CUTTING EDGE
HOLMESGLEN IS FIRST IN FASHION WEST SIDE STORY
MEET THE CAST OF THE CLASSIC MUSICAL
GOING UP
DEVELOPERS SEIZE PRIME PROPERTY
TOM ELLIOTT
ON GOOD GOVERNMENT DEBT
PAUL MARIC
TEST DRIVES THE NEW AUDI TT WINTER 2015
3004 NEWS
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WELCOME TO THE WINTER EDITION
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OF 3004 ST KILDA ROAD NEWS 8
Last edition we unveiled a contemporary new look for the magazine. The redesign has been well received and we’ll endeavor to keep bringing you more of what you like to read and honour our commitment to the residents, workers and businesses to actively promote the St Kilda Road precinct regularly and positively.
published by
Magmedia Pty Ltd ABN 69 118 720 960, Registered Office: 25 Northumberland St, Collingwood VIC 3066 Ph: (03) 8506 9908 Fax: (03) 9525 3944 3004News welcomes any contributions from our readers. Please send material to the above address. 3004News is a free publication and is distributed As part of 3000melbourne through selected outlets. Views expressed in 3004News do not necessarily represent the opinions of the editor or publisher. No responsibility is accepted by 3004News for the accuracy of the advertisements or information within the publication. All material forwarded to the magazine will be assumed intended for publication unless clearly labelled “Not for Publication”. No part of this publication may be recorded, stored in a retrieval system or reproduced in any form without permission of The Publisher. The Publisher assumes no responsibility for errors or omissions in this publication.
3004 NEWS
publishers Susan Riley {susanr@magmedia.com.au} William Rowe {williamr@magmedia.com.au} editor Chelsea Arnold {editor@magmedia.com.au} design Susan de Kretser - Smith & Rowe {studio@smithandrowe.com.au} advertising enquiries Susan Riley - 0412 045 993 {susanr@magmedia.com.au} Paul Andrew - 03 9370 0040 {lorcymedia@bigpond.com} feature writers Tom Elliott, Anita Roper, Steve Bills, Nathan Lear, William So, Guy Surkijn, Ozker O’Connell cover image Holmesglen Institute.
IN THIS ISSUE: First in fashion at Holmesglen
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Meet the cast of West Side Story
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Tom Elliott - Good government debt
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Government review - Fishermans Bend 14
In this edition we take a look at Holmesglen’s fashion course facilities. Melbourne’s up and coming designers are being trained right here on St Kilda Road. We meet a husband and wife duo who will take to the stage for The Production
KEEPING ST KILDA
ROAD SAFE BY SENIOR SERGEANT STEVE BILLS If you live or work in the 3004 postcode and drive a car, then there is a fair chance you park in an office tower or apartment complex car park. Many apartment complexes claim to offer secure parking but the reality is that the gate to the car park can never close quick enough to prevent someone coming in after a vehicle or after someone may have used the access door. Because these types of premises also have such a large number of people who work or live in the building it is impossible for you to know
whether the person who has followed you into the building is meant to be there or not. The number of cars being broken into in these types of car parks and other multi-level car parks is a significant and ongoing concern for police. Because it is impossible to secure the car park as I have mentioned above, it is imperative that you don’t give them any reason to break into your car.
I know, I know…I’ve spoken about this before, but the message doesn’t seem to be getting through. You must not leave anything in your car that may give a person a reason to consider breaking into your car. Yes, it may just be your gym bag that you’ve left on the front seat of your car. You know that it just contains your sweaty gym gear but an offender looks on it as potentially containing a wallet, a mobile phone or an iPad so they think it’s worth their while taking the risk to break into the
Company’s latest show, West Side Story, playing in July. It’s the first time in more than 10 years they’ve been on stage together. Plus all our regular columnists – Tom Elliott, Senior Sergeant Steve Bills, Nathan Lear, Paul Maric, Anita Roper and Guy Surjkin – are back with their insightful columns. Additionally, we’d love to hear from you too. The 3004 St Kilda Road News team invites you to submit letters to the editor. Let us know the issues that are important to you at work or at home in the St Kilda Road precinct. We will endeavor to publish a selection of your letters in each edition. Stay well this winter.
Susan Riley Publisher 3004 News
car. Sure, you don’t lose anything of great value but you now have smashed glass everywhere in your car and have to replace the window. Worse, if there was a laptop or phone or iPad in there that they do steal you’ve lost everything that you had on it – you know those pictures of your kids? Gone! Pictures of your holidays? Gone! Spreadsheets from work? Gone! All of it in the space of about 20 seconds. And the offender then calmly walks out of the car park because the doors aren’t locked from the inside. Yes, there may be CCTV that may identify the offender at a later time however, most security in complexes are focused on inside the building, the foyers rather than the car park and good CCTV is expensive so many car parks may have CCTV but it may not be of great quality. So it really comes down to you. If you don’t offer the temptation of something being in your car then there is less chance that they will break in. ‘Till next time, Steve
THOUGHT FOR THE DAY… A government that robs Peter to pay Paul can always depend on the support of Paul. - GEORGE BERNARD SHAW
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3004 NEWS
MOSS AT THE
THE VILLAGE THE APPOINTMENT OF A NEW CHEF AT THE VILLAGE MELBOURNE IS SET TO WARM UP PATRONS THIS WINTER.
Acclaimed and awarded chef, Simon Moss of Sapore and Entrecote fame has taken over the helm of the kitchen at the Bistro. Patrons have already discovered that the Bistro is a great place to savour modern European dishes designed to complement The Village’s extensive branded beer and inspired wine lists.
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lamb, reformed back on the bone, oven baked and served with roast garlic polenta and braising juices. There is also a perennial favourite, classic dark chocolate mousse infused with Cointreau and served with passionfruit couli. “I am very excited to be a part of The Village team,” Moss said. “I feel with my first menu we are heading in the right direction to make us a destination not only for good drinks but exceptional, seasonal food.”
Moss’ menu is a charming combination of the rustic and sophisticated classic favourite European dishes but sophisticated with smart twists in their technique and presentation.
Set back from St Kilda Road’s famous tree lined boulevard, sitting snugly up against a heritage building, underneath the twinkling of festoon lighting, the good people at The Village relax, dine and imbibe.
Take, for example, the slow cooked lamb shank. A 12-hour slow cooked pulled
The Village, is a community of hospitality venues gathered around
100-year-old Oak trees and is expanding its food and drink offering. The addition of the Arbor has further cemented The Village as a popular destination for Melburnians and travellers. The Arbor, an indoor venue created outdoors is the newest addition at The Village. Light, bright and airy, the Arbor lives up to its name, edged with a lush landscaping and lounges to relax, sip and socialise. As the Arbor is a serene green room to lounge back with a cheeky wine, refreshing ale or stylish jugs of cocktails. A drink seems to taste better outdoors and evergreen popularity of The Garden is testimony to this. Whatever Melbourne’s weather, The Garden’s thirsty revelers enjoy all sorts of weather, so long as it is tempered with refreshing ale. With heaters and umbrellas in winter and umbrellas and sunscreen in summer, and fine jugs of beer, bottles of wine and pitches of cocktails all year round, The Garden is Melbourne’s most beloved Beer Garden. New venues at The Village will be added. Plans are afoot for the opening of Saint Lucy a casual restaurant with a private dining room and The Terrace, an upstairs bar with rooftop views.
3004 COVER STORY
WALK IN HOLMESGLEN FASHION STUDENTS’ SHOES IN FASHION, IT’S NOT JUST ABOUT WHAT YOU KNOW, BUT WHO YOU KNOW AND WHAT YOU’VE SEEN. CHOOSING A COURSE THAT’S RIGHT FOR YOU CAN BE DAUNTING. LUCKILY, HOLMESGLEN FASHION HAS EVERYTHING STUDENTS NEED TO MAKE THEIR DECISION EASY.
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n St Kilda Road, opposite the Shrine of Remembrance, Holmesglen’s fashion facilities take creative comfort to the next level. With inspirational views across the cityscape, students are bathed in light and space to help get their creative energies flowing and make their designs a reality. With Melbourne’s fashion hub just a hop, skip and a jump away, international exhibitions and major fashion events become a part of students’ day-to-day. Which fashion student doesn’t want to make endless pilgrimages to the John Paul Gautier exhibition as a part of their studies? Experiencing what is on offer at their doorstep is just the beginning for Holmesglen fashion students. Bachelor of Fashion & VET fashion programs course leader Julie Wright said there is a strong focus on placement opportunities as well as internships and exposure to industry icons and professionals. “Internships on offer include positions at innovative design houses such as Megan Park and Kloke and Kuwaii, as well as in established retail and
wholesale brands such as Target and KMP Fashion – coveted experiences for any budding fashionista,” Ms Wright said. “Students volunteer as dressers at various fashion events such as Melbourne Spring Fashion Week and Curvy Couture to get in the thick of the action. Students also recently worked with costume designer, Marion Boyce, creating costumes for Kate Winslet’s new film, The Dressmaker, due for release later this year.” Local internships are not the only ones snagged by Holmesglen fashion students. With a Holmesglen fashion course, students can choose to go global as early as first or second year. In 2014, students from first and second year worked with designers in New York and Vietnam. Now that’s a global experience. None of this is left to the student either; Holmesglen fully supports students in sourcing international internships, of their own volition, or with currently standing student exchange initiatives. Expanding on international opportunities, a total of 44 design students, eight of them current fashion students, are off to Italy in June to take part in an intensive study tour, where they will be visiting haute couture fashion
houses in Rome and Milan. Holmesglen students will work alongside fashion students from Italy’s premier design schools and attend the Venice Biennale, one of the most prestigious cultural institutions in the world.
and Simone Cipriani from ITC Ethical Fashion Initiative, just to name a few. As a Holmesglen fashion graduate, students’ technical design skills, forged through partnerships with Alvanon and Gerber, stand out in a competitive global industry.
Throughout the duration of a student’s chosen fashion course they get the perfect blend of practice and theory from teachers who are industry practitioners and staff who have international design education experience. With a focus on innovative technical design and engineering, students develop unparalleled expertise in precise sizing and fit.
From a certificate, to degree level qualification, Holmesglen has a career pathway waiting to launch the designers of the future into the fashion industry.
To find out more phone 9654 1602 or email fashion@holmesglen.edu.au
Ms Wright said brand new equipment has been installed in the fashion studio spaces, ensuring that the skills learnt are those that the industry demands. “It is evident right from the first few moments and throughout their chosen course, Holmesglen fashion students are given the opportunity to network with the right people in industry, and possibly even with their future employer,” she said. Notable names on the fashion guestlist include Ed Gribbon from Alvanon, designer Karen Walker, Catherine Manuell from Catherine Manuell Designs WINTER 2015
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3004 ENTERTAINMENT
ALEX THEATRE HOME TO CABARET FESTIVAL The 10-day Melbourne Cabaret Festival is set to take over the Alex Theatre in June. The best and brightest talent will be on show for 30 shows during the festival kicking off with the Opening Gala at Alex Theatre in Fitzroy Street, St Kilda. Sponsored by City of Port Phillip, City of Stonnington and The Ron and Margaret Dobell Foundation, the Melbourne Cabaret Festival showcases well known identities and some never before seen acts from across the country. Mayor Amanda Stevens said the renewed partnership between the
ENTRIES FOR LITERATURE PRIZE NOW OPEN Victorian writers have the chance to win big with entries now open in one of Australia’s most prestigious literature prizes, the Melbourne Prize for Literature 2015. Awards on offer this year include: • The $60,000 Melbourne Prize for Literature 2015, which is awarded to a Victorian published author whose
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body of published work has made an outstanding contribution to Australian literature, as well as to cultural and intellectual life. • The $30,000 Best Writing Award 2015 is awarded for a published work of outstanding clarity, originality and creativity by a Victorian writer. The recipient will also receive Qantas International air travel to the value of $2,500. • The $20,000 Writers Prize 2015 is a new category made available this year to continue the 10th anniversary celebrations of the annual Melbourne
council and the festival means more people will be attracted to the Fitzroy Street area this winter. “This is a great opportunity for many people to see the newly renovated Alex Theatre for the first time and to also experience the wide variety of entertainment offerings along Fitzroy Street,” Cr Stevens said. “Fitzroy Street has a long history with Melbourne’s arts and live music scene and the Melbourne Cabaret Festival will be a welcome addition to the fantastic shows in this great night-time entertainment precinct.” Prize. Entrants of the Writers Prize 2015 must be published authors and submit, by the close of entries, an essay of up to 20,000 words. The essay must include Melbourne, Victoria or Australia as part of its subject. In addition, five finalists will receive $2,000 each. The submitted work will be judged on its literary merit and creative freshness. The 2015 judges comprise some of Australia’s most respected literary identities, including Lisa Dempster, Artistic Director and CEO of the Melbourne Writers’ Festival, Mark Rubbo OAM, Managing Director of Readings,
Festival organisers have given the Alex Theatre’s studio and rehearsal space a makeover, installing cosy cabaret salons to complement cocktail tables, a grand piano and a bar. As well as the Opening Gala, the Alex Theatre will host solo artists as part of the intimate ‘Up Late With...’ series. MELBOURNE CABARET FESTIVAL WHEN: 18-28 June WHERE: Various venues DETAILS: www.melbournecabaret.com
Michael Williams, Director of The Wheeler Centre, and writers Helen Garner and Craig Sherborne. The $6,000 Civic Choice Award 2015 will be presented to one of the finalists, in either category, based on a popular vote. Entry forms are available at www.melbourneprize.org. Entries can be made by the individual artist or by nomination. Entries close on 20 June. The prize supports Melbourne’s status as a UNESCO International City of Literature by demonstrating the importance of literature in the community.
“The festival will exhibit through song and dance our shared humanity. We strongly believe it is our duty to construct a resilient yet respectful society. What better way to do this than by knowing each other’s character and tradition better,” he said.
They may not speak the same language, but they speak through the universal language of art, dance and music.” The IFLC is a free event open to the public.
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644 Elizabeth Street
Chapel Street
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“At the end of this festival, you will see emotional students who have never met each other before embracing each other, representing the world in dialogue.
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Locally the event has been organised by Sirius College which is enthusiastic about promoting awareness and social exchanges in support of mutual respect,
Sirius College Head Principal Serdar Takimoglu said it was a natural fit for Melbourne to host this event.
COST: Free DETAILS: www.iflc.org.au
or
Multicultural Melbourne will host performers from Afghanistan, Albania, Azerbaijan, Bangladesh,
What began in 2003 as a competition in Turkey with 62 students from 17 countries has grown to become an international phenomenon with festivals held this year in nine countries, featuring 2750 students from 150 countries.
friendship and understanding in Australia.
TIME: 7-9:30pm WHERE: Melbourne Convention and Exhibition Centre
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The festival will combine the best traditions of both events as students perform in their traditional dress, dancing and singing in their native language as well as English.
Bosnia & Herzegovina, Brazil, Bulgaria, Kazakhstan, Indonesia, Iraq, Jordan, Kyrgyzstan, Philippines, Romania, South Africa, Taiwan, Tanzania, Thailand and the USA.
WHEN: Sunday 7 June
Ba
IT’S EUROVISION MEETS ROCK EISTEDDFOD THIS MONTH WHEN STUDENTS FROM 19 COUNTRIES DESCEND ON MELBOURNE FOR THE INTERNATIONAL FESTIVAL OF LANGUAGE AND CULTURE (IFLC).
INTERNATIONAL FESTIVAL OF LANGUAGE AND CULTURE
3004 ENTERTAINMENT
MELBOURNE HOSTS INTERNATIONAL STUDENT FESTIVAL
163 Commercial Road South Yarra
WINTER 2015
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3004 ENTERTAINMENT
MARRIAGE
MADE ON STAGE HUSBAND AND WIFE DUO DEONE ZANOTTO AND ADAM FIORENTINO WILL TEAM UP ON STAGE FOR THE FIRST TIME IN 10 YEARS IN THE PRODUCTION COMPANY’S WEST SIDE STORY. “I have got an understanding of how intense it can be. It’s kind of crazy,” Zanotto said.
The couple, who will play Anita and Bernado in the production originally inspired by Shakespeare’s Romeo and Juliet, relish the opportunity to work together once more.
“But it is an honour to work with some of Australia’s best creatives.
Zanotto said they have been fortunate to have had the opportunity to perform together a few times before they married six years ago. “We met on a production of Footloose in Sydney, we also did Leader of the Pack at Star City, and we did Saturday Night Fever together but we have not been on stage together for 10 years,” she said. Fiorentino said that working in the same industry had “always been beneficial in our relationship”.
“West Side Story is such a massively challenging musical and then combine that with the challenge of such a short rehearsal and performance schedule, it’s so fleeting. “The wonderful thing is that when you know you have only got 10 shows you go all out and all work together to give it everything you’ve got. We’re all going into it with such strong passion. “I am looking forward to the baptism of fire.”
“As performers we understand how close we can get to our work and why we can get so short-sighted in our jobs. It’s actually really great as we both get it and understand the travelling and understand why it means so much to each other,” he said.
West Side Story is a poignant, provocative and emotionally powerful piece of theatre, its score features many of legendary composer Leonard Bernstein’s most famous compositions – Maria, America, Somewhere and Tonight. Fiorentino said the production of West Side Story was timely as the storyline was “relatable”.
The couple will be joined on stage by Australia’s Anna O’Byrne playing Maria and Gareth Keegan as Tony.
“It’s about all the same issues we face in society today. There is tension in our country and the struggle in the show is relatable,” he said.
West Side Story is The Production’s Company 50th production. The show has been created by the acclaimed team of director Gale Edwards, musical director Guy Simpson and Jerome Robbins’ choreography will be recreated by Michael Ralph. The Production Company’s shows are always a welcome challenge for the cast, with two weeks’ rehearsal time to perfect their performance before a short run of 10 shows.
Tickets are on sale now.
WEST SIDE STORY WHEN: 10 shows only from 11 July WHERE: State Theatre, Arts Centre Melbourne BOOKINGS: www.theproductioncompany.com.au
St Kilda Road Medical Centre Now With Online Booking System ST KILDA ROAD MEDICAL CENTRE
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BY OZ O’CONNELL
Oh, and the best thing, it’s free.
FEELING SPORTS MAD?
Concierge Manager – St Kilda Road Precinct, 3004
THE GREAT OUTDOORS ... CLOSE ENOUGH TO TOUCH
Soccer fans unite - 2015 International Champions Cup at the MCG
Welcome to our Concierge Communiqué, we hope you find our comments and suggestions valuable to help you enjoy living in Melbourne – ‘the worlds most liveable city’.
The Banff Mountain Film Festival World Tour – Village Crown Cinemas
For the first and possibly only time football enthusiasts get to see Europe’s finest. Real Madrid will join AS Roma and Manchester City in Melbourne. The final match will be Real Madrid v Manchester City, anticipated as one of the largest football matches to be played outside of Europe.
With a touch of old-school charm that one associates with five-star service that a number of selected apartments enjoy within the St Kilda Road precinct.
Experience a mountain adventure without actually being on the mountain, feel the adrenaline while experiencing the most remote areas travelled in the world by accomplished climbers, paddlers, snowboarders and mountaineers, 1-2 June.
Here’s some suggestions to enhance your quality of life in our lovely city.
UNIQUE DINING EXPERIENCE – DEGRAVES STREET, MELBOURNE
FAMILY FUN FOR THE KIDS National Gallery of Victoria – Open House Tromarama for Kids is a wonderful children’s gallery, using everyday household items and bringing them to life in fun and fanciful ways displayed in animated video works.
WINE MATTERS WHO DO YOU THINK YOU ARE? BY GUY SURKIJN a staggering 50% change in what drives wine purchasing decisions.
Ten years ago Constellation Brands ran a comprehensive study about what drives consumer choices when it comes to purchasing wine. In 2004, six categories of wine consumers were identified. Last year the company released an update to their study. So what happened since 2004?
So who do you think you are?
According to the 2014 Project Genome study, there are again six categories of wine purchasers but that is where the similarity ends. Of the six wine drinking profiles, only three remain and three new categories have been created. The categories that have been replaced are: the Satisfied Sipper, the Traditionalist and the Savvy Shopper. This represents
The first new group, the Price Driven customer, believes there is an abundance of good wine on offer without having to spend the big bucks. For 21% of consumers, the price of a bottle of wine is the determining factor. The second new category, the Everyday Loyals, enjoy drinking wine on a regular basis. They know what they like and keep buying their favourite brands. This category represents 20% of all wine drinkers.
La Citta - With smoky mirrors and red chandelier, a warm intimate ambience strikes you as you are seated. Once given the chef’s modern European menu, you just feel welcome. Nick and the team will ensure your needs are met and be sure to try multiple specials of the day.
The third new category, the Engaged Newcomers, totals 12% of wine purchasers. Engaged Newcomers are typically a younger more informed crowd who tend to eat out often as part of their lifestyle and are more inclined to be adventurous. Their behaviour sets new trends for others to follow. At 19%, the Overwhelmed is the largest of the existing categories. Like the Everyday Loyals, Overwhelmed customers prefer to drink what they already know or are familiar with. The difference is, however, they don’t drink wine as regularly and typically do not enjoy the shopping experience. The Image Seekers choose wine as a way of portraying their personal image. While they are happy to try new wines, grape varieties or blends, they seek the credibility of the critics or fashionable trends when making their choices. The younger consumers are typically inclined to opt for sweeter
3004 LIFESTYLE
CONCIERGE COMMUNIQUÉ AT YOUR SERVICE
ST KILDA ROAD COFFEE Bench Coffee House – ‘less is more’ is the mantra at Slater Street Bench, a blank canvas that focuses on the coffee beans at 8/431 St Kilda Road, and sister coffee house at 580 Bench, 580 St Kilda Road, serving Clement Coffee inclusive of rotating single origins, perfect to enjoy and take your mind off the day. We hope this information helps you enjoy your life in Melbourne.
wines. As a group Image Seekers represent 18% of wine drinkers. The last group is the smallest. 10% of wine drinkers are Enthusiasts who seek out interesting and exciting wines and as a result are prepared to spend more. Typically, they are well informed, participate in wine events and share stories about their latest discoveries. Drinking more sophisticated wine is part of their culture. Over the last decade our drinking choices have changed significantly. This can be attributed to a couple of factors: a wider range of wines being offered at all price points and an increase in general knowledge from visiting wineries, reading an abundance of food and wine reviews plus social media. Interestingly, no one consumer profile has become significantly dominant. Banter with your friends over a glass or two and discover who you think you are.
Armstead Estate boutique vineyard on the banks of Lake Eppalock produces handcrafted premium wines.
OUR SPECIALITY IS MEMORABLE FULL-BODIED HEATHCOTE SHIRAZ. EMAIL: info@armsteadestate.com.au WEB: www.armsteadestate.com.au PHONE: 0419 354 926
WINTER 2015
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3004 ENVIRONMENT
3004 NEWS’ ENVIRONMENT COLUMN BY ANITA ROPER
MAKE EVERY DAY EARTH DAY When we think about the recent Earth Day on 22 April we tend to concentrate on the many cities turning out their lights for an hour.
Among the heavy hitters speaking last month was Pope Francis who told the congregation in St Peter’s Square that it is a critical moment to reflect on the spiritual and moral imperative to protect the environment. “The Earth is our environment to protect and the garden to tend to,” he said. However, there’s no need to wait until Earth Day 2016 to take our own actions to protect the environment. Did you know that a family throws away about $1000 of food waste a
year which then goes to expensive and polluting landfills? We can buy only what we need, plan ahead, donate what we don’t eat and compost if possible. Simply thawing frozen food by putting it on the bench saves energy.
produced a helpful Home Idle Load Self Diagnosis and Action Guide showing that in northern Californian household vampires use 23 per cent of electricity consumption. Read about it here www. ndrc.org/energy/home-idle-load.asp
Hot water heating accounts for 90 per cent of washing machine energy use - only 10 per cent is used by the washer motor. Most of us can do our laundry effectively using cold water and cold water detergents. Particularly on full loads the saving is $100 plus a year. Under the Victorian Water Rebate Program there is also assistance towards purchasing a more efficient machine – 5-Star water; 4-Star energy. This and other water savings, including $50 towards an audit can be found at www.delwp@vic.gov.au/water
We can detox our homes and increase our recycling. At the supermarket or hardware store look and ask for environmentally friendly cleaning agents. E-cycle your electronic waste – old TV, computer, printer, and phone – after getting rid of your data.
While I’ve previously mentioned energy savings using the VEET scheme I’ve not mentioned what we waste through ‘vampire’ energy – the ‘always on’ energy use by inactive appliances. An example is your phone charger which is drawing power even when the phone is in your pocket or bag. The US National Resource Defence Council has
The Sustainability Victoria website has lists of councils which help with the disposal of paints, toxic household chemicals, fluorescent tubes and CFLs, often with special collection arrangements. Only 3 per cent of batteries are recycled, the rest going to landfill and Batteryback (phone 1300 363 744) has locations in most metropolitan and major regional centres. Make every day an earth day. Until next time,
ANITA ROPER
INSIGHTS FROM THE WORLD’S LEADING INVESTOR BY NATHAN LEAR
It would be remiss of me not to mention Buffet’s lesser known investment partner and right-hand man, Charlie Munger. Buffet and Munger have together built Berkshire Hathaway from the ground up into the $358 billion juggernaut it is today.
Berkshire Hathaway is a holding company owning subsidiaries engaged in a number of diverse business activities. The company was founded by the world’s most successful and wealthy investor, Warren Buffet. Buffet is recognised as the ‘Oracle of Omaha’, with his investment philosophy based on value investing, a philosophy that at Hewison Private Wealth we believe in strongly.
Berkshire Hathaway’s AGM is like no other. It is often referred to as Woodstock for capitalists. Arguably, there is nowhere else in the world where you will see more than 20,000 people converge into a basketball stadium to hear two elderly men (Buffet, 84 and Munger, 91) field un-vetted questions from the audience.
• Buffet is unafraid to admit mistakes: He openly admits that he has been wrong about inflation in the United States. He previously believed the United States would have a huge inflation problem by now. However, at present, interest rates have not moved like he thought they would. With that said, he did not make investment decisions at Berkshire on the basis of this macro situation, so it means little to him.
Despite their age, both men have incredibly sharp minds, and in Mr Munger’s case, a sharp tongue. We hung on their every word.
• Control your emotions: “Investing is an easy game if you can control your emotions,” Buffet said.
Here are our key insights from Buffet and Munger.
• Take care with cash: There is nothing wrong with holding cash. Don’t always be too hasty to spend it. If the opportunity is not there, do not make it up. Berkshire Hathaway currently has US$60b in cash, and the company is happy to wait for suitable investment opportunities.
Value investing assumes that markets are not always efficient. Therefore, opportunities exist to research and purchase companies that are being undervalued by the market.
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We prefer to keep swimming and let the tide take care of itself.”
On Saturday 2 May, the Hewison Private Wealth partners, advisers and I attended the Berkshire Hathaway annual shareholders meeting and annual general meeting (AGM) in Omaha, Nebraska, United States.
Berkshire Hathaway has significant positions in many large US listed companies. Its top four holdings are Wells Fargo, Coca Cola, American Express and IBM. In addition, many of Berkshire Hathaway’s other holdings are not widely recognised household names including; Clayton Homes, GEICO, See’s Candies and Fruit of the Loom.
• Be wary of macro-economic ‘trends’: When it comes to long-term, value investing, Buffet pays little attention to macro-economic trends or conditions. He is the first to admit that he cannot control them, nor can he predict them, so why try? In the words of Munger: “We don’t try to outguess economic conditions.
• Buy when others are selling: Mr Buffet is well known for many famous statements regarding investing. Throughout the meeting, he reiterated
this one in particular: “Be fearful when others are greedy and be greedy when others are fearful.” This essentially means that when others are buying, perhaps you should be selling, and vice-versa. • Long-term investing is key: Buffet strongly believes that when you buy a good performing and undervalued company, you must put it in the top draw and not look at it for 10 years. In other words, ignore its short-term performance and share price. At 84 years young, Buffet has no plans to slow down, or god forbid – retire. The experience was an inspiring career opportunity for myself, the partners and advisers of Hewison Private Wealth. We have always been long-term, value investors, and following the Berkshire Hathaway AGM, we have even more faith in the investment philosophy.
Nathan Lear is a Private Client Advisor at Hewison Private Wealth www.hewison.com.au
GOOD GOVERNMENT DEBT vs BAD Australian politicians are fearful of too much debt. Thanks to the ongoing impact of the Global Financial Crisis of 2008-09, voters rightly turn against governments perceived as fiscally irresponsible. Unfortunately, this new-found love of budgetary conservatism is hampering vitally needed investment in infrastructure. State and federal budgets are funny things. Rather than separate expenditure on expenses from that devoted to new assets, as companies do, all money spent is lumped into one total. This figure is then compared to the sum raised from taxation, charges and asset sales to produce the magical surplus or deficit. Right now most Australian state and federal governments can borrow very
cheaply. Thanks to the policy of moneyprinting used by central banks around the world, triple-A rated administrations pay just a few per cent in interest per annum on multi-billion dollar sums. And such sums can be put to work building the roads, ports, airports and schools our expanding population demands. What we need to do in government budgets is separate spending on recurrent items (like bureaucrats’ salaries) from one-off infrastructure projects. Anyone responsible for a household budget knows that going into debt for the purchase of new clothes, restaurant meals and overseas trips is generally a silly idea. In contrast, however, using the bank’s money to buy an appreciating asset
3004 FINANCE
TOM ELLIOTT WRITES...
like a house makes a great deal of financial sense. The same logic applies to all state and federal governments. Every budget produced by a responsible treasurer should ensure that recurrent spending is covered by annual tax receipts. To do otherwise results in unsustainable deficits of the type to which we’ve become all too familiar. But where productive infrastructure projects are crying out for funds, cheap debt should not be feared. After all, a second major crossing across the Yarra River is bound to return a great deal more than four or five percent per annum.
Tune in and listen to Tom between 3-6pm weekdays on 3AW’s Drive.
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3004 HEALTH
FIGHT COLDS AND FLU WITH FIVE FLAVOURSOME FOODS WE’VE BEGUN RUGGING UP BUT WINTER HAS WELL AND TRULY GOT ITS COLD MITTS ON US. With more than 200 different viruses responsible for infecting us with a cold every year, it can be difficult to avoid falling victim to its nastiness.
actively fight the symptoms of viruses and promote a healthy immune system, plus they are delicious so they’re guaranteed to liven up those cold nights,” she said.
Usana supplements scientist Sheila Zhou said the key to staying healthy during the winter months largely lies in the foods consumed. “There are a number of foods full of rich vitamins and minerals that
Ms Zhou shares five foods that will help you keep the common cold at bay this year: 1. HONEY. There’s a reason Winnie the Pooh loves this sweet treat so much.
not just band-aid solutions Benefit from our years of experience & knowledge for your long-term health and well being. Our philosophy is simple. We provide ‘Quality and Care’ to ensure our customers receive the best healthcare advice with value for money and reputable medical products. We are dedicated to providing professional pharmaceutical advice… our finger is always on the pulse for your good health..
Pharmacy 517 517 St Kilda Rd (Corner Commercial Rd) P 9866 4892 • F 9866 2133
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Monday – Friday 8.30am – 6.30pm Saturday by appoinment Email pharmacy.517@nunet.com.au
• Self-Care Health Information • Prescription (Rx) • Vitamins • Passport Photos • Photocopy & Fax
At Pharmacy 517, we don’t have customers, we have friends. It’s how we connect with our friends that allows us to make a difference in their lives.
Research has found that honey is much more than just a sweet treat prized by hungry bears. Honey is not only great for the skin; it is also full of a special protein called defensin. This protein actively breaks down bacteria and strengthens the body, so whether it’s on porridge or in your tea, make sure you use honey to sweeten up your winter. 2. SALMON. From the depths of the ocean to the bench of the kitchen, salmon is full of beneficial omega 3 essential fatty acids. These oils have been found to reduce the production of prostaglandins 2-series, compounds in the body that can worsen inflammation. Salmon is also a major source of Vitamin D, which promotes the activation of cells within the body that maintain the immune system. 3. DARK CHOCOLATE. A pesky cough is one of the most persistent and annoying
things about developing a cold. While it may seem like an unlikely saviour, the regular consumption of dark chocolate may help alleviate these symptoms. Research has shown that Theobromine, a derivative of cocoa, reduces the intensity and length of coughing. So whether it is melted in a fondue or baked in a cake, unsweetened dark chocolate lets you indulge while staying healthy during the cooler months. 4. CITRUS FRUITS. Oranges, lemons, or mandarins, all citrus fruits are important sources of Vitamin C, which is vital in maintaining strong bones, muscles and blood vessels. Vitamin C is also a key ingredient in supporting a healthy immune system which means your body is able to eliminate the threat of a virus before it strikes. 5. CHICKEN SOUP. No matter how hard you try, sometimes it’s impossible to beat a classic. Chicken soup is often the first food people turn to when they start experiencing signs of a cold. However, chicken soup is also a beneficial meal for people who want to make sure they escape the clutches of a pesky cold. These hearty meals are full of fluids that keep you hydrated and prevent the more severe symptoms of a cold from developing.
THE SECRET GARDEN BY DR WILLIAM SO The Secret Garden is a classic childrens novel written in 1911 in which Mary found a secret garden inside a big house. We all, unknowingly, have our own ‘secret garden’. It is called Human Flora. While our blood, brain and muscle are free of microorganisms, our skin and mucous membranes, are colonized by about 700 various microbial species. In fact, we are home to 100 trillion bacteria in our body (bare in mind the world’s human population is 7 billion), most of them living in our large and small intestine, the others in our mouth, nose, eyes, skin and vagina. However, our modern lifestyle of eating processed food, use of antibiotics, antibacterial
skin wash and the practice of Caesarean sections all leads to a loss of microbial biodiversity. In April 2015, Science Advances published a research article titled ‘The microbiome of uncontacted Amerindians’. Scientists collected faecal, oral and skin samples from an isolated Yanomami Amerindian village. These Yanomami have been isolated for more than 11,000 years since their ancestors arrived in Venezuela and have no previous contact with Western people. The Yanomami were found to harbor a microbiome with the highest diversity ever reported in a human group. In fact, twice as much than the Western Americans and 40-50% more than other indigenous groups in South America and Africa. So, if an American gut resembles a suburban house garden, a Yanomami gut is a tropical jungle! Dear Reader, what about your Secret Garden?
3004 HEALTH
ASK DR JOHN Q: HI DR JOHN, I HAVE A SEVERE DENTAL PHOBIA FROM A TRAUMATIC CHILDHOOD EXPERIENCE AND I HAVEN’T BEEN TO THE DENTIST IN MORE THAN 20 YEARS. I’VE HEARD ABOUT YOUR DENTAL SPA, HOWEVER, I’M STILL TOO NERVOUS TO MAKE AN APPOINTMENT. IS THIS NORMAL? THANK YOU FOR TAKING THE STEP TO CONTACT US AND PLEASE LET ME ASSURE YOU THAT YOU’RE NOT ALONE. ONE IN FOUR PEOPLE DREAD VISITING THEIR DENTIST SO THIS IS DEFINITELY NORMAL. Our relaxation spa caters to nervous patients like you and welcomes you with beautiful aromas and soothing
music. Above all, we take the time to make you feel comfortable and ‘in control’ of your treatment. Some of the things that we do to help you overcome this phobia are offering you a relaxing, and non-threatening environment. We listen, care and offer genuine support.Some of the techniques we use are relaxation appointments with your choice of music and movies to help keep your mind focussed on the things you enjoy, a meditation zone with a massage chair, and private treatment suites.
Keep in mind that dentistry has evolved over the years and there are different methods and treatment options available to you to make you feel more at ease. Our dentists can provide you with a variety of options to relax, such as Nitrous Oxide or ‘laughing gas’ or Oral Conscious Sedation; and Sedation Dentistry. The first step would be to make an appointment with our Smile Angels who can provide a complimentary information session to discuss your treatment options.
We look forward to helping you achieve the smile of your dreams. Dr John Hagiliassis is the principal dentist at Freedom Dental Spa, a long-standing dental practice serving the city of Port Phillip and Melbourne for more than 30 years and offers high quality dentistry and six-star service in a relaxing spa like environment. To ask your dental question to Dr John, email info@freedomdental.com.au with Ask Dr John in the subject.
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3004 PROPERTY
DOMAIN FIT FOR A QUEEN
A PRIME NEW RESIDENTIAL ADDRESS WITH SOME OF THE BEST VIEWS IN TOWN IS NOW ON THE MARKET. Queens Domain, a contemporary piece of architecture, at 12 Queens Road will offer residents a truly magnificent lifestyle directly opposite Albert Park Golf Course and Albert Park Lake. Queens Domain, managed by PDA Australia for property developer, Kangoala, is conveniently close to the CBD, St Kilda Beach, Albert Park Village and the Royal Botanic Gardens. This prized location will provide commanding views over 230 hectares of lush green parkland, vividly framing
Albert Park’s sparkling blue lake and Port Phillip Bay’s vast horizon. Configured over 20 levels and comprising 238, one, two and three-bedroom generous sized apartments, Queens Domain will have 252 car parks as well as two large luxury penthouses shelled for a custom fit out. Inspired by resort living, residents will also enjoy a secluded rooftop garden, pool, gymnasium, a communal lounge, dining room and outdoor seating amid a paved landscaped entry inspired by Copacabana beach.
CHANGE OF PACE IN FITZROY STREET
Designed by DKO Architecture, Queens Domain has been carefully considered to maximise its distinctive location to offer incredible views from every apartment. DKO principal Koos de Keijzer said the development is an exciting addition to the precinct’s architecture. “The neighbouring Stanhill and Newborn Flats are traditional and functionalist buildings with sweeping open balconies and fine glass detailing,” he said. “Queens Domain takes up the next thread in this story reinterpreting existing elements,
while showcasing the design and construction techniques of our time.” Striking sculptural balconies will add a ‘soft touch’ facade to the building with a curvilinear membrane that arches upwards and accentuates the corners of the façade, creating an impression of skyward movement. And once a year, residents will have the best seats in the house to view the Formula 1 Australian Grand Prix, be it from the rooftop garden or from the comfort of their private balcony.
INPUT INTO FISHERMANS BEND RENEWAL REVIEW THE COMMUNITY WILL HAVE FAR GREATER INVOLVEMENT IN AUSTRALIA’S BIGGEST URBAN RENEWAL PROJECT FOLLOWING THE ANNOUNCEMENT OF THE STATE GOVERNMENT’S FISHERMANS BEND REVIEW.
The Fitzroy Street skyline is set to welcome an impressive new addition.
on Art Deco seaside influences, while maximising floor templates and views.
Pace Development Group has revealed plans for a significant residential development at 181 Fitzroy Street.
On level 9, the $4.8m penthouse has already been snapped up by an astute local buyer.
Standing 10 storeys and incorporating 160 spacious apartments, 181 Fitzroy Street will be a mix of large one, two and three bedroom apartments.
SJB Architects conceived a ‘fine grained’ contemporary building façade, which draws
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Designed to gracefully recede from the street, levels 1-6 will reach out to the property’s boundary, while levels 8 and 9 will be set back to take full advantage of the spectacular and unparalleled views.
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However, level 10 is where the magic is. It boasts an infinity edge pool, a pool with some of the best views in Melbourne. This exclusive rooftop deck, just beneath the building’s crown, is where residents will relax and enjoy the exclusive recreational facilities. 181 Fitzroy Street is directly opposite the Junction Oval with sweeping views across Albert Park Lake parkland down to Port Phillip Bay and across to Melbourne’s CBD cityscape.
Port Phillip Council Mayor Amanda Stevens welcomed the move after consistently advocating for greater community input into the Finshermans Bend renewal project. “This is a fresh start for our community, who have rightly wanted to have their say about how to give the Fishermans Bend Urban Renewal Area the best possible chance of success,” Cr Stevens said. “Council has consistently advocated for more community involvement, stronger height controls and a focus on planning for early delivery of community open space and transport infrastructure. The State Government’s review, announced today, ticks these boxes and shows they have listened to the concerns of the council and our community.”
COMMUNITY FORUM Nineteen local representatives have been appointed to the Fishermans Bend Community Forum, which will include input from local residents and organisations. The forum, which will initially run for two years, is not a decision-making body, but will be used to inform Port Phillip Council of the community’s views by drawing on the expertise knowledge of local residents and organisations. Groups taking part in the forum include Albert Park College, Beacon Cove Neighbourhood Association, Community Alliance Port Phillip, unChain Inc, Inner South Community Health and Multicultural Arts Victoria.
3004 MOTORING
MOTORING REVIEW BY PAUL MARIC AUDI TT
Tasmania was chosen as the launch location thanks to its stunning scenery and more importantly, incredible roads. Launched with one drivetrain, two gearboxes and the option of either a front-wheel drive or all-wheel drive, the TT Coupe range starts from $71,950 and runs all the way through to $85,450 before options and on road costs. The revised Audi TT is a minor style revision over the outgoing secondgeneration model, which is a good thing. New headlights and taillights help differentiate the third generation from the outgoing second generation TT. It’s inside the cabin that Audi has really excelled. The interior has taken
WITH 20 YEARS PASSING SINCE THE ORIGINAL REVEAL OF THE AUDI TT CONCEPT, AUDI HAS LAUNCHED ITS LATEST TT COUPE — THE THIRD GENERATION — IN IDYLLIC TASMANIA.
on a futuristic design with spaceage technology designed to improve driveability and functionality. Gone are the analogue speed and rev gauges, replaced instead with a large 12.3-inch colour screen that integrates speed, engine revs, navigation and multimedia. The highresolution screen is incredibly quick and responsive, controlled via a knob in the centre of the cabin. Under the bonnet, Audi has managed to extract extra power from the sporty TT Coupe. The entry-level 2.0-litre four-cylinder turbocharged engine can be mated to either front-wheel or all-wheel drive. Additionally, drivers can option either a six-speed manual gearbox or a six-speed dual-clutch automatic gearbox.
Fuel consumption is great, ranging from 5.9L/100km for the front-wheel drive six-speed manual to 6.4L/100km for the all-wheel drive six-speed dualclutch automatic. Likewise, 0-100km/h times range from 6.0-seconds for the entry-level manual front-wheel drive to an impressive 5.3-seconds for the all-wheel drive dual-clutch automatic. The extremely direct steering feels great in hand and inspires confidence. The turbocharged engine offers impressive feedback and is razor sharp. In automatic models, there is also a cracking pop during up shifts and down shifts, which adds to the excitement behind the wheel. The all-new Audi TT Coupe is a sensational way to bring in a third generation of Audi’s pint-sized sports
car. The new interior and highresolution infotainment screen leaves buyers with the latest and greatest in car technology. This, coupled with a sensational drivetrain means the new Audi TT Coupe is a great option for those after a sporty drive without the inconvenience of little practicality. Paul Maric is a Melbourne-based, independent motoring journalist and mechanical engineer.
VISIT: www.paul.maric.id.au FOLLOW PAUL ON TWITTER: @PaulMaric
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Quality Garden & Balcony DĂŠcor
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