Business News - WA
At Close Of Business Podcast October 10 2024
(upbeat music) All the latest business news from WA, deliver daily. At close of business, news briefing. Good afternoon and welcome to the Our Close of Business podcast sponsored by Nine News. I'm Sam Jones and I'll be reading a Thursday headlines. An arrangement to help complete more than 200 unfinished homes signed by Nation Living could be imminent while some aggrieved customers are concerned about a secret deal. The state government says it's looking at all options to ensure hundreds of unfinished Nation Living homes are completed as soon as possible as some customers experience delays spanning four years. It's understood a state government announcement could be made tomorrow, although details are yet to be revealed. Two Nation Living customers, Kathy Ellis and Richard Hamilton, on behalf of 150 aggrieved homeowners, have raised concerns over any potential deal and instead want the legal process to run its course. The pair believe the state government is seeking to create an arrangement involving home indemnity insurance provider QBE, being the government's own insurer, and appoint a panel of builders to complete the work, some of which has been delayed up to four years. The door was temporarily opened for customers to access home indemnity insurance when the building services board strip Nation Living of its registration, but then the builder took that decision to the court and won a temporary reprieve. And in resources for SKU's head of carbon and climate, as told at a conference, the state is not incentivising decarbonisation enough, wanting investment dollars are being lost overseas. Speaking at the Clean Energy Council's WA Renewables and Clean Export Summit this morning, the iron miners carbon and climate manager, Lucille Bourgette, pressed the point that the state was not competing internationally when it came to attracting decarbonisation investment. Miss Bourgette, a 2022 business news 40 under 40 winner, called on the state government to introduce a policy to counteract the impacts of the federal fuel tax credit. The scheme allows businesses to claim tax breaks for fuel use in heavy diesel vehicles. For SKU believes it is a disincentive to industrial decarbonisation. Pressing the point, Miss Bourgette said businesses were currently offered greater incentives to maintain the fossil fuel status quo than to pursue innovative solutions. And finally, Aquinas College will be the latest private schools who undergo a multi-million dollar upgrade, proposing an arts precinct, hockey building, tennis courts and a facility for university interactions. The Metroid in a Development Assessment Panel unanimously approved the school's $25 million proposal to upgrade the college on Mount Henry Road in Salter Point. Aquinas College proposed to build a 650 seat recital hall, music centre, hockey building, tennis court and a university teaching centre for students and tertiary institutions to interact. The project is expected to create about 4,800 square metres of additional floor space across four buildings, the development application said. The proposed arts precinct for Aquinas College will be one of the most substantial developments at the school in 40 years, according to development application prepared by Christo architecture. That's all for today's headlines. You can read more at businessnews.com.au. Coming up on the podcast, Mark Powell and Nadia Budihajo discuss Andrew Hager and Stephen Daly's new venture. I'm Michael Thompson, join the nine news team for the day's biggest stories and breaking news from across Perth, Australia and the world. The most trusted reporters on the ground with exclusive stories you won't see anywhere else, past WA's most comprehensive weather and the latest sports news with the inside scoop on the AFL. Finance editor Chris Kohler also brings you the latest news on business from interest rates to the stock market. Nine news, your news, nine late six on nine and nine now. Welcome back to our close business. I'm Nadia Budihajo and today I'll be speaking to Mark Powell, who wrote in the recent edition of the business news magazine. Mark, you spoke to Andrew Hager and Stephen Daly about their new venture. So first things first, who are they? Yeah, a couple of interesting guys. So Andrew Hager is, well, I mean, look, he's most well-known here in WA because he ran Andrew and Nicola Forest's private business. So Tatarang and Minduru, foot, about two or three years. I think it was three years until a couple of years ago. So obviously, right at the center of what we'd call family office, not just in WA, but across the country. And Stephen Daly was his sort of two IC there. They both worked together, previous to that in Melbourne, I think, NAB. So they come out of the banking industry, sort of private banking, that sort of thing. And then they obviously got backgrounds that cover a lot of ground in sort of stock broking or private wealth management, we'll call it. And, yeah, so they have launched a new venture called Fami Capital, which is all about, kind of, I don't know, helping very rich people to make deals, to make investment decisions, to make succession decisions. So it's quite a very broad range of consultancy. So before we get in more detail about what the new venture is about, how did you find out about this in the first place? - Yeah, I stumbled across it, to be honest. We were digging around the Perth Surf Park, and, which is going to be launched down at, I say, all talked about Coburn, but it's actually just-- - It's actually Janet Cockburn. - It's actually Janet Cockburn. But it's right there on the freeway where Coburn Central is. And the people behind that, I just found out that they would go to do their fund looking for about 37 and a half million in sort of equity funding, and they were going to do that via, well, Andrew Hagel was the lead manager, and I'm like, well, how's he doing that? And that's when I did a few searches, I found out he'd got this business name and got an AFSL license and the like. So he was in business, but very quietly. - Nice. And then, so the new venture for me, what is that all about? - So, like I said, it's sort of, I guess, they describe it as a bridge between institutions and family offices, so across a whole variety of, you know, a whole spectrum of things, which I just mentioned, like deals and investments and helping advise family offices or family businesses as well, it's not just offices, but might be large family businesses about how they need to structure things for, you know, the future and all that. So, their kind of view is, and I guess they're coming from both the institutional side when they're working and banking and everything, and also the family office side, from working at Tatarang, Minh Duru, their viewers, the institutions don't understand how family offices work, and family offices don't understand how institutions work, and you need a kind of a broker in between who can bring those things together. So I guess they can find, you know, deals and bring them to family offices, they can find family offices and put them in touch with the right people to manage their money, to do deals with, to help them assess the structure of their family business or their office, you know, depending on, you know, there's different levels of sophistication around family offices, and some of what we call family offices in this town are really just one big private business that has a few little satellite investments. Tatarang is a much more pure family office because the dividends where it owns a share of Fortescue and the dividends from Fortescue go into there as cash and then get spent on a whole range of other things, as we know. - Yeah, really interesting business, and no doubt you'll be keeping an eye on what the pair will do through this new venture. - Yeah, it's very secretive world, and let's face it, they only really sat down with me 'cause I'd found out about them. So I just suspect, it's mystique is the right word, which I did use in the story. There's a lot of mystique around this sector. - That's what makes it so much more attractive for us to want to open the secrets, to the door to all the secrets, isn't it? - News is something that someone somewhere doesn't want you to know. - Exactly, exactly. And listeners can read all of that online at businessnews.com.au or pick up the September 30 to October 13th edition of the Business News magazine. Thank you for listening, and thank you Mark for joining me. - Thanks Nadia. - The latest business news delivered daily. Subscribe and rate the show wherever you listen to your podcasts. For all the latest business news, visit businessnews.com.au. (upbeat music) [BLANK_AUDIO]