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Ballarat region seats of Ripon, Wendouree and Buninyong crucial to Daniel Andrews or Denis Napthine winning Victorian state election

With the margin in Wendouree just 0.1 per cent after a redivision, victory in the seat for the Liberal Party is seen as crucial to the Coalition’s chances of remaining in power.
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The Coalition is expected to take Ripon, also a marginal seat, from Labor but the ALP is favoured to win Buninyong, which takes in the majority of the former seat of Ballarat East held by Labor member Geoff Howard since 1999.

The Courier will have live coverage of the election tonight from 6pm – concentrating solely on ourlocal seats -with video streaming and crosses to both the Ballarat Labor and Liberal Party functions.

TODAY’S THE DAY: Ballarat residents are flocking to voting centres to cast their vote in the 2014 Victorian state election.

On a state level,the latest Fairfax Ipsos Victorian State Poll shows Labor still in front.

The poll of 1236 Victorians, conducted between 25-27 November 2014, shows the primary vote for Labor at 35 per cent(down 4) and the Liberal-National parties on 42 per cent(up 3). The Greens continue to lead the minor parties with a 15 per centshare of the vote (down 1) and other parties are on 8 per cent(no change).

“On a two-party preferred basis, Labor leads the Liberal-National parties by 52 per cent, down 4, to 48 per cent, up 4, based on respondent preferences, that is, how respondents said they would allocate preferences,” Ipsos Director Jessica Elgood said.

“The poll results show the Coalition regaining ground – in terms of leader approval, preferred Premier and positive perceptions of Dr Napthine as a leader – but it looks like it will not be enough for them to close the gap on Labor.”

The result may not be decided tonight however, with almost one million people have voted at pre-polling centres or by postal votes.

The majority of these votes will not be counted until Monday.

Victorian Election 2014: The regions vote

REFRESHYOUR SCREEN FOR LATEST UPDATES
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6pm: Nine News/Galaxy exit poll is suggestinga narrow ALPvictory.

The initial results are our from our exclusive #9News Galaxy poll. #VicVotes#9Newspic.twitter南京夜网/shB06BZw1b

— Nine News Melbourne (@9NewsMelb) November 29, 20143.20pm: The Greens open ticket story develops.

Local greens telling me the decision to run an open ticket was not theirs & they are blaming Greens HQ! #vicvotes

— Philip Dalidakis (@philipdalidakis) November 29, 20142.30pm:The Greens are running open tickets in key marginal seats, angering Labor, which has accused the Greens of helping the Napthine government.

Open tickets are how-to-vote cards that have no instruction to voters about where to allocate preferences.

Greens preference flows help Labor win in some marginal seats.

Greens state director Larissa Brown said that in two-thirds of the 88 lower house seats the party had preferenced Labor ahead of the Liberals.

But she said in the other seats local branches had decided to run open tickets. Read more.

2.18pm:Geoff Ablett, the Liberal trying to oust Labor’s Jude Perera inCranbourne, says some voters have told him they would vote Laborbecause they disliked the Abbott government’s budget.Mr Ablett, the mayor of the City of Casey and a former Hawthornpremiership player, said he had detected voters at the booths he hadvisited were leaning towards Labor.

“I know that some changes need to be made federally because you can’tkeep going further into the debt, but that has repercussed to peoplewho have said to me, ‘I’m not voting for you because of federalgovernment cutbacks’,” Mr Ablett said while campaigning at CourtenayGardens Primary School on Saturday.

2.10pm:

Four hours down and things are going well. Not sure about the process? Look for someone dressed like this #VicVoteshttp://t.co/jpDQTxIURJ

— VEC (@electionsvic) November 29, 2014 Premier Denis Napthine and wife Peggy submit their votes at a Port Fairy polling booth. Picture: LEANNE PICKETT

1.50pm: It’sbeen a day of snags and smiles for Denis Napthine as the premier road-tripshis way around the South West Coast electorate to greet voters.

The Premier planned out anentire day travelling across south-west Victoria, spending the morning in Heywood, Yambuk and Portland before voting at Port Fairy alongside his neighbours and supporters.

Take a glimpse at his day here.

1.35pm: Never underestimate the power of the humblesanga sandwich…

I arrived to find long queue AND no #SausageSizzle so I changed my preferences & walked to the next suburb #vicvotespic.twitter南京夜网/EQCITSXQKb

— esurientes (@esurientes) November 29, 201412.55pm:An exit poll by theBendigo Advertiseris predicting aLabor victory.

The Addy has polled 50 people leaving the main polling booth in Bendigo Town Hall to get a feel for how the vote might go today.

Here’s theresults from those 50 votes:

Labour 27 votes (54 per cent)

Liberal 11 votes (22 per cent)

Greens 5 votes (10 per cent)

Animal Justice 5 votes (10 per cent)

Nationals 1 vote (2 per cent)

Sex Party 1 vote (2 per cent)

Voters said knowledge of the political leaders,promises toimprove townsand family voting traditions had influenced their decisions.

A small sample – yes – but will this ring true by night’s end?

12.42pm:The perils of politics…

I wonder how many snags @DanielAndrewsMP & @Vic_Premier will have to eat today so not to offend any schools? #vicvotes#springst

— Alana Schetzer (@schetzer) November 29, 201411.30am:A quickvote in the state election followed by a road-trip to Lorne for schoolies celebrations.

That was the plan for first time voter Josie Whiteford, 18, of Nerrina, on Saturday.

The recently graduated Loreto College student andself-confessed ‘greenie’ spoke toThe Courierat Black Hill Primary School and saidshe had been looking forward to her first vote for some time. Hear her thoughts here.

Josie Whiteford

10.30am:What’s been promised for Bendigo in this election? Check out the recap here.

Spoilt for choice in #castlemaine today #vicvotespic.twitter南京夜网/Jnmko3IMHa

— David Stretch (@DaveStretch) November 28, 20149.30am:Fantastic cartoon in The Standard in Warrnambool today. South-West Victorians have been wooed by an unprecedented election cash splash, with the Coalition pledging nearly $120 million to the South West Coast, compared with $5 million from Labor. It’s the biggest for an election campaign in the Western District.

9am:In Ballarat, the seats of Ripon, Wendouree and Buninyong will be crucial to Daniel Andrews or Denis Napthine winning the election.

The Coalition is expected to take Ripon, also a marginal seat, from Labor but the ALP is favoured to win Buninyong, which takes in the majority of the former seat of Ballarat East held by Labor member Geoff Howard since 1999.

Victorian Opposition Leader Daniel Andrews and Premier Denis Napthine.

8.30am:Welcome to Fairfax Regional’s coverage of Victorian Election day 2014. We will bring you updates throughout the day from Fairfax newspapers across Victoria. To kick off, here’s a video on how to vote from the Victorian Electoral Commission.

Jim Bright: Betrayed by best mate

To my horror, I discovered last week that I had been betrayed by my best friend, who had put me under surveillance for more than a month.
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The shattering truth was not ameliorated when I realised that I had walked into this trap. Not unlike David Beckham’s underpants, it was a large package in my trousers that opened my eyes to this ambush and caused me such shame.

For lurking in those trousers, my erstwhile best friend, my iPhone, had been surreptitiously recording every step of my excuse of a life. Having bought my phone like my food, in supersized portions, I did not expect my beast of excess, the iPhone 6 Plus, to start haranguing me about my health.

I had noticed soon after the phone arrived that it contained an app called Health. Being a male, or perhaps more accurately and honestly being me, I obviously proceeded to ignore this app, assuming it was for those poor unfortunates who cannot take their health for granted, or at least are unable to act as though they do.

Ultimately my curiosity, or my boredom arising out of my barren social life, got the better of me and I opened this app. I staggered backwards in shock to discover that every step that I had taken, forwards or backwards, every staircase I was unable to avoid climbing, since buying  the bloated beast, was recorded dutifully.

And like Cilla Black, those records were truly shocking. Surely it is not possible to take fewer steps than the Australian government confronted with an Ebola crisis, but somehow I had managed it.

Despite moving recently into a place with stairs, my records suggested I lived on a salt flat that had been treated with the heavy roller. How could my companion that I had seen grow from a 2 to a 5s do this to me? I sprung into action and marched around the nearest lake.

I took to going upstairs for the sheer hell of it — and it felt like hell after the umpteenth time. I had to get those figures looking healthier than a Joe Hockey budget, or even a post-operative Joe Hockey.

After several days of unseemly activity, I realised I had been well and truly had. This wasn’t about health at all. I realised that to ensure that I got credit for every step, every climb and every eye blink, the phone was taken with me, literally every step of the way.

What a brilliant way to ensure that your Apple device never leaves your side. Then I started to wonder how far people take this? According to womansday南京夜网, 144 calories are expended in horizontal activities (interestingly menshealth南京夜网 reckon it is only 100, and 69 for women).

I bet there are some zealots out there strapping on their phones to maximise credit for their bedroom aerobics.

In the same way that performance measures at work often undermine and distort the very thing they are trying to measure. I suspect that I shall be so obsessed with looking at the graphs on the health app, I am likely to step in front of a bus while out walking. Healthy, that aint.

Jim Bright is Professor of Career Education and Development at ACU and a Partner at Bright and Associates. Email [email protected]南京夜网. Follow @DrJimBright. 

First Test up in the air as Phillip Hughes’ friends say he would ‘want them to bat on’

First Test up in the air as Phillip Hughes’ friends say he would ‘want them to bat on’ Indian players observing a moment of silence before a match in Kolkata.
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David Warner and Michael Clarke arrive at the SCG. Photo: Daniel Munoz

Outpouring of grief: Cricket bats outside the Melbourne Stars head office in East Melbourne stand in tribute to Phillip Hughes. Photo: Paul Jeffers

Pakistani fans in Karachi.

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1234 – PHILLIPHughes’ extended family have given Cricket Australia their support to play the first Test next week, but the prospect of the match going ahead is likely to hinge on the welfare of Australia’s grieving players.

It could be several days before a decision is made on the staging of the Brisbane Test, which is scheduled to start on Thursday, as Australia’s Test squad comes to grips with this week’s tragic events.

Impromptu shrines and the simple mark of respect of putting a cricket bat on the front doorstep occurred at homes and cricket grounds around the country.

Around the world, the death of Hughes, announced on Friday after he was struck on the back of the neck by a cricket ball on Tuesday, was marked by a minute’s silence at cricket games in Pakistan, and wreaths were laid at the Grace Gate at Lord’s Cricket Ground in London.

On Friday NSW Premier Mike Baird said a State Memorial Service at Sydney Cricket Ground would pay tribute to Hughes, with the date yet to be set.

Hughes’ close friends and members of his extended family gathered in the late player’s hometown of Macksville on Thursday night and agreed the first Test should be played.

The group, however, had not discussed the topic with Hughes’ immediate family, who are believed to be returning home to Macksville on Saturday.

While some believe the match would be the ideal forum for the public to mourn Hughes’ sudden passing, there are serious concerns that several players may not be emotionally and mentally ready to play a five-day game.

The commercial interests of TV networks, sponsors and India will have to be considered, and CA chief James Sutherland has praised his Indian counterparts for their understanding.

Consideration is being given to pushing back the start of the first two Tests by a day to give players extra time.

But some close family friends felt the Test should go on.

“We all got together near Phillip’s home and spoke about that topic; we all said Phillip would want them to bat on,” said close family friend of the Hugheses, Anthony Miles.

“He would appreciate and be very humble for the respect everyone is showing and he would be flattered, but Phillip would be saying ‘come on, let’s bowl the next ball’.”

Phillip Hughes: he was ‘someone special’Instagram tributes to Phillip Hughes #putoutyourbats | PhotosRIP Phillip Hughes: Leave your tributeMr Miles suggested one session could be abandoned, with Hughes’ bat and helmet left at the crease as a mark of respect, but he was happy for cricket authorities to make the decision.

“They’ve got a grieving process to go through just like we do. We said we’ve got to go back to work, and those cricketers’ jobs, they need to keep on moving because Phillip would want that,” Mr Miles said.

“He wouldn’t want them to stop and be mournful.”

While Cricket Australia is respectful of the family’s wishes, the organisation said it wanted to let the players grieve for their departed friend rather than think about a game of cricket.

The subject had not been broached, Mr Sutherland said on Friday morning, while Cricket Australia’s cricket boss Pat Howard said that Friday would be about grieving.

“We’re going to focus on people first rather than the cricket,” Mr Howard said.

Mr Sutherland said:”Phillip loved cricket more than anyone and he would want nothing more than for the game to continue, but the game will continue at Test level when we’re ready.”

Four of the 12 players selected in Australia’s Test squad – Brad Haddin, Shane Watson, David Warner and Nathan Lyon – played in the match where Hughes suffered his fatal injuries.

Dr Peter Brukner, Dr John Orchard and CA psychologist Dr Michael Lloyd spoke to the squad on Friday at the SCG about their approach to grieving.

“They’ve lost someone who is incredibly close to them. There’s enough we understand about grieving processes to know that it’s really important to give people time and people will respond in different ways to what they’re going through. It’s a time thing now for everyone,” Sutherland said.

“As I said, six or seven days is not a long time, but right now with where we all are it seems a million miles away.”

Australian Hotel to be dwarfed by new towers at Central Park

Old meets new: An artist’s impression of the proposed buildings, which will include 283 hotel rooms, 48 apartments, commercial office and retail space. Photo: Foster + Partners Glass giant: An artist’s impression of the next stage of Central Park at Chippendale. Photo: Foster + Partners
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EXCLUSIVE

The heritage-listed art deco Australian Hotel, on Broadway, is to be dwarfed by a new hotel and apartment tower to be built on top of it.

The Department of Planning and Environment has put the plans on public exhibition, with new images showing that the 1938 building’s curved facade will be retained and restored at the base of a new glass block, which could be up to 19 storeys.

“The design makes the little hotel look like a mere toenail at the end of a tattooed, robotic leg,” said Chippendale resident, sustainability campaigner and former city councillor, Michael Mobbs. “I’m both sad and resigned to stuff like this. I love the changes here but when I’m confronted by brutishness like this I’ve learnt to look away.”

The plans are for the next stage of Central Park, on the former Carlton United Brewery site, being developed by Frasers Property Australia. The new building, dubbed Four North and designed by British-based architects Foster + Partners, will include 283 hotel rooms, 48 apartments, commercial office and retail space and a childcare centre. It will be in front of another block of new student accommodation.

The old hotel (also known as the Abercrombie Hotel) was one of only five brick hotels built in the Sydney CBD in the interwar Functionalist style, and was originally for the use of factory workers employed at the brewery and the industries nearby. It closed in January.

Frasers sales director Paul Lowe said he felt that it was important to keep the old hotel.

“It seems an interesting, innovative design concept in relation to both the old and the new,” he said.

“It’s important to create a cornerstone of integrity to the building, to encapsulate the hotel within a progressive building for the future.”

But with the plans on view until December 19, not all local residents appear likely to see it the same way. Jeanette Brokman, convenor of the local Chippendale residents group, said: “The beautiful heritage building is being absolutely dominated by the new building.

“The bottom line is that the site is being overdeveloped, which spoils the integrity of the heritage buildings. Some of the designs on the site are great, but this building would look more at home at the other end of the CBD – not on top of a heritage building and close by the beautiful St Benedict’s church.”

The week in pictures: Photos

The week in pictures: Photos LAUNCESTON: Legana Presbyterian Care nursing home resident Nella Groves shows off the nude calendar the nursing home has produced. Picture Mark Jesser
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WAGGA: Country singer Grant Luhrs dears up for the Country By the Lagoon concert. Photo Les Smith

LAUNCESTON: Storyteller Bert Spinks spins a yarn inside Saint John Craft Beer Bar. Picture Scott Gelston

FORSTER: Buster is obsessed with his ball. Photo by Kath Majewski

FORSTER: Lightning over Bennetts Head on Monday. Photo by Merryl Kemp

PORT ELLIOT: Four-year-old Huxley Golder welcomes the new pedestrian crossing in Port Elliot, near the site where a local toddler was killed at Easter 2012. Photo Anthony Caggiano

REDLAND CITY: Dry weather brings out magnificent blooms in city streets. Picture Chris McCormack

REDLAND CITY: Local boat builder Aluminium Marine launches its lastest boat built for New Zealand tourist market. Picture Chris McCormack

VICTOR HARBOR: Thousands flocked to Victor Harbor for the annual Schoolies Festival. Photo Ryan Finlay

WAGGA: Australian Army Band Kapooka musicians Russell Hodges and Corporal Justin Kennedy are heading to Gallipoli for the Anzac Day centenary. Photo Les Smith

WAGGA: Bureau of Meteorology Wagga’s acting officer Robbie Lennard and technical officer Nigel Smedley show off the bureau’s new 2015 weather calendars. Photo Les Smith

WAGGA: Sunrise Rotary’s Dennis Blackett is merry and bright as he checks out a Christmas tree, for sale just in time for the festive season. Photo Michael Frogley

WAGGA: WIRES volunteers have been caring for fruit bats. Photo Michael Frogley

WHYALLA: Whyalla Leisure Centre has received a $320,000 Regional Development Australia Fund. Pictured was Minister for Regional Development Geoff Brock visiting Whyalla Leisure Centre. Photo Kayleigh Bruce

YANKALILLA: Author Angela Goode was the guest speaker at the opening of the new Yankalilla Library. Photo Alice Dempster.

ROXBY DOWNS: Wade Hooper is no mug when it comes to golf courses, after all he started playing the game at 10 years of age. He is the new superintendent of the Roxby Downs Golf Course and Town Oval. Photo Jack McGuire

PORT LINCOLN: Fresh Fish Place owner Craig McCathie and staff members Debra Harder, Rhiannon Osborn and Kelly Ridgway showed off some of the fresh local seafood that is getting popular heading in to Christmas.

BATEMANS BAY: Detectives Andy Tyler, Peter Gillett, Simon Davies and Bredan Lee flaunt their Movember creations.

ULLADULLA: Craig Smith (left) has sold Milton District Meats and the operation will be run by general manager Frank Schnoor and CEO Leisa Perfect on behalf of the new owner who has plans to expand the business and export meat to Asia.

EDEN: Eden Marine High School graduate Harrison Warne’s photo of a Gippsland Water Dragon has taken out second prize in the Ecological Society of Australia photography competition.

KIAMA: Kiama Preschool director Maria Whitcher with Molly Peseta, Coby Rogers, Jack Norris, Ruby Gallagher, Lindy Verryt and Isabelle Fredericks. The preschool recently received achieved high honours as part of a national assessment system. Picture: GEORGIA MATTS

NOWRA: No one was seriously injured when this car ploughed into a house in Bomaderry last Friday. It was the second time in as many days that a car had lost control and collided with a building.

WYNDHAM: Students from Wyndham School of Dance will perform ‘Mary Poppins Comes to Wyndham’ in a special show to mark the school’s 20th birthday next month.

TAMWORTH: Tamworth’s Chloe Morris, 6, and Ella Jones, 5, show off their gap-toothed grins. Photo: Barry Smith

BATHURST: Such are the rapidly deteriorating seasonal conditions that David Suttor from historic ‘Brucedale’ on the Sofala Road has just terminated a 250-acre wheat crop. He’s opted out of waiting until harvest and made round bales of hay.

ORANGE: White Ribbon Day was the catalyst for Orange to reflect on its poor record of domestic violence, which is more than double the state average.

BATHURST: Cherry orchardist Russ McCarthy says recent warm, dry weather has ensured a bumper crop of cherries this year. He is among local stone fruit growers revelling in good growing conditions. Photo PHILL MURRAY

MUDGEE: Tyla James doing his best to escape Sunday’s extreme heat by going for a dip. Photo: COL BOYD

DUBBO: Women spent two days at the weekend learning how to mentally and physically prepare themselves for a bush fire at the Women with Flair workshops. Pictured is Sharon Balmer using a portable pump while Helena Patriarca, Ani Langbien, Heidy Steppat, Sue Lomax, Alison Oliven and Ann Myes supervise. Photo: GREG KEEN.

DUBBO: It is exactly 11 weeks today since Kibibi was born at Taronga Western Plains Zoo and the hippo calf is growing in both confidence and size. Photo GREG KEEN

WELLINGTON: Wellington Public School students tie their balloons and pledges to the fence at school during White Ribbon Day.

WOLLONGONG: The 10th i98 Camp Quality Convoy. Photo Christopher Chan

NEWCASTLE: The long wait for Skywhale resulted in a short appearance in the skies by the $300,000 art work. Photo Simone De Peak.

NEWCASTLE: Eric Platt of Newcastle soaking up the rays at Bar Beach. Photo Simone De Peak

NEWCASTLE: NBN Newsreader Mike Ribbard is retiring from the NBN News. Photo Phil Hearne

NEWCASTLE: TAFE Final Year Graduates of Advanced Diploma in Industrial Design Samantha Wigman (left) and Peter Hunt with a lamp by Vera Brack, a TAFE 1st Year Advanced Diploma in Industrial Design student. Students putting together their best work on display at The Edwards.

NEWCASTLE: Storm rolls in over Newcastle. Photo Ryan Osland.

MACKSVILLE: Macksville Public School mourns the passing of Phillip Hughes.

PORT MACQUARIE: Some of the talented dancers from Port Macquarie High School who will perform in Schools Spectacular this Friday and Saturday – back from left, Molly Cassidy, Jamie Roberts, Amelia Pitt, centre, Shannon Beck, Lani Webber and Tia Tyler, front Denika Bendt. Absent – Sarah Bisco, Emma Piper, Morgan George, Tanish Palmer and Sasha Langdon.

WARRNAMBOOL: Hopkins river was a great place to be last Sunday.Pictured is Matt Primmer and Julian Bellamy. Photo Damian White

WARRNAMBOOL: Brauer College Christmas Gala Market held at the school hall. Student Sarah Hancocks 14 selling her xmas wreaths. Photo Damian White.

CUDGEE: Cudgee Primary School held a Night Market on Friday. Pictured L-R 11 yr old Jarren Maddocks, 6 yr old Audrey Moore and 11 yr old Kalin Jans. Photo Leanne Pickett

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Banks may need to set aside rainy-day capital

‘System robust’: Financial Systems Inquiry chairman David Murray. Photo: Nic WalkerA year ago when Joe Hockey appointed David Murray to lead a “root and branch” review of the financial system for the first time in 16 years, he raised the risk that governments always take on when they launch an inquiry without knowing where it will lead.
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The Wallis report in 1996 had resulted in financial system architecture that worked: a specialist bank and insurance regulator, APRA, a specialist companies and markets regulator, ASIC, and a central bank that acted as the gatekeeper of the financial system and the economy.

Wallis wasn’t the only thing Australia had going for it during the 2007-09 global crisis. The government entered it with relatively low balance-sheet gearing, for example. Australia’s large stock of variable rate loans also allowed Reserve Bank interest rate cuts to flow into the economy quickly, something that did not occur in the United States, where a much larger stock of debt is fixed rate.

The consensus not just in Australia but around the world was, however, that Wallis passed the global-crisis stress test successfully, to the point where it became an exemplar.

There was no serious appetite for it to be dumped, and sighs of relief last July when the Murray inquiry’s interim report concluded that Australia’s regulatory architecture could be renovated and improved, but was at its heart “robust and effective”.

The Murray inquiry’s final report is expected to be released by the government on Sunday week, December 7, and the big banks expect it to recommend that they underpin their home lending books with more balance-sheet capital, to reflect the growing share of home loans on their lending books, the growing share of loans to investors in their home loan portfolios, and the risks they face if housing prices turn down sharply.

The banks have been fighting a rearguard action against the recommendation, which was foreshadowed in the interim report.

The household debt-to-income ratio had declined since the global crisis,  home loan repayments as a percentage of household income had fallen during the same period to the average since 1980, and sub-prime home loans that peaked at 14 per cent of total home lending in the United States before the global crisis got to only about 1 per cent in Australia, Westpac said in its response to the interim report, for example.

Large-bank non-performing loans were less than 2 per cent of total loans compared with more than 3 per cent in the US, almost 6 per cent in the United Kingdom and 8 per cent in the Euro area, it added.

A stress test conducted this year by APRA that assumed a horror scenario – a 4 per cent contraction in economic growth, unemployment of more than 13 per cent and a double-dip slide in house prices of more than 40 per cent – did, however, conclude that the banks could rack up losses of $170 billion during 5 years, about a third of them on home loans. If it took a hit of that magnitude, Australia’s banking system would not be fully functional, APRA’s chairman Wayne Byres said in a speech early this month.

Byres said the regulator was not forecasting that a slump of that ferocity would occur. The stress test was nevertheless “very deliberately designed” to expose vulnerabilities in the banking system, he said. That, and the fact that the banks are still reliant on overseas markets for funding, is likely to persuade Murray that extra “rainy-day” capital should be set aside.

As much as $53 billion could be needed, according to the Fitch credit rating agency. The big banks earn that much among them in about two years, however. Fitch says they are well positioned to raise the money internally, and would be given time by APRA to do so.

If it calls for the banks to build their capital buffers but endorses Wallis’s system architecture, the Murray report will be classed initially at least as being less influential than the Wallis report or the Campbell inquiry in 1979 that lit the fuse on financial deregulation.

What that would mean, however, is that Murray and his colleagues got it right. The system needs fine-tuning rather than a radical overhaul, and there will still be much in the final report worth taking up.

The interim report made it clear that superannuation would be a major focus, and noted that the regulation of superannuation had been focused more heavily on the accumulation phase than the retirement, or drawdown phase.

Some might say this is an obvious conclusion to reach after the examples of adviser misbehaviour and investor losses that have emerged since the global crisis occurred, but the obvious conclusion is in this case the right conclusion, and it will be very interesting to see where it lands.

It is hoped the final report will, for example, recommend that the gearing of self-managed superannuation for property purchases be banned, closing down an opportunity for self-interested alliances between property spruikers, lenders and financial advisers that should never have been allowed to open up.

The interim report also asked for feedback on whether genuinely independent advice needed to be more clearly distinguished, as it is in the UK, where advisers must tell their clients whether they are independent – able to recommend all products – or restricted, and able to recommend only some products. A similar recommendation here would be a body blow to the big banks and their tied planner networks.

It also asked whether ASIC should be given the power to prescribe marketing terminology for complex and risky products and, if necessary, temporarily ban them. ASIC’s equivalent in the UK, the Financial Conduct Authority, already has the power. ASIC wants it, and Murray may well strengthen its arm.

This story Administrator ready to work first appeared on Nanjing Night Net.

McCullum smashes Black Caps’ quickest century

Captain Brendon McCullum’s belligerent record-breaking century put New Zealand on top in the third Test after offspinner Mark Craig’s career-best 7-94 finished off Pakistan for 351 early this morning.
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McCullum smashed New Zealand’s fastest ever Test hundred off 78 balls, and he and Kane Williamson combined for the Kiwis’ biggest second-wicket stand against Pakistan in reaching 249-1 at stumps on the second day to trail by 102 runs.

The skipper was unbeaten on 153 off 145 balls, hitting 17 fours and eight sixes, in a 198-run stand with Williamson, who will resume on 76.

Earlier, Pakistan resumed the day on 281-3 and lost its last seven wickets for just 70 runs in the first session, with Craig claiming the last five.

Play was abandoned on Thursday after the death of Australia batsman Phillip Hughes, and the match was extended by a day.

Pakistan stemmed the flow of runs after tea through offspinner Mohammad Hafeez, limiting New Zealand to 85 runs in 20 overs.

But in the second session, McCullum pulverised the bowlers as the Black Caps racked up 164 runs in 25 overs for the loss of Tom Latham for 13.

McCullum punished fast bowler Mohammad Talha (7-0-62-0), and spinners Zulfiqar Babar and Yasir Shah conceded 130 runs in 20 overs on the flat pitch.

McCullum missed Tim Southee’s New Zealand record of fastest Test half century by just one ball, when he raced to 50 off 30 deliveries by smashing fast bowler Rahat Ali for two successive boundaries.

He took four boundaries in Talha’s penultimate over before tea, and turned Babar around the wicket off the last ball before the interval to complete a magnificent 10th test century, and his first against Pakistan.

Ross Taylor held the previous New Zealand record of an 81-ball hundred, against Australia at Hamilton in 2010.

McCullum’s blitz overshadowed Williamson’s knock, as the right-hander scored his first half century of the series and hit seven fours and six.

Earlier, Hafeez resumed at 178, but missed out on a maiden double century, and was out for 197 before Craig quickly wrapped up the innings in an extended 2 1/2-hour first session due to Friday prayers.

There were no celebrations from New Zealand players because of Hughes’ passing, despite Pakistan losing wickets in quick succession at Sharjah Cricket Stadium.

The teams and officials wore black armbands and lined up to observe a minute of silence before play. As another mark of respect, both teams put their caps on the handles of their bats and placed them along the fence near the field entrance. The New Zealanders also penned the initials PH on their shirts below the Silver Fern.

Neither Southee nor Trent Boult bowled a short delivery with Hughes’ death from a bouncer still fresh. The players were visibly sombre, and even McCullum was subdued when he reached his 100, with barely an acknowledgement to his applauding team, and a hug from Williamson.

Captain Misbah-ul-Haq couldn’t add to his overnight 38 before he drove at a wide Southee delivery, and was caught behind in the fourth over of the day.

Hafeez dominated the bowlers on the first day with his crisp cuts, pulls and drives, and on the verge of reaching 200 on Friday he pulled legspinner Sodhi and was out at deep midwicket off a top edge.

Hafeez faced 316 balls, hitting 25 fours and three sixes in just over seven hours of flawless batting, but his departure at 311-5 ignited the collapse, as Craig claimed all of the remaining five wickets.

Taylor became the second New Zealander to achieve 100 catches, after former captain Stephen Fleming, when Rahat Ali edged Craig in the slips. Taylor added one more to his tally by having last man Yasir Shah caught at the same position for 25.

Stuff

This story Administrator ready to work first appeared on Nanjing Night Net.

Motorcyclist dies, another critical after separate crashes

The death of a motorcyclist this morning in Toorak caps off a horrific week on Victoria’s roads.
Nanjing Night Net

The male motorcyclist was killed when he hit the back of a turning truck and then crashed into a car on Toorak Road at 8.40am on Saturday morning.

The motorcyclist died at the scene, but the drivers of both the truck and the car were uninjured.

Police will prepare a report for the coroner.

His death is the second serious accident involving a motorcyclist in a single day.

Five hours earlier, another motorcyclist suffered life threatening injuries after being hit by a Ford sedan on the Princes Highway in Noble Park.

His death is the eighth fatal crash on Victorian roads in just five days prompting renewed pleas by police for motorists to drive safely.

Among the other accidents: On Friday afternoon, in Orbost, a male driver in his 20s was killed and his female passenger flown to the Alfred in a critical condition after a head-on collision with a cattle truck.  In the early hours of Friday morning, a 39-year-old Brighton man died after his car came off the road in Wonthaggi.The day before three people were killed in separate accidents. A 46-year-old Wangaratta woman died when her car hit a grain truck in Rutherglen, a 91-year-old man died in hospital after a car crash in Mount Martha.On Tuesday, a woman in her 60s crashed into a tree in Kanumbra, while on Monday, 57-year-old St Kilda man died after the car he was a passenger in collided with a truck in Springhurst.

Road Policing Assistant Commissioner Robert Hill said: “Each death on our roads is a tragedy and should send a stark reminder to all Victorians to take extra care.”

Since a traffic blitz began on November 14, police have identified over 21,000 traffic offences.

“When more than 7000 people have been caught speeding and more than 900 have been caught driving drunk or on drugs it’s lucky we haven’t had more people killed,” he said.

The state’s road toll sits at 230 for the year, up from 212 in 2013.

This story Administrator ready to work first appeared on Nanjing Night Net.

Wilscot holds off challenge

Wilscot holds off challenge Wilscot was the second winner for Brian Cox. Picture: MATTHEW SMITHWICK
Nanjing Night Net

Jake Duffy rode Wilscot to victory in race 4. Picture: MATTHEW SMITHWICK

Jake Duffy rode Wilscot to victory in race 4. Picture: MATTHEW SMITHWICK

Wilscot, ridden by Jake Duffy, returns to scale after winning race 4. Picture: MATTHEW SMITHWICK

Wilscot, ridden by Jake Duffy, returns to scale after winning race 4. Picture: MATTHEW SMITHWICK

Trainer Brian Cox was emotional after Minnie Downs won the Wodonga Cup. Picture: DYLAN ROBINSON

The field bunches up as jockeys set sail for home. Picture: DYLAN ROBINSON

Wodonga Gold Cup winner Minnie Downs trained by Brian Cox and ridden by Craig Newitt. Picture: DYLAN ROBINSON

Trainer Brian Cox was emotional after Minnie Downs won the Wodonga Cup. Picture: DYLAN ROBINSON

Owner John McPhee, trainer Brian Cox and jockey Craig Newitt speak after Minnie Downs won the main race. Picture: MATTHEW SMITHWICK

Trainer Brian Cox speaks to owner John McPhee after Minnie Downs won the main race. Picture: MATTHEW SMITHWICK

Trainer Brian Cox was emotional after Minnie Downs won the Wodonga Cup. Picture: MATTHEW SMITHWICK

Trainer Brian Cox was emotional after Minnie Downs won the Wodonga Cup. Picture: MATTHEW SMITHWICK

Horses tear up the track in the main race. Picture: DYLAN ROBINSON

Wodonga Gold Cup winner Minnie Downs is pushed over the line by jockey Craig Newitt. Picture: DYLAN ROBINSON

Jockey Craig Newitt pats Minnie Downs after the race is won. Picture: MATTHEW SMITHWICK

Brian Cox holds up the Wodonga Gold Cup. Picture: MATTHEW SMITHWICK

Kept Woman – ridden by Linda Meech – won race 5. Picture: MATTHEW SMITHWICK

Kept Woman – ridden by Linda Meech – won race 5. Picture: MATTHEW SMITHWICK

Kept Woman – ridden by Linda Meech – won race 5. Picture: MATTHEW SMITHWICK

Kept Woman – ridden by Linda Meech – won race 5. Picture: MATTHEW SMITHWICK

Jockey Linda Meech was looking pleased after Kept Woman won the race. Picture: MATTHEW SMITHWICK

Albury’s Wade Towerton sits one out. Picture: DYLAN ROBINSON

Crowds line up to watch the race. Picture: DYLAN ROBINSON

Gentleman of the Day William Bonnici. Picture: DYLAN ROBINSON

Millinery of the Day went to Renee Nesbitt. Picture: DYLAN ROBINSON

Wodonga’s Cathy Jiang and Walwa’s Ella Hanna cool down with an ice cream.Picture: DYLAN ROBINSON

Wodonga’s Jayde Fisher and Hollie Symons were both stylish and sun smart. Picture: DYLAN ROBINSON

Wodonga’s Alex Hill and Conor Sheridan enjoy a few beverages. Picture: DYLAN ROBINSON

You couldn’t miss Wangaratta’s Jorja Lindsay and Wodonga’s Katelyn Humphris with this bright orange umbrella. Picture: DYLAN ROBINSON

Special guest, The Batchelor’s, Laurina Fleure holds the cup. Picture: DYLAN ROBINSON

Wodonga’s Logan Anderson, 17 months, looking dapper in his black tie.Picture: DYLAN ROBINSON

Serina Gray, Sarah Peters and Bridget Parker. Picture: DYLAN ROBINSON

Charlotte Carr, Ruby Pearce, Jessica Strauss and Kellie Simmonds, all from Wodonga. Picture: DYLAN ROBINSON

Racegoers watch the horses fly by. Picture: DYLAN ROBINSON

Jorja Lindsay parades for the fashions judges. Picture: DYLAN ROBINSON

Lady of the Day Kira Johnston. Picture: DYLAN ROBINSON

Special guest and The Batchelor contestant Laurina Fleure.Picture: DYLAN ROBINSON

Crowds watch as the horses race past. Picture: DYLAN ROBINSON

Crwods watch from the stands. Picture: DYLAN ROBINSON

Studying the book. Picture: DYLAN ROBINSON

Crowds lining up for the race. Picture: DYLAN ROBINSON

All tuckered out after a big day. Picture: DYLAN ROBINSON

Wow, check out those shoes! Picture: DYLAN ROBINSON

Katrina Hosie stood out with her brightly coloured hair. Picture: DYLAN ROBINSON

Fashions on the field isn’t just about the dress. Picture: DYLAN ROBINSON

Jed McPhee, 12, special guest Laurina Fleure, and Jed’s cousin Fergus McPhee, 8, all fighting for the gold cup. Jed and Fergus are grandsons of John McPhee, owner of the cup winner Minnie Downs. Picture: DYLAN ROBINSON

Picture: DYLAN ROBINSON

Crowds watched in anticipation. Picture: MATTHEW SMITHWIC

TweetFacebook”Hopefully the drought is well and truly over. I thought that was a race he could win.”

BRIAN COX’This one’s for dad,’ emotional Brian Cox saysCox choked back tears after Minnie Downs handed him his first Wodonga Cup success without his father and long-time mentor, Ollie, by his side.

Public holiday a gold winner for Wodonga CupRacegoershave made the most of a new public holiday, with crowd numbers doubling at yesterday’s Wodonga Gold Cup.

Police arrest man over headbuttA man has been hospitalised after being headbutted in a fight at the Birallee Tavern. The man was believed to have come from the races.

Cav rues Wodonga bad luck as Pedro retiresWodonga Gold Cup day is fast proving to be a nightmare for Albury trainer Brett Cavanough.

“I’m a bit like the Albury Football Club. You lose two but you just go and find another two to replace them.”

Wilscott holds off challengeWilscottfinally delivered on his promise in landing the feature sprint on Wodonga Gold Cup Day for premier trainer Brian Cox.

“Hopefully the drought is well and truly over.”

Aalbers in exclusive companyVeteran horsewoman Liz Aalbers has been made a life member of the Wodonga Turf Club.

This story Administrator ready to work first appeared on Nanjing Night Net.

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