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The remaining Crazy Clark’s and Sam’s Warehouse retail stores are expected to close by the end of August, after receivers KordaMentha were unable to find a buyer for the troubled discount retail chain.
As of next Sunday, 17 August, there will be just 15 outlets still operating in the Retail Adventures chain, the parent company of which, DSG Holdings, was <a href="https://www.smartcompany.com.au/growth/42635-jan-cameron-s-retail-adventures-goes-under-for-a-third-time" target="_blank">placed in administration at the start of July</a>.
But receiver Rohul Goyal said in a statement late last week “there has been no buyer for the group or any sizeable part of the group” and the last of the chain’s stores will close on 31 August.
While a spokesperson for KordaMentha told SmartCompany this morning it is possible someone may purchase one or a few of the remaining outlets, 90% of the chain’s stores have already been closed or are in the process of closing.
The latest round of store closures, <a href="https://www.smartcompany.com.au/finance/43189-another-round-of-store-closures-for-retail-adventures-optus-says-data-retention-will-cost-200-million-midday-roundup" target="_blank">announced on Thursday</a>, brings the total number of stores closures to 128 and the total number of employees affected to nearly 1,800.
KordaMentha has also closed the DSG Holdings distribution centre at the Port of Brisbane, where 30 people worked.
The receivers <a href="https://www.smartcompany.com.au/growth/43099-retail-adventures-sale-extremely-unlikely-say-receivers-as-another-22-stores-close" target="_blank">previously said</a> they hope to pay employee entitlements, amounting to $10 million, by the end of September.
While Retail Adventures has survived two previous administrations, with former BRW Rich Lister Jan Cameron <a href="https://www.smartcompany.com.au/growth/economy/30298-jan-cameron-buys-back-retail-adventures-for--58-9-million-but-may-face-legal-battle-with-creditors" target="_blank">buying the company out of administration on two occasions</a>, it appears the chain, which relied on a high-volume, low-price strategy, has come to the end of its line.
Brian Walker, chief executive of the Retail Doctor Group, told SmartCompany the result isn’t surprising, as general discount retailers such as Crazy Clark’s and Sam’s Warehouse rely on a “fragile model” of “high volume and low overheads, in good locations”.
While Walker says these chains may have had “some good performing stores with good numbers”, strong results in a few locations are often not enough to carry a whole chain.
“They have such thin margins to start with, and faced with rising costs, it is very hard to differentiate themselves against the big players with bigger advertising muscle,” says Walker.
Walker says the likes of Target and Big W have made “inroads” in the discount market through their pricing and merchandising strategies, in much the same way the supermarket sector is now dominated by Coles and Woolworths.
“And then we have the whole world of online,” he says.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Last of Jan Cameron’s Retail Adventures stores to close by end of August

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He is a household name in Hollywood and the former governor of California, but Arnold Schwarzenegger’s latest role has a distinctly Australian bent.
The famous bodybuilder-turned-actor-turned-politician is the <a href="/news/left-field-realestate-com-au-puts-wagga-wagga-on-the-map-with-weird-arnold-schwarzenegger-ad">face of the latest RealEstate.com.au advertising campaign</a>, as the online property site repositions itself to become a destination for much more than just property listings.
Arnie is just one part of RealEstate.com.au’s ‘Australia Lives Here’ story—the main character is Dylan, an Aussie who went looking for fame in Hollywood and ended up working for The Terminator star — and the campaign incorporates all facets of social media as well as TV and online video commercials.
The campaign was created by Australian advertising agency BWM, whose executive creative director Murray White and <a href="https://www.smartcompany.com.au/leadership/profiles/42829-bold-horizons-how-mark-watkin-brings-an-entrepreneurial-streak-to-independent-advertising-agency-bwm" target="_blank">Melbourne managing director Mark Watkin</a> said they used their Los Angeles connections to get the star involved.
“We believed we could get Arnie based on our contacts, and we’d both worked with celebrities before,” says White.
Seven of the campaign’s ads will feature Arnie, who confuses Australia with Austria and then goes on a journey of discovering the country, aided of course by RealEstate.com.au. Arnie’s clips were filmed in the one day, with the whole shoot taking three days, says White.
“Arnie has that star factor and [featuring him in the campaign] would allow us to announce REA in a bigger way,” he says. “He was the perfect choice.”
“Arnie has this amazing comedic talent that everyone has forgotten about and we knew if we could get the ‘funny Arnie’ on the day, we would have something special,” says White.
But BWM did not start out with the idea of building a campaign around Arnie. Instead, the campaign started with the simple aim to “take Australia’s number one real estate site and convince people it is about more than just listings”, says White.
“Property is such a national passion but it’s also a personal thing so we wanted to tap into this personal significance,” he says. “So it made sense to use Arnie’s journey of discovery of what REA can do for him, to show what it can do for any of us.”
“The discovery aspect is critical,” says Watkin. “We go on a journey with Arnie as he discovers this wonderful product and the accidental nature of it all provides the humour.”
But the duo says it was a conscious decision for Arnie not to become a spokesperson or representative for REA, and instead be a character in the story.
“And we made a clear blanket rule that Arnie would never deliver his well-known cliché lines,” says White. “That would have been tapping into his well-known characters instead of allowing him to grow.”
“The worst thing we could have done is given people the expected,” he says.
Watkin describes the campaign as a “confident” step for a brand such as REA and so far it has been received well: the videos have attracted more than 750,000 hits on YouTube since the launch at the start of the week.
Both White and Watkin say the process of building the campaign with REA was highly collaborative and the strong concept of ‘Australia Lives Here’ allowed the creative team to build a “narrative arc”, which will feed into an ongoing social media campaign.
“What you’ve seen so far is just the tip of the iceberg,” says Watkin. “There’s a whole back story, it’s quite a deep campaign.”
And it’s a campaign that fits squarely within BWM’s philosophy of producing content that “gets Australians talking”, says Watkin.
“It has huge talkability, participation and engagement,” he says.
{qtube vid:=8VKoOyv4h08}
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
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How an Australian ad agency convinced Arnold Schwarzenegger to appear in its ads

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The takeover of department store David Jones looks set to proceed, with the $2.2 billion takeover bid from Woolworths South Africa given the green light from the company’s shareholders yesterday.
<a href="https://www.businessspectator.com.au/news/2014/7/14/dataroom/shareholders-back-djs-22bn-takeover" target="_blank">According to Business Spectator</a>, 89.6% of David Jones shareholders voted in favour of the deal, with 10.4% registering their vote against. David Jones previously said 96.48% of proxy votes were cast in support of the takeover.
The results from today’s vote mean Woolworths has satisfied the two hurdles needed for the deal to go ahead: majority support from the David Jones shareholders present and voting, and at least 75% of the total number of votes by David Jones shareholders present and voting either in person or by proxy.
Yesterday’s vote had been delayed after it was revealed retail giant Solomon Lew had <a href="https://www.smartcompany.com.au/growth/economy/42444-stakes-increased-in-retail-battle-for-djs-as-solomon-lew-grabs-shares-disclosure-breach-to-cost-newcrest-1-2m-midday-roundup" target="_blank">bought up just short of 10% of David Jones’ shares</a>.
The approval of Woolworths’ bid for David Jones by shareholders also paves the way for <a href="https://www.smartcompany.com.au/growth/economy/42526-greens-won-t-support-fuel-tax-hike-woolworths-wants-lew-s-share-of-country-road-midday-roundup" target="_blank">Woolworths to acquire Lew’s 12% share in fashion brand Country Road</a>, of which it already owns 88%.
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
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David Jones shareholders support Woolworths takeover bid

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Stocktake sales have enticed Australian shoppers to open up their wallets after the May budget, with retail sales up 18.4% in the past two weeks.
While retail sales took a hit after the <a href="https://www.smartcompany.com.au/federal-budget-2014/765-finance/41935-budget-2014-small-business-reacts-to-not-a-bad-budget" target="_blank">Abbott government’s first budget</a>, data from the Australian Retail Index shows the sector finished off the 2013-14 financial year on a strong note with 4.1% growth in June.
“After a slump in sales post the release of the federal budget, shoppers were quick to forget their concerns, and return with confidence,” said Simon Scalzo, national retail lead partner of BDO, one of the firms behind the Australian Retail Index.
Russell Zimmerman, executive director of the Australian Retailers Association, told SmartCompany he has seen a similar recovery in sales since the budget.
While Zimmerman says it is hard to say for sure which factors caused lower retail sales in May, he says it is fair to say “consumers kicked back” against the budget. Shoppers were also less likely to purchase winter goods in May due to unusually warm weather, he says.
“What we are hearing is that it has come good in the past few weeks and that is in part due to the return of the cold weather that retailers were looking for,” says Zimmerman.
“I think some consumers are also realising the budget was not as bad as they initially thought.”
“But I would caution it is not across the board,” he says. “Some retailers have said it hasn’t been as strong, including some SMEs and those in the hardware sector. Some have said it has been tough.”
Nevertheless, Zimmerman says the sector had “generally not a bad finish” to the end of the financial year, led by the department stores which appear to have benefited from their traditional mid-year stocktake sales.
While Zimmerman says stocktake sales might not be as popular as they were 20 years ago, he says they “absolutely” still make a difference to the country’s retailers.
“People still believe in the stocktake sale. It’s the same with Boxing Day,” says Zimmerman.
The Australian Retail Index, which was <a href="https://www.smartcompany.com.au/marketing/sales/41642-new-retail-sales-index-to-give-shop-owners-daily-data" target="_blank">launched in April</a>, also tracks fluctuations across different retail categories, including furniture and homewares, fashion and accessories, sporting goods and other general retail.
Scalzo says the furniture and homewares category proved the most stable throughout the 2013-14 financial year, while fashion and accessories and other general retail proved the most volatile.
But while the retail sector appears to be well-placed heading into the new financial year, Scalzo says retailers should brace themselves for the winter months.
“If history is anything to go by, retailers should expect activity to be short-lived over the remaining cooler months, with historic consumer confidence showing a dip in sales between August and October,” says Scalzo.
<img src="https://www.smartcompany.com.au/images/retail%20story%20graph%20070714.jpg" width="548" height="463">
Source: Australian Retail Index
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Retail sector finishes financial year on a high: Spend recovers after budget slump

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Real estate runs through Michael Fox’s veins. The 47-year-old Melburnian started his career managing residential properties, working his way into commercial sales before landing the job of looking after the property assets of Toll Holdings. It was at Toll that Fox met his future business partner Paul Little, and the duo developed their first property together in 2009. Their development company Little Projects sold 800 apartments last year and generated approximately $300 million in sales.
My background spans 25 years in the real estate business. I started out in residential property management and went through to residential sales and then commercial sales and leasing.
I worked at some of Melbourne’s largest real estate firms like McGees and Knight Frank, before moving into the corporate real estate world, looking after the real estate needs of large companies like the Smorgon Group. After Smorgon, I went to Toll Holdings where I looked after all the property matters for Toll, which is the largest transport and logistics company in Australia. At the time, my business partner Paul Little was managing director at Toll.
Our company really started by accident. I came across a spot in Richmond that I thought I could do something with and I spoke to Paul about it. So it was a combination of my expertise and his bank account.
The first development was in Stawell Street in Richmond, where we sold 133 apartments off the plan. Our second site was the Bunnings development in Burwood.
From that point, Little Projects really flourished and we bought a number of other sites. At that stage we had another partner who ran the development side of things and we only did one project every few years.
We are now probably Melbourne’s largest property developer and we sold 800 apartments last year. We focus on inner-city development sites in prime locations. We developed 159 apartments on Fitzroy Street in St Kilda, 250 in Bay Street Port Melbourne, and 388 on Toorak Road in South Yarra. We’ve recently finished developing 411 apartments at the old Tip Top Bakery in East Brunswick and started work on 367 apartments at our latest project, Central South Yarra. From there, we’ve sold off a plan 15 months before completion.
The business has gone from doing one project every few years to one of the largest developers in town. We have 1500 units in planning right now.
Little Projects was one of the first property developers to also offer property management to clients and that sort of harks back to my property management days.  
My expertise in the development side of the business comes from my time at Smorgon and Toll, where I managed close to $1 billion of development over the 10 to 13 years I was there. My experience there was quite broad and varied.
We’ve achieved amazing success in the close to four years that I have been doing this full-time. We went from nowhere to being one of the biggest in town. We’re a small team but we really try to offer something different.
Our secret has always been buying in the right place and right location. We focus on developing locations in prime city-fringe locations, close to public transport. That’s the key to the whole thing: fantastic locations with better than average apartments.
Melburnians have learned to embrace apartment living. And they are not just living in smaller spaces, but embracing whole buildings and community living spaces.
We have always used a business plan. We have pretty good discipline in our business, which comes from our public company backgrounds and the rigours around public company life.
I tell people I think I’ve got the best team going around in Melbourne. Little Projects currently employs 25 professionals. The key is that it is not all about me. It’s also about the people we employ. We only employ the best.
Marketing is an absolutely critical part of the business. We’ve worked pretty hard at developing our brand as a quality developer and we completely committed to pushing our name hard. We’re only as good as what we deliver.
Our property management business is an important part of this. We lease apartments before we finish settling and building. None of our apartments go without a tenant for too long. It is all integrated.
Our next project at Lorimer Street in South Wharf will be something Melbourne hasn’t seen before: twin towers with community facilities, including swimming pools. It is loosely based on some developments overseas [but] it will be well and truly above what others have done.
We’re also looking at expanding interstate. We are watching those markets, although we’re cautious about the next steps. You never want to get too far ahead of yourselves.
I think the real estate market is still reasonably strong. In the earlier days, we had good demand from the first home buyer grants, and this was followed by self-managed super funds. At the moment there is a pretty good push from overseas investors in Melbourne.
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany.</a>
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How Michael Fox built one of Melbourne’s largest property developers

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A Melbourne man who claimed to be a financial planner faced the Magistrates’ Court this week, charged over his involvement in a <a href="https://www.smartcompany.com.au/legal/42108-business-group-swindled-out-of-800-000-through-fraud" target="_blank">fraud</a> scheme said to be worth $100 million over 10 years.
<a href="https://www.theage.com.au/victoria/poker-pro-faces-142-charges-over-100m-fraud-20140528-394ev" target="_blank">Fairfax reports</a> Bill Jordanou, 55, faces 142 charges relating to 40 incidents between 2004 and 2013, including more than 100 charges of “obtaining a financial advantage”, often in the form of home loans and electronic transfers into home loan accounts.
Jordanou is also facing charges related to obtaining property by deception, conspiring to defraud the Commonwealth Bank, ANZ Bank, Bankwest, Bank of Melbourne and Bank of Queensland, conspiring to pervert the course of justice, and the theft of a Mercedes-Benz.
Prosecutor Luke Excell told Fairfax Jordanou is “alleged to have drawn funds using false client approvals and invoices … then used it across various property developments as well as maintaining a lifestyle.”
Excell said Victoria Police became aware of Jordanou’s activities, and those of his associates, when the Commonwealth Bank discovered a number of loan applications lodged on behalf of Jordanou’s clients were supported by false documents, including ATO documents, letters of employment and financial statements.
The bank lodged complaints against accounting firm Zaia Arthur &amp; Associates, where Jordanou was working as a “financial adviser” at the time.
SmartCompany attempted to contact Zaia Arthur &amp; Associates this morning but the phone number listed for the firm has been disconnected.
Jordanou’s lawyer, George Defteros, told Fairfax his client has “been waiting for these charges for two-and-a-half years … and we welcome these charges because Mr Jordanou wants to get on with his life”.
Mark Rantall, chief executive of the Financial Planning Association of Australia told SmartCompany there are a number of rules individual investors and small business owners should follow to safeguard themselves against unsound financial advice.
Rantall says the "golden rule" is to always check the qualifications of the person giving the advice and to make sure they are a member of the FPA, which is the national professional association for financial planners.
“The second golden rule is that if something sounds too good to be true, it usually is,” says Rantall. “If you are being offered a get-rich-quick scheme, the risk associated with that scheme will be extraordinarily high.”
“The third rule is that your financial planner should spend more time talking about you and your investments, than themselves and the products they may be offering,” says Rantall.
Rantall says it is also important to make sure your financial plan matches your own personal risk profile, and that your investments are diversified across different products and different asset categories.
“The final thing would be to make sure you keep you to date with your portfolio and that you always feel comfortable with the investments being recommended,” says Rantall. 
A spokesperson for the FPA told SmartCompany individuals and business owners who are concerned about receiving sound financial advice can use the <a href="https://fpa.com.au/find-a-planner" target="_blank">“Find a Financial Planner” function</a> of the FPA’s website to find an expert, as FPA members are held to higher professional standards. 
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Melbourne financial planner faces court over $100 million fraud charge

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It seems Australians place a lot of value on the humble handyman, with the market for small home repairs and maintenance set to grow to $881.9 million in 2018-19.
And it’s the <a href="https://www.smartcompany.com.au/growth/franchising/32446-the-seven-essential-elements-of-respect-in-a-successful-franchise-relationship">franchise companies</a> operating in the sector that are reaping the benefits.
According to a report published by IBISWorld this month, the local tradesman and handyman franchise industry currently generates revenues of $881.9 million, with profits totalling $418.9 million.
The industry has been growing at a rate of 3.2% since 2009, with annual growth set to chug along at a rate of 2.2% per year.
The sector employs close to 8000 Australians, with well-known brands such as Jim’s Group, VIP Home Services and Hire a Hubby the leaders when it comes to market share.
According to IBISWorld, the sector has blossomed due to the increasing number of Australians who lack the time and expertise to perform tasks around the home.
The sector has also benefitted from the steady rise in the number of households across Australia during the past five years and growth in capital expenditure on private properties.
Grey Army, a handyman business that predominately employs people over the age of 40, is one company to have benefited from the recent growth in the sector.
General manager Greg Miles told SmartCompany the business started 21 years ago, using sub-contractors to deliver “trustworthy and reliable” home maintenance to older Australians who are looking for old-fashioned service.
The business began franchising around 10 years ago and now has 75 individual franchises operating across Melbourne, with other master franchise agreements in place in the other states.
And while the business has “ebbed and flowed” over its lifetime, Miles says the company has experienced consistent growth over recent years.
Miles says many of the people who approach Grey Army to open a franchise are from all walks of life, and don’t necessarily come from a trade background, with the economic downturn of a few years ago influencing many older workers who had lost their jobs to look to operating a handyman franchise as a way of securing their future.
Miles says the market handyman franchise market is getting more competitive, although there are many “fringe dwellers” on the edges of the industry who are trying to operate their own business.
For the Grey Army, Australia’s ageing population is a major influence, with the company’s franchisees and its clients generally falling into the Baby Boomer generation.
“But it’s the same with any industry that is growing, there will always be more people looking to enter the industry,” says Miles.
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
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Local handyman industry set to grow to close to $1 billion in five years

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There is growing uncertainty over the future of Australian retail chain Diva, with reports emerging that the business is in the process of switching at least some of its stores to sister-brand Lovisa.
At the same time, the <a href="https://www.jewellermagazine.com/Article.aspx?id=4107&amp;h=Diva-stores-shutting-down%2c-or-maybe-not" target="_blank">Jeweller Magazine reports</a> numerous Diva stores have recently closed, including a prominent store in Westfield Parramatta in Sydney.
Staff at two Diva stores in Melbourne contacted by SmartCompany this morning said the brand is in the process of switching to the Lovisa name, although one store manager said her store won’t be changing. The same manager confirmed the Diva website has ceased operating.
Another Melbourne store contacted by SmartCompany had switched to the Lovisa brand around 12 months ago. The phone number listed for the Diva store in Rundle Mall, Adelaide, has been disconnected.
SmartCompany contacted the Lovisa head office, and the head office of parent company BB Retail Capital, but is still awaiting a response.
Jeweller Magazine also contacted numerous Diva stores, only to be given confusing explanations as to the future of the business. Some stores told the publication that all Diva stores are closing, while others said all Diva stores are changing to Lovisa.
Others said some Diva stores will continue to operate while others will change to Lovisa, and some stores said they are changing to “a completely new brand”.
Customers have left several messages on the <a href="https://www.facebook.com/divafanpage" target="_blank">Diva Facebook page</a>, asking what is happening to the chain, but their concerns have gone unanswered. The Diva <a href="https://twitter.com/divaaccessories" target="_blank">Twitter</a> and <a href="https://instagram.com/divaaccessories" target="_blank">Instagram</a> accounts have not been updated since December.
Diva was founded in 2003 by Colette and Mark Hayman, who sold the business to <a href="https://www.smartcompany.com.au/growth/17786-20101207-retail-rich-list-veteran-brett-blundy-sells-off-two-retail-chains" target="_blank">millionaire Rich Lister Brett Blundy</a> in 2005, joining Blundy’s other retail interests including Bras ‘N’ Things as part of the BB Retail Capital Group.
According to Jeweller Magazine, at the height of the Diva brand, the company was operating close to 200 stores in Australia and New Zealand and up to another 400 in international markets.
BB Retail Capital launched fellow fashion jewellery brand Lovisa brand in 2010, which is now reported to operate 158 stores in Australia and around 36 internationally.
Brian Walker, chief executive of the Retail Doctor Group, told SmartCompany he has heard anecdotal stories about changes happening at Diva, but says he would be surprised if BB Retail Capital did not continue the Diva brand “in some shape or form”.
“Diva has been a highly successful and highly profitable business and for the past two years has been the mainstay, or cash cow, of Brett Blundy’s retail companies,” says Walker. “These types of businesses operate on 80% plus gross profit.”
<img src="https://www.smartcompany.com.au/images/facebook-542-287.jpg" width="542" height="287">
Walker says it is possible Diva has not been generating the same metrics as Lovisa in recent times, but he expects the chain is “still a very viable business”. And he says the success of the brand leads him to think the closure of the website has been caused by a temporary technical glitch.
However, Walker says the market for inexpensive fashion jewellery is “reaching saturation point for both physical stores and online”.
“The creative force behind Diva really did come from [founders] the Haymans and the brand expanded rapidly,” says Walker. “But it now operates in a sea of competition, which it has partly created itself through the Lovisa brand.”
While Lovisa is pitched at a slightly older audience than Diva, Walker says there is some overlap between the two markets.
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
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What’s happening at Diva? Confusion over future of Australian fashion accessories chain

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The federal government and opposition are at loggerheads over when Australians should be allowed to access their superannuation.
Following the government’s decision to <a href="https://www.smartcompany.com.au/growth/41788-fast-lane-getting-ready-to-work-until-i-m-70">raise the age at which retired Australians will be able to receive the age pension</a>, Treasurer Joe Hockey said on Monday changes to the super preservation age is “on [his] mind and on Tony Abbott’s mind”.
However, Opposition Leader Bill Shorten has vowed to vote against any changes to the superannuation preservation age, <a href="https://www.afr.com/p/national/labor_vows_to_block_rise_in_superannuation_aQkZWm68JPXCzck0rZpZqL">reports Fairfax</a>.
“Where does Joe Hockey get off saying to Australians, nine million Australians with superannuation, ‘I am going to make you wait until you get your money’,” said Shorten.
“First of all he wants pensioners to pay more, secondly he wants people to work until 70. But on superannuation, it’s not even the government’s money,” he said.
Under current arrangements, Australians born before June 30, 1960 can dip into their super savings at the age of 55, while those born between July 1, 1960 and June 30, 1964 can gain access between the ages of 56 and 59. The preservation age for Australians born after July 1, 1964 is 60.
As <a href="https://www.smartcompany.com.au/legal/politics/41533-are-you-ready-to-work-until-you-re-70-hockey-flags-plans-to-raise-retirement-age">previously reported by SmartCompany</a>, the government wants to lift the pension age to 70 from 2035. The previous Labor government legislated to life the pension age from 65 to 67 by 2023.
While the government has said there will be “no adverse changes” to superannuation in its first term, Fairfaxreports it will take any proposed changes to the next federal election, scheduled for 2016.
“I think it’s something that we need to have a proper process to discuss with all the affected stakeholders,” said Hockey.
“We’re thinking about how we’re going to make sure that the quality of life for Australians into the future is sustainable,” he said.
Martin Parkinson, the outgoing Treasury secretary, backed up the government in his post-budget speech on Tuesday, telling the audience at an Australian Business Economists event that a change in the preservation age is “inevitable”.
While Parkinson did not specify the age at which he thinks retirees should gain access to their savings, he called for a more “sensible” debate on superannuation.
Michael Davison, senior policy adviser at CPA Australia, told SmartCompany while CPA Australia sees “merit in ensuring that the preservation age remains aligned to the pension age”, it is important there are provisions for people to access their super sooner “if their personal circumstances make waiting impossible”.
“But before we start ruling options in or out, we also think it is vital to articulate a long-term vision for our retirement savings policy which clearly spells out its purpose and goals and ensure, as compulsory super matures, that the age pension shifts back from supplementing retirement savings to being a genuine safety net,” said Davison.
“That means developing a retirement income stream culture that encourages income streams and discourages lump sums. We do accumulation well, we don’t do decumulation well at all,” he said.
The Australian Institute for Superannuation Trustees has previously backed calls by the National Commission of Audit to tie the preservation age to the pension age, but warned the government against making “piecemeal changes” to retirement income policies.
“When it comes to fair and sustainable retirement policy, we need to think about all the policy levers that can be adjusted, not just one or two,” said chief executive Tom Garcia.
Garcia said many Australians are forced out of work early and do not get to choose when they retire.
“Policies are meant to improve people’s lives so any changes affecting access or eligibility to the age pension or superannuation shouldn’t be about punishing disadvantages and vulnerable Australians,” he said.
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
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Political battlelines drawn over when retired workers should be allowed to access their super

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Restaurant and café owners around the country are celebrating today following a landmark decision by the Fair Work Commission to reduce the 75% penalty rate for casual employees on Sundays to 50%.
John Hart, chief executive of the Restaurant and Catering Industry Association, said this morning his association had been flooded by calls from its 35,000 members restaurant who said “loud and clear” they will now consider trading on Sundays when the reduced rate comes into effect on 1 July.
Hart says many businesses have been waiting on the decision, which is the result of the association’s long battle to have the penalty rates introduced by the 2010 Restaurant Industry Award amended.
The association had made an application for changes to penalty rates, classification structures and payment of wages under the Modern Awards Review Process in 2012, which was <a href="https://www.smartcompany.com.au/people/industrial-relations/34103-fair-work-commission-denies-changes-to-penalty-rates-hospitality-industry--small-business-furious" target="_blank">rejected in October 2013</a>.
The association subsequently <a href="https://www.smartcompany.com.au/people/industrial-relations/34432-restaurateurs-appeal-penalty-rates-decision-industry-body-calls-weekend-rates-commercially-unviable" target="_blank">lodged an appeal</a> with the full bench of the Fair Work Commission, which <a href="https://www.fwc.gov.au/documents/documents/summaries/2014fwcfb1996_summary.pdf" target="_blank">accepted</a> on Wednesday the association’s argument that there is a direct link between penalty rates and employment prospects.
“It’s a good first step and it’s enough for businesses to reconsider opening on Sundays,” says Hart.
“This decision really resets the operating environment for the weekend as we now have a penalty rate structure for casuals that is the same as for Saturdays.”
Hart says the majority of businesses operating in the industry are small businesses and the ruling “applies to them almost exclusively as the large companies have different arrangements”.
“This is great news for operators and for staff as there will now be more hours of work available,” says Hart. “And it is great news for consumers, who will have more restaurants to choose from on Sundays. It’s a win for everyone.”
Peter Strong, executive director of the Council of Small Business of Australia, <a href="https://www.smartcompany.com.au/people/industrial-relations/34103-fair-work-commission-denies-changes-to-penalty-rates-hospitality-industry--small-business-furious" target="_blank">previously told SmartCompany</a> he heard several tales of businesses being closed on Saturdays and Sundays because they could not afford to pay penalty rates.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Landmark decision by Fair Work cuts restaurant Sunday penalty rate by 25%

The Victorian Government has secured the passage of the Building Legislation and Treasury Legislation (Tax Relief) Amendment Bill 2026, introducing a suite of reforms aimed at improving consumer protection and confidence in the apartment market.

Resilience Insurance, Australia’s leading Latent Defects Insurance (LDI) provider, has welcomed the move.

The LDI elements of the Bill passed with bipartisan support and now moves to the Legislative Council where debate and passage are expected later this month. It represents a significant milestone in the national shift toward stronger, longer-term protection for apartment buyers.&nbsp;

The reform would deliver practical benefits across the housing system. Apartment owners will have stronger protection if major defects emerge, developers and builders will have a clearer quality framework to work within, and the State will reduce the risk of serious building failures becoming a long-term financial and social burden for households, communities and government.&nbsp;

LDI helps support apartment delivery while providing stronger protection for buyers and encouraging better construction outcomes.&nbsp;

Resilience LDI provides apartment owners with 10 years of insurance-backed cover for major structural defects from completion, with direct claim access to the insurer. This means owners are not required to first pursue developers or builders through costly legal action before accessing protection.&nbsp;

Resilience Insurance has been operating in Australia since 2022 and has already insured hundreds of development projects covering many thousands of apartments across Australia.&nbsp;

At approximately 1.8 per cent of build cost, it is a cost-competitive alternative to the traditional two per cent Strata Bond, bond while delivering significantly broader and longer protection.&nbsp;

“The Victorian Lower House vote shows that reforms like this succeed when they are practical, evidence-based and supported by industry," says Corey Nugent, CEO of Resilience Insurance.

"Victoria is moving quickly on a reform that will make a real difference for apartment buyers, while supporting better building outcomes and greater confidence in apartment delivery.

“This is step one. We look forward to the Bill completing its passage through the Legislative Council and to working with government and industry to implement the framework effectively.”&nbsp;

Fast Facts: What is Resilience LDI?&nbsp;

<ul>
	<li>Resilience Latent Defects Insurance (LDI): Covers major structural defects for 10 years from completion.&nbsp;</li>
	<li>Consumer-first: Direct claim access, no need for lengthy legal action.&nbsp;</li>
	<li>Cost advantage: At approximately 1.8% of build cost, LDI is typically priced below the traditional 2% Strata Bond while offering broader protection.&nbsp;</li>
	<li>Market leader: Resilience Insurance is the first approved LDI provider in NSW.</li>
</ul>

The Building Legislation and Treasury Legislation (Tax Relief) Amendment Bill 2026 has passed the Victorian Lower House, putting Victoria on track to become the first state to legislate an industry workable LDI framework as a formal alternative to the Strata Building bond. 

Joel Robinson

10-year Latent Defects Insurance for new apartment buyers set to land in Victoria

Just a few months after acquiring a prime Broadbeach site on the corner of First Avenue and Surf Parade, family-run developer <a href="https://www.apartments.com.au/developers/raptis">Raptis</a> has filed fresh plans for a new apartment development.

Raptis is seeking to deliver a <a href="https://www.apartments.com.au/new-apartments/17-19-first-avenue-broadbeach-qld-4217">29-storey tower with 73 apartments</a> on the 818 sqm site. It will be the developer's seventh project in the suburb, as they are approaching completion of The Sterling on George Avenue.

There will be a pool, barbecue and outdoor dining area, residents lounge and dining, sauna and steam room, gym, and a Yoga and Pilates studio.

<img alt="Raptis" data-entity-type="file" data-entity-uuid="b554da3f-7344-49aa-b1c9-44cf459af0d7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-05%20at%2010.41.45%E2%80%AFAM.png?VersionId=zzjWu1iO1wnuYv4EV4fyOyf5nSXjGYut" />

Raptis Joint Managing Director, Evan Raptis, says they remain&nbsp;committed to developing quality infill sites across the Gold Coast in the lead-up to the 2032 Brisbane Olympics.

"This project continues our long track record of delivery in Broadbeach, and we look forward to bringing another premium development to this thriving precinct."

The announcement follows strong delivery momentum for Raptis, with The Sterling Broadbeach nearing completion and construction well underway on the final stage of the Waterpoint community adjacent to Harbour Town. The developer's continued investment in the Gold Coast reflects confidence in the region's apartment market fundamentals, underpinned by sustained Southeast Queensland population growth.&nbsp;

The outlook for the region is further bolstered by infrastructure investment tied to the Brisbane 2032 Olympic Games, which is expected to drive continued economic and population growth across the SEQ corridor.&nbsp;

Subject to a favourable response from Gold Coast City Council, construction on the new First Avenue tower is targeted to commence before the end of 2026.&nbsp;

Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/it-s-all-in-the-family-four-decades-later-raptis-continues-to-shape-the-gold-coast-skyline">It’s all in the family: Four decades later, Raptis continues to shape the Gold Coast skyline</a>

Read more: <a href="https://www.apartments.com.au/news/qld/raptis-secures-prime-surf-parade-site-for-next-broadbeach-apartment-development">Raptis secures prime Surf Parade site for next Broadbeach apartment development</a> 
&nbsp;

Gold Coast developer brings seventh Broadbeach project to market, targeting construction commencement before year end

First look: Raptis lodges plans for new 29-storey Broadbeach tower 

Brisbane development veteran Kevin Seymour's Seymour Group is set to deepen its presence on one of Brisbane's most tightly held riverfront addresses, lodging revised plans for a luxury apartment development on Oxlade, just a few doors down from The Oxlade, which it completed in 2024.

The <a href="https://www.apartments.com.au/new-apartments/70-72-oxlade-drive-new-farm-qld-4005">new project at 70-72 Oxlade Drive</a>, directly north of The Oxlade, will have 27 apartments across a seven-storey building&nbsp;overlooking the Brisbane River and Merthyr Park. It's a revision from a 2021-approved design.

Designed by bureau^proberts, the project has evolved from the previously approved 26-apartment scheme, introducing an additional penthouse level while maintaining a low-density, boutique character. The development will comprise 26 three-bedroom apartments and a single four-bedroom penthouse, supported by two basement levels with 86 car spaces and 34 bicycle spaces.

The architectural response is centred around two distinct building forms separated by a landscaped open-air atrium.&nbsp;"This dual composition captures and embraces Brisbane’s subtropical environment whilst breaking down built form and scale," the submission to the Brisbane City Council noted.

<img alt="First look: Seymour Group returns to Oxlade Drive with revised riverfront apartment plans in New Farm" data-entity-type="file" data-entity-uuid="c12d84d0-bc11-4067-b46f-5bd2d786a34d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/new%20farm%20landscape.png?VersionId=YEPc2k5CAdh6aAPlu4uVpgZadh4MEfRd" />

A defining feature of the design is a deep landscaped void running through the centre of the building, creating what bureau^proberts describes as a "natural ravine" that enhances airflow, daylight penetration and resident amenity. The design report notes that the separation of the two building volumes is intended to maximise natural light, cross-ventilation and outlook while strengthening connections to the surrounding riverfront setting.

Curved balcony edges, integrated planting and extensive landscaping throughout the façade reinforce the subtropical design approach. The building's façade is softened by elevated gardens and planter beds, creating a green edge that complements the established landscape character of Oxlade Drive and neighbouring Merthyr Park.

New Farm has become one of Brisbane's most sought-after suburbs for developers delivering premium downsizer-focused apartments.

GRAYA has been particularly active in the precinct, completing both Chalk and York in recent years, while construction of Moray House, being delivered for Spyre, is now nearing completion. Architect-turned-developer Joe Adsett recently launched <a href="https://www.apartments.com.au/new-apartments/arcilla-new-farm-by-joe-adsett-28-maxwell-street-new-farm-qld-4005">Arcilla on Maxwell Street</a>, an exclusive collection of just nine apartments.

First look: Seymour Group returns to New Farm's Oxlade Drive with riverfront apartment plans

A new residential tower will be the first piece of a broader mixed-use precinct set to reshape a prominent Newcastle West site, with local developer <a href="https://www.apartments.com.au/developers/gwh">GWH</a> bringing its <a href="https://www.apartments.com.au/new-apartments/cambridge-quarter-newcastle-west-12-denison-street-newcastle-west-nsw-2302">Cambridge Quarter</a> vision to market.

The first release, Tempo, will introduce 87 apartments across a 24-storey tower, marking Stage 1 of the residential component of a larger urban regeneration project planned for the western end of Newcastle's city centre, encompassing the former Cambridge Hotel site.

Positioned on Denison Street, Tempo has been designed as the inaugural building within Cambridge Quarter, a precinct that will ultimately combine apartments, retail activation and revitalised public spaces including the revamping of the Cambridge Hotel.

[smartcode_project:default project_id=135876 project_image_fid=368853]

The tower will comprise a mix of one, two and three-bedroom apartments, including layouts with multipurpose rooms, catering to a broad cross-section of owner-occupiers. Apartment sizes range from around 60 sqm to 192 sqm, with a number of residences oriented to capture views across Newcastle Harbour, the city skyline and coastline.

GWH has emphasised liveability in the design, with open-plan layouts extending to generous balconies and terraces. Residents will have a choice of two interior palettes, while specifications include engineered stone benchtops, SMEG appliances, full-height bathroom tiling and secure building access. Premium upgrade packages will also be available.

Multiple rooftop resident retreats will provide communal outdoor space overlooking the harbour and city, offering an elevated amenity layer above the activity of the precinct below.

[smartcode_project:default project_id=135876 project_image_fid=368851]

The broader Cambridge Quarter vision extends beyond the residential tower itself. Ground-level retail activation and landscaped public areas are planned throughout the precinct, creating a walkable neighbourhood environment connected to the surrounding renewal of Newcastle West. The Cambridge Hotel is also earmarked for future redevelopment into a family-friendly hospitality venue integrated with the new precinct.

The project is strategically positioned within walking distance of Newcastle Interchange, providing access to light rail, regional rail services and direct connections to Sydney. Residents will also be close to Honeysuckle, Newcastle Harbour and the city's beaches and coastal walkways.

[smartcode_project:default project_id=135876 project_image_fid=368852]

For GWH, Cambridge Quarter represents one of its most significant Newcastle developments to date. The locally based developer, which has operated in the Hunter region since 1995, describes the project as a new chapter in the ongoing transformation of Newcastle West.

GWH Executive Director Jonathan Craig said the project had been shaped by a focus on creating lasting community connections.

"We take pride in creating places that last. Spaces where people feel connected, comfortable and a genuine sense of belonging," Craig said.

"Cambridge Quarter is something we are truly proud of, a place shaped by local knowledge, built with care and designed to be part of Newcastle's next chapter."

[smartcode_project_cta:default project_id=135876]

GWH unveils first release at landmark Cambridge Quarter precinct in Newcastle West

<a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Projects</a>,&nbsp;Rainbow Bay's busiest developer,&nbsp;has officially lodged plans for the largest development in its booming local portfolio, seeking approval for a further 88 apartments on Boundary Street.

The proposal&nbsp;at <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">209–213 Boundary Street, Coolangatta</a>,&nbsp;marks the next chapter in the developer's transformation of the southern Gold Coast beachside precinct. It will be its fifth in the area, having already delivered Flow, Awaken and Esprit, while construction continues on the 38-apartment Radia. The new project would rise 57 metres above a consolidated 1,518 sqm site, on the same street as Radia and Esprit.

&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, the proposed development comprises 88 two and three-bedroom apartments across a contemporary podium-and-tower form that integrates extensive landscaping from street level through to the rooftop.

The tower would be delivered above a basement and multi-level podium accommodating resident and visitor parking, with the residential component commencing from level three. The design incorporates cascading planting throughout the façade, landscaped podium edges, and deep planting zones along the Boundary Street frontage.

<img alt="First look: S&amp;S Projects lodges plans for 88-apartment wellness tower at Coolangatta's Boundary Street" data-entity-type="file" data-entity-uuid="677e6615-b5c0-4b6c-b4f9-efb14fcde1a6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ss%20da%20pers.png?VersionId=YOnPKQm7IFXv0M5H326djEpxk80500Hi" />

A key feature of the development is its expansive rooftop wellness and recreation precinct. Plans reveal a resort-style pool deck, gymnasium, sauna, steam room, hot and cold plunge pools, rooftop terraces, barbecue areas and landscaped relaxation spaces positioned to capture views across the southern Gold Coast coastline.

The rooftop wellness focus builds on the vision S&amp;S Projects first outlined when it acquired the site for $20.25 million last year.

"We are taking every advantage to create a truly unique rooftop wellness experience with a natural feel for residents, offering stone features throughout and an underlying theme that emulates a botanical garden," S&amp;S Projects founder and director Paul Gedoun said at the time.

The proposal seeks a 57-metre building height, representing a 50 per cent uplift on the site's mapped 38-metre height limit. Planning documents argue the additional height is consistent with recently approved and emerging towers in the immediate Boundary Street and Rainbow Bay precinct.

Urbis, acting as planning consultant, said the development would provide "88 dwellings, comprising a mix of two and three-bedroom apartments, contributing to housing choice and supply within an established medium to high-rise coastal urban neighbourhood."

The scheme has undergone extensive pre-lodgement consultation with the City of Gold Coast, with the design refined following feedback relating to architectural expression, landscaping, traffic access and podium treatment.

<img alt="S&amp;S" data-entity-type="file" data-entity-uuid="0a2d70fd-62ac-4b83-97c6-b798fc1243dd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-05%20at%209.16.31%E2%80%AFAM.png?VersionId=yHmghUwKM3IVGpBktQU1mE.0Lpf3WimG" />

The architectural team is led by Brisbane-based Cottee Parker, one of Australia's most active residential design studios, with landscape architecture by Dunn + Moran. The consultant team also includes ADG Engineers, Windtech and Acoustic Works.

S&amp;S Projects has become one of the most influential private developers operating on the southern Gold Coast. Since entering Rainbow Bay in 2022, the company has assembled a portfolio exceeding $1 billion in end value, establishing itself as a key player in the area's evolution into a premium apartment destination. Pezet Matheson will again handle the sales for S&amp;S.

Coolangatta is entering another wave of apartment development, following the delivery of several prominent residential projects in recent years.

John Kearney's Immerse Projects will launch&nbsp;<a href="https://www.apartments.com.au/new-apartments/kaiya-kirra-beach-5-haig-street-coolangatta-qld-4225">Kaiya on Haig Street</a>&nbsp;soon, meanwhile, Palm Beach-based Sherpa Property Group is preparing to bring its debut Coolangatta development, <a href="https://www.apartments.com.au/new-apartments/flourish-viver-87-griffith-street-coolangatta-qld-4225">Flourish Viveré</a>, to market later this year, subject to approvals.

Eloise Keating

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