opinion
briefly
Irony of Labor and the pokie shares
Family portraits
THERE is a lovely irony in the call on the ACT Labor government during Budget estimates by Caroline Le Couteur, ACT Greens MLA, to divest the Territory of shares or investments it may have in poker-machine manufacturing companies. Ms Le Couteur believes the government should invest public monies “ethically” and, in light of the documented harm that gambling can cause, it should not invest in companies that manufacture poker machines. Government officials in responding to Ms Le Couteur advised that the government had not given any consideration to divesting such shares or investments. The irony I refer to is, of course, in Ms Le Couteur raising the question of the “ethics” of a government owning shares in the manufacture of poker machines with a government that, through its administrative arm, is one of the largest owners and operators of poker machines in Australia. Interestingly, in the week before this issue was raised in the Estimates Committee it was reported in local media that the Labor Party, through the clubs it owns and controls, had paid the Italo-Australian Club just over $500,000 for an unspecified number of poker machines. It was reported that this may have been the second such purchase by the Labor Club in recent times.
Labor is also now operating through its clubs more poker machines than it was operating a year ago and appears to have a significant number of poker machines in storage. Coincidentally, the more than $500,000 reportedly paid by Labor for its most recent purchase of extra poker machines equates to a mere one week of earnings from the poker machines it currently operates. Labor is also now operating through its clubs more poker machines than it was operating a year ago and appears to have a significant number of poker machines in storage. This surely flies in the face of the oft stated commitment of the government to reduce the number of poker machines in operation in the ACT. It smacks very much of the Labor Party demanding of the local clubs sector to “do what I say, not what I do”. It also raises an interesting question about whether the larger, wealthier clubs such as Labor are snapping up poker machines on the market and stockpiling them in anticipation of the foreshadowed legislative reduction in the number of poker machine licences in the ACT. If for example, as is being suggested, the Labor Party through the clubs it controls has stashed away
poker machines it can, if there is a forced reduction in poker machines, presumably relinquish the number of machines required of it from those it has recently acquired and has in storage, thereby effectively maintaining its current level of operation but in a market with far fewer machines overall thereby increasing its share of the gambling market. The question that should be asked is whether the actions of the Labor Club in buying up and storing poker machines really is in response to the plans the Labor government has announced to reduce the number of poker machines in Canberra; remove the prohibition on poker machines being operated for profit by the private sector through the casino and the decision to introduce a trading scheme that will return the enhanced value of a poker machine sold under the scheme to the club selling the machine
and not to the government. Irrespective of whether the Labor Club has, by virtue of its privileged position of being owned and operated by the Labor Party, acquired any particular insight into the government’s intended approach in implementing these plans does not lessen the depth of the hypocrisy, or perhaps even worse than hypocrisy, which would flow if the Labor Party is enriched or profits in any way from the proposed raft of changes. The unprecedented, and frankly childish, decision of the government to ban all Ministers from meeting with or consulting with the 75 per cent of the Canberra community clubs that have dared to publicly disagree with the government’s approach to gambling policy, most particularly in relation to allowing the privatesector ownership of poker machines, is an additional reason for alarm.
IT’S National Family Portrait Month in July and local photographer Thanasi Bakatsoulas is again spearheading the ACT’s contribution to meeting the national target of $10,000 to help beyondblue. Mothers and children will be photographed for an upcoming book called “A Mother and her Children… An Unbreakable Bond”. The $51 participation fee goes to beyondblue. Register via eventbrite.com.au and enquiries to bakaphoto@gmail.com or call 0403 530566.
Dalai Lama’s party THE Dalai Lama’s 82nd birthday will be celebrated with cultural performances and a sit-down, three-course meal at the National Press Club, Barton, on Friday, July 7. Hosted by the Canberra Tibetan community, tickets are $50 (children under 12, $20), dress is formal or traditional and bookings to trybooking.com/QKXC
Dancing goes Dutch DUTCH choreographer André van de Plas will conduct a workshop for Folk Dance Canberra and Canberra International Folk Dance Association at the Hackett Community Centre on July 23 and 24. André has taught and choreographed international dance for more than 30 years. There will be sessions for beginners, intermediate and advanced dancers. Full details of workshop at folkdancecanberra.org.au
If you are approaching retirement or in retirement from 1 July there is a $1.6m cap on the amount you can hold in the pension phase of your superannuation. These changes also apply to public servants.
ARE YOU IMPACTED BY THE SUPERANNUATION CHANGES? HAVE YOU TAKEN ACTION?
If you have not taken action as yet, you should review your superannuation strategy. This is particularly important for those approaching a balance of $1.6m in Superannuation but equally important for those people who are currently salary sacrificing superannuation contributions. Call a Fitzpatricks Private Wealth specialist superannuation adviser today to discuss your circumstances.
Shane O’Grady CFP® Shane is an award winning financial planner having worked in the industry for some 12 years. He has extensive experience in providing high quality advice and personally tailored solutions to his client’s. His success is attributed to his ability to understand individual needs and develop solutions that provide his client’s with the best opportunity to reach their financial goals.
Alisa Honeyman CFP® Alisa has over 20 years of experience in the financial service industry and over that time has helped hundreds of clients achieve financial peace of mind. With sound expertise in wealth creation, superannuation, tax effective structures and investment strategy, she is able to able to provide financial planning services tailored to the client’s needs and financial circumstances.
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18 National Circuit, Barton ACT 2600
PHONE 0402 709 896
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EMAIL shane.ogrady@fitz.com.au
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www.fitz.com.au/adviser/shane-ogrady/
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Shane O’Grady and Alisa Honeyman are authorised representatives of Fitzpatricks Private Wealth Pty Ltd ABN 33 093 667 AFSL No. 247 429. CityNews June 29-July5, 2017 7