Money Matters: Your end-of-financial-year to-do list
03:12 What the experts suggest doing at the end of the financial year (EOFY).
06:57 Your blue chip stocks are at an all time high. What should you do with them?
14:21 Capital gains tax, death and gifting.
Money Matters is your weekly guide to the world of finance, money and wealth. Every Thursday, an expert joins Nadia Mitsopoulos on ABC Radio Perth for a insights about personal finance issues and how they might affect you.
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Why more parents choosing private education for their children
For the last five years there has been an exodus from public schools to private schools even as cost of living pressures have soared. National education and parenting reporter Conor Duffy and Xanthe Kleinig produced this report
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Wyndham City Council referred to IBAC as MP claims tens of millions 'flushed down the toilet' on failed IT project
A council in Melbourne's booming outer south-west has been referred to the state's anti-corruption watchdog over a failed IT project worth tens of millions of dollars. The issue emerged when representatives from Wyndham City Council faced a fiery parliamentary committee hearing into fraud and corruption controls in local government. Labor's MP for Point Cook, Mat Hilakari, questioned whether the council did enough to inform ratepayers about the cost blowout, which he put at $69 million. But the council defended its transparency, saying information about the project was publicly available. In 2018, the council appointed tech company Oracle Australia to provide software that could combine council functions on one platform. It was supposed to be a $20 million project, taking two years. But four years later, the project was running nearly $20 million over budget. So the council terminated the contract and engaged a new company, TechnologyOne, to do the work. Mr Hilakari told the inquiry he estimated the cost blowout for the entire project at nearly $70 million. "I would put it at probably around $69 million in overruns, and this hasn't been publicly disclosed until this point in time, is that right?" he asked. The council's chief executive, Stephen Wall, said he would take the issue of the cost on notice. "But that sounds excessive," he said. Mr Hilakari asked why the failure of the original project, and the cost overrun, had not been communicated to ratepayers. "Whose decision is it not to disclose these things to the public?" he asked. Wyndham Deputy Mayor Josh Gilligan said financial decisions were all available, but said no-one had asked about them. "I just take particular umbrage with the question that suggests that we were not or were somehow not wanting to disclose cost variation to a major project," he said. "I just completely dispute that." Mr Wall agreed. "All of council's financial transactions are transparent," he said. The ABC understands the council's handling of the issue has been referred to Victoria's Independent Broad-based Anti-corruption Commission, IBAC. The ABC understands another Wyndham councillor, Robert Szatkowski, has made a referral to Victoria's Independent Broad-based Anti-corruption Commission, IBAC, for matters that relate to the IT project. The ABC has contacted IBAC for comment. A referral to IBAC does not mean it will launch an investigation and the ABC is not suggesting that a referral implies any findings of wrongdoing. Councillor Gilligan pointed out to Mr Hilakari that the state government was also facing cost blowouts on various projects. "You would agree that cost overruns on a state level of hundreds of millions of dollars occur, on the regular?" he asked. "And we're very transparent about that," Mr Hilakari said. "As we are," Cr Gilligan insisted. "Well then you'd better tell me where the project fail of Oracle and the tens and tens of millions of dollars of ratepayer funds that were flushed down the toilet to be frank, where was that publicly disclosed?" Mr Wall said he would take that on notice, but said there was a clear business case and a tender process, and that the current IT project was a success. Wyndham council is facing backlash for diverting funds from developers in Point Cook to be used elsewhere in the municipality. Cr Gilligan told the hearing the council had a prerogative to spend money raised from Point Cook developments in another location. "That money can be spent in a location that is different to the one that you want it spent in," he said. "That is our prerogative, just as state and federal governments have their own prerogative within the realm of law to make decisions, this council has made a decision to look at spending it on an intergenerational project somewhere else." The committee is due to table its full report in November.
News.com.au
an hour ago
- News.com.au
Penthouse shoots for Sydney coastal suburbs record
It has been billed as the most exclusive and prestigious offering Bondi has ever seen, perched on the oceanfront and connected to the coastline. Meet Pearl Bondi the $150m project just approved for Bondi's peninsula cliffside with north-east aspect, elevation and comprising a clutch of seven luxury homes aimed at established eastern suburbs families and downsizers. And Pearl's creator, top Sydney builder developer Central Element is set to rewrite Bondi's property history with the highly anticipated release of the Pearl Penthouse – the pinnacle of the project. Set to become the coastal suburbs most exclusive and high-end residence to date, with an asking price of $30m, the ultra-luxurious apartment is expected to smash the suburb record. The previous record was $24m in 2022, for Multiplex heir Andrew Roberts' 190sqm apartment in Notts Ave, Bondi Beach. The price equated to $126,000 per sqm. The 328sqm penthouse offers four bedrooms, 3.5 bathrooms and a 17m east-facing frontage with uninterrupted ocean views. Central Element managing director Nathan Chivas expects Pearl to be popular. 'At its heart is the Pearl Penthouse, the most luxurious and prestigious offering the suburb has ever seen,' Mr Chivas said. 'Every element – from the 17â€'metre frontage to the timeless interiors – has been crafted to create a sanctuary that connects deeply with Bondi's coastal energy. 'It's a hidden treasure revealed only to a privileged few and we expect demand for the Pearl Penthouse to reflect the rarity of what's on offer.' Central Element has gathered talented architects, landscapers and interior designers to create Pearl Bondi, which consists of two houses fronting Sandridge St and five apartments cascading towards the coastline with access to Wilga St. Three apartments are whole-floor residences with expansive terraces while the two ground floor apartments will each have a private pool. The Torrens-title houses will also have their own private plunge pools, outdoor entertaining space and wide ocean views. One has, facing north has a traditional layout with bedrooms upstairs while the southern house has the upper level dedicated to living and dining with two balconies capturing the view. The ultra-luxury project has been designed by award-winning architects MHNDU and the homes will share almost 500sqm of landscaped communal space as well as having their own external areas – up to 86sqm. The site is more than 2000sqm in a tightly-held pocket between Bondi and Tamarama with direct access to the coastal walk. Madeleine Blanchfield, of Madeleine Blanchfield Architects, has been engaged to design the interiors of the seven homes. She is well-known and highly sought after in the Eastern suburbs. 'Our design approach for Pearl will be centred on quiet luxury and refined simplicity – using natural materials, light and texture to create homes that feel timeless, grounded and intimately connected to their coastal surrounds,' she said. Materials such as travertine, American oak, Patagonia Pink quartzite and brushed stainless steel are all on the Pearl palette. Kitchens have stone island benches and Sub-Zero and Wolf appliances are included. Construction on Pearl Bondi will begin in the spring of this year and completion is planned for late 2027. Central Element has already broken suburb records in Sydney's east. Last year in Coogee it made a $20m off-market sale for a three-bedroom penthouse at Ballamac House.
