Older people must shoulder their share of government spending cuts

Read more: We must demolish political correctness to reach our true economic potentialFirst, the so-called triple lock is no longer defensible. Ensuring that the state pension rises each year by the highest of the consumer price index, average earnings or 2.5 per cent – essentially delinking such spending from the health of the economy and the ability of working age taxpayers to finance it – it is not just a bad idea in principle, but a dangerous one.The Government Actuary’s Department says it is costing £6bn a year and when added to other costly universal pensioner benefits like the £2bn winter fuel payments, you start to see the yawning intergenerational chasm. The thorniest of policy issues right now is how to fund adult social care – given that there will be an estimated funding gap of around £3bn by the end of the Parliament, scrapping the triple lock seems a good first step to deal with it.Read more: Ros Altmann is right: It’s time to scrap the state pension triple-lockSecond, the housing market is skewed towards older generations. Nearly three quarters of pensioners are home owners, but with the average house price now £284,000 (and much higher in London), it is little wonder that young people are struggling to buy. whatsapp John O’ConnellJohn O’Connell is chief executive of the TaxPayers’ Alliance Older people are enjoying the double whammy of higher incomes and more housing wealth. This isn’t the fault of pensioners, of course – the real culprits here are pro-housing crisis groups like the Campaign to Protect Rural England, whose opposition to development is widening the intergenerational gap.It is right to recognise that some pensioners do live in poverty and that is unacceptable. If you ask young people whether they want their parents to live dignified and decent retirements, it would be difficult to find anyone who would say no.But if we flip that question around, and ask pensioners whether they want their children and grandchildren to live more prosperous lives than they did, they too would say yes. That means putting the long-term health of the public finances and broader economy before short-term electoral calculations. whatsapp Older people must shoulder their share of government spending cuts Share Tuesday 14 February 2017 4:15 am Unfortunately, lessons haven’t been learned, and the general trend towards much greater state spending on older people, paid for by the diminishing working age proportion of the population, is only set to accelerate. The Office for Budget Responsibility’s Fiscal Sustainability Report forecasts that, by 2057, the government will spend more than a fifth of GDP on health, long-term care, state pensions and pensioner benefits. Spending on education, meanwhile, is expected to fall from 4.4 per cent of GDP to 3.8 per cent over the same period.Read more: You probably can’t afford to have a midlife crisis. Here’s whyGiven our poor performance in education league tables and the opportunities to improve skills in science and tech, it is hard to avoid the conclusion that governments of all parties are prioritising the interests of older voters over the long-term strategic needs of the country.The size of the liabilities the government is racking up are also much greater than generally appreciated. The official national debt is estimated at around £1.7 trillion, which is frightening enough. But our latest estimate of the real national debt – including substantial liabilities in relation to unfunded public sector pensions, unfunded state pensions and Private Finance Initiatives – stood at £8.6 trillion, or over £320,000 for every single household in Britain. The liabilities for state pensions are £4.4 trillion alone, a burden future generations will have to shoulder.Given an ageing population is an inevitable trend, what can be done? There are two urgent candidates for reform. Given general improvements in technology and prosperity, younger generations should, in theory, always be better off than their parents. But with pensioner households now earning more than their working age equivalents, according to a new report from the Resolution Foundation, this can no longer be taken for granted.It is of course good news that older people are enjoying bigger incomes than they did in the past. But this welcome trend has coincided with government efforts to shield pensioners from the consequences of deficit reduction. Indeed, the last government was warned regularly about the disproportionate impact of fiscal consolidation on younger generations – not least by Alan Milburn in a report for the Social Mobility and Child Poverty Commission. More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comWhy people are finding dryer sheets in their mailboxesnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org read more

London mayor Sadiq Khan welcomes progress made on devolution to London in the Budget

Share Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeScary Symptoms12 Scary Symptoms That Are Usually HarmlessScary SymptomsUndoTopNewsThis Picture Sets The Record Straight Over Who Prince Harry’s Father Really IsTopNewsUndoAmyloidosis | Search AdsRed Flag Signs of AmyloidosisAmyloidosis | Search AdsUndo24/7 SportsIt’s Amazing To See How These NBA Stars Have Changed Since College24/7 SportsUndoExcellence Punta CanaBook from May 5th – May 31stExcellence Punta CanaUndoStudy in Germany | Search AdsYou Will Be Surprised To Know The Cost Of Studying In GermanyStudy in Germany | Search AdsUndoRecetas Get7 Simple Ways To Naturally White Teeth At HomeRecetas GetUndoCookingAmour12 Best Natural Immunity Boosters For Cold And Flu This WinterCookingAmourUndoHealthline: Medical information9 SuperFoods To Prevent Heart Disease And Reduce Heart Attack RiskHealthline: Medical informationUndo Wednesday 8 March 2017 4:20 pm Shruti Tripathi Chancellor Philip Hammond delivered a historic devolution agreement for Londoners today to “protect jobs and investment in the aftermath of Brexit”.The devolution agreement focussed on infrastructure projects to help London mayor Sadiq Khan upgrade the capital’s road, rail and Underground networks and boost its economy. However, the mayor said he is “disappointed” that the government did not announce any pledges on Crossrail 2.”I am disappointed that the government did not use the opportunity to fully fund our police force or pledge their support for Crossrail 2,” he said. whatsapp “I am pleased that the chancellor has recognised that giving London more control is vital if we are to protect jobs and investment in the aftermath of Brexit.“London has a bigger population than Wales and Scotland combined, but we have far less control over how taxes are spent and public services are run.“Giving London the ability to invest more in building crucial new infrastructure and devolving control of business rates will help increase economic growth and improve productivity.”And granting London greater control over health, criminal justice, skills and back to work programmes will allow us to better improve the life chances of thousands of Londoners.”Read more: The capital needs Crossrail 2 for ongoing global success, say London firms More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMark Eaton, former NBA All-Star, dead at 64nypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comConnecticut man dies after crashing Harley into live bearnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPuffer fish snaps a selfie with lucky divernypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com It also confirmed the devolution of new powers to allow the mayor and Transport for London to reduce congestion.In his Budget, the chancellor also confirmed that an agreement has been reached to devolve a number of healthcare powers in London which will lead to better services that meet the needs of local communities.Other aspects the agreement promised was granting London more powers over the administration of business rates. The chancellor also agreed to finalise a devolution deal on criminal justice services by June. The deal will look at working and co-commissioning of services between the government and the mayor – with the aim of improving services for victims and offenders in London. Read more: These are the winners and losers of the Spring BudgetSadiq Khan said: “Today’s London devolution agreement shows that we get the best deal for Londoners when we put party politics aside and work closely with the government. London mayor Sadiq Khan welcomes progress made on devolution to London in the Budget whatsapp read more

DEBATE: Should the government move the House of Lords to York?

first_imgGod’s Own Country came up with everything from stainless steel to sparkling water without a parliamentary chamber in its boundaries. Unelected ermine wearers won’t make it better, and could instead draw resources away from the local private sector. Alastair Benn and John OxleyJohn Oxley is a Conservative commentator Share It is hard to see how important parliamentary institutions like Joint Committees could function with The Other Place 200 miles up the east coast. whatsapp Main image credit: Getty DEBATE: Should the government move the House of Lords to York? Alastair Benn, news editor of Reaction, says YES. Opinion A federalist option would diffuse the notion that Brexit is a Westminster power grab, and portray it rather as the beginning of a fruitful reimagining of how the UK can fit together in harmony. Moving the House of Lords to York would be a welcome correction to that London-centric development, and follows logically from the introduction of metro mayors across England and Wales under the coalition government. Tuesday 21 January 2020 6:01 am Encourage businesses to move to York instead, and keep Yorkshire peerless. More From Our Partners Matt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com Our parliamentary system is built on the two chambers being proximate both to each other and to the other organs of government. Taking the House of Lords away from the Commons, the civil service, and the executive would frustrate and dilute it. Should the government move the House of Lords to York? whatsapp John Oxley, a Conservative commentator, says NO. But if Boris Johnson is serious about rebalancing the UK and moving the centre of gravity away from London, he should go further and abolish the House of Lords in its current form, reshaping it into a second chamber with representatives of all the regions and constituent nations of the UK. Westminster would then become the seat of a newly-badged English parliament. The British state is now more centralised than it has been for many decades. In large part, we owe that to Margaret Thatcher, who tended to treat the UK’s constituent parts as regions, rather than as distinct polities with their own political traditions, and flattened out networks of local patronage. City A.M.’s opinion pages are a place for thought-provoking views and debate. These views are not necessarily shared by City A.M. Is Boris Johnson serious about rebalancing the UK and moving the centre of gravity away from London? (Getty Images) Nor does a new home necessarily mean a new outlook. Still largely drawn from London elites, peers are unlikely to see much more of Yorkshire than the railway station and the Grand Hotel. Expenses claims would balloon, not to mention the duplication of costs like security and staffing, all for little gain if the aim is regional rebalance. Show Comments ▼last_img read more

Australia targets binary options apps

first_img Share this article and your comments with peers on social media Australian regulators report that they have found hundreds of mobile apps from unregistered firms and individuals, many of them offering binary options trading. The Australian Securities and Investments Commission (ASIC) reports that its review of various mobile app stores, such as those operated by Apple Inc. and Google, found more than 330 apps that are being offered by unlicensed providers. Almost two-thirds of those (63%) are from binary options issuers, and aim to facilitate trading these highly risky instruments. Facebook LinkedIn Twitter Related news OSC sanctions binary options enabler Australian court finds against binary options firmcenter_img Aussies join binary options ban The ASIC reports that many of the apps contain apparently misleading statements about the profitability of trading. Most do not outline the risks of trading binary options, and some apps from brokers create the impression that they are the issuer of binary options. Many did not disclose referral fees. Some purported educational apps were merely collecting personal information to be used for high-pressure cold calling. The ASIC says that Apple and Google quickly removed the apps that it identified from their respective app stores, and that Apple has now banned apps that facilitate binary options trading. “This is a timely reminder for investors to remain vigilant and not fall for flashy advertising or hard selling,” ASIC commissioner Cathie Armour said in a statement. “Investors also need to make sure any financial service provider, regardless of the way that financial service is being provided, is adequately licensed and authorized to provide those services. “In an age where technology can hide who is offering and controlling a product, ‘buyer beware’ has never been so important,” Armour added. “If something appears too good to be true, it probably is.” Canadian regulators have been targeting binary options trading scams, warning investors and trying to cut off their ability to advertise to prospective victims online. Keywords Binary optionsCompanies Australian Securities and Investments Commission James Langton last_img read more

Horizons introduces Horizons Intl Developed Markets Equity ETF

first_imgLeah Golob Toronto-based Horizons ETFs Management (Canada) Inc. has launched Horizons Intl Developed Markets Equity Index ETF, which began trading on the Toronto Stock Exchange on Wednesday. The ETF, which has a management fee of 0.20%, aims to provide indirect exposure to the MSCI EAFE index by tracking the performance of the Horizons EAFE futures roll index, net of expenses, Horizons says in a news release. Share this article and your comments with peers on social media Facebook LinkedIn Twittercenter_img Companies Horizons ETFs Management (Canada) Inc. The Horizons EAFE futures roll index reflects the returns produced over time of notional investments that represent a long position in a series of futures contracts on the MSCI EAFE index. The MSCI EAFE index was developed to measure the performance of large- and mid-cap securities among 21 developed markets outside of North America that include Australia, Continental Europe, Japan and the U.K. The MSCI EAFE has 924 constituents and covers approximately 85% of the free-float-adjusted market capitalization in each country, Horizons says. The total free-float market capitalization of the MSCI EAFE index is US$14 trillion. “International developed market equities exposure has been the No. 1 asset class for ETF inflows in 2017,” says Steve Hawkins, president and co-CEO of Horizons ETFs, in a statement. Horizons Intl Developed Markets Equity Index ETF employs Horizons ETFs total return index structure to duplicate the returns of the Horizons EAFE futures roll index. This structure was created to improve the after-tax performance benefits of the ETF, the firm says. Horizons doesn’t expect the ETF to pay any distributions. Rather, the value of any dividend or interest income is directly mirrored in the ETF’s performance. Horizons is taking this approach because it results in better tax efficiency for investors who hold the ETF in non-registered investment accounts, the firm says in a news release.last_img read more

Persons to be Recognised for Exceptional Service to Tourism

first_imgFacebookTwitterWhatsAppEmail Individuals and organisations that have given exceptional service within the tourism industry, will be recognised and rewarded at the sector’s inaugural staging of the Tourism Service Excellence Awards (TSEA), which will take place during the 2008/09 winter tourist season.Speaking with JIS News, Director of Tourism Facilitation at the Ministry of Tourism, Tina Williams, said the event is expected to be “a glamorous and glitzy affair, which will recognise the best in the industry.”“The awards are really geared towards every single level within the tourism industry. So, if you are a red cap porter, taxi driver, the manager in a hotel, waiter, or work at the front desk, you are eligible. It is for anyone who has to interface with a visitor at any level within the tourism industry,” Ms. Williams pointed out.She added that awards and certificates of merits would be presented to organisations and individuals, who have continuously upgraded themselves, in terms of hospitality training and their ability to provide efficient service to the guests.“We want to identify persons who exhibit extraordinary responsiveness to the visitors, those who show creativity and demonstrate that they have a one-of-a-kind service to offer,” the Director highlighted.Ms. Williams said that the inaugural staging of the awards was part of the Ministry’s Tourism Service Excellence Programme, (TSEP), which sought to enhance the industry’s delivery of service to visitors.The programme is geared towards promoting excellence within the sector, in order to improve the competitiveness of the local tourism product in the global marketplace.This new initiative of the Ministry, Ms. Williams explained, comes against the background of a tremendous increase in the number of new hotel rooms and expected visitor arrivals over the next five years.“We are expecting to almost double our hotel room stock within that time period, and we want to increase the number of jobs to over 45,000 as well and so, what the new tourism demands is highly skilled, efficient, and competent human resource capital, to deliver the utmost in personalised, high quality customer service,” she explained.Nomination booklets and forms for the TSEA, can be obtained at any of the six offices of the Tourism Product Development Company (TPDCo). Forms may also be downloaded from the TPDCo and Jamaica Tourist Board (JTB) websites. The deadline for nominations is September 30, 2008. RelatedPersons to be Recognised for Exceptional Service to Tourism RelatedPersons to be Recognised for Exceptional Service to Tourism Persons to be Recognised for Exceptional Service to Tourism UncategorizedSeptember 11, 2008center_img RelatedPersons to be Recognised for Exceptional Service to Tourism Advertisementslast_img read more

Holness Says Youths Will Rescue Jamaica from Economic Crisis

first_imgFacebookTwitterWhatsAppEmail Minister of Education, Hon. Andrew Holness, has outlined eight key traits possessed by today’s youths that, he says, will rescue Jamaica and the rest of the world from the current economic crisis.Mr. Holness said that among the best qualities of the current generation are their principles of freedom, customisation, scrutiny, collaboration, speed, integrity, innovation and entertainment.“We quarrel about the new generation [saying they are] listless, aimless, it’s the worst generation ever. But, the truth is that, this is a new generation that is going to rescue the world from the previous generation, because this generation is built upon some principles that we don’t usually look at,” he stated.Mr. Holness was speaking at a luncheon put on by the PanCaribbean Bank, at the Terra Nova Hotel, in Kingston on Thursday (September 24), to honour the bank’s 24 scholarship winners.Elaborating on the principle of customisation, Mr. Holness noted that this generation does not believe in “one size fitting all”. He said this allows them to find more solutions to problems, and more likely to discover unconventional ways of dealing with the economic crisis.He also stated that the trait of customisation is bolstered by the tendency of today’s youth to collaborate and their need to have things done quickly, or in the most efficient way. He pointed out that an example of the collaboration among youths, is their propensity for social networking, which also allows them to get things done quickly.“The other fundamental principle of this generation is the principle of scrutiny. If you were to test this generation and the previous generations on the importance of questioning things that are placed in front of you, you will realise that this generation accepts scrutiny more than previous generations,” the Minister elaborated.He said the principle of scrutiny is especially important for business leaders and those holding public office, and is an important principle for pulling the world out of crisis.“I am not too worried about this generation managing crises. This generation was born in crisis, struggled through crisis and we have survived the crisis, because these are our principles. This is what is going to pull us out of recession,” Mr. Holness noted.The luncheon was held to honour the 24 students who benefitted from $100,000 scholarships awarded by the Bank to attend either the University of the West Indies (UWI), or the University of Technology (UTech). RelatedHolness Says Youths Will Rescue Jamaica from Economic Crisis RelatedHolness Says Youths Will Rescue Jamaica from Economic Crisis Holness Says Youths Will Rescue Jamaica from Economic Crisis EducationSeptember 25, 2009center_img RelatedHolness Says Youths Will Rescue Jamaica from Economic Crisis Advertisementslast_img read more

PM to Open Spectrum Mgt. Authority Office Downtown

first_imgRelatedPM to Open Spectrum Mgt. Authority Office Downtown Advertisements RelatedPM to Open Spectrum Mgt. Authority Office Downtown FacebookTwitterWhatsAppEmail Prime Minister Bruce Golding will officially open the new Downtown Kingston office of the Spectrum Management Authority (SMA), on Thursday, February 18.Mayor of Kingston, Councillor Desmond McKenzie, will welcome guests to the function which starts at 4 p.m.The SMA, the regulator which manages the radio frequency spectrum on behalf of the government, has been in operation since April, 2001.A limited liability company under the Office of the Prime Minister (OPM), it will be making significant savings by moving from Knutsford Boulevard, New Kingston to Harbour Street, downtown Kingston.The decision to relocate also supports the Prime Minister’s 2007 mandate that public sector entities should pursue moving corporate offices into the city centre.Now in its 10th year as the regulatory body responsible for managing the radio frequency spectrum (the medium through which all wireless communication is transmitted), the SMA utilizes international best practices in the interest of social, economic and technological development.Telecommunications, aeronautical, maritime, satellite and broadcast radio licensees as well as HAM radio/two-way radio users are all regulated by the SMA.Other corporate offices downtown include Grace Kennedy, Jamaica Stock Exchange, Jamaica Bar Association, West Indies Home Contractors (WIHCON), Kingston Icemaking Company Ltd, and Prime Asset Management. Telecommunications giant, Digicel is expected to begin construction of its headquarters on Harbour Street, soon.center_img RelatedPM to Open Spectrum Mgt. Authority Office Downtown PM to Open Spectrum Mgt. Authority Office Downtown Office of the Prime MinisterFebruary 16, 2010last_img read more

Qantas Group market UPDATE – focusing on repair and recovery

first_imgQantas Group market UPDATE – focusing on repair and recovery Group Domestic capacity at 68 per cent of pre-COVID levels for December, rising to nearly 80 per cent for Quarter Three.Maintaining strong liquidity of $3.6 billion.Balance sheet repair process expected to begin in Second Half of FY21.Restructuring and recovery program remains on track to deliver at least $1 billion in annual savings from FY23.The Qantas Group expects to start repairing its balance sheet during the second half of FY21, as the impact of domestic borders re-opening, progress on cost reduction programs and the continued strong performance of Loyalty and Freight divisions help it move in to recovery mode.While the Group will post a substantial statutory loss for FY21, it expects to be close to break even at the Underlying EBITDA level for the first half and net free cash flow positive (excluding redundancies) in the second half – allowing the repair process to begin.This assumes no material domestic border closures. It also assumes no material international travel until at least the end of June 2021 beyond an increase in Trans Tasman flying to New Zealand, though this could improve depending on the speed of vaccines rolling out.UPDATE ON LIQUIDITYWhile progress on vaccines provides additional confidence that the worst of this crisis has passed, the Qantas Group intends to maintain strong liquidity to protect against additional, unexpected shocks.A significant backlog of supplier payments and refunds have now been cleared and, by 31 December 2020, approximately 50 per cent of redundancy payments associated with 8,500 job losses will have been made.As at 30 November 2020, the Group had $3.6 billion in available liquidity – made up of $2.6 billion in cash and $1.0 billion in an undrawn revolving credit facility. This facility is expected to be increased by about $500 million before 31 December 2020 to provide additional standby liquidity.Since 30 June 2020 the Group has raised $715m of additional debt[1] and a further $72 million from finalisation of the retail portion of its $1.4 billion equity raising earlier in the year.There are no further material debts maturing until April 2022 and no financial covenants on the Group’s debt. Net debt has risen from $4.7 billion at 30 June to $5.9 billion as at 30 November 2020.The Group remains one of only a handful of airlines in the world to retain an investment grade credit rating through the pandemic.UPDATE ON RECOVERY PROGRAMOngoing uncertainty due to the COVID crisis – and structural changes within the aviation industry – underscores the importance of the Qantas Group’s own program of restructuring.The recovery plan announced in June this year is on track to deliver $600 million in structural cost benefits in FY21, reaching at least $1 billion in annual cost improvements from FY23 onwards.Part of this included a review of Qantas’ ground handling operations, with a decision made to outsource the remainder of this function and deliver savings of $100 million a year. Combined with changes at Jetstar, this will regrettably result in a further 2,500 people leaving the company, taking the total number of job losses across the Group due to COVID to 8,500.Of this total, more than 5,000 roles will have left the business by 31 December this year, the vast majority via voluntary redundancy.The recent increase in domestic travel has seen the number of full time equivalent roles stood up increase from around 9,000 in October to 11,500 in December; this is expected to increase to around 14,000 in Quarter Three. Currently, approximately 13,500 roles remain stood down.UPDATE ON KEY BUSINESS UNITSGroup Domestic capacity will increase to 68 per cent of pre-COVID levels for December, rising to nearly 80 per cent for Quarter Three. This compares with 20 per cent capacity in Quarter One and around 40 per cent for Quarter Two.The Group expects its current domestic market share of above 70 per cent to be maintained.Changes in the broader domestic market have seen a number of large corporate customers move to Qantas this year, a trend that has accelerated in the past few months.Qantas continues to work with travel agencies to reduce its selling costs while also creating better selling opportunities for these important partners. New multi-year agreements have so far been finalised with 10 of the top 12 agencies.The Group’s international operations remain largely grounded, with the exceptions being ongoing repatriation services and a limited number of flights to New Zealand under a one-way bubble arrangement.In October, Qantas restarted repatriation flights from India, South Africa and United Kingdom, bringing the total number of these services run on behalf of the Australian Government to almost 150 since the start of the pandemic. A further 24 flights, operated by its fleet of 787 Dreamliners, are planned in December and January, including direct services from France and Germany. Additional services are expected as quarantine capacity becomes available.Qantas Freight continues to perform extremely well due to the spike in e-commerce volumes across its domestic freighter network and higher yields on the international freighter network. Additional services have been added between Los Angeles, Sydney and Hong Kong and several passenger aircraft are currently being operated as freighters to provide more capacity. Qantas Freight is also doing preliminary work on logistics for transporting COVID-19 vaccines at cold temperatures.Qantas Loyalty, while not immune from the impacts on travel demand, has shown a very high level of resilience and continues to generate significant cash flow. Financial services and retail partners were the two main earnings drivers, followed by Loyalty’s own ventures. In the past 12 months, members have earned more than 1 billion points on Qantas-branded insurance products. An expansion of those products has been announced today with the launch of Qantas Home Insurance.A status match offer launched last week aimed at frequent flyers of other airlines has so far resulted in several thousand high-tier members applying to switch to Qantas’ program.CEO COMMENTARYQantas Group CEO Alan Joyce said: “We’ve seen a vast improvement in trading conditions over the past month as many more people are finally able to travel domestically again.“There’s been a rush of bookings as each border restriction lifted, showing that there’s plenty of latent travel demand across both leisure and business sectors.“Between Qantas and Jetstar, there were over 200,000 fares sold for flights to Queensland in 72 hours after the border openings with Sydney and Victoria were announced. We’re also seeing people booking several months in advance, which reflects more confidence than we’ve seen for some time.“Bringing domestic capacity back to almost 70 per cent in December is very positive compared to where we’ve been, and so is seeing more of our people back at work. But overall the Group is still a long way off anything approaching normal.“It’s unclear what shape the domestic economy will be in next year, particularly once broader government support winds back. Until a vaccine is rolled out, the risk of more outbreaks remains.“International travel is likely to be at a virtual standstill until at least July next year and it will take years to fully recover, which means we’re carrying the overhead for billions of dollars worth of aircraft in the meantime. We’re also facing a revenue drop of at least $11 billion this financial year alone compared to pre-COVID.“Overall, we’re optimistic about the recovery but we’re also cautious given the various unknowns. We also have a lot of repair work to do on our balance sheet from the extra debt we’ve taken on to get through the past nine months.“That’s why we remain focused on delivering on our recovery program, which unfortunately involves following through on some hard decisions to restructure and respond to the new set of circumstances we’re faced with.”[1] As previously announced, this includes $400 million to refinance a bond maturing in June 2021, $70 million of which has already been repaid. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:airline, Australia, Australian, Australian Government, Aviation, corporate, covid-19, financial services, Government, Hong Kong, insurance, Investment, New Zealand, Qantas, Queensland, resilience, South Africa, Sydney, United Kingdomlast_img read more

Funding flows to finish NSW’s Bolivia Hill upgrade

first_imgFunding flows to finish NSW’s Bolivia Hill upgrade The Australian Government has unlocked almost $43 million in new funding to finish the Bolivia Hill upgrade in New South Wales.The extra funding raises the Australian Government commitment to the project from $55 million to almost $98 million.Deputy Prime Minister and Minister for Infrastructure, Transport and Regional Development Michael McCormack said the funding boost would meet the design and delivery challenges identified after construction started in 2018.“With the increase in Australian Government funding secured, we can now get on with the job of making this stretch of road safer for all road users,” the Deputy Prime Minister said.“Investing in crucial local projects such as this is what we are doing across Australia under our record $110 billion infrastructure investment plan, which is laying the foundations for economic recovery from the COVID-19 pandemic.”NSW Minister for Regional Transport and Roads Paul Toole said the NSW Government had also increased its funding commitment to the Bolivia Hill upgrade by $10.74 million.“This takes the total NSW Government commitment from $25 million to nearly $36 million, building on our vision for a safer, stronger regional NSW,” Minister Toole said.“This is a project that’s driving jobs in the region, strengthening the local economy and getting people and freight to their destinations sooner and safer.”Federal Member for New England Barnaby Joyce said the treatments to Bolivia Hill would significantly improve road safety between Glen Innes and Tenterfield, complementing other investments on the New England Highway such as the $700 million Singleton Bypass, the $137 million Scone Bypass and the $4.2 million Armidale Airport Roundabout.“The existing highway has a poor crash history owing to narrow lanes and road shoulders, a rock face on one side of the highway and a steep rock valley on the other,” Mr Joyce said.“The upgrade will save lives and boost productivity within the region-a win-win for motorists and the area’s businesses alike.“This has been a long term project not only for the north of the New England but for the whole New England Highway. I am so glad that after a long battle on your behalf we are delivering.”State Member for Northern Tablelands Adam Marshall said the project had faced some challenges due to the steep terrain and bushfires in the area, so it was great to see it powering ahead thanks to additional funding because it would be a game-changer for locals.“This upgrade will not only improve road safety and deliver more productive, efficient and reliable journeys, but also minimise the impact on the natural and cultural environment,” Mr Marshall said.Since construction started in 2018, additional geotechnical investigations revealed suitable strength rock was below the design founding levels. This meant the original abutment foundation designs and configuration of the retaining wall needed to be re-designed to suit the site conditions.The project is jointly funded with the Australian Government committing $97.96 million and the NSW Government $35.74 million. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Armidale, AusPol, Australia, Australian, Australian Government, Bolivia, Deputy Prime Minister, Federal, Glen Innes, Government, infrastructure, New South Wales, NSW, Prime Minister, regional development, Scone, Singleton, Tenterfieldlast_img read more