years but it’s got to the point they have to buy new clothes for work,” Zimmerman says.
He says food was also a very strong performer for retailers in the sales period.
“We projected about $6 billion of post-Christmas food sales in the period until January 15 and I think that is pretty much on target to come through,” he says.
However, Zimmerman says while retailers are happy with the sales boost, they would have liked more.
“Retailers would have liked to have seen a much bigger increase. We predicted 3.9% increase in spending and $41 billion spent in in pre-Christmas sales this year, 10 years ago we used to get increases of 5% to 6% but those days have gone for a long while yet,” he says.
“If this hot weather keeps up, that will slow down some of the sales moving into the next few days as heat has an interesting effect on people going out and buying – if it gets too hot they don’t leave home.”
The strong performance comes after a promising start in 2011 dwindled to a flat result overall for retail, with the latest Australian Industry Group/Commonwealth Bank Australian Performance of Services Index falling 3.9 points to 43.2 in December.
Sub-sectors linked to household spending including retail trade and accommodation, cafes and restaurants all reported declines in activity in December.
"At the end of what was a tough year for the services sector, consumer caution, poor sentiment and the high Australian dollar all continued to weigh heavily on sales to households during the Christmas trading peak,” AIG chief executive Innes Willox says.
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
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Australian retailers buoyed by post-Christmas sales

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“Aussie John” Symond built his business as an alternative to the big banks, but Symond today reveals why he decided to sell out to Commonwealth Bank.
The executive chairman and founder of Aussie Home Loans agreed for the Commonwealth Bank to increase its existing shareholding in Aussie Home Loans to 80% by acquiring a further 47% with the sale requiring approval from regulators.
Under the deal Symond will continue as executive chairman of Aussie for four years and will retain a 20% shareholding, while continuing to be involved in the growth and direction of the business.
Symond says he is not selling out and it is business as usual for Aussie.
He would not reveal how much Commonwealth Bank paid for Aussie, only to say “it is a fair price, that I was happy with and they were happy with”.
“Commonwealth Bank came in as a 33% owner a bit over four years ago, it’s given me and Commonwealth Bank a chance to look at each other, see how we operate, and they have been very good shareholders and investors,” he says.
Symond says Commonwealth Bank has allowed Aussie “to continue to do its own thing” and respects the “integrity” of the Aussie business model, which provides hundreds of different loan choices and a panel of 18 lenders.
“Commonwealth Bank appreciates and accepts that consumers want choice and don’t just want to deal with one bank or provider,” he says.
Symond says Aussie has been “very successful and profitable” and Commonwealth Bank recognises the distribution channel Aussie has is something it doesn’t have, and Commonwealth Bank can provide more products and services for Aussie.
“Our feeling is it is a bigger, better Aussie with more choice and services for consumers, and that has to be good for competition,” he says.
Symond denies he has compromised Aussie’s independence by selling out to the Commonwealth Bank.
“I say to people we have tried very hard for 21 years to earn the trust of consumers and we have got a lot of runs on the board, I ask them to trust us, time will tell,” he says.
“At the end of the day if we don’t have compelling products and services at exceptional prices I don’t expect people to support us, I’m hoping to reach out to even more customers and grow the business.”
Symonds says “actions are more important than words” in convincing consumers Aussie is still on their side.
“We have demonstrated our fighting for consumers for 21 years, we have 21 years of unblemished consumer championing,” he says.
As for Symond’s future, he says he is committed to four years at Aussie as executive chairman but won’t be drawn beyond that.
“Who knows what will happen after four years from now,” he says.
This article originally appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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'Aussie John' Symond explains sale to CBA

The Gold Coast economy has grown by 25 per cent since 2020/21 to surpass $55 billion, but perhaps the more significant story is what sits behind the headline number.

For decades, the Gold Coast has been viewed through the lens of tourism, lifestyle and population growth. The latest State of the City Report suggests that perception is increasingly out of step with reality.

Released by Invest Gold Coast, the report ranks the Gold Coast as Australia's largest non-capital city economy and, perhaps more notably, second nationally behind Sydney for Economic Complexity, a measure that assesses the diversity and sophistication of an economy.

It's a result that places the Gold Coast ahead of Melbourne, Brisbane, Perth and Adelaide, highlighting the extent to which the city's economic base has broadened beyond its traditional industries.

Today, the Gold Coast supports more than 350,000 jobs, is home to over 83,000 businesses and generates $19 billion in annual exports. Manufacturing now accounts for 62 per cent of international export growth, while sectors including health, education, advanced manufacturing, technology and professional services are becoming increasingly important contributors to the local economy.

[smartcode_project:default project_id=150017 project_image_fid=372547]

Gold Coast Mayor Tom Tate said the report confirmed the city's evolution into one of Australia's most significant economies.

"The Gold Coast economy continues to grow at an incredible pace. This is no surprise to those of us who have watched the evolution up close," Mayor Tate said.

"As one of the most entrepreneurial, investment driven and opportunity focused economies in the country our ambition has been realised and possibilities are endless.

"The Gold Coast has built a reputation as the city that says yes. We say yes to investment, yes to opportunity and yes to people who want to build something.

"It's this mindset helping us drive major growth across health, advanced manufacturing, screen production, marine, technology and the knowledge economy."

[smartcode_project:default project_id=149670 project_image_fid=360975]

While population growth has been one of the defining stories of the past decade, the report points to a broader economic transformation taking place.

The city's knowledge economy now contributes $7.9 billion annually and supports around 31,000 jobs, while the health and wellbeing sector contributes $5.2 billion and employs more than 42,000 people. Together, the six priority sectors identified in the report account for almost $24 billion in economic output and more than 145,000 jobs.

One of the strongest examples is the Gold Coast Health and Knowledge Precinct at Southport. The 200-hectare precinct now contains more than $5 billion worth of health, education, research and innovation infrastructure and supports over 16,000 jobs.

The report also highlights the growing role of advanced manufacturing, particularly in aerospace, defence and modular construction.

Gold Coast-based Gilmour Space Technologies recently became the first Australian commercial company to attempt an orbital launch, while companies including Modscape and ModnPods are helping establish the Yatala-Stapylton corridor as one of Australia's fastest-growing advanced manufacturing hubs.

The city's entrepreneurial culture is also translating into business growth.

Since 2019/20, the number of businesses operating on the Gold Coast has increased by 22 per cent, while firms employing more than 200 people have grown by 80 per cent. The report suggests the next challenge is converting more local start-ups and medium-sized businesses into nationally significant companies.

Development activity remains another key indicator of confidence.

There are currently more than $23 billion worth of major projects underway across the Gold Coast, supported by a record 75 active cranes, a figure that now exceeds Brisbane and represents a 150 per cent increase since 2016.

[smartcode_project:default project_id=112024 project_image_fid=343235]

Importantly, the report notes the next phase of investment will need to extend beyond residential development.

While 93 per cent of crane activity is currently tied to housing, Invest Gold Coast argues future investment will increasingly need to focus on cultural, civic, infrastructure and industry-enabling projects that strengthen the city's long-term economic resilience.

Invest Gold Coast Chair Will Hodgman said the city was now benefiting from years of economic diversification.

"What is happening on the Gold Coast is the result of the city's economic base broadening, fuelled by industries with long-term, high-growth potential," Mr Hodgman said.

"This is no longer a secondary Australian economy, the Gold Coast is becoming a globally connected city with deeper capability across health, knowledge and creative industries, advanced manufacturing, technology and exports."

[smartcode_project:default project_id=108274 project_image_fid=365786]

Looking ahead, the Gold Coast's population is projected to exceed one million residents by 2046.

For a city that was once largely defined by tourism and lifestyle, the latest figures suggest the Gold Coast is becoming something more significant, one of Australia's most diverse and economically sophisticated urban economies, and increasingly one that national and international investors can no longer afford to overlook.

Joel Robinson

75 cranes, $23 billion pipeline and a $55 billion economy: Inside the Gold Coast economic boom

Ron Bakir's Homecorp has sold more than 75 per cent of the apartments in its wellness-driven Florence Residences in Surfers Paradise following its first weekend release.

The <a href="https://www.apartments.com.au/new-apartments/florence-residences-24-monte-carlo-avenue-surfers-paradise-qld-4217">26-storey project on Monte Carlo Avenue</a>, which commenced construction earlier this year, has seen a flurry of buyers secure their slice of the Gold Coast's latest wellbeing-focused offering in one of the nation's most competitive property markets.

Since the pandemic, the Gold Coast's population has grown by more than 11 per cent, a rate approximately four times faster than Sydney's, driven largely by lifestyle changes and interstate migration. While buyer activity has moderated in some markets nationally, demand for newly built dwellings on the Gold Coast continues to gain momentum as purchasers increasingly prioritise lifestyle, amenity, wellbeing, liveability and long-term investment potential.

&nbsp;

[smartcode_project:default project_id=150414 project_image_fid=372743]

Homecorp CEO Ron Bakir says buyers today are looking for more than just a home.

"What we are seeing is a shift in how people define value in property," Bakir says.

"What attracts residents to new developments is a desire for more than just a residence. They are looking for a place that complements their lifestyle, supports their wellbeing and reflects the way they want to live into the future.

"Lifestyle, longevity, proactive health, wellbeing, connection and a sense of community are increasingly shaping purchasing decisions, particularly on the Gold Coast, where these factors continue to be a major drawcard."

[smartcode_project:default project_id=150414 project_image_fid=372744]

Bakir says Homecorp is responding to this shift through an approach that places greater emphasis on design, amenity and experience working together to create places that feel considered, connected and enduring in value.

Inspired by Eastern European design, Florence Residences will comprise 120 apartments alongside a private residents-only wellness club featuring a resort-style rooftop pool, hot and cold plunge pools, a spa retreat, contemporary gymnasium, and a spacious yoga and Pilates studio.

The development will also feature a residents-only lounge with private dining facilities and a rooftop bar, premium outdoor entertaining areas, a hotel-style lobby lounge, generous bike parking, and pet-friendly amenities including a heated dog wash.

[smartcode_project:default project_id=150414 project_image_fid=372742]

A limited number of apartments remain available, with an exclusive collection of four-bedroom sub-penthouses set to be released in the coming months.

Florence is one of the latest additions to Homecorp's expanding multi-billion-dollar property portfolio, which also includes plans for a <a href="https://www.apartments.com.au/news/qld/homecorp-lodges-plans-for-260-million-moroccan-bathhouse-inspired-tower-in-budds-beach">$260 million development in Budds Beach</a> tailored to the growing wellness market.

A development application has been lodged for a 27-storey, 156-residence tower at 8–10 Acacia Avenue and 25–27 Oak Avenue, featuring a residents-only Moroccan spa-inspired sanctuary.

Apartments at Florence Residences are priced from $1,249,000, with construction expected to be completed by late 2027.

[smartcode_project_cta:default project_id=150414]

Buyers rush to Homecorp's Florence Residences as Gold Coast wellness trend gains momentum

The NSW Government has expanded its $1 billion Pre-sale Finance Guarantee program, broadening access for affordable housing providers and smaller residential developments as it seeks to accelerate housing delivery across the state.

The Minns Government says the program has already helped bring forward more than 600 homes across Sydney and regional NSW since launching in September 2025, with similar models now adopted in South Australia and Western Australia.

The latest changes, announced by Treasurer Daniel Mookhey and Minister for Planning and Public Spaces Paul Scully, are designed to improve access to finance for projects that have planning approval but are struggling to secure funding.

Among the key changes is an expansion of support for community housing providers. The program will now support up to 100 per cent affordable housing projects valued at up to $30 million when delivered by not-for-profit providers, while support for larger affordable housing developments will increase for projects worth up to $80 million.

The government says the changes will help accelerate the delivery of housing for low-income workers, older people, people living with disability, and those at risk of homelessness, while reducing reliance on direct grants or subsidised loans to bridge funding gaps.

The eligibility criteria for smaller residential developments have also been broadened. The previous $5 million minimum project value threshold has been removed and replaced with a requirement that projects deliver at least four homes.

Support has also increased for projects delivering fewer than 20 homes, with the guarantee now able to cover up to 75 per cent of dwellings in a development, capped at $30 million per project.

The changes are expected to particularly benefit smaller-scale and regional developments, which often face greater challenges meeting pre-sale requirements imposed by lenders.

Treasurer Daniel Mookhey said the scheme demonstrates how government can use its balance sheet to stimulate housing supply without relying solely on taxpayer-funded grants.

"The Pre-sale Finance Guarantee shows how this Government is using its balance sheet to reduce risk and unlock private investment, enabling new homes to move from design to construction faster," Mookhey said.

"This landmark reform allows us to deliver homes for working families at a lower cost to taxpayers, while also maintaining strong financial discipline."

Planning Minister Paul Scully said the program had already proven effective in bringing stalled projects to market.

"The Pre-sale Finance Guarantee has already proven it can unlock stalled projects and accelerate housing delivery by giving lenders the confidence they need to back good developments," Scully said.

"These changes will allow more affordable housing and smaller developments to access support so more homes can be built faster where communities need them most."

Housing Minister Rose Jackson said the expansion would help community housing providers overcome financing barriers that often delay projects.

"We know community housing providers are ready to build more homes, too often they're held back by barriers to finance," Jackson said.

"Expanding the Pre-sale Finance Guarantee helps remove those barriers so more affordable homes can get off the ground sooner."

The announcement was welcomed by the Property Council of Australia, which has long advocated for measures aimed at improving project feasibility and access to finance.

Property Council NSW Executive Director Katie Stevenson described the expansion as a practical intervention that addresses one of the most immediate constraints on housing delivery.

"This is exactly the kind of practical intervention we need right now, focused on getting projects out of the ground, not just approved," Stevenson said.

"It builds on a model the Property Council has worked closely with government to develop following calls for such a scheme ahead of last year's NSW Budget, so it's great to see it being expanded."

Stevenson said the reforms would help unlock projects that are ready to proceed but have been delayed by financing challenges. However, she noted that broader feasibility issues remain a significant barrier to increasing housing supply.

"The biggest challenge in NSW housing today is delivery. Too many projects have planning approval but are simply not financially viable to proceed under current settings," she said.

Speaking at the Property Council's NSW Housing Summit, Housing Minister Rose Jackson acknowledged that feasibility and financing pressures continue to constrain housing delivery, while reaffirming the government's commitment to work with industry on solutions.

Stevenson said the government's recognition of those challenges was encouraging ahead of next week's state budget.

"It's positive to see the government clearly recognising that feasibility pressures are now a binding constraint on supply," she said.

"With the Budget just days away, the focus must be on backing delivery, making sure projects stack up, finance can flow, and more homes can move from approval to construction."

The expanded Pre-sale Finance Guarantee forms part of the NSW Government's broader housing agenda, which also includes planning reforms, the NSW Housing Pattern Book, and a series of rezonings intended to increase housing capacity across the state.

NSW expands Pre-sale Finance Guarantee to unlock more affordable and regional housing

Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.

Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.

The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.

&nbsp;

[smartcode_project:default project_id=146717 project_image_fid=372212]

Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

[smartcode_project:default project_id=146717 project_image_fid=372227]

Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

[smartcode_project:default project_id=146717 project_image_fid=372225]

While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

[smartcode_project:default project_id=146717 project_image_fid=372222]

The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.

Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.

"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.

The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.

The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.

Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.

"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.

"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."

Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.

[smartcode_project_cta:default project_id=146717]

Lowe Living launches Jardin House in Camberwell

As <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> continues its transition from a commercial centre into a more layered residential and lifestyle precinct, a new generation of apartment developments is reshaping expectations around scale, amenity, and long-term liveability.

Improved transport connections through the Victoria Cross Metro, continued investment in dining and public spaces, and a constrained supply of new luxury apartments have sharpened demand for homes that combine proximity to the CBD with the privacy and outlook traditionally associated with harbourside houses.

At 177 Walker Street, <a href="https://www.apartments.com.au/developers/aland">ALAND</a>’s new apartment development <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> enters the market with a distinctly residential approach to high-rise living. The 30-level tower will deliver 161 residences, ranging from one-bedroom apartments through to sub-penthouses and a full-floor penthouse, all oriented to capture uninterrupted views across Sydney Harbour, the Opera House, and out toward the Pacific Ocean.

[smartcode_project:default project_id=134323 project_image_fid=6395]

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the project takes advantage of the site’s natural topography and elevated position above the harbour. Rather than relying on density alone, the architecture focuses on outlook, orientation, and spatial flow, with every apartment occupying a corner position to maximise natural light and cross ventilation.

Rothelowman says the site itself shaped much of the architectural response.

“The site has a long history in terms of its inevitable transformation and when we came in, we took inspiration from the idea of reestablishing a sense of the site’s natural terrain and fall. Our scheme aims to integrate with the terrain and the landscape, using the undulating site to slowly reveal glimpses and views of the harbour. The rotation of the tower off grid means every apartment has a view and is naturally cross ventilated. The building's colour palette is quintessentially Sydney, with bronze and sandstone and a luminescent green colour in the glass, making it very earthy and grounded in its location.”

[smartcode_project:default project_id=134323 project_image_fid=6399]

Inside the residences, the emphasis moves toward larger-format living typically associated with standalone homes. Kitchens sit at the centre of the apartments, connecting directly to open-plan dining and living areas before extending outward into expansive winter gardens and balconies. Calacatta marble, bespoke joinery, integrated appliances, and custom metal detailing are used throughout, while three distinct interior palettes, Terrace, Opera, and Harbour, allow buyers to personalise the spaces without compromising the architectural consistency of the project.

The larger residences place particular attention on separation between entertaining and private zones. In many apartments, master suites occupy the outer corners of the floorplates, allowing bedrooms to benefit from floor-to-ceiling glazing and harbour outlooks independent of the living spaces. Dressing rooms and ensuites continue the material palette through fluted detailing, freestanding baths, and layered stone finishes.

Rothelowman says the design intent centred on creating homes that feel enduring rather than transient.

“Our philosophy is all about the way people live in these spaces, and we wanted to create homes that reflect the quality of life in this unique Sydney location. The apartments showcase expansive living spaces that are generous, sophisticated, and bold, with the ability to connect with views throughout each apartment.”

[smartcode_project:default project_id=134323 project_image_fid=353235]

A separate four-storey amenity building known as The Pavilion expands the residential offering beyond the apartments themselves. Positioned alongside the tower, the building consolidates wellness, recreation, and social spaces into a dedicated resident retreat. Facilities include a 20-metre rooftop pool and sundeck, sauna, spa, ice bath, wellness studio, gymnasium, concierge service, wine cellar, residents’ lounge, private dining spaces, and dedicated co-working areas with meeting rooms and boardroom facilities.

The amenity mix reflects the buyer profile emerging in North Sydney, where owner-occupiers and downsizers are increasingly prioritising convenience, apartment scale, and long-term usability over purely investment-driven decisions.

The Walden also represents a significant milestone for ALAND, marking the company’s first major move into Sydney’s inner-city luxury apartment market after more than two decades delivering large-scale residential communities across Greater Sydney. Founder Andrew Hrsto says the Walker Street site stood apart because of both its positioning and its rarity.

[smartcode_project:default project_id=134323 project_image_fid=6390]

“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic.”

At launch, The Walden recorded more than $103 million in sales, with buyers drawn to the project’s harbour positioning, apartment scale, and proximity to the Metro, which now connects North Sydney to Barangaroo in three minutes and Martin Place in five.

ALAND has commenced construction, and is expecting a completion date in 2028.

[smartcode_project_cta:default project_id=134323]

Cara Waters

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