The very private lives of 'high-rise Harry' Triguboff's granddaughter and her pub heir husband - as they are unmasked as buyers of a $20million trophy home at secret auction
Take, Justin Hemmes. Before he took the reins of his parents' hospitality empire, he was already famous as the son of hospitality trailblazers John and .
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The Guardian
30 minutes ago
- The Guardian
AI doom, nature laws and solving the housing problem: five takeaways from day two of economic reform roundtable
The treasurer, Jim Chalmers, presided over talks about growing the Australian economy on day two of the economic reform roundtable. As proceedings wrapped up, Chalmers said 'there is a real prospect of a useful consensus emerging on a number of key reform areas.' Here are five takeaways from Parliament House: The government is optimistic about efforts to lower spending including on the National Disability Insurance Scheme and the age pension. The social services minister, Tanya Plibersek, on Tuesday announced plans to end the freeze on the deeming rate used to calculate welfare payments. The freeze has cost the budget about $1.8bn. Plibersek said a phased return to pre-Covid settings is appropriate as inflation pain eases for households. Separately, the health minister, Mark Butler, said the 8% growth target for the NDIS was 'simply unsustainable'. Currently growth is closer to 11%. Butler wants it lowered to 5 or 6%. Butler is expected to join a session on efficient and high-quality government services, spending and care at the summit on Thursday. While business leaders and experts talk up the potential of AI, Sally McManus, the ACTU's secretary, backed a worker-centric approach to rolling out the technology. Danielle Wood, the Productivity Commission's chair, said AI could lift the average workers' income by $4,300 per year over the coming decade. While acknowledging AI's potential, McManus said 'we shouldn't just say automatically we are all going to be better off because of AI - we've got to make sure we are'. 'It may boost productivity, it may also just boost profits.' McManus said she wasn't advocating for 'over-regulating' AI. But she said there was a 'doomer' view of the technology that comes with the fear of a 'Trump-billionaire, let-it-rip' approach. 'People have got to trust AI to deliver good outcomes. You are going to get better outcomes if you involve people in the use of it.' A discussion on better regulation and approvals involved the environment minister, Murray Watt, who is in charge of the rewrite of the Howard-era Environment Protection and Biodiversity Conservation Act (EPBC). Kelly O'Shanassy, the Australian Conservation Foundation chief, said increased productivity was meaningless if the planet is overheated and natural environment is lost. O'Shanassy has welcomed signs of consensus the establishment of areas for critical developments like housing and renewable energy. However, there was no consensus on the powers of the planned independent environment protection agency. Business has pushed for the federal government to retain approval powers. 'We went into the room a bit worried that people would have a knee jerk reaction of 'just get rid of the EPBC Act', or 'just devolve all the responsibilities to the states' or 'fast track environmental approvals for renewables and housing',' O'Shanassy said. 'None of that was the reality. I think there was support for better, smarter regulation that has increased protections for nature.' With most in agreement that we need to make it easier to build homes, Daniel Mookhey, the New South Wales treasurer, and the Business Council of Australia's chief executive, Bran Black, voiced strong support for a temporary freeze of the national construction code. Mookhey, speaking on the sidelines of the roundtable, said a pause in adding new federal regulations would 'certainly' lead to more homes being built. 'If the national code is frozen it gives us a bit more time to get the interactions between national standards and state standards clear and sorted. But equally, it will give a lot of confidence to people who are looking to build right now.' Black was more circumspect on whether there was widespread support for pausing the NCC, saying 'there isn't agreement on that within the room'. The Australian Council of Social Service boss Cassandra Goldie told the meeting a freeze might be bad for vulnerable people and flexibility was required to improve the standards of housing, including in the rental market. Meanwhile, the former industry minister Ed Husic said he was concerned about the proposed pause to the code. Husic said the former Coalition government had frozen new homebuilding regulations, only to rush through a mass of changes in a short period of time. 'People who've lived in older homes with regulations that weren't as strong understand why livability is such an issue.' The Productivity Commission's Danielle Wood reminded attendees that 'it's productivity that drives improvements in living standards'. Average productivity growth in the decade to 2014 had slumped to a 60-year low of 0.4%, she said. According to slides obtained by Guardian Australia, she blamed the slowdown on the waning boost from technology, low rates of business investment, a less dynamic economy, and a disinterest in pro-growth policy reforms. The shift to more labour-intensive services industries, such as the care sector, has also played its part in the productivity decline. The PC boss then ran through the commission's 'five pillar' interim reports. She highlighted smarter regulation is needed for approvals for building homes and green energy projects. 'Australia needs 10,000kms of new transmission lines and a six-fold increase in grid-scale renewable energy to reach net zero by 2050,' her presentation slides noted. But the average time for a decision under the EPBC for clean energy projects was over 500 days, while 45 projects from 2018 to 2022 still had no decision by November 2024. It was a similar story in housing, where Wood said actual building is a small fraction of the time it takes to build a home. 'An apartment complex that takes seven to 10 years to develop can be built in one to two years.'
Telegraph
an hour ago
- Telegraph
Tax raid forcing pubs and restaurants to close one day a week
Rachel Reeves's tax raid is forcing hospitality businesses to shut their doors at least once a week as they grapple with spiralling wage costs following last year's Budget. On Wednesday, a new survey revealed that almost three quarters of hospitality businesses were operating at or below 85pc of their normal capacity, meaning they close for part of the week to save money. The slimmer opening hours come as restaurants, pubs and cafes slash jobs in response to the rise in employers' National Insurance contributions (NICs) and an increase in the minimum wage, which came into force in April. Despite strong summer trading, many hospitality businesses are reporting a strain on their finances following the sharp rise in labour costs. The survey, carried out by a range of UK hospitality trade bodies, showed 73pc of companies said they had less than six months of cash reserves and one in five reported that they have no cash reserves at all. It also found that 79pc of hospitality businesses had raised prices as a direct result of the tax raid in the autumn Budget, while more than half of companies said they had reduced staff numbers. Andrew Griffith, the shadow business secretary, said: 'The Government stubbornly ignored clear warnings about the jobs tax and state-imposed wage rises from hospitality businesses because Reeves thought she knew better. 'Now, instead of a roaring summer trade, hospitality businesses can't afford the staff they need and are watching their cash reserves fade faster than a tan after a holiday.' The trade bodies which conducted the survey – British Institute of Innkeeping, the British Beer & Pub Association, UKHospitality and Hospitality Ulster – have called on the Government to 'recognise the incredible pressure hospitality businesses have been put under, particularly since April'. In a joint statement, they said, 'Unsustainable tax increases are squeezing businesses, stifling growth and investment, and threatening local employment, especially for young people. 'It is forcing businesses across the sector to make impossible decisions to cut jobs, put up prices, reduce opening hours and sadly limit the support they desperately want to give their communities,' they added. The lobby groups urged the Government to reduce taxes levied on the industry, including scrapping April's changes to NICs, reducing VAT and cutting business rates. They said the measures would help to drive growth for pubs, restaurants and hotels across the country. The hospitality sector has come under significant pressure from the tax rises introduced in April. According to the trade body UKHospitality, the Chancellor's tax raid added £3.4bn in costs to hospitality businesses. Around 84,000 jobs have been lost in the sector since last year's autumn Budget, as companies attempt to shed workers following the rise in labour costs. Figures from the Recruitment and Employment Confederation showed that job openings in the hospitality sector – which includes pubs and restaurants – fell by over 22,000 in June compared to the same month a year earlier. The concerns about a drop in hospitality jobs came as figures released by the Office for National Statistics last week showed that the number of vacancies in the UK declined to 718,000 in the three months to July, down from 44,000 from the previous three-month period. Last month, the British Beer and Pub Association warned that one pub a day would shut across Britain this year as publicans battle surging costs, including Ms Reeves's £25bn National Insurance raid and an increase in the minimum wage. A Government spokesman said: 'Pubs, cafes and restaurants are vital to local communities, that's why we're cutting the cost of licensing, helping more pubs, cafes and restaurants offer pavement drinks and al fresco dining, and extending business rates relief for these businesses – on top of cutting alcohol duty on draught pints and capping corporation tax.'
Auto Car
2 hours ago
- Auto Car
How 3D-printing made this intercooler 10 times lighter
3D-printing technology – or, to use its proper name, additive manufacturing (AM) – has progressed fast over the past five years. Dutch car company Donkervoort is one of the latest to take advantage of its unique benefits, by 3D-printing intercoolers for its forthcoming P24 RS supercar. These were developed by Australia's Conflux, and the technique goes one step further than merely being a convenient way to manufacture things. By using AM, the weight of the aluminium-alloy liquid-to-air intercoolers has been slashed from 16kg to 1.4kg. Conflux describes the technique as Formula 1 technology (its founder has a background in the sport), and it has other benefits too: this intercooler has superior thermal performance and packaging benefits to conventional equivalents. It should be tougher too, because it's a single, one-piece structure with no joints or welds. Donkervoort issued a specification for the intercooler and Conflux actually improved on it, returning a design that was so effective that it could be downsized still further from the original prototype. Rather than mounted at the front of the car, the compact intercoolers can be sited within the engine bay, reducing the length of the inlet tract by two-thirds. The result is quicker throttle response, better efficiency and optimised weight distribution, all of which directly benefit the driver. Coolant flowing through the intercooler is dedicated to the job and cooled by an external radiator not shared with any other drivetrain cooling system. AM is a process whereby, controlled by a 3D computer model, objects are formed by firing lasers into a bed of powdered material, fusing it together. Conflux makes the new intercoolers from AlSi10Mg, a high-grade aluminium alloy that it claims is one of the most common and well accepted aluminium alloys in the industry. Conflux also uses it for components in aviation, motorsport and industrial applications. Intercoolers are needed because when air is compressed (by a turbocharger in this case), it heats up and becomes less dense. For maximum performance and trouble-free combustion, an engine needs cool induction air. An intercooler cools down the compressed and heated air before it enters the engine by conducting heat through finned walls into a coolant. Thanks to the AM process, these fins in the new Conflux intercooler are extremely thin: at 160 microns, just two or three times thicker than a human hair. And the thinner the fins can be, the more effective they will be at conducting away the unwanted heat.
