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News.com.au
a day ago
- Business
- News.com.au
Criterion: Virgin's trumphant float means more IPOs should be cleared for take-off
Several IPOs are scheduled in the wake of Virgin's successful re-listing – and some have already taken off Virgin's IPO defied investor scepticism about private equity divestments Debt-oriented income fund and gold plays have dominated the small number of IPOs in 2025 With Tuesday's Virgin Australia (ASX:VGN) listing maintaining altitude, float promoters have been buoyed by the prospect of getting long-mooted IPOs up, up and away. Raising $685 million, the Virgin lift-off was admirable given the Middle East unpleasantries that threaten ski-high oil prices. They also disrupted the literal flight plans of Virgin's 23% equity partner, Qatar Airlines. And did we mention the IPO was a private equity spin-off? Investors still remember that Myer float – and not for the Jennifer Hawkins cover. Investors credited Virgin's owners for pricing the float at metrics that make the airline look cheaper than its more fancied red-tailed rival. Another theory goes that with several ASX200 plays being taken over, there hasn't been enough quality equity for domestic-focused fundies generally. An IPO revival? So far, the investor zeal looks to be contagious, although it helps to have the right vibe … such as mining for gold. In the shadow of Virgin's debut, Greatland Resources (GGP) listed strongly on Tuesday, having raised $490 million. Backed by Andrew and Nicola Forrest, Greatland owns the WA Telfer gold mine – one of the country's biggest and once the largest. NSW based gold and copper explorer Linq Minerals is due to list – takeoff time TBA – having raised $10 million from a conga line of keen institutions. Infragreen Group (IFN) shares surged 15% on Wednesday's debut. The owner of recycling and renewable projects, the infrastructure group raised $40 million. Credit where credit's due Debt-based income funds have also featured in IPOs. The Latrobe Private Credit Fund (LF1) listed yesterday, having raised $300 million in an oversubscribed offering that further tested investor interest in the burgeoning asset class. The Dominion Income Trust 1 (DN1) debuted on March 4 and the MA Credit Income Trust (MA1) followed a day later. The former is not a private credit fund, strictly peaking, as it also invests in government bonds and structured credit (including public and private debt). With the banks curtailing hybrid debt securities, Wilson Asset Management's Geoff Wilson sniffed an opportunity for income-starved retirees. Hence the late April launch of the $165 million WAM Income Maximiser (WMX), which invests in debt and equity with the promise of monthly distributions currently targeting around 6%. Spicy Mexican trade paved the way Virgin was the biggest IPO since Mexican food chain Guzman y Gomez (ASX:GYG) listed in June last year, raising $335 million. This one also faced a sceptical audience, but it proved a spicy 'taco trade' of a different kind and the shares remain well above listing price. Also one of the biggest raisings, payment processing intermediary Cuscal (ASX:CCL) is 22% to the good after listing last November. Otherwise, smaller IPOs have disappointed. Of the 29 stocks to debut in 2014, 19 are under water. Fulcrum Lithium (ASX:FUL) earns the booby prize with an 85% decline. Rare earths play Axel REE (ASX:AXL) is 60% underwater. In the pipeline The chunkiest IPO in the offing is that of Gemlife Communities Group, which develops and operates communities for the over 55s. The IPO raised more than $750 million, with some of the funds earmarked for the $270 million purchase of the Aliria Group. Gemlife is due to list next Thursday. The Step Change Holdings IPO closed yesterday, having raised $14 million. Step Change provides SAP (resource planning) software to the resources sector. In an EOFY IPO finale, wound management Tetratherix lists next Monday. The backers aimed for $35 million, but were happy to pocket $25 million. Riding in the slipstream of Virgin's success alone won't ensure IPO success. Proponents need a solid business model, realistic pricing and a dollop of the 'wow' factor. Given Virgin's status as an entrenched duopolist, there was always going to be a buzz around the airline's return to public ownership. Richard Branson, the airline's former owner and consummate salesman, would be proud.
AU Financial Review
a day ago
- Business
- AU Financial Review
Financial Review editor wins SOPA award
The Australian Financial Review's associate editor Primrose Riordan has been awarded the Society of Publishers in Asia (SOPA) Award for Excellence in Feature Writing, for her story on Fortescue founder and executive chairman Andrew Forrest. Riordan's investigation tracked Forrest's erratic and at times impulsive leadership style that contributed to the company's dramatic and costly backdown from its hydrogen ambitions.
Man of Many
4 days ago
- Business
- Man of Many
10 Highest-Earning Australian Postcodes Revealed
It doesn't take a government report to uncover where the 'rich' part of town is, but it helps. Taking a quick drive through some of the more ritzy areas in your city is usually enough to paint a picture of where the equity boundary lines have been drawn. Still, turning to the official numbers from the Australian Taxation Office (ATO) reveals the highest-earning postcodes in Australia. The government body reports, among other things, the richest suburbs in Australia. Sure, you can probably picture which regions are on the list, but Double Bay wasn't the only inner-city Sydney postcode to make the highest-earning suburbs in Australia list. Let's take a closer look! Highest-Earning Australian Postcodes at a Glance Highlights from our list include the following: Now you've read the highlights, let's check out the complete list. New South Head Road, Double Bay | Image: Domain 1. 2028 (Double Bay), NSW – $354,308 Number of individuals: 3,304 Average taxable income: $354,308 Median taxable income or loss: $88,066 If there's one Australian suburb that comes to mind immediately when you think about the nation's richest residents, it's Double Bay. The saying rings true, 'Double Bay, Double Pay,' as the suburb is home to the highest average income earners, with an average taxable income of $266,381. The 2028 postcode is home to some of Sydney's best high-end restaurants and cafes, but it's also known for its never-ending rows of mansions, Mercedes-Benz G Wagons, and beauty salons. Cottesloe | Image: Supplied 2. 6011 (Cottesloe, Peppermint Grove), WA – $295,283 Number of individuals: 6,704 Average taxable income: $295,283 Median taxable income or loss: $84,217 The only Western Australian postcode to make the highest-earning list, this place is home to mining billionaire Andrew Forrest, who benefited from China's unquenchable appetite for iron ore. There are two suburbs in this postcode: Cottesloe and Peppermint Grove, which are ruly spectacular beachside regions. Score pizza and seafood at the Indiana Cottesloe Beach restaurant, a former tea house from 1910, while oceanfront pubs with beer gardens host 'Sunday Sessions' with live music. Inland, you'll find hip bakeries, designer jewellers and plenty of fashion retailers. Wolseley Road, Point Piper | Image: Domain 3. 2027 (Darling Point, Edgecliff, Rushcutters Bay, Point Piper), NSW – $269,777 Number of individuals: 5,703 Average taxable income: $269,777 Median taxable income or loss: $87,915 Residents in these Sydney suburbs will be disappointed to know that they've dropped down the rankings of Australia's highest-earning postcodes this year. Holding onto the silver medal for years, the 2027 postcode on Sydney Harbour has dropped down to number seven on this list, with Darling Point, Edgecliff, Rushcutters Bay, and Point Piper individuals having an average taxable income of AU$269,777. Residents have included former Liberal Prime Minister Malcolm Turnbull and Aussie Home Loans founder John Symond. Toorak | Image: Domain 4. 3142 (Hawksburn, Toorak), VIC – $222,967 Number of individuals: 9,540 Average taxable income: $266,020 Median taxable income or loss: $79,919 Ahh, finally, the Melburnians can get in on the action with this top-earning Victorian postcode. Home to two of the top suburbs in the state: Hawksburn and Toorak, there's your usual array of mega-mansions amongst beautiful scenery just outside the CBD. Eddie McGuire lives in Toorak, so you know there's money here. However, this particular Toorak mansion smashed the national auction record in October 2021. Aston Gardens, Bellevue Hill | Image: Domain 5. 2023 (Bellevue Hill), NSW – $245,728 Number of individuals: 7,108 Average taxable income: $245,728 Median taxable income or loss: $84,477 Home to the third-most expensive private boys' school in Sydney, Scots College ($50,000+ per year), the Sydney suburb of Bellevue Hill is located in the 'sweet spot' between Rose Bay and Double Bay. Here, you'll find everything you need for your family, wife, and girlfriend, including bakeries filled with sourdough and neighbourhood restaurants. It's also just a stone's throw from The Royal Sydney Golf Club, and there's a handful of tennis courts to keep your better half busy while you're out working for those school fees. Rawson Road, Rose Bay | Image: Domain 6. 2030 (Dover Heights, Rose Bay, North Vaucluse, Watsons Bay), NSW – $230,597 Number of individuals: 9,539 Average taxable income: $230,597 Median taxable income or loss: $79,934 If you're a millionaire who wants to hide away from the hustle and bustle of Bondi, Double Bay, and Woollahra, the logical choice is to get yourself a cheeky mansion in Dover Heights. Just off Old South Head Road, the suburb has a handful of cafes and bars. However, it's better known for its eclectic groups of residents, which include everyone from alleged underworld figure John Ibrahim to Zac Efron. With views out over the Tasman Sea and Sydney Harbour, there's no better place to watch the sun go down than from your infinity pool. Portsea Pier | Image: Visit Melbourne 7. 3944 (Portsea), VIC – $221,867 Number of individuals: 586 Average taxable income: $221,867 Median taxable income or loss: $77,610 If you're a Melbourne millionaire and you're not hanging out at your Tookrak mansion, there's a good chance you're chilling by the pool at your holiday home in Portsea, VIC. However, with less than 600 individuals permanently residing in this seaside town, it's clear there's a market for rich retirees, too. Right next to Sorrento, this expensive Victorian postcode is home to the 'Millionaire's Walk' which doesn't need explaining, and the beautiful Sorrento Golf Club. Oh, and let's not forget about the Harold Holt Memorial at Portsea Beach, 'the swim that needs no towel' is cemented in Australian history. Unnamed Phillip Cox designed property on 2,074 sqm of waterfront land at Palm Beach | Image: Supplied / Domain 8. 2108 (Coasters Retreat, Currawong Beach, Great Mackerel Beach, Palm Beach), NSW – $216,262 Number of individuals: 1,283 Average taxable income: $216,262 Median taxable income or loss: $60,959 The global pandemic forced a large number of retirees out of the greater Sydney region. While a large portion of the Coasters Retreat, Currawong Beach, Great Mackerel Beach, and Palm Beach properties are inhabited as holiday retreats for the super wealthy, it appears many have moved from their main residences and back into these secluded retreats by the water. This has likely had an impact on the region's average taxable income, which increased to $216,262. What this has done to the price of coffee and avocado toast, we'll have to wait and see. Woolwich's $23 million 'Vailele' | Image: Supplied 9. 2110 (Woolich, Hunters Hill), NSW – $215,456 Number of individuals: 6,062 Average taxable income: $215,456 Median taxable income or loss: $79,612 The one-way in and one-way out postcode with a sprinkling of waterfront mansions and a great pub, it's easy to see why 2110 (Woolich, Hunters Hill) has reared its head amongst the highest-earning suburbs in Australia. $215,456 is the average taxable income for the suburb, but one would imagine that those couples purchasing homes like 'Vailele,' which fetched upwards of $20 million at auction a few years ago, are likely earning a whole lot more than this. What better way to balance a multi-million-dollar property portfolio than with a schooner of Carlton at the Woolich Pier Hotel? It's all about equal opportunity! Woollahra | Image: Woollahra Municipal Council 10. 2025 (Woollahra), NSW – $212,881 Number of individuals: 4,922 Average taxable income: $212,881 Median taxable income or loss: $86,071 While suburbs like Rose Bay, Double Bay, and Vaucluse lean heavily on the waterfront living experience, Woollahra brings all the Eastern Suburbs glitz and glamour you would hope for, but with a city-living skew. Here, you'll find everything from mega mansions to Chargrill Charlies, but above all else, it's the selection of fashion retailers that make their way along Oxford Street into Paddington and the selection of pubs that makes this suburb stand out to the millionaires. It's also near Centennial Park, which is a bonus. Highest-Earning Australian Postcodes | Image: Supplied / ATO Suburbs That Dropped Outside the Top of the List Next time your mate from Melbourne complains about the price of houses in Victoria, remind them that Sydney had seven spots on the top 10 list of highest-earning postcodes. Tell him to loosen his R.M. Williams belt while he's at it. Melbourne had two cracks at the top 10, with Toorak in the city's inner-east coming in 4th and new-entrant (and retieree-favourite) Portsea landing in 7th place. However, it wasn't all fun and games for high-earners in these postcodes, as new developments in key Australian postcodes have kicked some well-known ritzy spots off the top of the list. 2088 (Mosman, Spit Junction), NSW | Image: Wikipedia 2088 (Mosman, Spit Junction), NSW – $188,234 Number of individuals: 19,706 Average taxable income: $188,234 Where most people who live in the East haven't heard of Northbridge, most people who live in Mosman probably think they live in the most affluent suburb in Sydney. However, we've got some news because, according to the data, they just fell outside the top 10 highest-earning postcodes in Australia. Spanning from Bradley's Head in the South to The Spit Bridge in the North, Middle Head in the East, and Cremorne in the West, the 2088 postcode is the largest on this list with 19,706 individuals. You'll find people from all walks of life around North Sydney's version of Rose Bay. Northbridge Golf Club | Image: Northbridge Golf Club 2063 (Northbridge), NSW – $191,225 Number of individuals: 4,284 Average taxable income: $191,225 Most people who live in the Eastern Suburbs postcodes that dominate this list don't even realise Northbridge is in Sydney, let alone one of the highest-earning postcodes in Australia. Seriously, like everything that happens in Vegas, it seems the first rule about living in Northbridge is not mentioning Northbridge. However, they've recently fallen outside the top 10 with a sub-$200k average taxable income threshold: 'Imagine earning less than $200,000,' says someone from the East. Here, you'll find the Northbridge Sailing Club, the Northbridge Golf Club, and more cafes than you can poke a Platinum AMEX at. You'll also like:
West Australian
4 days ago
- Business
- West Australian
BHP's WA iron ore chief Tim Day rebukes Andrew Forrest's warning the Pilbara could soon be a ‘wasteland'
The boss of BHP's Western Australian iron ore empire is firing back at people like Andrew Forrest painting a 'negative picture' of the Pilbara, just weeks after the Fortescue founder said the State's most resource-rich region is at risk of becoming a 'wasteland'. BHP 'will never talk down the Pilbara', according to Tim Day, who is making the veiled rebuke on Wednesday at the Pilbara Summit held in Karratha. 'Others are painting a very different, negative picture (of the Pilbara), which we do not agree with,' Mr Day will say. 'Globally, BHP is making a significant and strategic push for commodities like potash and copper, but iron ore in the Pilbara is what has kept our business strong and stable for decades. That's not changing. 'Anyone who claims the iron ore industry is in decline needs to look at the numbers — because they're dead wrong.' Mr Day's speech comes about a month after Fortescue founder Andrew Forrest said the Pilbara could turn into a 'wasteland', with the Cottesloe-based billionaire claiming China is increasingly looking to higher-grade iron ore overseas to feed its steel mills. 'They're looking straight into a future that may or may not include Western Australia. China will base its green steel industry on other ores that are specific to Brazil or Africa, but not our lower grades,' Mr Forrest said last month. Mr Day told The West Australian his speech at the Pilbara Summit is not just specifically targeted at Mr Forrest, but more broadly 'getting ahead' of anti-Pilbara sentiment emerging in business circles. Fortescue is developing an iron ore mine in the African country of Gabon, but it is the massive and high-grade Simandou iron ore mining complex on the same continent that is set to be one of the biggest challengers to the Pilbara's global supremacy. Rio Tinto owns about a quarter of the entire Simandou complex and is spending nearly $10 billion to develop its portion, which is set to export its first iron ore next year. But Mr Day suggests the threat of Simandou, which has been colloquially dubbed the 'Pilbara Killer', is overblown. While BHP's key Pilbara iron ore rivals in Rio and FMG are diversifying away from their mining heartland into Africa, the Big Australian is focused on widening its gap over Rio as the most efficient operator in the Pilbara. 'Our absolute intention is to keep pushing our productivity agenda in the Pilbara over the next few years,' Mr Day told The West. One headwind facing BHP's productivity agenda is the emerging unionisation of the Pilbara's iron ore mines over the past year. The union movement was essentially dormant in the region since the 1980s but has now been emboldened by the Albanese Government's stance on industrial relations. Mr Day suggested BHP was tuning out the union chest-beating. 'If you think about what's made the Pilbara successful, it is that direct relationship between employers and workers that has actually made them (the) highest paid workforce globally,' he told The West. 'This has worked extremely well, so our goal is to continue that journey, continue working closely with our workforce and do what we've been doing for many years. 'And we're still doing it now, regardless of what's happening with union involvement. We continue to drive a direct relationship with our workforce.' Mr Day's backing of the Pilbara as the world's premier iron ore mining hub comes as Rio Tinto and Gina Rinehart's Hancock Prospecting on Tuesday committed to spending $2.5b to extend the life of the Hope Downs mining operation in the region.
The Age
15-06-2025
- Business
- The Age
Forrest calls for global fishing overhaul as Australia backs major treaties at UN summit
Australian mining billionaire Andrew Forrest has called for the United Nations to back a major overhaul of global fishing regulations and marine life protections following an international ocean summit last week. Australia's Environment Minister Murray Watt also attended the 2025 UN Ocean Conference (UNOC3) in Nice, France, and confirmed on Friday the federal government has joined 96 other nations in committing to end plastic pollution. Declaring 'the ocean is in freefall', Forrest made the comments following the summit on Saturday, saying his Minderoo Foundation will commit an additional $25 million towards implementing new marine protected areas and real-time vessel monitoring. 'We must lock in 30 per cent no-take marine protected areas by 2030 in every nation, in the high seas [international waters] and across at least 30 per cent of Antarctica – this must be the minimum, not the maximum – and it must be enforced, not just declared,' the WA-based magnate said in a statement. 'Thanks to science, enforcement is now possible. Satellites track vessels in real time. AI flags illegal behaviour. The excuses are gone.' Loading Forrest unveiled the foundation's Flourishing Oceans Commercial Fishing Act (FOCFA), a self-financing, enforcement-ready model for no-take MPAs and sustainable fisheries and said he would relaunch a Global Fishing Index in 2026. 'This flips enforcement incentives. Fishers, regulators, and even competitors are motivated to expose illegal actors. Governments reclaim lost revenue. Legal operators are protected. And the commercial risk of turning a blind eye rises – all the way up the supply chain,' he said of the proposed FOCFA. Minderoo has also partly funded a new documentary, Ocean with David Attenborough, about the devastation brought about by unregulated industrial fishing, which was released last month.
