Original article by John Ferguson, Rachel Baxendale
The Australian – Page: 1 & 6 : 11-Feb-20
KordaMentha has been appointed as the voluntary administrator of 22 businesses in the Made Establishment Group, which was founded by celebrity chef George Calombaris. KordaMentha has issued a statement in which it notes that the business had been impacted by a wage underpayments scandal in 2017, which resulted in Made Establishment being fined $200,000 by the Fair Work Commission. The collapse of Made Establishment will result in hundreds of jobs being lost, with most of its restaurants having already ceased trading.
MADE ESTABLISHMENT PTY LTD, KORDA MENTHA AND COLLEAGUES PTY LTD, AUSTRALIA. FAIR WORK COMMISSION
Original article by Lucas Baird
The Australian Financial Review – Page: 14 : 7-Jan-20
Failed department store group Harris Scarfe will be restructured prior to its sale. This will result in the closure of 21 stores nationwide, including eight in New South Wales and three in Victoria. This will leave 44 stores for prospective buyers of the group, which collapsed in late December. The store closures will result in the loss of about 440 jobs; Shop, Distributive & Allied Employees’ Association secretary Josh Peak says the union’s priority will be to ensure that retrenched workers receive their full entitlements.
HARRIS SCARFE HOLDINGS LIMITED, SHOP, DISTRIBUTIVE AND ALLIED EMPLOYEES’ ASSOCIATION, DELOITTE RESTRUCTURING SERVICES, ALLEGRO FUNDS PTY LTD, GREENLIT BRANDS
Original article by Max Mason
The Australian Financial Review – Page: 22 : 6-Dec-19
Foxtel has confirmed that it has cut about 30 jobs following a recent restructuring which resulted in the amalgamation of three of the pay-TV group’s creative teams. The job losses comprises about 20 employees and 10 contractors, including some positions that are currently vacant. Foxtel recently completed a deal to finance its debt, with major shareholder News Corp providing it with loans that mature in 2027.
FOXTEL MANAGEMENT PTY LTD, NEWS CORPORATION – ASX NWS, KAYO SPORTS
Original article by Max Mason
The Australian Financial Review – Page: 15 & 18 : 3-Oct-19
The number of people who report directly to Seven West Media CEO James Warburton has been reduced from 17 to just eight as part of a broader restructuring at the group. Seven West Media will also hire three new executives, including the newly-created role of chief content officer. Seven will also streamline its operating divisions and shed staff as it seeks to reduce costs by about $20m in 2019-20. Warburton had flagged an overhaul at Seven West Media when he took the helm in August.
SEVEN WEST MEDIA LIMITED – ASX SWM, SEVEN NETWORK LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NINE NETWORK AUSTRALIA LIMITED, FAIRFAX MEDIA LIMITED, TEN NETWORK HOLDINGS LIMITED
Original article by Killian Plastow
The New Daily – Page: Online : 11-Jul-19
Research by Finder shows that 5.9 million Australian workers have insufficient savings to support themselves for more than a month if they lost their job. The survey also found that 2.1 million Australians would be unable to financially support themselves for more than a week. Separate research by Roy Morgan shows that Australians have an average of six months’ worth of savings, although the median is about 0.8 months, or 24 days. CEO Michele Levine says people on low incomes would be hardest hit by a sudden job loss, as they are less likely to have savings.
FINDER.COM.AU, ROY MORGAN LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION
Original article by Joyce Moullakis, Bridget Carter
The Australian – Page: 17 & 22 : 9-Jul-19
Deutsche Bank’s decision to close its global equity division will result in the loss of at least 50 jobs in Australia. The move will affect staff working in equities trading, sales, research and equity capital markets, while sources have indicated that jobs in its advisory operations will also be cut. Deutsche’s exit from equities trading is part of a broader restructuring which will result in the loss of 18,000 jobs worldwide. Restructuring costs are forecast to result in Deutsche posting a loss of EUR2.8bn for the second quarter.
DEUTSCHE BANK AG, NOMURA AUSTRALIA LIMITED, CIMB SECURITIES INTERNATIONAL (AUSTRALIA) PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CLSA AUSTRALIA PTY LTD, JEFFERIES AND COMPANY, WILSONS ADVISORY AND STOCKBROKING LIMITED, CRAIGS INVESTMENT PARTNERS LIMITED
Original article by James Fernyhough, Max Mason
The Australian Financial Review – Page: 13 & 16 : 5-Jun-19
Telstra CEO Andy Penn has advised that the focus of the telco’s ‘T22’ strategy cost-cutting will shift to its indirect workforce from 2019-20. Telstra boasts about 40,000 indirect workers, who include contractors, call-centre workers and customer service staff. Penn has signalled that the telco will shed about 25 per cent of these workers over the next two years. Telstra unveiled plans in mid-2018 to retrench some 8,000 direct employees over the next several years. The ACTU has accused Telstra of putting profits ahead of people, jobs and service.
TELSTRA CORPORATION LIMITED – ASX TLS, ACTU, NEW STREET RESEARCH
Original article by Michael Roddan
The Australian – Page: 23 & 31 : 10-May-19
Analysis by JP Morgan shows that nearly 140,000 jobs were lost in Australia’s manufacturing, construction and retail sectors in the first three months of 2019. Tom Kennedy of JP Morgan notes that so-called bellwether sectors are the most closely linked to the economic cycle. He says rising job losses in these sectors will put upward pressure on the unemployment rate. George Tharenou of UBS says GDP growth is a more reliable indicator of the health of the economy than monthly employment data.
JP MORGAN AUSTRALIA LIMITED, UBS HOLDINGS PTY LTD, AUSTRALIAN BUREAU OF STATISTICS, RESERVE BANK OF AUSTRALIA, RESERVE BANK OF NEW ZEALAND
Original article by Robert Gottliebsen
The Australian – Page: 27 : 17-Apr-19
Media reports have suggested that the Commonwealth Bank and ANZ are looking to retrench up to 25 per cent of their staff. Rival banks will also need to reduce wage costs in order to remain competitive. Meanwhile, new technologies such as artificial intelligence and block chain will result in much bigger job cuts over the next decade, and in a wide range of sectors. The public service offers the greatest potential for major staff cuts, but unions will resist any such move. With fewer job opportunities in the future, more Australians will need to start their own business; in this context, the federal government’s move to establish a small business tax tribunal that is independent of the Australian Taxation Office is to be welcomed.
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN TAXATION OFFICE, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ACTU
Original article by Sue Mitchell
The Australian Financial Review – Page: 19 : 22-Mar-19
Myer Holdings has stressed that customer-facing staff will not be affected by the department store group’s latest job cuts. CEO John King has advised that 50 employees will be retrenched, primarily in store administration, marketing and merchandising roles. Myer is expected to shed further jobs when it begins reducing the amount of space it leases in some of its stores. Myer retrenched 30 executives and managers in August 2018, shortly after King took the helm.
MYER HOLDINGS LIMITED – ASX MYR, HOUSE OF FRASER HOLDINGS PLC, TOURISM AUSTRALIA PTY LTD, J WALTER THOMPSON AUSTRALIA PTY LTD, OGILVY AUSTRALIA