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In early September, Standard
& Poor's announced that it was reviewing the
AA credit ratings of Australia's major banks.
It expressed concerns about the banks' reliance
on wholesale funding, Australia's economic imbalances,
low deposit ratios and the high level of household
debt. Senior bankers immediately downplayed these
threats, declaring that S&P's approach was
flawed and its review unwarranted. But are Australia's
banks really as safe as they claim?
Most Australians, and nearly
every Victorian, can tell you a childhood story
that relates to Myer. It could be about visiting
the window displays at Christmas, or being dragged
there by your mum to buy some good clothes, or
purchasing something memorable that you still
use today. Especially in Melbourne, the Myer store
in Bourke St was almost as important a reference
point as Flinders St station or the GPO. But how
much is it worth now?
On 10 July, the Federal Government
announced its Clear Energy Future package.
The 158-page plan details a range of measures
to combat climate change including the introduction
of a $23/tonne carbon tax. But what most people
want to know is what compensation they will get,
particularly in the form of tax cuts. The proposed
new tax schedules are outlined on page 42 of the
report which is summarised here.
Our latest quarterly poll shows
that investors are losing faith in actively managed
global share funds. Faced with subdued or declining
inflows, many funds have either closed their doors,
merged or been absorbed into other products. Over
the past year, nearly one-fifth of our survey
sample have disappeared off the scene.
Despite the gloom, our latest survey of company
results reveals some encouraging trends. Net profits
are up for the first time since 2007, profit margins
are at a record high and more than 80% of companies
have maintained or lifted their final dividend.
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$0
- $18,200 |
0%
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$18,201
- $37,000 |
19%
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$37,001
- $80,000 |
32.5%
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$80,001
- $180,000 |
37%
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$180,000+ |
45%
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1
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BHP
Billiton |
Aug-1885
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2
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Santos |
Oct-1954
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3
|
Tooth
& Co |
Jul-1961
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4
|
Alumina
/ WMC |
Oct-1961
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5
|
Orica |
Nov-1961
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6
|
Crane
Group |
Feb-1962
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7
|
CSR |
Mar-1962
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8
|
Adelaide
Brighton |
May-1962
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9
|
Amalgamated
Holdings
Brickworks
Coal & Allied
GUD Holdings
Hills Industries
Lend Lease Corporation
McPherson's
Steamships Trading Co
Wattyl |
Jun-1962
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10
|
Washington
Soul Pattinson
Gowing Bros |
Jul-1962
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