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3 financial changes that irrevocably changed the Australian investment scene

By
Owen Caire
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Bob Hawke
Bob Hawke

The Australian financial scene has gone through extensive structural reform over the last forty to fifty years. For many decades, the Australian financial sector was heavily regulated, which undermined investor confidence, meaning the Australian economy received minimal foreign direct investment. Here are some of the most significant changes that have occurred in Australian financial markets.

Deregulating the Australian Dollar

The Australian Dollar was first introduced in February 1966, where it replaced the pre-decimal Australian pound. Before 1983, the Australian Dollar was maintained via a fixed exchange rate system. Initially, it was pegged against the British pound before pegging the currency against the United States dollar during the 1970s. On December 1983, the Hawke Government floated the Australian Dollar for the first time, under the guidance of Treasurer, Paul Keating.

The Royal Commission

The recent Royal Commission has significantly changed the public’s perception of the big four banks: the Commonwealth Bank of Australia (CBA), the National Australia Bank (NAB), Westpac Banking Corporation and Australia and New Zealand Banking Group (ANZ). With evidence of widespread corruption, misconduct and negligence, the Royal Commission has irrevocably changed how customers and households engage with their local banks.

Growth of the services sector

Investors will understand the Australian manufacturing scene has declined significantly over the past few decades. Since the early 1970s, manufacturing has fallen 25% of employment positions to under 10%. Where have they all gone? Well, Australia has structurally shifted to more service-based industries, which now equate for more than 80% of all employment in the Australian economy.

As a result, many investors tend to focus on service industries when investing, which represents a dramatic shift from earlier investor strategies. Rapidly growing tech companies are quickly superseding manufacturing businesses as the most desirable shares for investors.

The life and research of marine biologist Bashar Ibrahim

By
Matthew Wearne
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Bashar Ibrahim
Bashar Ibrahim

Bashar Ibrahim is a marine biologist based in Sydney, Australia who heads up a team of 6 biologists. His research and work has produced many academic publications which have been cross referenced and praised by numerous big name marine biologists in the community.

Ibrahim now focuses his work on the study of Great White Sharks across the world, with many expeditions to South Africa to perform field work and observational studies. He is also renowned for the activism and actions taken to preserve sharks in Earth’s oceans. Sharks across the world are an endangered species due to myths, overfishing and fear, and may face extinction in the later years. Ibrahim is keen to stop that from happening, and aims to spread the truth about sharks and dispel media misinformation labelling them as ‘man-eaters’.

Bashar Ibrahim’s interest and journey into the world of marine biology began as a teenager, when he was snorkelling at the beach and observed the sea life below him, noting that it was like an entirely new world under the surface of the water. The way sea animals interacted with each other and the environment around them fascinated Ibrahim, and from that day forward he would watch many documentaries about the ocean and its inhabitants.

Enrolling in Macquarie University, he studied and completed a Bachelor of Science majoring in Marine Biology. He went on to obtain his PhD through the research of the reproductive timing and synchronized reproduction of Sea Urchin in Argentina. Upon completing his doctorate, he went to work for the Australian Institute of Marine Science, a government-backed tropical marine research agency.

His real interest with sharks began when he was invited on a field observation study of Great White Sharks and their movement and migration habits.

During the expedition, he was witness to the implementation of tracking devices on Great White Sharks. This up close and personal encounter with the feared ocean predator was a crucial moment in his marine biology career, and he decided to pursue research projects associated with sharks, namely the Great White Shark.

Throughout the years, he has produced academic publications related to sharks, and has worked with many big names in the marine biology community and field. For many, Bashar Ibrahim is the up and coming star of shark studies in marine science. With global surveys revealing that shark numbers are in great decline due to a variety of factors, Ibrahim has dedicated his off-time to spreading awareness about these misunderstood sea animals, regularly running online awareness campaigns and the like. His efforts for the conservation of sharks has led him to receive several awards for conservation and charity efforts.

Bashar Ibrahim continues his work to this day at research facilities located with universities. Due to the COVID-19 pandemic, his field work is limited to Australia, however beforehand he regularly travelled between South Africa  and Australia, completely field work in Kleinbaai to do with Great White Sharks. South Africa and Australia are both known for having significant populations of sharks, specifically the Great White Shark, and thus these locations are perfect for a marine biologist’s field work specializing in Great White Sharks.

Overall, Bashar Ibrahim is a renowned up and coming marine biologist who specializes in sharks, namely the Great White Shark. His fascination with sea life started as a teenager, and has led him to pursue a fruitful career in marine biology. His work with the Australian Institute of Marine Science has produced numerous academic publications, co-authored with big names in the marine science community. He continually raises awareness for the conservation of sharks across the world.

 

Australia is taking on Google over privacy violations

By
Henry Kentish
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Sundar Pichai, CEO, Google
Sundar Pichai, CEO, Google

The Australian Competition and Consumer Commission (ACCC) is arguing that Google’s notifications are misleading Australian consumers and using their personal information. Google has come under fire over the past few years for how it monitors users’ internet activity, allowing it to hone its targeted advertising.

What the ACCC is saying

Australia’s consumer watchdog will argue in front of the Federal Court that Google failed to appropriately and effectively inform customers of what they were getting into. Moreover, the ACCC will make the claim that the notifications posed by the tech giant have not been sufficiently harnessing informed consent. Google changed their privacy policy 4 years ago, using a binary “agree” or “disagree” option for users.

According to the ACCC, these privacy changes benefited Google’s financial position significantly. Rod Sims, who is the chairman of the ACCC, suggested that the changes allowed Google to massively increase the value of its advertising products, which led to much higher profits. Google has responded, adamantly denying the ACCC’s claims, arguing that they will actively defend the regulator’s claims.

Sundar Pichai and Google’s history

Sundar Pichai is the current CEO of Alphabet and Google and had vehemently defended the company since taking over the role of CEO in 2015. In December 2018, Pichai testified before the US Congress regarding perceived issues with Google’s privacy policy, alleged political biases and problems censoring in China. In his testimony, Pichai argued that Google’s employees could not influence or affect search results. He was adamant that there were no strategic plans to develop a censoring search app in China and that Google users can quickly opt-out of data collection.

In regards to their dispute with the ACCC, Google is reportedly cooperating with the Australian watchdog on this matter until a resolution met.

Ranking the top 3 most significant research discoveries of the decade

By
Emily Dash
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most significant research discoveries of the decade

For the science world, the 2010s decade was a period of excitement and wonder, as acclaimed researchers and scientists around the globe explored new theories and hypotheses. Whether it be in the field of subatomic particles, genetic engineering or medicine, research is essential to the success and development of solutions to real-world issues. Here are the most seminal discoveries of the 2010s.

#1 Higgs boson

Peter Higgs
Peter Higgs

Thanks to the Large Hadron Collider in Switzerland, the standard model of particle physics was completed. In the 1960s, Peter Higgs, along with other well-known physicists at the time, predicted the existence of a new particle that would be able to explain mass generation.

However, it wasn’t until 2012 that CERN was able to announce their discovery formally and thereby support Higgs’ thesis from 50 years earlier. Higgs, along with Francois Englert, were both awarded the 2013 Nobel Prize in Physics for their efforts.

#2 CRISPR

It wasn’t until the early 2010s that the world saw the full potential of genetic engineering. CRISPR technology can be used to edit genomes, allowing researchers to alter DNA sequences. It’s primarily been used in the agricultural sector to prevent the spread and reproduction of diseases crops; however, the technology generated controversy in 2018 when a Chinese scientist genetically altered two baby girls to be immune to HIV.

#3 Face transplant

In 2010, the first-ever full-face transplant was successfully administered. While partial face transplants had been carried out since around 2005, a group of Spanish doctors conducted a complete face transplant on a man who had injured himself while shooting.

A year later, a team of doctors in Massachusetts operated on Dallas Wiens, who had been injured in a power line accident that left him without lips, eyebrows or nose, and even blind. The surgery saw Wiens recover his sense of smell and speech; however, his sight could not be restored.

Cutting funds to the ABC is so controversial

By
Charlie Tazewell
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Cutting funds to the ABC is so controversial

Following the economic fallout of the COVID-19 pandemic, the Australian Broadcasting Corporation (ABC), which remains Australia’s national broadcaster, was informed of a funding squeeze by the Australian Government.

Prime Minister Scott Morrison has strongly defended the Government’s decision to make funding changes to the ABC’s budget while denying that cuts were being made. Prime Minister Morrison has revealed that the ABC’s budget was continuing to increase and will continue to rise in the future. However, the ABC will be forced to cut 250 staff along with other internal projects, in what will cost the organisation close to $84 million.

Cutting funds to any state-sponsored institution is always controversial. However, there’s no denying that the ABC has been criticised in recent years for an apparent left-leaning political bias. More conservative commentators have argued that the ABC has lost touch with the thoughts of working-class Australia, primarily regional and suburban Aussie views.

However, at the same time, the cuts to the ABC have been criticised by other political commentators, including Labor communications spokeswoman, Michelle Rowland. Indeed, Rowland criticised the Morrison Government’s announcement about the ABC arguing that it was the wrong time for funding cuts and that it would have a demonstrable impact on other struggling sectors, like film.

What changes can we expect from the ABC?

The managing director of the ABC, David Anderson, has announced an audacious five-year plan designed to help refocus the ABC. One of the primary measures of the new program will see more than 75% of ABC staff relocated to regions outside of the company’s headquarters in Ultimo. The belief is that this will give content producers a renewed focus on distinctly regional concerns.

Prime Minister Morrison applauded the new efforts from the ABC, suggesting it was necessary for staff to “get their heads out of Ultimo”.

4 controversial moments from Gina Rinehart’s career

By
Henry Kentish
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Gina Rinehart

Gina Rinehart is arguably one of the most controversial business magnates in Australia. She is the chairperson of Hancock Prospecting, a mineral exploration company founded by her father in 1955. Because of her involvement and ownership of the company, Rinehart is consistently one of the wealthiest people in Australia. In July 2020, her net worth was recorded at $15.6 billion (AU); however, it peaked in 2012 during the mining boom (estimated at $29 billion).

Despite her financial success, Rinehart has courted a lot of controversy throughout her career. Here are some of the most notable examples.

Sydney Mining Club comments

In 2012, Rinehart made some controversial comments about the working style of Australia’s labour force. She argued that workers in Africa were more willing to work for lower wages and that Australian workers were more entitled when it came to wages and conditions. Her comments were criticised by then-Treasurer, Wayne Swan, and then-Prime Minister, Julia Gillard.

She believes in Australian secession

Rinehart has been vocal about her belief that Australia should be split down the middle into two separate entities. Her argument is that splitting Australia down the centre will shield the two economies from economic downturns in the Northern Hemisphere.

She doesn’t believe in climate change

Rinehart has also lambasted the science surrounding climate change. As a mining magnate, it makes sense for Rinehart to be dubious of the science (from a strategic perspective). She criticised the Gillard Government’s carbon tax initiative and has outwardly supported climate change sceptics.

She has supposedly tried to control news (and her image)

In 2010, Rinehart spent a whopping $285 million on acquiring a share in Fairfax Media (around 18.6%). Media commentators were sceptical of Rinehart’s decision, believing it was a way for her to curb negative publicity on her and her company. However, her bid to have three sitting members on the Fairfax Media board and the ability to fire editors was denied.

Hugh Jackman’s top 5 best movies

By
Erin Cheel
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Hugh Jackman
Hugh Jackman

Hugh Jackman is one of the most successful and marketable Australian actors on the planet. Throughout the mid to late 1990s, Jackman cemented his status as an acclaimed stage actor, breaking into the West End scene with his Oliver Award-nominated performance in “Oklahoma!” However, it wasn’t until the early 2000s that Jackman managed to break into the Hollywood scene, starting with arguably his most famous role – Wolverine. Here are Hugh Jackman’s best # movies so far (counting down).

#5 Eddie the Eagle (2016)

Starring Taron Egerton and Hugh Jackman, “Eddie the Eagle” explores the life of British ski-jumper, Michael Edwards. Good-natured, inspirational and emotional, this film was massively underrated during its release and remains one of the more entertaining sports films of the last decade.

#4 Les Misérables (2012)

Now, some critics will say this should be higher since Jackman was nominated for an Oscar for his leading role. However, the film continues to polarise viewers – some value its audacity and visual brilliance, while others criticised the apparent lack of singing talent in the cast (excluding Jackman).

#3 Prisoners (2013)

“Prisoners” probably remains Jackman’s darkest ever film. Directed by acclaimed director, Denis Villeneuve, this taut, psychological drama follows two families as they frantically search for their abducted daughters. Morally subversive and mentally exhausting, Jackman drew rave reviews for his performance and was unlucky not to see more appreciation from the major awards.

#2 Logan (2017)

Logan

Jackman saved his best for last when he donned the role of The Wolverine for the last time in “Logan”. In terms of superhero movies, the film rises to the occasion, presenting viewers with something they always wanted – a dark, gritty and mysterious film that ensures the character received the send-off it deserved.

#1 The Prestige (2006)

Coming in at number 1 on our list is “The Prestige”, directed by Christopher Nolan. The film pits two magicians against each other, played by Christian Bale and Jackman. The plot is smart and subversive, keeping audiences questioning everything they see on the screen until well after the credits roll.

Inside the life and career of the investor, Warren Buffett

By
Owen Caire
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Warren Buffett
Warren Buffett

Widely regarded as one of the most successful investors in the world, Warren Buffett has accumulated a net worth over $71.8 billion as of July 2020. This puts 4th on the list of wealthiest people in the world, behind Jeff Bezos (US), Bill Gates (US) and Bernard Arnault (FRA). In 2008, Buffett was the wealthiest person in the world, with a net worth of $62 billion US.

Warren Buffett
Warren Buffett

Education

Buffett was born in 1930, the song of Congressman, Howard Buffett. He graduated from Woodrow Wilson High School in 1947 and wanted to go straight into business; however, his father refused this and Buffett subsequently enrolled into the Wharton School in Pennsylvania. He transferred to the University of Nebraska and then again to the Business School of Columbia University, where he received a Master of Science in Economics in 1951.

Early career

Before assuming control of Berkshire Hathaway, Buffett worked as an investment salesman and securities analyst across a few firms, including Graham-Newman Corp. His starting salary was around $12 000, which by today’s standards equates to about $114 000.

Assuming Berkshire and becoming a millionaire

In 1962, Buffett’s net worth began to skyrocket primarily because of the number of partnerships he was invested in. He acquired a textile manufacturing firm, known as Berkshire Hathaway. After several years, he moved the business into the insurance sector and sold off the last of the company’s mills in 1985.

Becoming a billionaire – the 1990s

Buffett became a billionaire in the early 1990s when Berkshire Hathaway listed class A shares in May. The market closed with the shares valued at $7175 per share. Many years later, Buffett stoked controversy with his company’s handling of the subprime mortgage crisis in 2007/08. While Berkshire Hathaway saw losses close to 80%, the company was criticised for allocating capital too early, resulting in several suboptimal deals. Despite this Buffett, emerged as the wealthiest person in 2008, before dropping back to second in 2009.

3 big mistakes you want to avoid when entering the Aussie job market

By
Isabella Gregor
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0
Aussie job market

With the ongoing economic fallout from COVID-19, the Australian graduate market and wider employment pool have completely dried up. Huge companies have instituted nationwide hiring freezes, leaving recent graduates in limbo as they scramble for new opportunities or supplement their lives with casual labour.

Now, more than ever, you must do your very best when applying for work. Graduate opportunities are limited, and making a good first impression has never been more critical. Here are the three big mistakes job applicants are making, according to well-known employers.

Forgetting about networking

Networking is something every worker should be doing. Even if you are completely safe in your current role, keep networking and socialising within professional circles. LinkedIn is a great social media platform to achieve. In many respects, LinkedIn has made networking a whole lot easier, thanks to its instant messaging, job posting and resume building. The platform was launched way back in 2003 by a group of entrepreneurs led by Reid Hoffman.

Under-preparing

Time and time again, job applicants are arriving at their interviews with minimal preparation. You don’t need to know everything about the company; however, it is vital that you know about your role and what you believe you will be doing with the company should you be successful. A comprehensive knowledge of the company is useless if you don’t have any idea what your job entails.

Amend your resume/style for each interview

When it comes to applying for a new job, it isn’t a “one size fits all” type of deal. In fact, it is the exact opposite. Your resume, the way you present yourself and your answers should be tailored to each role, as this will allow you to accentuate the crucial professional capabilities you have that are relevant to the task description.

5 things you didn’t know about Andrew “Twiggy” Forrest

By
Henry Kentish
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Bharti Patel

Andrew Forrest, better known by his nickname “Twiggy” is one of the wealthiest Australians alive. He is the former CEO of Fortescue Metals Group and has amassed a fortune of close to $13 billion AU throughout his career. If you’re interested in Twiggy’s life and career, or more generally in the mining industry, then check out some of these interesting facts below.

He was the wealthiest Australian in 2008

Twiggy’s fortune has fluctuated a lot over the last 10-15 years. In 2008, his wealth skyrocketed to $9.41 billion AU, making him the wealthiest Australian according to the Financial Review Rich List. This is because the shares in Fortescue Metals hit an all-time high!

He worked as a stockbroker before entering the mining sector

After graduating from the University of Western Australian (where he studied economics and politics), Forrest worked as a stockbroker for Kirke Securities and Jacksons. In the early to mid-1990s, Forrest became the founding CEO of Anaconda Nickel, which is now known as Minara Resources.

He joined Fortescue in 2003

In 2003, Forrest joined Allied Mining and Processing and renamed it Fortescue Metals Group (FMG). Since assuming control of FMG, Twiggy has overseen the exponential growth of the company

He was not a fan of the Carbon Tax

Forrest was one of the most vocal critics of the Gillard Government’s proposed Minerals Resource Rent Tax, arguing that the bill would drive up foreign resource ownership. He explained that the tax would unfairly affect different Australian states and wouldn’t appropriately capture the big polluters, like BHP Billiton and Rio Tinto.

His philanthropy works

Forrest has contributed to a variety of charitable causes and has created his own charities. He’s donated to the Hale School (his alma mater) and has donated over $65 million towards Higher Education in Western Australia.

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