GOVERNMENT BUSINESS ENTERPRISES – AUSTRALIA

PM plots possible sale of naval shipbuilder

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Original article by Laura Tingle
The Australian Financial Review – Page: 1 & 6 : 28-Apr-16

The value of Adelaide-based ASC has risen significantly since the Federal Government announced that its shipyards will be used to build the nation’s new $A50bn submarine fleet. There is renewed speculation that the Government may consider privatising ASC, whose shipyards will also be used to build new naval frigates and patrol boats. Meanwhile, some estimates have suggested that building the submarines in Australia will increase the final cost by 30-40 per cent, although the Government believes that the cost can be reduced significantly by the time construction commences.

CORPORATES
ASC PTY LTD, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF DEFENCE, AUSTRALIA. DEPT OF FINANCE

Australia Post hopes $1-a-letter strategy can avoid loss

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Original article by Patrick Durkin, Tony Boyd
The Australian Financial Review – Page: 1 & 6 : 24-Feb-15

Australia Post has reported a 2014-15 interim profit of $A98m, which is 56 per cent lower than previously. Its letters division made a loss of $A151m for the half-year, and Australia Post has forecast a group loss for the full year, which would be its first since 1982. CEO Ahmed Fahour has stressed the need for regulatory reform to ensure that its letters division is viable. Australia Post wants to adopt a two-tiered pricing structure for mail deliveries

CORPORATES
AUSTRALIA POST, AUSTRALIA. DEPT OF COMMUNICATIONS, JAPAN POST, TOLL HOLDINGS LIMITED – ASX TOL, SINGAPORE POST PTE LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, COURIERS PLEASE, DHL CORPORATION, DEUTSCHE POST AG, UNITED PARCEL SERVICE INCORPORATED, FEDERAL EXPRESS CORPORATION, TNT

Hard times loom for Future Fund

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Original article by Richard Gluyas
The Australian – Page: 21 : 16-Oct-14

David Neal, MD of the Future Fund, has unveiled a 2013-14 rate of return of 14.3% for the Australian Government’s civil service superannuation liabilities manager. This is up from the previous estimate of 13.9%, and follows a result of 15%-plus in 2012-13. However despite further growth of 2.9% in the first quarter of 2014-15, Neal warns that the performance will now level off due to the tapering of quantitative easing and rising interest rates in the US. This was backed by investment strategy and risk head Stephen Gilmore, while chief investment officer Raphael Arndt said the Future Fund may invest in infrastructure assets privatised by state governments

CORPORATES
AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, RESERVE BANK OF AUSTRALIA, UNITED STATES. FEDERAL RESERVE BOARD, AUSTRALIAN NATIONAL UNIVERSITY

Medibank flags cost cuts after float

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Original article by Jessica Gardner, Georgia Wilkins
The Australian Financial Review – Page: 1 & 6 : 29-Sep-14

Retail investors can pre-register for the upcoming sharemarket float of Medibank Private, which is expected to be Australia’s largest IPO since QR National in 2010. The Federal Government has indicated that Medibank customers who pre-register will be given priority when shares are allocated in the IPO, although they will not be given any free shares in the health insurer. Meanwhile, Medibank CEO George Savvides says the health fund will seek to reduce costs following the IPO

CORPORATES
MEDIBANK PRIVATE LIMITED, AUSTRALIA. DEPT OF FINANCE, AMP LIMITED – ASX AMP, NIB HOLDINGS LIMITED – ASX NHF, NRMA LIMITED, INSURANCE AUSTRALIA GROUP LIMITED – ASX IAG, AURIZON HOLDINGS LIMITED – ASX AZJ, TELSTRA CORPORATION LIMITED – ASX TLS, MORNINGSTAR PTY LTD, COMMUNITY AND PUBLIC SECTOR UNION

Mail losses widen

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Original article by Joanna Heath
The Australian Financial Review – Page: 7 : 5-Sep-14

Australia Post has reported a 2013-14 profit of $A116.2m, including a profit of $A337.5m for its parcels business. However, its letters business posted a loss of $A328.4m, which is 15 per cent higher than previously. CEO Ahmed Fahour is seeking Federal Government approval to offer a two-tiered mail delivery service, with customers paying more for deliveries every weekday

CORPORATES
AUSTRALIA POST, AUSTRALIA. DEPT OF COMMUNICATIONS

Business as usual at Medibank: MD

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Original article by Joanna Mather
The Australian Financial Review – Page: 10 : 1-Sep-14

The Australian Government’s Medibank Private IPO will proceed in December 2014 and is expected to be worth up to $A4bn. Finance Minister Mathias Cormann notes that an independent scoping study concluded that premiums are unlikely to increase when Medibank is privatised. Medibank CEO George Savvides has assured members that the quality of service will not be affected by the privatisation

CORPORATES
MEDIBANK PRIVATE LIMITED, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN DENTAL ASSOCIATION INCORPORATED

Report damns NBN Co’s corporate governance

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Original article by Anne Hyland
The Australian Financial Review – Page: 1 & 4 : 14-Aug-14

KordaMentha has been critical of the NBN Co board in its report on the entity’s corporate governance. The firm states in the report that directors who served on the board of the national broadband network roll-out manager between 2009 and September 2013 did not have enough experience and skills to manage Australia’s biggest infrastructure project. KordaMentha’s findings have been questioned in a letter signed by NBN Co directors Peter Hay, Gene Tilbrook, Harrison Young, Diane Smith-Gander, Siobhan McKenna, Terry Francis, Rick Turchini, Brad Orgill and Alison Lansley

CORPORATES
NBN CO LIMITED, TRANSFIELD SERVICES LIMITED – ASX TSE, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, KORDA MENTHA AND COLLEAGUES PTY LTD, ILLYRIA PTY LTD

Major plan to cut postal losses

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 25-Jun-14

Australia Post has terminated 900 administrative and management roles and adopted a user-pays system for business mail. Communications Minister Malcolm Turnbull says the postal group faces financial collapse in the absence of widespread reforms. Turnbull launched a report by Boston Consulting Group, in which losses of $A6 billion over the coming 10 years are forecast for Australia Post. The report states that the surge in parcel delivery can no longer compensate for the downturn in letters

CORPORATES
AUSTRALIA POST, AUSTRALIA. DEPT OF HUMAN SERVICES. CENTRELINK, AUSTRALIA. DEPT OF HUMAN SERVICES. MEDICARE AUSTRALIA, AUSTRALIA. DEPT OF COMMUNICATIONS, THE BOSTON CONSULTING GROUP PTY LTD, COMMITTEE FOR ECONOMIC DEVELOPMENT OF AUSTRALIA