Suncorp and IAG's disaster profits come at taxpayer expense
But therein lies the rub. Those citizens reeling from the impact of major disasters wouldn't like to see insurers crowing about their money-making. Celebrations of full-year profit figures will be muted. Meanwhile, industry lobby group the Insurance Council of Australia – chaired by Suncorp chief Steve Johnston – is doing what it can to smooth things along.
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ABC News
15 hours ago
- ABC News
Coastal erosion researcher warns against Gold Coast plan for bars on beaches
Beach bars could become a permanent tourist attraction on the Gold Coast from next year, but an environmental researcher warns the city's eroded beaches are in no shape to accommodate them. Gold Coast Mayor Tom Tate said he would like the first venue to be set up at Broadbeach in the 2026 summer and packed up in winter. "The ideal beach bar is that I can go down there and enjoy the surf," Cr Tate said. A beach bar was successfully trialled at Broadbeach during the 2021–22 Christmas school holidays. Gold Coast City Council endorsed a three-year extension of the Kurrawa Beach Bar trial, but it was blocked by the Department of Natural Resources in 2022 after complaints from environmental groups. Councillor Tate said a resurrected beach bar would need to be affordable and accessible to the public, unlike some European beach clubs. Bond University coastal erosion researcher Mark Ellis said the venture wouldn't be viable given the city's beaches still bore the scars of damage inflicted during ex-Tropical Cyclone Alfred. "The issue is you actually need to have a beach to have it on," Mr Ellis said. An estimated 6 million cubic metres of sand, the equivalent of 2,000 Olympic swimming pools, was washed away from beaches across the city. The Gold Coast City Council predicts it could take up to three years to recover from the storm, with more than $30 million already spent on a sand-pumping barge to help speed up the process. Several major events have been relocated or cancelled, including the Pacific Airshow, because of the erosion. Mr Ellis said any planned beach bar would be vulnerable to future storm threats. "I think from an environmental point of view and a climate and modelling point of view, it's not really a good long-term business model because the next storm surge is going to increase," he said. "I think we're going into a La Niña summer and La Niñas are usually profound for bringing in more storms and, when more storms come in, that leads to more erosion. While councils pay to maintain and manage Queensland beaches, the state government owns them. There has been a change of government since the Kurrawa Beach Club was shut down, and Queensland Premier David Crisafulli has publicly supported its revival. But the Gold Coast City Council would have to apply for a trustee lease if it wanted to operate a beach club long term. The Gold Coast Council has been drafting a land-management plan for the Broadbeach foreshore and it carried out community consultation last year. A city spokesperson said the final report would be ready in the coming months. While residents and businesses have previously opposed commercial activities on the beach because of noise and pollution, Cr Tate said the new proposal would have minimal impact on the community. "This is only taking a small part of the beach, not even 50 metres," he said. "We've got 66 kilometres of beach so, if you don't want to go to the beach bar, you've got [plenty of beach] to choose from."
Perth Now
3 days ago
- Perth Now
West is best economically as eastern states left behind
West is best again in economic circles but big gains made on the other side of the Nullarbor have surprised economists and left eastern states languishing. A boost in housing construction has propelled South Australia to second position, above Queensland and Victoria, in CommSec's latest State of the States report released on Monday. Western Australia remains the nation's top performer for the fourth straight quarter with strong returns on retail spending and business investment, but an upheaval could be on the horizon. "We are seeing Western Australia lose a little bit of momentum," CommSec chief economist Ryan Felsman told AAP. "It's been growing at a breakneck speed the last two or three years, and the reason for that is population growth has been the highest for some time." The report ranks Australian states' economic performance based on eight key indicators including economic growth, retail spending, unemployment, population growth and dwelling commencements. Some states, such as WA and Queensland, have natural resource advantages over the others, while smaller jurisdictions such as Tasmania and the Northern Territory have naturally lower economic capacity due to their smaller populations. The report gauges how each state economy is performing relative to its long-term average. Leading the nation in construction and dwelling starts propelled SA past the eastern states, where housing affordability problems continue. Dwelling investment in NSW, Victoria and the ACT remains roughly the same as it was a decade ago, but Mr Felsman said general improvements in the economy should improve prospects nationwide. "Heavily mortgaged households are feeling the benefits of two interest-rate cuts, with more on the way," he said. "If you add to that better real wages growth, cost-of-living pressures are easing and that should lead to a pick-up in household consumption." Queensland maintained its third-place standing but its growth was hampered by reduced coal and agriculture exports due to the impacts of Tropical Cyclone Alfred. Higher relative unemployment pushed Victoria from second to fourth, while Tasmania, NSW, the ACT and the Northern Territory rounded out the rankings respectively. STATE OF THE STATES RANKINGS 1st: Western Australia, unchanged 2nd: South Australia, up from fourth 3rd: Queensland, unchanged 4th: Victoria, down from second 5th: Tasmania, unchanged =6th: NSW, down from equal fifth =6th: ACT, up from seventh 8th: Northern Territory, unchanged * All changes compared to the CommSec April quarter report
AU Financial Review
4 days ago
- AU Financial Review
Lex Greensill was ‘dishonest', IAG alleges in $7b court battle
Greensill Capital's insurers are racing to include a previously confidential report from Switzerland's financial regulator as part of their defences in an Australian legal battle as they try to avoid up to $7 billion in payouts. ASX-listed IAG and its former subsidiary Bond & Credit Co – now owned by Japanese insurer Tokio Marine – are fighting creditors of Lex Greensill's collapsed financing empire in Federal Court and trying to finalise defence statements ahead of a trial slated for August 2026 in Sydney.
