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Average Australian households have seen their incomes rise by at least $5000 more than their expenses every year since 1988, according to a report released on Saturday.
Combined, this means disposable incomes for the average household have increased a whopping 65% since 1988. More than 15% of this growth has come since the global financial crisis.
This picture of a nation in rude financial health comes from a <a target="_blank" rel="nofollow" href="https://www.natsem.canberra.edu.au/storage/NATSEM-Household-Budget-Report.pdf">report</a> by the National Centre for Social and Economic Modelling at the University of Canberra.
The inaugural report found that though incomes hadn’t risen as fast since 2008 as they had in the earlier part of that decade, cost of living pressures had slowed, meaning households saw their incomes rise while their expenses stayed about the same.
While expenses like utilities, health and education rose strongly over the period, lower interest rates meant mortgage pressure decreased markedly, as did many other aspects of household expenditure.
This is a surprising outcome, given cost of living has been much discussed in this election campaign. Policies like the carbon tax, which contributed to former Prime Minister Julia Gillard losing the support of her party room, were feared to have a detrimental effect on what were perceived to be already high cost-of-living pressures.
In fact, the amount of disposal income left over to households after subtracting the cost of living increases grew at 2.6% a year since 2007, which is the exact amount it had grown under the Howard government. Between 2007 and 2010, household expenses grew by 3.3% a year while incomes rose close to 6% a year, while from 2010 to June 2013, cost of living rose 1.6% a year while incomes rose 4.2%.
Increases in the cost of living have been “benign”, according to the report, but they have disproportionately hit renters and those on low incomes. Those on high incomes have generally seen their costs of living stay the same.
The report’s author, Ben Phillips, said cost of living has been an election issue for decades, and the influence of the narrative often has little to do with reality.
“Politicians have been talking about it for a long time. I suppose it really hits the buttons of voters.
“But the problem is that the discussion usually complete ignores the prices of things outside electricity, petrol and food, and completely ignores things like rising incomes.
“We all notice when prices go up. It annoys people. Income growth, however, isn’t as visible.”
It’s the first time the National Centre for Social and Economic Modelling has released what is to be a quarterly report. Phillips says that it follows on from similar research the centre did in May 2012.
“We had an unprecedented level of interest in that data,” he says. “I had government departments and journalists calling me almost on a daily basis asking about it. Many wanted updated figures, so it became pretty clear there was a need for this sort of thing to be done regularly.”
The Household Budget Report combines Australian Bureau of Statistics data on household expenditure for different types of households with separate ABS data on income growth across different categories. It uses these two data sets to see how different types of households have seen their income grow relative to their expenditure.
The ABS currently has a similar, but far more limited measure intended to help governments assess income support measures. The National Centre for Social and Economic Modelling’s report differs in that it applies the same methodology to all types of households, and not just those on government assistance.
 
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 This article was originally published on <a href="https://www.smartcompany.com.au" target="_blank">SmartCompany</a>.
 
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mrobin-TVRYiru7si

What cost of living crisis? Australian households have more money to spare than ever

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Regional and suburban Australia has trumped the nation’s largest central business districts and population centres in the second annual Google eTown awards.
Google this morning revealed the state winners of its awards, which reward the cities, suburbs and towns where local small businesses make the best use of the internet.
The tech giant used its own internal data, as well as insight from a survey commissioned from research firm Ipsos and sent to local small businesses, to identify the digital marketing methods small businesses in the area were using to grow their business.
The winners of the awards were smaller cities or suburbs of major cities, where local councils and businesses had made a concerted effort to bridge the tyranny of distance and compete with the central cities using the online tools available to them.
Last year, Google Australia’s head of local business Claire Hatton said the winners had higher population densities.
“Now though, it’s about the town’s real assets – its small business owners and employees.”
The winners show the importance of local councils taking a lead, Hatton says.
“Many of the winning towns and cities had a council that was very active in education – in helping people understand the digital opportunities.
“A good example of that was Port Phillip’s council, who ran business development programs as well as an online portal for small businesses.
“And a lot of the councils themselves have really invested in digital and see it as a competitive advantage. Holdfast Bay, for example, has invested in a dedicated role for the council’s social media.”
Port Phillip, located in Melbourne’s South, was the Victorian winner. Port Phillip mayor Amanda Stevens says she isn’t surprised her community was singled out for its web-savvy.
“The City of Port Phillip has run extensive business development programmes and launched an online portal to support local businesses to grow. We also know from our research that businesses are most interested in training in marketing and having an online presence, so we also hold regular events with digital innovation thought-leaders to bring that knowledge to the area,” said Mayor Stevens.
“Port Phillip also has one of the most highly-educated communities. Couple that with our biggest age group being 25-34 year olds, and you have a young community thoroughly engaged in new ideas and technology.”
One of the businesses in Port Phillip is RPS The Board Store, a specialist wind and kite-surfing store that’s been operating in the area for 23 years.
Its owner, Andrew McCredie, said that digital marketing and sales channels meant he could get his equipment to a far wider range of sport enthusiasts than ever before. “We find that customers conduct a lot of research before they come into the store, so when we have sales or a new product we’ll start targeted search marketing and make sure everything is up and ready online.
“Recently we sold a snowboard 10 minutes after posting it online, as that particular customer had been waiting for someone to stock it locally.”
For small business owners, the awards emphasise the importance of becoming digitally-savvy, Hatton says.
“Small businesses have a real competitive advantage now that the internet is there.
“But consumers are still ahead of business. Small businesses need to understand that this day, having a digital presence is like having a phone.
“Whether you’re a boutique hotel, beautician or surf school, if you’re not online you’re missing out on a direct line to thousands of potential customers.”
The state-by-state winners: 
<ul style="margin: 20px 0px 20px 15px; padding: 0px; font-family: 'Open Sans', 'Helvetica Neue', Arial, sans-serif; font-size: 14px; line-height: 20px;">
<li style="margin: 0px; padding: 0px; position: relative; left: 20px;">
Cockburn, WA
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Darwin, NT
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Port Phillip, VIC
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Holdfast Bay, SA
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<li style="margin: 0px; padding: 0px; position: relative; left: 20px;">
Launceston, Tasmania
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<li style="margin: 0px; padding: 0px; position: relative; left: 20px;">
North Sydney, NSW
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<li style="margin: 0px; padding: 0px; position: relative; left: 20px;">
South Canberra, ACT
</li>
<li style="margin: 0px; padding: 0px; position: relative; left: 20px;">
Sunshine Coast, Qld
</li>
</ul>
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/" rel="nofollow">SmartCompany</a>.
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Google's top suburbs for local business internet savvy

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The Australian Taxation Office plans to clamp down on self-managed super fund trustees who move their assets around before selling them to avoid capital gains tax.
In a draft ruling issued last week, and open for public comment until September 4, the ATO said that from July 2014, SMSF trustees will have to obtain an actuarial certificate to claim the pension income-tax exemption, or entirely segregate their SMSF fund assets into those that are in the accumulation phase and those that bear liability for their current pension.
Failure to do so could result in the ATO pursuing them under tax avoidance provisions.
Currently, SMSF assets used to pay out pensions are tax-exempt, whereas assets that don’t currently have any pension liability still incur capital gains tax.
The ATO also flagged its concern about trustees moving assets from the accumulation to the pension stage before selling them to avoid capital gains tax.
“If an asset is purported to be segregated [i.e. claimed to be in the pension phase and thus tax-exempt] shortly before disposal, and then disposed of in circumstances where a capital gain is claimed to be exempt income, it will be a question of…whether it was invested or otherwise being dealt with for the sole purpose of enabling the fund to discharge liabilities in respect of superannuation income stream benefits,” the ATO’s draft ruling stated.
The ruling will have broad implications, as most self-managed super funds both distribute pensions and accumulate superannuation, AMP SMSF head of policy and technical Peter Burgesssaid. This can be for multiple members or for the same member if they are still working past the age where they get access to their super.
“What the ATO talked about is if you want your fund to be treated as a segregated fund, you have to ensure that your assets are entirely segregated,” he says.
“They used examples where you could have a property within a self-managed super fund and say a certain proportion of that property is tax-exempt as it’s in the pension stage and the rest is within the accumulation stage, and try to treat the fund as segregated.
“The ATO says they don’t think that suffices. You need to make sure that if it’s a property, it either sits entirely within the pension pool, or you treat it as an unsegregated fund, in which case you need an actuarial certificate to determine which parts are tax exempt and which parts are not. None of this business where you say it’s segregated when it’s not to avoid the cost of an actuarial certificate.”
The ATO is obviously also concerned about individuals wanting to use the tax-free provisions surrounding pension assets to avoid capital gains tax, Burgess says, “which they would do by transferring an asset from the accumulation part of the portfolio to the pension part and then selling it shortly after”.
However, Burgess said the ATO did not define what “shortly after” meant, and so it remains unclear how long an asset must be held so as to not flag alarm bells with the taxman.
Aside from property, other assets likely to be affected by the change are things like joint bank accounts.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/">SmartCompany</a>.
 
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ATO set to clamp down on SMSF trustees who move assets to avoid capital gains tax

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The unemployment rate in June ticked up to 5.7% from 5.5% the month before, according to figures released this morning by the Australian Bureau of Statistics.
This is slightly higher than had been expected, with an AAP survey of 14 economists having tipped a 0.1% rise to 5.6%.
The economy added 14,800 new part-time positions in June, but lost 4,400 full-time jobs. The participation rate (those in jobs or currently looking for employment) rose to 65.3% from 65.2%, suggesting some of the increase in unemployment could be due to more people actively looking for jobs than during the previous month.
On Monday, an ANZ monthly survey of job advertisements found they had fallen for the fourth consecutive month during June, adding a 1.8% fall to the 2.5% fall in May. Job advertisements are 19% below the level they were at a year ago.
Unemployment is one of the key measures looked at by the RBA when it decides whether to cut official rates.
Just before the unemployment figures were released, Westpac senior economist Justin Smirk said the pressure remains on the RBA to cut rates further in its August meeting.
“The fact that inflationary expectations remain well anchored suggests they have ample scope to do so should they decide it is necessary,” he said.
Stocks up after positive comments from Fed chair
The Australian sharemarket was up 1.03% at 10.20 this morning, after the minutes of the latest United States Fed meeting reassured American markets overnight..
The benchmark S&amp;P/ASX200 index rose 49.9 points or 1% to 4,951.3 at 12.00 AEST, while in the United States the Dow Jones Industrial average fell 8.7 points or 0.1% to 15,291.
“Bernanke’s statements following the release of the minutes provided confidence after he reassured that the Fed won’t automatically increase interest rates after the unemployment target rate is reached,” says Miguel Audencial, a sales trader at CMC Markets.
“The reaction of the market was positive with the US stock futures rising after hours. I would expect this boost to flow through the Australian and other Asian markets today as well,”
Leading the gains were energy traders, buoyed by strong gains in the price of crude oil overnight.
Hiring managers budget for 3-5% salary increase as unemployment rate edges up
Three in four (74%) hiring managers are bracing for annual salary increases of 3-5%, according to a survey of 1,800 Australian hiring managers released yesterday by recruitment consultancy Michael Page.
The survey also found salary concerns to be the leading reason for employees leaving a business, according to 30% of those surveyed. Another 28% nominated gaining more experience as the key reason employees jumped ship, while 13% said employees left for better promotion opportunities.
For the year to February 28, salaries rose 3.5%, according to data collected by Hays Group. This is above the inflation rate, which for the year to the end of February stood at 2.5%.
“Unemployment is still comparatively low and some sectors and job functions continue to have skill shortages,” Hays Group noted in its report, adding that this put talented employees in a good position to negotiate.
This article originally appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Unemployment climbs to 5.7%

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Sarah Curran is the entrepreneur behind online fashion retail dynamo my-wardrobe.com. Seven years ago, the then French-based Curran sold her house to fund the start-up of her company.
Now, my-wardrobe.com is on target to hit £20 million ($33 million) in sales this year, which is up 40% on the year before. The company has offices in London and Nottingham, as well as in Sydney, New York and Norway, and employs close to 100 staff.
Curran was interviewed from Istanbul, where she was a keynote speaker at the Dell Women’s Entrepreneurship Network conference.
My passion for keeping connected with the customer comes from having originally had my boutique in North London. When I launched my-wardrobe, I really wanted to retain that personal element. Online, you’re faceless, and it’s very easy for a customer not to relate with you and to shop without that emotional touchpoint. That’s been a real challenge, but I love a challenge. It was an opportunity to solve the problem.
The way we do it is we have our events, which we host in every territory where we have an office. They’re a way of letting a customer see the trends of the season, and of allowing the customer to feel part of the community. They’ve proved very successful.
It’s not about selling on the night. I remember when we did our first one in London. A woman came up to me and said it was really amazing that she didn’t feel pressured to buy something. I said: ‘It’s not about shopping.’ It’s about seeing the trends and thinking about how to wear them, and about being connected to the my-wardrobe brand.
In growing the business, our biggest challenge has been marketing. We didn’t have the cash to invest in customer acquisition. We grew organically. Once we get a customer, our retention is extremely high. We’re sitting at 65%, most sit on 30-40%. We do invest heavily in our team that supports customers and makes sure they’re loyal to us. We just didn’t have the cash to get more of them.
Events and partnerships helped with that. That’s how we started our relationship with Dell. We partnered with people who were much bigger than us, but not in fashion. We thought about the brands our customers were engaged with, in terms of beauty, lifestyle, health and technology. We used partnerships to bring us new audiences.
Australia is our second largest market. Our Australian customers have a higher average order, and they spend more time browsing. Our statistics are very high and very positive with regards to the Australian market.
I don’t believe in just going into a territory, taking market share, and not giving back. Having an office in Australia, and participating in things like the Melbourne Fashion Festival, are our way of adding value. We believe in doing things like finding and selling new Australian designers. The relationship has to go both ways. I’m not comfortable otherwise. It’s a moral obligation.
All our customer sales girls come from a fashion background. All have been trained on the key products and seasons, as well as the new designers. Those sorts of things are really important.
We think it’s important to be flexible about how we show a product online. So when you go to a product, you can scroll and see it in different ways. No other site does that. It was important for me to make the item as relevant to as many people as possible. So, a woman might say, ‘oh, I’d wear it like that instead’.
Myriam Robin travelled to Istanbul as a guest of Dell, which paid for her flights and accommodation.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/">SmartCompany</a>.
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How to grow a business when you can't afford marketing: my-wardrobe.com's Sarah Curran

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The world’s wealthiest have recouped the losses incurred in the 2008 banking crisis, and are now richer and more numerous than ever.
Today there are more than 103,000 of what wealth watchers call ‘ultra-high-net-worth-individuals’, usually referred to as UHNWIs. To rank as an UHNWI, you need at least $30 million in assets. On top of that, there were 12 million high net-worth individuals worldwide, defined as those with $1 million in investable assets. There were 9% more high net-worth individuals this year than last.
Those figures are from an <a target="_blank" href="https://www.capgemini.com/thought-leadership/world-wealth-report-2013-from-capgemini-and-rbc-wealth-management" rel="nofollow">annual wealth report</a> released last week by RBC Wealth Management and consulting firm Capgemini. The ranks of the world’s wealthiest grew strongly last year, following on from another healthy rise in 2011, when the numbers of the super-wealthy first hit pre-crisis levels.
The United States has had a <a target="_blank" href="https://www.smartcompany.com.au/economy/056123-dollar-plummets-and-sharemarket-drops-20-billion-what-does-the-us-fed-s-decision-to-end-economic-stimulus-mean-a-smartcompany-q-and-a">run of positive economic figures in recent months</a>, and the report unearths another. The number of high net-worth individuals in North America increased 11.5% in 2012 to hit 3.73 million. This put North America back on top as the continent of millionaires, eclipsing the Asia-Pacific, which grew 9.4% to boast 3.68 million millionaires, of which 207,000 live in Australia.
The report was prepared for wealth managers, so it looked in some detail at the investment preferences of the world’s richest. It surveyed 4000 global high net-worth individuals about how they like to invest their money and unearthed an interesting paradox.
Leverage and risk are how entrepreneurs get wealthy. But the wealthy people surveyed for the report showed a clear bias towards conservative asset allocation, putting nearly 30% of their wealth into cash and deposits.
This aversion to risk applied across all ages and wealth levels, and, the authors write, suggests a low level of trust in financial markets.
Japanese millionaires were the most likely to leave their wealth in cash, while North American investors favoured equities (putting nearly 30% of their money into the stock market). Australia’s millionaires put more of their wealth than the global average into property, which is unsurprising, given <a target="_blank" href="https://www.propertyobserver.com.au/https://leadingcompany.smartcompany.com.au/wealth/rich-tales-the-four-secrets-behind-how-the-brw-rich-200-made-their-fortunes/201305264301" rel="nofollow">a quarter of the people on the Rich List got there through property investments</a>.
A preference for cash wasn’t the only sign of caution those surveyed displayed. Even when they did invest in shares and property, most of the millionaires said they invested around 80% of their assets in their home country, as opposed to seeking out wherever in the world they could get the greatest return.
“Given recent market rallies, there is little doubt that the high allocation to more stable assets has likely caused some HNWIs to miss opportunities for wealth growth,” the report states.
“However, this is often a conscious decision as some HNWIs willingly forego returns in exchange for the safety of capital. As the global economy stabilizes and markets expand, HNWIs seeking growth will have the potential to put more of their wealth to more productive use.”
This is interesting because global interest rates are low. Low interest rates mean low returns for cash deposits, meaning investors would do well to pivot out of cash, as <a target="_blank" href="https://www.smartcompany.com.au/sponsored/055505-search-for-value-the-top-underrated-investment-opportunities-of-2013-4">many wealth management advisers say</a>.
It’s good advice. But it seems that for one reason or another, the world’s richest are favouring far more conservative investment strategies than the ones we’re normally advised to pursue.
Maybe they figure that once they’ve hit the jackpot, there’s little to be gained in jeopardising that. Or, perhaps, they’re still cautious about the global economy.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/">SmartCompany</a>.
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The world's wealthiest have bounced back from the GFC, but have become risk averse: Myriam Robin

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Reading through the stories of the 200 richest people in Australia, as ranked by BRW last week, it quickly becomes clear that no two fortunes are the same.
But there are commonalities in how Australia’s 200 richest people got that way.
The men on the rich list (<a href="https://www.smartcompany.com.au/wealth/055293-rich-tales-why-our-female-entrepreneurs-aren-t-fabulously-wealthy" target="_blank">all but 14 are men</a>) worked long and took risks to get there. They chose strategic industries and saw their fortunes rise with global trends. They bet on economics as well as on themselves.
Want to join the Rich List? Here’s how to do it:
1. Start a business
The majority of the names on the Rich 200 are there because they started and led a business to national and global success.
But not just any business. Certain industries stand out.
For all we wring our hands about the future of retail, plenty of the fortunes on the Rich List were made off businesses that did just that. In fact, 27 out of the 200 made their fortune in retail.
Another area that can make you a fortune if you do it right is technology. As <a href="https://www.smartcompany.com.au/wealth/055691-brw-rich-200-list-revealed-atlassian-founders-join-fellow-smart50-alumni-gabby-and-hezi-leibovich" target="_blank">we revealed last Thursday</a>, there are four Smart50 winners on the list, and all of them made their fortune in IT.
There are <a href="https://www.smartcompany.com.au/wealth/051844-five-ways-to-go-from-the-smart50-to-the-rich-list-5" target="_blank">a few reasons</a> why tech businesses make so many people rich. For one, your running expenses are likely to be relatively lower, giving you strong margins if your model is sound. Not to mention technology businesses can be scaled up relatively quickly, which makes them ripe for growth and economies of scale.
And when sold, technology businesses can command multiples far in excess of many other industries, landing their founders in the money even if the business itself isn’t making much money yet.
2. Failing that, invest in property
It’s not just a successful business that can make you rich. A full quarter (52 out of 200) made their wealth in property.
In Australia, this figure hasn't budged much for the last 30 years. No other single investment has been as likely to deliver steady returns over the past three decades.
3. Go it alone
Many businesses are founded by groups of two or more people. To get around the difficulties of separating out jointly held fortunes, the BRW list can consider cofounders and families to hold a fortune jointly. You’d think that, given this is the case, there would be plenty of duos and trios on the list.
But this isn’t the case. There may be benefits to working with a cofounder, but when it comes to making a lot of money, the experiences of the Rich Listers suggests you’re better off going alone.
In the 2013 list, there are a few families, but no cofounders. Atlassian cofounders Mike Cannon-Brookes and Scott Farquhar are both on the list, but with separate entries, holding $250 million apiece.
4. All work no play makes you very, very rich
At an age when most Australians are looking forward to retirement, plenty of people on the list are still signing deals and making money. For example, 86-year-old Len Ainsworth could have been happy resting with one company, Aristocrat. But <a href="https://www.propertyobserver.com.au/https://leadingcompany.smartcompany.com.au/leadership/a-year-in-the-life-of-australia-s-richest-why-james-packer-wins/201212173323" rel="nofollow" target="_blank">in his 80s he built another</a> – Ainsworth Game Technology – whose shares rose 400% last year.
The average Rich Lister is 65 years old, but far off retirement. Plenty of them aren’t the type to relax and smell the roses anyway. For example, Glencore Xstrata chief Ivan Glasenberg (fifth on the list with $5.61 billion) recently said that his staff “don’t do” work-life balance. Instead, he said, they were all rich.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/">SmartCompany</a>.
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Four secrets behind the fortunes of the BRW Rich 200: Myriam Robin

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Switzerland. The home of good cheese and better chocolate, accurate watches, and, for as long as anyone can remember, the place the wealthy parked their money, with no one asking where it came from.
But with the rise of Asia and with a new cohort of Rich Listers, that’s all changing, according to a report released last week by private banking research group WealthInsight.
The Family Office briefing is a yearly report the research group produces looking at where the world’s most exclusive wealth management firms, who control $US19.3 trillion, are putting their money. In 2011, the report said, Switzerland had 34% of that pie, but that share is shrinking.
Singapore is one of the main beneficiaries. In 2000, the city-state had just $50 billion of the money of the world’s top wealth managers. In 2011, the figure was $550 billion, and WealthInsight expects it will continue to grow.
For Australians, this perhaps isn’t so surprising. Rich Listers have been moving to Singapore for years. It makes sense their money would follow them. Mining speculator Nathan Tinkler moved to Singapore last year. He joined Facebook co-founder Eduardo Saverin, and the 17% of Singapore’s population that have a net worth over $1 million (the highest rate in the world).
Saverin said his move wasn’t about tax. Nathan Tinkler’s PR guy said something similar. But as <a target="_blank" href="https://www.smartcompany.com.au/wealth/050225-nathan-tinkler-and-the-billionaire-singapore-sprint">this SmartCompany story said at the time</a>, that’s all a bit rich.
Singapore’s income tax rate is capped at 20% for those earning income over $250,000. Corporate tax is capped at 17%. There’s no capital gains tax, no estate (‘death’) taxes for passing on wealth to the next generation, and that’s before you count all the tax incentives given to ‘angel investors’ and the like. Switzerland, on the other hand, will <a target="_blank" rel="nofollow" href="https://www.news.com.au/business/breaking-news/tax-hike-for-switzerlands-rich-foreigners/story-e6frfkur-1226582381414">raise taxes on foreigners</a> from 2016.
Rich Listers usually have to live most of the year somewhere to be able to claim they should be taxed under its laws. For many of the world’s rising billionaires, Singapore is simply closer to home.
It’s a nice place too, the millionaires said when the Economist Intelligence Unit asked them last year where they liked to be when abroad. It was the <a target="_blank" rel="nofollow" href="https://www.rikvin.com/blog/singapore-preferred-rich-mobile/">most popular destination in Asia</a>, chosen by almost a third (31%) of the millionaires surveyed, eclipsing Hong Kong, which was chosen by 24%.
In February, the Hurun Report, a Chinese luxury magazine started by ex-Forbes researcher Rupert Hoogewerf, <a target="_blank" rel="nofollow" href="https://www.google.com/hostednews/afp/article/ALeqM5jb6rXlw5ejXtyygXAtY3nXqulPLw?docId=CNG.35c1755a38f1d8d285b55d8f38343648.591">wrote that</a> of the world’s 1453 billionaires, 608 of them were Asia. Only 324 were from Europe, while America can boast 440.
Proximity with Singapore is a bonus for Australia’s Rich Listers too. With a few exceptions like Swiss-based Ivan Glasenberg, our 32 billionaires travel more to Asia than they do to Europe.
Switzerland’s reputation as a safe place to park your money can’t have been helped by the spate of arrests by US authorities of those who use it for tax evasion.
A few years back, Swiss financial adviser Beda Singenberger <a target="_blank" rel="nofollow" href="https://www.bloomberg.com/news/2013-03-12/u-s-tax-cheats-picked-off-after-adviser-mails-it-in">accidentally mailed a list of US clients he’d helped avoid their taxes</a> to someone who passed the list onto US authorities. Those authorities now seem to be systematically going after the people on the list one by one.
And from 2009, fearing lawsuits, <a target="_blank" rel="nofollow" href="https://articles.economictimes.indiatimes.com/2013-03-14/news/37713520_1_bank-wegelin-patrick-odier-ponzi-scheme">Swiss banks began agreeing</a> to open their books to authorities investigating laundering and tax evasion, eroding their reputation for privacy.
Coupled with recent crackdowns in places like Luxembourg and the Caribbean, this all makes Singapore look even more attractive as a home for the wealthy and their millions. This must make the money-movers in Zurich very nervous.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/">SmartCompany</a>.
Image of Singapore courtesy of Flickr.
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Rich turn to Asia as exclusive wealth management firms park money in Singapore

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The International Monetary Fund expects Australia will grow at a slightly lower pace in 2013 than it did in 2012, predicting total growth of 3%, followed by 3.3% in 2014. Last year, the Australian economy grew at 3.6%.
China is projected to grow at 8% this year, up from last year’s 7.8% growth, while India is also expected to accelerate, rising to 5.7% growth from 4% last year.
‘‘We are in a better place but ... we’re not out of the woods,’’ IMF chief economist Olivier Blanchard reportedly said at a media conference when releasing <a target="_blank" href="https://www.imf.org/external/pubs/ft/weo/2013/01/pdf/text.pdf" rel="nofollow">the IMF’s quarterly World Economic Outlook.</a>
Tom Taylor, the head of international economics at NAB, says the report is largely good news as it shows the IMF thinks the global economy has hit its low-point.
“Most of the world’s growth for the past few years has been occurring in places outside the developed, advanced economies,” he said.
“The IMF report envisages a gradual pickup in global economic growth, coming from an acceleration in the big advanced economies, like the United States and Japan, and an ending of the recession in the eurozone.”
“Across the big advanced economies, we can see growth is expected to accelerate… and that’s pretty consistent with [NAB’s] own views.”
The United States is expected to grow at 1.9% in 2013, down from 2.2% in 2012, before accelerating to 3% in 2014. Estimates for Japan have been dramatically revised upwards to 1.6% in 2013, after the government announced a large program of monetary easing earlier this month. January’s IMF outlook report had expected Japan to grow at just 0.4% in 2013.
The IMF expects world growth to grow at 3.3% this year and then 4% in 2014.
However, Taylor said, the report also highlights risks that hang over the global economy.
“The first of these is the eurozone, where we’ve been reminded recently of the dangers given the problems in Cyprus,” he said.
“The second one is the concerns over the US budget. So far this year, that’s turned out better than it might have, but are still concerns.”
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/" rel="nofollow">SmartCompany</a>.
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Australia's growth to slow slightly in 2013: IMF

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The CEO of Aussie Home Loans, Stephen Porges, has resigned from his position to “pursue other interests” just one month after the Commonwealth Bank of Australia bought 80% of the mortgage broker.
Porges led the company through the global financial crisis after becoming chief executive in August 2008 and worked closely with chairman and founder John Symond.
However, Symond told The Australian that Porges felt he wasn’t the person to take the company “to the next stage”.
“There is going to be a lot more reporting, just on governance, being a big public company,” Symonds said.
The chairman added that he was down to “two or three” potential replacement CEOs, and that the decision on who to appoint would be his. This is despite reports that CBA will now appoint four of the six directors on the board of Aussie Home Loans.
<a target="_blank" href="https://www.propertyobserver.com.au/https://leadingcompany.smartcompany.com.au/leadership-styles/the-ceo-seat-aussie-group-s-stephen-porges/201302203731">In a profile two months ago</a>, Porges stressed the broker’s continued independence.
“There was some confusion at the start from both staff and partners as to whether we’d simply become a CBA shop. It is, however, absolutely 100% business as usual.
“Having a very solid partner behind us that understands and values what we do – that is, providing in every situation the right product for the customer, for their unique situation, irrespective of the provider – simply means we’ll be a stronger competitor.
“Standing up for the consumer always has been, and will continue to be, in Aussie’s DNA.
“Customers have given us their trust. We’re very aware of that and the responsibility that brings. I’d hope that we’re judged on how we’ve performed with customers in the past and how we’ll continue to do so in the future.”
Last month, the Australian Competition and Consumer Commission assumed CBA would control Aussie Home Loans in its ruling on the matter. However, it allowed the purchase, given that the mortgage broker only had a 6% market share and there were other distribution channels for rival banks.
This article originally appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Stephen Porges not the right person for Aussie Home Loans' next stage: John Symond

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]

Joel Robinson

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]

The Walden pairs house-scale living with North Sydney connectivity

The ACT will become the first jurisdiction in Australia to abolish stamp duty for all first home buyers, with no income caps and no property price thresholds from 1 July.

The move, announced as part of the ACT Budget, completes a key election commitment from the Barr Government and removes what Chief Minister Andrew Barr described as one of the biggest barriers to entering the housing market. The reform forms part of the ACT's long-running transition away from transaction taxes and towards a broader-based property tax system.

"This budget marks a major milestone in our long-term tax reform program," Barr said, adding that the government had maintained a sustained focus on removing barriers to home ownership. He said stamp duty had long been one of the largest upfront hurdles facing buyers and that from July, "that barrier is gone" for first home buyers in the Territory.

[smartcode_project:default project_id=139989 project_image_fid=350986]

The changes come alongside a range of measures designed to encourage new housing supply, including support for the delivery of so-called "missing middle" housing such as terraces, townhouses and low-rise multi-unit developments.

The announcement has renewed debate around whether the ACT's approach could provide a blueprint for improving housing affordability nationally.

New research from OurTop10.com.au, conducted by Primara Research, suggests the Territory's decade-long reform agenda has produced outcomes unmatched elsewhere in Australia.

While stamp duty costs have increased by an average 67 per cent nationally over the past decade, the ACT has recorded growth of just 15 per cent, the lowest increase of any jurisdiction.

The Territory has also emerged as one of the strongest performers on housing delivery. Based on population-weighted housing targets, the ACT is sitting less than one per cent behind its target. Victoria is the next closest at seven per cent behind, while the national average sits 25 per cent below target. New South Wales is tracking 39 per cent behind.

The latest reform removes one of the final barriers facing first home buyers in Canberra.

[smartcode_project:default project_id=139989 project_image_fid=359152]

The average Australian home buyer currently pays $61,714 in stamp duty. In the ACT, that figure is $38,399 despite the Territory having the third-highest median house price in the country.

Until now, the ACT's first home buyer concession scheme only applied to purchases up to $1.02 million, around $51,000 below Canberra's median house price of $1.071 million. In practical terms, many first home buyers were unable to access the median-priced home without losing the concession.

From July, those restrictions disappear.

Every first home buyer in the ACT will pay no stamp duty, regardless of income or purchase price.

Canberra remains one of Australia's most expensive housing markets, with dwelling values increasing 82 per cent over the past decade. However, that growth ranks only 11th among Australia's 15 major housing markets, suggesting affordability pressures have been less severe than in many other parts of the country.

Simon Ma, CEO of OurTop10.com.au, said the latest reforms recognise that many first home buyers have simply outgrown thresholds set years ago.

"Many first home buyers aren't just looking for a way onto the ladder, they want a home their family can actually live in," Ma said.

"In a market where the median house price is over a million dollars, a concession scheme that cuts out at $1.02 million was never going to get them there.

"Removing the ceiling entirely means ACT first home buyers can now pursue the home they actually want, rather than limiting themselves to a price point designed for a very different market."

Whether other states follow remains to be seen. But at a time when most jurisdictions are struggling to improve affordability while also increasing housing supply, the ACT has quietly become the national test case for both.

15% stamp duty growth. Just 1% off the national housing target. Zero stamp duty for FHBs. Is the ACT the blueprint for the great Australian dream?

ACT abolishes stamp duty for first home buyers

A rooftop pool and spa overlooking the Brisbane CBD, private dining spaces, expansive landscaped gardens and a residents' lounge are set to crown <a href="https://www.apartments.com.au/new-apartments/callista-on-park-west-end-49-mollison-street-west-end-qld-4101">Callista on Park</a>, the final residential building within Brisbane's West Village precinct.

The rooftop amenity collection has been designed as an extension of the lifestyle already established throughout West Village, providing residents with a series of indoor and outdoor spaces that capitalise on the building's elevated position above West End.

A swimming pool and heated spa form the centrepiece of the rooftop offering, surrounded by landscaped gardens developed through a collaboration between developer Sekisui House and ASPECT Studios. The design incorporates expansive lawn areas surrounded by English garden-inspired planting.

[smartcode_project:default project_id=134800 project_image_fid=370648]

Residents will also have access to two barbecue and outdoor dining areas positioned to take advantage of views across Brisbane's skyline, neighbouring Mollison Park, and the surrounding inner-city landscape.

For larger gatherings, the rooftop includes a private dining room centred around a substantial stone island bench, complete with a full kitchen and a 10-seat dining table set beneath four-metre-high ceilings. The space has been designed to overlook both the rooftop gardens and the Brisbane CBD skyline.

A separate residents' lounge provides an additional indoor retreat connected to the broader rooftop amenity offering, creating another space for residents to work, relax or entertain guests.

[smartcode_project:default project_id=134800 project_image_fid=370647]

The attention to detail extends beyond the rooftop.

Upon arrival, residents will enter through a lobby featuring a bespoke ceiling light installation developed in collaboration between Sekisui House and Alcorn Middleton Architecture. The arrival experience is complemented by private resident mailboxes and carefully considered interior finishes designed to reflect the premium positioning of the building.

[smartcode_project:default project_id=134800 project_image_fid=372541]

The amenity offering forms part of Callista on Park, the final residential release within the decade-long transformation of the former Peters Ice Cream Factory site into West Village, one of Brisbane's most established mixed-use communities.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and being delivered by <a href="https://www.apartments.com.au/builders/hutchinson-builders">Hutchinson Builders</a>, Callista represents the most premium residential offering within the masterplanned precinct.

Construction is now entering its final stages, with scaffolding beginning to come down and completion expected in the first quarter of 2027.

Prices for the three-bedroom plus MPR apartments start from just over $2.6 million.

[smartcode_project:default project_id=134800 project_image_fid=351535]

Callista will mark the final opportunity to purchase within West Village, where residents have direct access to more than 35 retail, dining, wellness and medical operators including Harris Farm Markets, Woolworths, Function Well and Goodlife Health Clubs, Metro Arts, and a growing collection of restaurants and cafés.

Located just 800 metres from the Brisbane CBD, the precinct also places residents within walking distance of South Bank, West End's dining scene, riverfront parklands and major public transport connections.

For Sekisui House, which has delivered more than two million homes globally, Callista serves as the concluding piece of the West Village masterplan, bringing together the precinct's heritage character, parkland setting and emphasis on walkability in a final collection of larger-format residences.

[smartcode_project_cta:default project_id=134800]

Rooftop pool, private dining and skyline gardens to crown West Village's final apartment release, Callista on Park

<a href="https://www.apartments.com.au/developments/wahroonga-nsw-2076">Wahroonga</a>’s enduring appeal has long been tied to its balance of bushland, established amenity, and access to some of Sydney’s most respected education and healthcare institutions.

Along Fox Valley Road, that combination is becoming increasingly sought after by buyers looking to remain connected to the Upper North Shore lifestyle while prioritising walkability, wellbeing, and convenience.

Developer Capital Corporation's initial vision of a 62-hectare site on Fox Valley Road was that they could create their own walkable community, bordered by&nbsp;more than 25 hectares of bushland and adjoining Coups Creek.

<img alt="Wahroonga" data-entity-type="file" data-entity-uuid="b84917a1-0d75-49b9-888c-ddf7ebfd6692" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/NEW2026_Wahroonga_Walkway.gif?VersionId=Gk3_xi5ssYfalmwuQQ5umQakddceC31j" />

<a href="https://www.apartments.com.au/new-apartments/the-residences-at-wahroonga-estate-169-fox-valley-road-wahroonga-nsw-2076">The Residences at Wahroonga Estate</a> draws directly on the area’s natural landscape, with walking trails and green corridors linking into sections of Lane Cove National Park. The surrounding network of bushwalks, cycling tracks, and reserves reinforces the suburb’s long-standing reputation as one of Sydney’s most nature-oriented residential pockets, while still maintaining close ties to village retail and transport infrastructure.

The address places residents within minutes of Wahroonga and Turramurra villages, where cafés, local grocers, boutiques, and everyday services support a highly localised lifestyle. Popular nearby venues including The Fox Café and Breeze Valley Café provide easy options for morning coffee or casual dining, while longstanding retailers such as IGA Wahroonga Fresh and Novella Fine Books continue to anchor the area’s village character.

&nbsp;

<img alt="Wahroonga" data-entity-type="file" data-entity-uuid="c4a950f7-4f05-4370-b360-b106359788e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/2026_Wahroonga_Entry_Gates.gif?VersionId=7n5kh9ymu.azYEYDemJkPgiIAfSw44oj" />

Healthcare access remains one of the defining locational advantages of the estate. Sydney Adventist Hospital, known locally as The San, sits directly adjacent and is one of the largest and most respected private hospitals in New South Wales. The hospital precinct incorporates specialist medical services, radiology, physiotherapy, and outpatient care, contributing to growing buyer demand from downsizers and owner-occupiers seeking long-term convenience and peace of mind.

Research commissioned by Capital Corporation found that health and wellbeing considerations are increasingly influencing downsizing decisions, particularly among buyers wanting to remain within familiar neighbourhoods while accessing medical infrastructure more easily.

Education has also historically underpinned demand across Wahroonga and the broader Upper North Shore. The estate sits close to several of Sydney’s leading private and independent schools, including Knox Grammar, Abbotsleigh, Barker College, Pymble Ladies’ College, Ravenswood School for Girls, and Loreto Normanhurst. Co-educational options including Wahroonga Adventist School and Sydney Adventist School further strengthen the area’s appeal to established families looking for long-term schooling pathways within a tightly held catchment.

[smartcode_project:default project_id=135247 project_image_fid=262183]

Transport connectivity supports the suburb’s liveability without compromising its quieter residential character. Wahroonga and Turramurra train stations provide direct rail access into the Sydney CBD, while the nearby Pacific Highway and M1 motorway strengthen links across the North Shore and broader metropolitan area. At the same time, the heavily treed streetscape and low-density character continue to distinguish the precinct from more urbanised parts of Sydney.

The Residences at Wahroonga Estate forms the first stage of <a href="https://www.apartments.com.au/developers/capital-corporation">Capital Corporation</a>’s broader masterplanned vision for the precinct, delivered alongside the Seventh-day Adventist Church.

[smartcode_project:default project_id=135247 project_image_fid=364995]

Designed by <a href="https://www.apartments.com.au/architects/group-gsa">GroupGSA</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/coco-republic-interior-design">Coco Republic</a>, the development integrates landscaped communal spaces including a pet-friendly Green Spine, resident lounge, BBQ pavilion, and direct bushland access, reinforcing the project’s focus on outdoor connection and community-based living.

Now under construction by Gold Star iCIRT-rated builder <a href="https://www.apartments.com.au/builders/dasco-australia">DASCO</a>, The Residences at Wahroonga Estate will deliver a collection of one, two, and three-bedroom apartments priced from $990,000, with completion anticipated in 2027.

[smartcode_project_cta:default project_id=135247]

Myriam Robin

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