REVIEW the ECONOMICS AND FINANCE SOCIETY
ISSUE 2 | OCTOBER 2015
we hear from
we look back at
see the latest from
Members Alumni Industry Faculty
Fastrack 2015 Women in Business Trivia Night Social Club
CPA EY Finsia CAANZ
In this issue President’s Report Mitchell Goodall
3
From the Faculty
24
The Take Jackson Barton
6
Feature Interview: Fonebox Maxwell Nee
26
24 Hour Life in Hong Kong CAANZ
8
Literacy is an Issue for Poor People, Right? Clare Payne
30
The Great Greek Tradegy Jackson Barton
10
Event in Focus: Women in Business
33 36
Leadership Track: Valerie Biggs CPA Australia
12
A Day at Creative3 Sean Melis
40
Why I’m Learning Chinese Liam Dillon
14
A Guide to Corporate Fashion Cabal & Co
42
Musings from The Spear
16
Market Watch Scott Vanderwolf
Innovation at Last Finsia
18
Being Super-Savvy Vince Scully
48
Event in Focus: Fastrack 2015
19
Our Corporate Partners
52
Welcome back to the conversation
Stay Connected
QUTEFS Publications Team Mitchell Goodall Jackson Barton
@qutefs
COVER AND CONTENTS PHOTOS Chisomo Phiri
@qutefs
/qutefs
PRESIDENT REPORT
Mitchell Goodall
President QUT Economics and Finance Society It is with great excitement that I welcome you back to the second edition of the QUTEFS Review. This publication is a brand new initiative for the QUT Economics and Finance Society and I am thrilled to see how much it has grown in a few short months. Our first edition, which launched in April of this year, was read more than 600 times and established the QUTEFS Review has a flagship offering of the society. I joined QUTEFS in 2013 as Communications Officer and took on the role of Secretary in 2014. Throughout this period, I have gained valuable networks, made lifelong friends and thoroughly enjoyed my University life at QUT. I am honoured to now be leading the society alongside our fantastic 2016 Executive Committee. This is a team that has already displayed a strong work ethic and vision for QUTEFS’ future. I’d like to formally announce the new executive as: Ryan Nolan – Vice President Cody Shield – Treasurer Jeseyka Kelly O’Brien – Secretary Yu Le Yeap – Communities Director Sophie-Louise Rae – Marketing Director Zachary Brown – Events and Projects Director Jackson Barton – Publications Director Chizzie Phiri – Director of Design Willow O’Hara – IT Director Sam Elderfield – Corporate Partner Relations Tom Cochran – Corporate Partner Relations Andjela Macura – Communications Officer Tanish Gupta – Events and Projects Officer Nicholas McCray – Events and Projects Officer I’d like to thank them all for their efforts thus far and congratulate them on their new positions in 2016.
I’d also like to thank each and every one of the 2015 Executive Committee for making this past year such a great one for QUTEFS. I have had the time of my life working alongside you and I wish you all the very best in your new pursuits. I’d especially like to thank Lance Masina and Sheridan Eccleston as outgoing President and Vice President respectively. You have both been the heart and soul of QUTEFS for many years and your passion shone through last year at the helm. I cannot thank you enough for your support, inspiration and friendship. You have left a lasting legacy for the society that you should be very proud of. QUTEFS aims to bridge the gap between University and post-graduate employment. We achieve this aim by developing the most innovative and engaging events for our members and by seeking the support of leading employers in economics and finance. We have set some ambitious goals for 2016 that all aim to place greater emphasis on diversity, innovation, and community mindedness. We want to increase the representation of corporate partnerships for our members; focus on specific opportunities for our female members; be more heavily involved in social justice and community projects; and strike a balance between innovative corporate events and opportunities to support our socially active members. I am excited to see you all at O-Week 2016 and hope that you renew your membership to take advantage of an unbeatable University experience with QUTEFS. Welcome back to the conversation.
Review | October 2015 | 3
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THE TAKE by
Jackson Barton
THE TAKE
Jackson Barton
Publications Director QUT Economics and Finance Society Welcome to our long-awaited edition two of our faculty based economics and finance publication, the QUTEFS Review. We have a new executive here at the QUT Economics and Finance Society, and with that, I’d like to thank the QUTEFS members of the for electing me as their Publications Director for 2016 – the QUTEFS Review is just the start of some brilliant plans we’re formulating into next year. It’s been an interesting year for both the economics and finance communities – not just here at QUT, but around the world. China faltered, the US added jobs, Australia lost a treasurer, Europe nearly fell apart and New Zealand’s high roll continued – it’s made for some amazing viewing and indeed some amazing commentary, but The Review intends to cut through the noise to provide a clean, critical conversation of not just the issues, but the people and their stories on a macro and micro level.
The global economy is experiencing difficulties, exciting difficulties nonetheless, and we as engaged students, academics and young professionals alike are at the very heart these great changes – we can all play a part in the wider dialogue. We’ve engaged with our students, bloggers, academics, and our business and corporate partners in order to provide some of the most professional content we possibly could. I trust you will enjoy this latest edition of our publication and will continue engage within the QUTEFS and amongst the wider economics and finance discussion as a whole.
We want to involve our members in every facet of QUTEFS journey in 2016 and I invite you all to be a part of the conversation; this unique dialogue cemented both in our publication and indeed the society as a whole in which we can all express our thoughts and ideas – this is something we feel is hugely important.
If you would like to have your voice heard within the society or the publication, feel free to contact me at publications@qutefs.org.
The world is currently experiencing tumult and dynamism. The dynamic combination of high level politicking, and economics and finance permeates into our daily lives through not only complex multinational interactions but through simple, mundane tasks and routines we each experience everyday. Whether it be Barack Obama’s TPP, Andrew Robb’s ChAFTA, the financial and stock market tensions throughout the Asia-Pacific, central bank manoeuvres in China or the US, or indeed the political developments we’re seeing not only in the Liberal party room in Australia, but throughout recent developments in Canada and North America also, there is no doubt the modern, interconnected world we live in is a
Welcome back to the conversation.
Keep an eye out for more exciting publications-related projects from QUTEFS in the coming months.
Review | October 2015 | 6
24 HOUR LIFE IN HONG KONG A Brand Ambassador Story by CAANZ
Darren Chan CA is a financial controller for CSL Limited in Hong Kong. He sat down to tell us about his career to date and how being a Chartered Accountant has got him to where he is today. Q: What does your job as a Financial Controller involve?
SPONSOR ARTICLE having that background has helped me face a lot of these conflicts with a lot more confidence. Q: What’s your career highlights so far?
D: Part of it is looking after the financial side of the business, and the other part is really commercial. I partner with the business to ensure they make the best commercial and financial decisions to reach what the company’s targets are.
One of my career highlights has definitely been moving overseas. Before you actually move over, you don’t really know what to expect until you actually get there and experience it.
Q: What is a typical day like?
Q: Tell us a bit about your life outside of work
D: There is actually no day that’s the same. You could be faced with a new problem at the start of every day, and it’s up to you to take that on.
D: Especially working in Asia, work is quite demanding, so it’s very important to have a life outside work. I keep a good network of friends here, but also a big focus on sport. Coming from Australia, I started playing basketball at a young age - four years old - and I’m happy to say that I still play competitively.
Q: How did you get to where you are today? D: After completing four years in Melbourne with Deloitte, and completing the Chartered Accounting program, I came to Hong Kong. I didn’t have a job lined up, just showed up and I thought I’d test my luck. I got my first role with the Walt Disney Company as a financial analyst. In the three years I spent with them, I learnt a lot about the commercial aspects of Finance and how that works within the business. After that, I worked in more of an entrepreneurial environment with Integrated Hospitality Management. I then landed with the Financial Controller role with CSL. Q: How did being a Chartered Accountant help you get to where you are? D: By enabling me to have an open mind and equip me with many tools on both the soft and the technical skill side. It’s made me able to take on all the challenges that I face day to day. Working in Asia you come across a lot of different issues that you may not come across back in Australia. Some of these problems are international. They’re involving many different regions and many different countries and also many different cultures and people. Being a Chartered Accountant and
Q: Summarise what it means to you to be a Chartered Accountant: D: A Chartered Accountant is basically a trusted business adviser who works with companies to help them achieve their goals. The skill sets that you learn can be applied to many, many different things which means that your options later down the career track are infinite. Through being a Chartered Accountant, I’ve had the opportunity to work with many great companies. Q: What are your tips for success? D: I think keeping an open mind is very important. Also soaking in everything you see and everything you learn, because all the knowledge that you gain is like an investment, it’ll come back and help you out one day. Don’t be afraid to be uncomfortable. I think that’s where you’ll really learn the most of yourself and develop. To find out more about how to become a CA and gain this globally accredited and respected accounting qualification, visit www.charteredaccountantsanz.com/program.
Review | October 2015 | 8
THE GREAT GREEK TRAGedy an editorial piece by Jackson Barton
I have mixed feelings for the future of the Hellenic Republic, but I also have concerns for the Eurozone and the cherished common currency in where all mainstream leaders would go to great lengths to defend.
low interest rates and shameful trade balances, Greece’s calling had finally come and the Syriza Party was not up to the job. Enter stage left, Yanis Varoufakis, dual Greek-Australian citizen, full-time academic and self-confessed radical Marxist. He was Greece’s new Minister of Finance, and boy, the party was only just warming up.
It’s hard to predict what the future has in store, but to paraphrase Australian former Prime Minister Tony Abbott, Greece and indeed the Eurozone have just suffered a ‘near death experience’. The question is now whether or not the embattled economy, or the economic union Fast forward to the end of June this itself, can hold firm and bounce back year, and the cliff had finally arrived. After over the long term. months of fruitless negotiations with the ‘troika’ of creditors, being the European When Greece’s far left Syriza Party was Central Bank, European Commission elected at the beginning of the year and the International Monetary Fund, it was made clear to Europe what Prime Greece had been suffering great diffiMinister Alexis Tsipras’ intentions actu- culty in paying pensions, public sector ally were – in short, steer Greece away wages, intermittent power blackouts in from an impending debt disaster which all state-owned buildings throughout the the embattled economy was staring country and virtual insolvency of Greek down. banks – but D-Day was here, and as the Greek coffers were sucked dry by TsipAfter years of corrupt administrations, ras’ administration in a desperate atcheap, high quality capital... tempt to pay every bill possible.
The country simply didn’t have the cash left to fulfill their payment to the IMF – history was therefore made; Greece was the first developed nation in the IMF’s long history to default on a debt payment. Worrying signs for Europe? It would appear so. However, ECB Governor Mario Draghi is of the firm belief that the necessary structural reforms and quantitative measures have been taken in order to avoid what has been coined the ‘Greek contagion’ spreading like a disease across Europe’s weakened financial markets. But that’s beside the point – Greece has defaulted on a hugely important payment, and the worst was yet to come. Draghi mobilised his numbers quickly, calling an emergency meeting of the Board of Governors of the European Central Bank in Frankfurt, and European Council President, Donald Tusk assured all Europeans that the European Union would be moving incredibly quickly. Enter Jeroen Dijsselbloem, savvy, young operator of the Dutch Labour Party, President of the Eurogroup (the board governing the Euro currency within the Eurozone) and President of the European Stability Mechanism bailout Program. Dijsselbloem would prove to be absolutely fundamental in negotiating a new deal for Greece, essentially attempting to appease all sovereign leaders throughout the EU and make sure that Finance Ministers were more than willing to fork out more tax dollars to keep the great European Project alive. With the banks closed, capital controls were introduced and the ECB’s emergency liquidity assistance funding program was cut immediately after the default. Greek banks had a matter of days left before all deposits were to dry up. Negotiations became tense over the following weeks and after a continuous 17-hour long negotiation between Eurogroup and European Union leaders, Tsipras had a new ESM deal which would secure Greece’s spot in the common currency. After intense bickering between German Finance Minister Wolfgang Schauble, Italian Prime Minister Matteo Renzi, ECB Governor Draghi, and French President Hollande over the sovereignty and dignity of Greece’s finances and their place in the Eurozone, European Council President Donald Tusk and European Commission President Jean-Claude Juncker were relieved to announce that a common position had been reached.
EDITORIAL
Days later, Mr Varoufakis resigned, and with opposition support, the Greek Parliament passed a new package of European austerity measures for Greece. Personally, I have always believed that Greece was in the wrong on their debt. Corrupt administrations, overly generous pensions, inflated public sector and poor tax collection plauged the domestic economy. However, what we’ve seen from Greece’s European allies over the past few weeks and throughout the final negotiations, is that in fact these nations’ priorities lie not in helping Greece to stay in the common currency and to keep the European dream alive, but instead to accumulate political capital by enforcing populist, nationalist domestic agendas on Greece from their creditors. This was clearly demonstrated when Mr Draghi and Mr Renzi lambasted Mr Schauble for shaming the Greek people time and time again on their finances. I’m very much a pro-European and I feel this deal is what is right for Greece in the long-term, I just truly wish that the creditors took a more pragmatic, supportive approach in order to do what is best for the Greek economy and the Greek people, as opposed to merely resorting to basic political expediency over what should be inclusive, pro-European economic rationalism. We now have a new Tsipras administration, sans Yanis Varoufakis. I live in hope that with the new ESM bailout agreement reached, along with renewed sentiments from European leaders, Tsipras will be able to enact the necessary reforms to enable Greece to once again prsoper within Europe. written by Jackson Barton QUTEFS Publications Director Review | October 2015 | 10
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LEADERSHIP TRACK Valerie Biggs CPA
Valerie Biggs CPA has two career passions: working in the banking industry and helping other professionals achieve their goals. She was also recently appointed as a CPA Australia representative councillor, responsible for appointing the body’s board of directors. Valerie started her career as an accountant at SalesForce after finishing a bachelor of commerce, accounting and commercial law at the University of Sydney. But Valerie was soon drawn to the banking industry. “With my previous role, I wasn’t involved in the decision-making process; I only recorded what had happened. I wanted to be part of the decision-making process. In banking, I get to be one of the customers’ trusted advisers. It is very rewarding when you are involved in your customers’ growth.” In 2011, she successfully applied for a business banking associate position at NAB in Melbourne. Four years on, she is a business banking manager there. Valerie says every day at NAB brings new challenges and opportunities to learn. “My portfolio of customers at NAB is very diverse and I get to work with all types of industries. I have property development, trading businesses, manufacturing and wholesaling customers. Not a single day of my job is the same.” Valerie says one of her biggest career achievements was being awarded the CPA designation in 2008.
“The day I was able to put the three letters ‘CPA’ next to my name was one of my happiest moments because it felt like my hard work and discipline had paid off.” She says the knowledge and practical experience gathered along the way gave her confidence that she could do her job successfully. Upon completion, Valerie discovered she suddenly had extra time on her hands. She decided to take up volunteering. Three years later, in 2013, she became chairperson of the Victorian Women’s CPA Network. “Through my involvement in the committee, I have got to meet a lot of successful and interesting people who I am continuously learning from. It has also opened doors for me and expanded my skills. Just recently, I was on a panel of three speakers for CPA Australia’s International Women’s Day celebration.” Valerie believes in three key tips to help support a successful career in economics and finance: 1. 2. 3.
Believe in yourself and your ability Be positive and when you see a problem, think outside the box for a solution Always have a plan: without one, you’re planning to fail
You can read more Leadership Track stories with The Naked CEO at: www.thenakedceo.com
Review | October 2015 | 12
Why I’m Learning Chinese: A Member's View on Embracing the Asian Century written by Liam Dillion
For Australian businesses, one of the biggest impediments to realising the Asian opportunity is a lack of understandng about Asian capabilities.
by 2020 and to 4.9 billion by 2030, with the bulk of this growth coming from Asia. By 2030, it is estimated that Asia will represent 66% of the global middle-class population and 59% of midSo found a survey conducted by the dle-class consumption, compared to Diversity Council of Australia, due to be 28% and 23% respectively in 2009. released this coming Monday at a conference hosted by law firm Norton Rose These statistics go some way to demonFulbright. strating the disparity between the opportunities inherent in Asian markets and The study found that of those surveyed, Australia’s preparedness to embrace only 5% of workers are fluent in an Asian these and capitalise upon them. Indeed, language, with around two thirds of all in large part, it was these trends which workers being found to have little to no encouraged me to take the plunge in knowledge of how to manage in Asian pursuing study of Mandarin and Chinese business contexts. This is despite esti- culture. mates provided by the OECD forecasting that the size of the “global middle class” will increase to 3.2 billion
Among Australian millennials, the decision to pursue Asian literacy, while increasing steadily, is often still met with looks of incredulity.
MEMBER Article
However, for me, the allure of the dynamic, multi-faceted Chinese culture, coupled with the business opportunities it offers proved to be too compelling to ignore. In learning Mandarin, I have correspondingly learnt much about the different way in which the Chinese view the world around them, and the etymological drivers behind these perspectives. The process of learning Mandarin has been equal parts frustration and rewarding satisfaction, and is an experience I would highly recommend to any with an interest in Chinese culture. While my journey to fluency continues to be something of an ongoing battle, my hope is to leverage my time abroad on an upcoming exchange to Zhejiang University to continue to explore this incredibly diverse and awe-inspiring culture.
As the Diversity Council of Australia stresses, the time is upon us to invest in our economic security and become Asia literate. The corollary message for students and future leaders, then, is that to remain relevant, there is no choice but to embrace the Asian Century. written by Liam Dillon QUTEFS Member | Bachelor of Business (International Business)/Bachelor of Laws.
One in 58 Australian jobs are sustained by direct export activities with China In terms of the business landscape, despite only 9% of Australian businesses operating within Asia, 2011’s Australia China Trade Report found that approximately one in 58 Australian jobs are sustained by direct export activities with China, thereby demonstrating our country’s uniquely dependent relationship with the Asian superpower. Of the businesses which did engage with China, it was reported that integration with the country’s global value chains was found to greatly facilitate corporate strategy of increased international competitiveness, with many more firms highlighting China as a pivotal, if not essential step in global expansion. Ultimately, while controversy and conjecture still surround the question of what will be the economic result of the China Australia Free Trade Agreement, the explosive growth of the Chinese middle class, coupled with our existing trade relationship mean that Australia, and Australian students particularly, ignore the Middle Kingdom at our own peril.
Review | October 2015 | 14
Antifragility &
Monetary Unionism by The Spear
After noticing the emergence of a paunch, The Spear has taken to halving his historical portion of breakfast over the past few months. As a result, he feels a little hungry throughout the day, but finds this allows him to better enjoy his lunch and dinner. He also feels less bloated, and has subsequently sent the paunch packing from whence it came. All in all, it seems he was simply eating more than was good for him previously, out of nothing more than habit. It seems that our reluctance to put up with a little short-term hunger or other discomfort can often do more long-term harm than good, and in matters far removed from paunch-related qualms.
Take, for instance, the never-ending search for stability in the currency markets (as evidenced this year by Adam Creighton of The Australian arguing for Australia and New Zealand to use a common currency). While the benefits of a stable currency to a nation or monetary union are quite clear (price stability, risk reduction, promotion of trade, increased transparency and reduced transaction costs), too much integration in the name of stability can have very serious long-term consequences, which are often harder to predict. Take the 1997 Asian Financial Crisis, the 1998-2002 Argentinian Depression or the current Greek debacle. Inflexible exchange rate mechanisms were key factors in all three crises, whereby the nations’ currency was pegged (Thailand), fixed (Argentina) or integrated (Greece) past fundamental value for too long, ultimately unravelling the prior benefits of stability in spectacular fashion. Closer to home, but perhaps harder to recognise, is the long-term damage which has been done to Australia’s economy due to the latest mining boom/bust. The monetary union between South-East and NorthWest Australia has played havoc with the Australian business over the past decade, whereby a sole currency has had to straddle two rapidly diverging economies. As the mining boom now unravels, the long-term impacts are becoming clearer: a gutted manufacturing sector, a glutted commodities sector, and a less diversified economy which is based on little more than credit, houses and holes (oh and of course, bureaucracy). However, the red-hot dirt and gas sectors ultimately led the RBA to instigate a tightening cycle from 2009 to 2012, helping the Aussie dollar reach its zenith of $US1.10 in July 2011. This reigned in resource-related inflationary pressure, but at the same time encouraged the off-shoring of the Adelaide/Melbourne manufacturing base. Now, with the RBA seemingly reluctant to drop rates further due to a bubbly Sydney/Melbourne housing sector, it is WA’s time to get beaten by the currency stick, as the AUD can’t depreciate fast enough to counteract the commodity price slide. It is ironic that it is the hot housing sector, which the mining boom prevented from faltering during the GFC, which is now squeezing the
The SPEAR www.spearbook.blogspot.com.au
mining sector’s profitability. WA is now desperately seeking a greater share of the GST pie, which is distributed via a Horizontal Fiscal Equation which is set to leave it with only 30cents in the dollar of GST that it collects, in a pathetic, bureaucratically-fashioned imitation of what separate free-floating currencies for each member state could achieve. Now The Spear is not calling for WA to secede - he is merely using it as an example of how currency unions are complicated beasts, and are not to be entered into lightly out of calls for ‘stability’. The Spear thinks most New Zealander’s, aside from shuddering at the idea of being Australianised, would be pretty happy that their currency and monetary policy were kept at bay from the Australian resources boom, and helped paved the way for their own current cheese/milk/tourism based success. In all of this The Spear is reminded somewhat of Nassim Taleb’s Antifragile (2012), in which he describes how some things benefit from shocks and volatility (which is largely at odds with our modern obsession of risk aversion by trying to limit volatility). By trying to limit some types of volatility, such as bouts of hunger or exchange rate fluctuation, we may be setting ourselves up for long-term shock of much greater magnitude, such as diabetes or the scrapping of a currency peg. It now appears that The Spear may not be the only Australian set to eat half-portions of breakfast over the next few years, although not as a matter of choice. Let’s hope that a little hunger will go a long way to motivate our politicians to implement some meaningful reforms, as the RBA’s monetary policy is now limited to pushing on wet noodle. musings by The Spear
Review | October 2015 | 16
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INNOVATION AT LAST
How the Big Four are Embracing Technology Innovation
By 2026 fintechs will claim up to 60% of banks’ retail profits according to McKinsey. Staying ahead in today’s fast-paced market requires a forward-thinking, innovative mindset that centres on the disruptive power of technology. Interestingly the Big Four are tackling this threat to their bottom line differently. Westpac lead the charge in making strategic investments through its $50 million Reinventure fund. NAB is going for a model of internal innovation through NAB Labs and has recently announced that they are also creating a venture fund to tap into innovative companies across the globe. CBA is harnessing an internal ‘innovation culture’ through their Innovation Lab, which is an idea incubator focussed on developing cutting-edge products and solutions.
Where many of the banks are taking an acquisitive approach to fintech start-ups, ANZ wants to work to build ecosystems without taking equity. They are trialling start-up products for potential use and investing in fintech environments such as Stone & Chalk in Sydney and York Butter Factory in Melbourne. Hear first-hand from the industry’s thought leaders and innovators at Finsia’s Innovation in Financial Services event series to stay ahead of the game. For less than a cup of coffee per week you can join Australia’s premier membership association for finance professionals. For more information watch the “Finsia for Students: Connections. Insights. Opportunities.” video below or, visit finsia.com/students
Review | October 2015 | 18
Event in Focus
FASTRACK 2015 On 13 August 2015, QUTEFS hosted their flagship annual event, Fastrack: the biggest networking opportunity for business students in Queensland. Fastrack is our largest event on the QUTEFS calendar, designed solely with the purpose of allowing members to network with some of Brisbane’s top corporate partners. Fastrack gives economics and finance students an unparalleled opportunity to get to know corporate players including the QUT Business School, CPA Australia, EY, PwC, BDO, Chartered Accountants Australia and New Zealand, Trade and Investment Queensland, the Queensland Government Department of Environment, ANZ and many more. Fastrack 2015 had record, sell-out attendance and our members were treated to a brilliant evening at the Tattersall’s Club in the heart of Brisbane’s CBD. The event was followed by drinks at Friday’s Riverside. In QUTEFS tradition, the night also served as an opportunity for the outgoing executive committee to welcome the new QUTEFS team for 2016.
This year, outgoing President of QUTEFS, Lance Masina welcomed QUTEFS’ 2016 President, Mitchell Goodall. Mitchell then introduced to the cohort, Ryan Nolan (Vice-President), Cody Shield (Treasurer) and Jeseyka Kelly O’Brien (Secretary) amoung the other new additions to the 2016 executive committee. QUTEFS would like to extend a very warm thank you to Acting Head of the Economics and Finance faculty, Professor Tommy Tang for delivering the well received keynote address to Fastrack: focusing on the value in establishing strong networks, Tommy set the tone for the evening and encouraged all QUTEFS members to make the most of the opportunity to expand their professional networks. We would also like to thank Tasmin Tresize, former QUT Guild President and current co-founder of cloud-based timesheet and attendance service, Tanda, for his wise words on the evening. Fastrack 2015 was simply not possible without the genourous efforts of our corporate partners. We thank them all for their contribution in making Fastrack truly the biggest and best networking opportunity for business students in Queensland.
Review | October 2015 | 19
EY recognised for LGBT inclusion Creating a work environment where lesbian, gay, bisexual, transgender and intersex (LGBTI) professionals can be their authentic selves at work is a core element of our diversity and inclusiveness commitment. It’s where everyone’s opinion is listened to and valued. And that means you can be yourself at EY.
A commitment to diversity and inclusiveness Talk to anyone at EY and they’ll tell you it’s a rewarding place to work in so many ways.
Unity Network Our EY national network group, called Unity, is for LGBTI people and their straight allies. This group aims to create a sustainable, inclusive culture where LGBTI individuals at EY can bring their whole selves to work. Support is provided by • Mentorship, with internal and external mentoring opportunities • Social activities • Participation in the Sydney Mardi Gras Parade with Pride in Diversity • Sponsorship of the Bingham Rugby World Cup • Connection to Global EY LGBTI networks and communities
Marriage Equality Pledge On 26 May 2015, Oceania CEO and Regional Managing Partner Tony Johnson signed the Marriage Equality Pledge on behalf of EY Australia. This pledge is run by the Australian Marriage Equality organisation — a national body working for equal marriage through lobbying, advocacy and education. Tony says, “In signing this pledge, EY Australia proudly recognises the rights of lesbian, gay, bisexual, transgender and intersex people to experience the same freedoms as others, including with whom they choose to make a commitment of love and marriage.”
EY Australia has been ranked 12th in the 2015 Top 20 at the annual Australian Workplace Equality Index (AWEI) awards — a special event recognising workplace support for LGBTI people.
© 2015 Ernst & Young, Australia. All Rights Reserved.
Liability limited by a scheme approved under Professional Standards Legislation.
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FROM THE FACULTY
Economic Prosperity Can’t Break Chains of Child Labour by Dr Jayanta Sarkar and Dr Dipanwita Sarkar
Dr Jayanta Sarkar and Dr Dipanwita Sarkar, from QUT Business School, developed an innovative overlapping generations economic model to explain how child labour stubbornly persists despite falling poverty in developing countries.
However UNICEF estimates 246 million children are still engaged in child labour.
Dr Jayanta Sarkar said the “fixed private cost” of schooling meant the poor had less access to education relative to the rich, a key driver in child labour among The research, published in the Econom- the poor. ic Inquiry journal, found that income inequality may matter more than poverty “Typically schooling, even in a ‘free’ edin explaining why child labour continues. ucation system, imposes a large burden on the poor through the fixed costs of Figures from The Waorld Bank show things like transportation to and from the number of people living on less than school and books and other materials,” USD$1.25 (A$1.69) per day decreased he said. dramatically from half the citizens in the developing world in 1981 to 21 per cent in 2010, despite a 59 per cent increase in the developing world population.
FACULTY ARTICLE
“The analysis shows that families below a level of relative income choose zero schooling and full time labour for their children because they simply can’t afford either the fixed schooling costs, or to miss out on the small income their children generate for the household.
The researchers compared levels of child labour and schooling across wealth groups in India, Peru and Ethiopia.
“Instead of schooling, they invest in child health to ensure children possess physical capability to perform unskilled work.
They found the richest groups in each country were healthier, and more skilled, than the average individual, and that this difference increased with income inequality.
“There is a clear link between income inequality and intensity of child labour. But, more income does not always reduce child labour. In fact, as wages rise child labour rises in families who find schooling too expensive.
extracts generously provided by Dr Jayanta Sarkar and Dr Dipanwita Sarkar of the QUT Business School
“Only after income reaches a certain ‘threshold’ level, does schooling become affordable and child labour start to fall. The ‘threshold’ rises with the degree of income inequality. “Health is an indispensable component of human capital that is particularly important in low-income societies because it is the primary income-generating asset for a large proportion of population engaged in labour-intensive activities. “Health is accumulated by private investments in things like nutritious food, clean water and basic hygiene products.” Dr Sarkar said simply banning child labour would actually end up hurting the poor as child income would dry up and as a result private investment in health would fall. He said a child labour ban had to be accompanied by an increase in access to education. In post Industrial Revolution Britain, child labour was successfully eliminated via mass access to education combined with strict anti-child labour legislation which, importantly, was rigorously enforced. “The research finds a key connection between inequality of opportunity and children’s human capital outcome, which means that even as incomes increase, child labour will remain without significant changes. “Two policies that could help eliminate child labour are targeted attempts to reduce schooling costs for the poor, and raising the efficacy of public health infrastructure.” Review | October 2015 | 24
CONVERSATIONS
QUTEFS Interviews Fonebox CEO, Jordan Grives
Fonebox provides custom telecommunications services to small and large businesses and is currently Australia’s leading provider of corporate inbound services.
FEATURE INTERVIEW
QUTEFS alumni, Maxwell Nee, sat down with 26 year old Fonebox CEO, Jordan Grives, to ask him a few questions about his journey to leadership. M: Let’s start from the beginning. Did you always know you wanted to build a business? J: I always knew I wanted to create something. I did enjoy school but didn’t like the bookwork so I was always trying my hand at smaller business ventures: working in retail, labouring, sales - anything that would satisfy my love for business. M: How did you approach the task of making such a niche offering successful? J: Having such a niche service means we deliver unique value to some of the biggest companies across Australia. I have always known I wanted to have my own business – be my own boss. One thing I’ve learnt for sure is that when you are this deeply involved with something you’ve created you’re quite happy. There’s always little wins I measure myself on. Short term targets and long term goals. Hit one and set the next one to be always moving forward. M: How did you get your start in the industry? J: I was working with my dad at the time; he had a different but similar business. One day a client came wanting a 1300 number so I sourced one and bought them a service. To cut a long story short - I established a partnership with a company in Melbourne and began providing Interactive Voice Response Solutions (IVRs). After recognising the need for such a service, I conducted some research and set my sights on other products and services that could benefit from IVRs and third party sourcing of 1300 numbers. M: In what areas would you say you excel?
There’s a real talent in convincing large companies to trust a ‘kid’: being able to approach and converse with anyone in any walk of life. One thing I’ve learnt is you never judge a book by its cover. You have got to treat everyone the same - be humble, be compassionate. Fonebox is still growing and it’s important to put ego aside and focus on people. M: What other field of business could you see yourself in and why? J: I’ve learnt that if you diversify too much, you stop being a specialist in your industry and you lose sight of what you were originally about. I would like to look at gaining a presence oversas. The US would be a good location to start a satellite, but I really like the industry I’m in, I’ve become well connected and I have a deep passion for it. M: Finally Jordan, what would you list as the 3 most valuable qualities for an entrepreneur? J: Persistence; adaptability; and a strong work ethic. written by Maxwell Nee
For more information about Fonebox, visit http://www.fonebox.com.au
J: I would say Business Development and Sales, as those elements have driven where Fonebox is today.
Review | October 2015 | 26
A look at what we teach our children about to close it. The performance of Australian personal finances – or fail to and the role children in national literacy tests and inthat The Banking and Finance Oath can play. ternational comparisons is often reported, studied and workshopped. Parents I hold two positions in my working life: want to know not only how their child is one in the area of education reform, performing but also how their school is working with Noel Pearson on remote and they shift them accordingly. If only Indigenous education, and the other in parents were as concerned about their ethics in banking and finance. It wasn’t own literacy – financial literacy that is. until recently that I realised how strong the link was between these two areas A good portion of my close friends are and the shared theme might surprise – highly educated, some of the most highit’s literacy. ly educated - as in multiple undergraduate degrees, Masters, MBAs and even Obvious perhaps when we consider PHDs – some in finance. However, if remote Indigenous education - there’s we’re honest they may also be financially a big gap between the best and worst illiterate. They have multiple credit cards performing schools in Australia and and don’t pay them off each month. much effort is being exerted by teachers, schools and our government
LiTERACY IS AN ISSUE for poor people, right? by Clare Payne
They have mortgages that depend on bonuses, or most of their weekly income, to keep them under control.
Special Article
Noel Pearson states that a good family life begins with a budget but these people are too smart for that, many couldn’t even tell you how much they actually spend. The short answer for a growing number of Australians is quite simply, they spend more than they earn. Some might ask why does it matter? They’re obviously wealthy, however this trend matters because if even the highly educated can be financially illiterate, then what hope can we have for those that are truly illiterate? For they too have bank accounts, superannuation and in most cases credit cards, more than one. Literacy, beyond the ability to read and write, is being knowledgeable in a particular subject or field. Many Australians are not adequately knowledgeable about financial products, nor the financial system in which we live. The recent Financial Systems Inquiry Report acknowledged the information imbalance between the banks and us, the customers. Yes we make our own decisions about our finances however the report was pretty clear in concluding that whilst financial literacy is valuable, it is not the panacea. Responsibility and accountability must, for now, sit firmly with the industry. One would hope that as the banks address their responsibility and accountability that they consider such issues as to what responsibility they should have for the issuing across institutions of multiple credit cards (even to those without jobs), whether credit card interest rates are fair, the role they might play to assist those that fall into repeated debt (for example by either allocating or restricting products) and whether there is a need for reassessment of what a serviceable mortgage is given job insecurity, low interest rates and potential for property market corrections. It surprises me however, that for such an educated bunch – as we mostly are in Australia – that we are willing to leave such responsibility with the industry. Do we really want to take a backseat on such important issues? It’s our money and our lives after all. These recent headlines in the Sydney Morning Herald: ‘Generation X: the biggest contributors to near-record national debt on credit cards’ and ‘Partners kept in dark
over cards,’ should be causing alarm, rather than the turning of a blind eye. Generation X has been pinpointed as the biggest contributors to the near-record national debt on credit cards, which according to the Reserve Bank of Australia data, hit $51 billion in February this year. What is most concerning about this is that Generation X is in the thick of parenthood so to be financially illiterate, well it’s just not good enough, not least for what it teaches the children – or fails to. The Banking and Finance Oath (The BFO), whilst created by the industry and for the industry, is an initiative in the public interest - the interest of the customer. The BFO, just like the Hippocratic Oath of Doctors that assures they will do no harm, confirms that a banker, indeed any person working in the finance industry, will use ethical restraint, serve all interests in good faith and create a more just society. So perhaps financial literacy can begin quite simply with asking if your financial planner, your local bank manager or even your friend in banking is a signatory. Knowing they are can give you some piece of mind before you get into the details of your finances, and that elusive family budget. For more information, and to take the Oath, vist the BFO website. written by Clare Payne Clare is is Consulting Fellow for Ethics in Banking and Finance with the St James Ethics Centre and is the founder of the Banking and Finance Oath (The BFO). Clare was nominated in the FINSIA Pinnacle Awards category for ‘Most Outstanding Thought Leader in Financial Services and was awarded the Inaugural Robin Cosgrove Prize for Ethics in Finance, Geneva. Review | October 2015 | 30
Event in Focus
Earlier this semester, the QUT Economics and Finance Society under leadership from the previous executive, hosted our first Women in Business event at the Pricewaterhouse Coopers offices in Brisbane.
It was brilliant to host these truly accomplished women:
We would like to thank PwC for their support in sponsoring the event and making possible the evening’s platform for discussion.
Panellists: Natasha Browne (Senior Manager, Risk Consulting, Economics & Policy, PwC); Sarah-Jane Peterschlingmann (Managing Director, ATech); Clare Payne (Consulting Fellow, St James Ethics Centre & founder of the Banking and Finance Oath); and Helen Burns (Partner, PwC).
With the generous support of QUT Mechanical Engineering Student Society, QUT Women in Technology and QUT Mathematics Society, the event celebrated the success of women in business; both present and future. We were thrilled to have former QUTEFS Vice-President Sheridan Eccleston take the lead on what was a very informative, engaging evening. The speakers were certainly inspiring for both our male and female members, and the feedback we received from the event was brilliant.
Keynote Speaker: Kristy Simpkin - Director of Technology Consulting, PwC
Our fantastic panellists discussed how men can contribute to gender equality in the workforce; industry trends in human resources, economics, finance, and technology; career development strategies and networking tips; and fighting career stereotypes and prejudices. We thank PwC for making this event possible, and to Sheridan for her leadership in what was a watershed inaugural QUTEFS event.
The event kicked off with some light networking, and then transitioned into a panel discussion followed by some insightful questions from the audience.
Kristy Simpkin - Director of Technology Consulting, PwC
Natasha Browne - Senior Manager, Risk Consulting, Economics & Policy, PwC
Clare Payne- Consulting Fellow, St James Ethics Centre & BFO
Review | October 2015 | 33
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A DAY AT CREATIVE3 by Sean Melis
ALUMNI Article
Former QUTEFS President (2013-2014) Sean Melis tells us about his experience at the 2015 Creative3 Forum hosted by QUT Creative Enterprise Australia. The Creative3 Forum is an event that celebrates entrepreneurship, sparks collaboration amongst the creative community, and is designed to inspire individuals to execute their ideas. With my background in multimedia, digital marketing, entrepreneurship and technology; the forum embodied all that I am passionate about, in a day consisting of industry speakers, panel discussions and intense networking. The Creative3 Forum hosted a number of international speakers from some of the world’s leading digital innovators. From media entertainment, to augmented reality and quantum computing; Creative 3 served as a platform of insight into global megatrends and technological disruptions. The highlights for me included the networking opportunities with startup founders, venture capatalists and guest speakers, including: Sanoop Luke – YouTube (Kid and Learning Content) Gwendolyn Regina Tan – Mashable (Director of Strategy and Business Development, APAC) Michael Fox – Shoes of Prey (Co-CEO) Ben Johnston – JosephMark (CEO) Sanoop talked about the growth of kids entertainment on YouTube and how kids under the age of 10 are earning more per annum than their parents. Gwendolyn touched on the influence of social media on today’s news content, and how Mashable is capturing the value of this data through their machine learning platform Mashable Velocity. However, Michael Fox’s company Shoes of Prey (in my opinion) was the most impressive of the day.
www.seanmelis.com @sean_melis
Lastly, Ben Johnston CEO of JosephMark, an end-toend venture capital, strategic design, and software development firm, gave great insight into the world of tech startups – and to give you some context, JosephMark was the firm tasked with the entire redesign and redevelopment of MySpace. Ben’s presentation stood out to me as there was a clear emphasis on design and presenting a story, his content was engaging and surprisingly insightful. Some key takeaways include, “Speed is the new IP” and “a better future happens by design, not chance”. As a graduating student with ambitions to one day run my own tech startup, I could not think of a better opportunity to be inspired and motivated to one day be back at Creative3 presenting as an alumnus of QUT. Thank you to QUT Creative Enterprise Australia and QUT Business School for the opportunity, I’m sure I will be back again next year. written by Sean Melis
Shoes of Prey is a women’s shoe retailer that gives women the ability to completely customise their shoes from the materials, leathers, shapes and sizes. With over 900 trillion possible combinations, Shoes of Prey gives the consumer the power to design their dream pair of shoes at no extra cost. However, what is ingenious about the Shoes of Prey business model is that they hold no inventory.
Review | October 2015 | 36
A GUIDE TO CORPORATE FASHION by
Suit: Vitale Barberis Canonico super 120’s wool suit (milled in Italy) tailored by Cabal & Co. Shirt: Cabal & Co. tailored Egyptian cotton shirt with subtle striping Tie: Woven Cabal & Co. linen navy necktie Pocket square: White silk, blue edged Cabal & Co. pocket square
BLACKCARD PARTNER
We’ve all been privy to outfits worn by the wonder boys of corporate fashion in Harvey Specter, Ari Gold and Don Draper, yet so many of us still manage to succumb to the inevitability of poor dress sense in the workplace. With an increasing number of startups disrupting the men’s fashion industry in terms of both actual product as well as the manner in which the product becomes accessible, it is easier than ever to perfect your business wardrobe. Cabal & Co is testament to this changing fashion landscape - whereby, we offer high quality tailored men’s garments and accessories at a price that we believe undercuts the entire market. The first step to achieving a quality wardrobe is quality product. Quality can be contextualized in the following manner; quality of raw materials, quality of construction and finally, quality of fit - coupling these three facets into the one garment is the most integral factor in achieving fashion success in the workplace. Low quality materials, poor construction and fit are easily noticeable and aren’t worth the few dollars you will save by going down this route. At Cabal & Co we are firm believers in the integrity of natural materials - specifically 100% wool suits (cut from super 120’s to super 200’s Italian and French milled cloth) lined with a superfine horsehair half canvas - ensuring longevity in the garment’s structure. Similarly, luxury 100% Egyptian cotton blends ensure both comfort and durability in shirts and are perfect for the Australian climate. The second element to workplace dress sense is a derivation on raw materials where the focus shifts to the actual colour and pattern of the fabric. In terms of suits, plains and pinstripes are generally considered the most appropriate fabrics for business attire. Whilst we tend to agree with this consensus, subtle checkered patterns are appropriate in a corporate environment whilst also having an inherent diversity, which can be applied beautifully in a casual context. Whilst the ubiquitous white shirt holds an innate versatility and can be paired with just about any suit fabric, it may not be the best accompaniment to your outfit - we recommend you keep a repertoire of different coloured plains, stripes and checks which can each be paired with a multitude of your suits Finally, as much as you probably hate the use of corny catch phrases, it really is ‘all in the details’. Creating a harmonious ensemble is where most will endure their corporate fashion downfall - the correct choice of...
www.cabalandco.com /cabalandco @cabalandco
tie, and in some instances pocket square, will either make or break your entire outfit. Simple details such as showing between one to two centimeters of your shirt cuff, tying your tie in such a fashion that your top shirt button is no longer visible and having the base of your tie touching your belt will elevate you from amateur school boy fashion stature to the well rounded quintessential gentleman you’ve always aspired to. QUTEFS Blackcard holders can enjoy a generous 10% discount off the entire Cabal & Co range. written by Aidan Chappell (Director) and Vinny Bassi (Director) of Cabal & Co. About Cabal & Co For the more discerning gentleman, Cabal & Co. are the purveyors of perfectly tailored garments and accessories. With hundreds of luxury European-milled suiting and shirting fabrics available, as well as an extensive range of silk accessories, let us imbue in you, the confidence that comes with looking your sartorial best. We believe in the integrity of natural fibers, hence our affinity with cutting suits from superfine wools, and other lightweight cottons, linens and silk velvets - the visual and textural nuances in our natural fabrics should seduce not only the eye, but the hand to touch, and offer a comfort not often found in suiting. Complimentary to the suit, shirts should feel as soft as they look crisp, ensuring comfort, structure and durability. As a testament to the value we place on natural materials, our shirts are finished with mother of pearl buttons - a subtle, yet necessary luxury that gives the shirt character and an extra pinch of sartorial zest. Review | October 2015 | 40
MARKET WATCH
The Year of Mergers and Acquisitions by Scott Vanderwolf
Building on 2014’s resurgent figures in Initial Public Offerings and corporate transactions in both foreign and domestic markets, the first half of 2015 has continued the upward drive in mergers and acquisitions, and is on track to reach levels unseen since halcyon pre-GFC years. $26 billion in equity was raised across 74 initial offerings in Australia in 2014. Positive investor sentiment and prosperous economic conditions assisted a transition away from Australia’s over-weight sectors, with energy and natural resources taking a backseat to healthcare and pharmaceuticals listings, most notably the November privatisation of Medibank. This growth in IPOs in Australia was reflected in global markets, with totals in excess of $250 billion raised in equity capital markets worldwide representing a 49% increase year-over-year. Led by the record-setting NYSE float of Alibaba Group, listings in technology and financials enjoyed breakout years, accounting for $59.9 billion and $38.5 billion respectively. The IPO market in Australia has cooled somewhat in 2015, as volatility in commodity prices, and global fallout from the Greece debt crisis has tempered investor appetite towards new listings. Locally, the float of accounting software company MYOB has provided the benchmark on the ASX, with $833 million raised from its issue in May, and despite smaller companies such as 2XU eying second half offerings, numbers are down overall. Corporate deals, have continued to rise from their elevated 2014 levels, as directors seek to take advantage of low funding costs before an anticipated rate rise by the Federal Reserve later in the year. Internationally, the proposed $45.2 billion Comcast-Time Warner Cable deal, while ultimately terminated due to regulatory constraints, has come on the heels of AT&T’s proposed merger with broadcaster DirecTV. While not positioning themselves for major broadcasting contracts like their American counterparts, mid-size tech firms in Australia have shown a greater willingness to pursue synergies through target firms in the absence of growth opportunities, evidenced by TPG Telecom’s acquisition of iiNet.
MEMBER Article
This corporate aggression has not been limited to technology, with Japan Post’s surprise $6.5 billion cash bid for logistics company Toll making waves in Australia, and the $49 billion Heinz-Kraft Foods merger demonstrating the appeal of international growth. What does this mean for investors? While director confidence is high, greater value may be found in mergers and acquisitions, as the low cash rate provides optimal funding conditions. Market reaction to finalised deals could spur further action, as companies such as Telstra and News Corporation adjust to increased competition. Mergers of the magnitude of Shell and BG Group shouldn’t be expected, and falling commodity prices could incentivise industry heavyweights such as BHP Billiton and Rio Tinto to pursue smaller, higher-cost operators as takeover targets in order to offset reduced profit margins. Data sourced from Surf’s Up: Deloitte 2015 IPO Report. written by Scott Vanderwolf QUTEFS Member | Bachelor of Business (Finance)/ Bachelor of Laws.
Review | October 2015 | 42
BEIng SUPEr-SAVVY
The Top Superannuation Tips for QUTEFS Members by Vince Scully - Chief Sherpa at Life Sherpa
SPECIAL Article
Some may consider their retirement years too far off to think about now. If this is you, in some ways you are right. Who knows what the age, model and reality of retirement will look like 50 years from now? But as the world’s richest investor Warren Buffet once said “someone’s sitting in the shade today because someone planted a tree a long time ago”. As a student, you know what this means. Right now, you are investing in yourself, in your education and planning for the pay-off at a later date. That same thinking should also be applied to your financial freedom when you retire. Here are three things you can do today that will dramatically improve your retirement lifestyle, without affecting your fiercely protected student budget. 1. Round up the troops and find your lost super If you have changed jobs, moved house, changed your name or started using a new email address, you could be one of the millions of Australians who has money sitting in a lost super account. In fact, there is more than $18.2 billion in super money sitting in six million lost and unclaimed accounts held by the Australian Tax Office (ATO). You’ve worked hard for that super, so use the ATO’s Super Seeker Guide as your first step in sourcing and claiming those dollars! 2. Amalgamate and prosper Even at this early stage of your working life, it’s a common occurrence to have a number of different super accounts, thanks to the different employers and jobs you may have already had. In fact, 30 per cent of Australians with superannuation have more than one super account. Most funds have a fixed administration fee regardless of how big or small your balance is. So the more funds you have, the more fees you pay. Spreading your super across multiple funds also means you aren’t benefitting from the investing power of the total super sum. Consolidating your super means transferring to one fund, which can save you heaps on fees and may also increase the return on your investment.
3. Choose the right one Superannuation funds are personal, and with hundreds to choose from it’s tricky to know how to shortlist and select. The key factors to consider include fees, performance, features, investment options and insurance to meet your needs. Keep in mind: Generally, low fees are good. Higher fees mostly get you features and options rather than better performance; Don’t focus on short term returns. Look to see how the fund has performed over a five to 10 year period; Find out what insurance is included. You may already be receiving cover under a different policy, so this is a good way to ensure you’re not doubling up on unnecessary fees and charges. So what are you waiting for? Get your long term affairs in order so you can focus on the more immediately satisfying things in life. written by Vince Scully - Chief Sherpa at Life Sherpa With over 25 years in Financial Services from consulting to management, Vince Scully is the go-to-guy for wealth management and financial advice. Vince founded the Calliva Group; a fund manager product issuer, advisor and lender to Government and private clients. Vince is an advisor to the Wealth Management Industry, and prior to his role as CEO at Calliva, a senior member of Macquarie Bank’s infrastructure team. For more, visit www.lifesherpa.com.au Review | October 2015 | 48
TRUST IS THE FOUNDATION OF MY PROFESSION S
THE BANKING AND FINANCE OATH The Banking and Finance Oath (The BFO) contains a set of commitments that individuals working in the banking and finance industry might agree to adopt and apply as personal principles in their work. The Oath neither binds nor represents the views of those who employ Signatories - each of whom makes a personal commitment to apply the tenets of the BFO. Our hope is that The BFO will resonate with all who work in the banking and finance industry and that they will be inspired to commit themselves to the intent and spirit of each element of The BFO and become a Signatory. In turn we hope The BFO will lead to increased consideration of stakeholders and more accountability for decision-making across the industry. BECOME A SIGNATORY To commit to The BFO people must sign-up to each element. This can be done through The BFO’s website at www.thebfo.org. By promising to abide by the principles of The BFO, Signatories are affirming that they respect the position of trust accorded to them by society.
THE OATH Trust is the foundation of my profession. I will serve all interests in good faith. I will compete with honour. I will pursue my ends with ethical restraint. I will help create a sustainable future. I will help create a more just society. I will speak out against wrongdoing and support others who do the same. I will accept responsibility for my actions. In these and all other matters; My word is my bond.
Signatories join like-minded peers as thought leaders in their industry. As the number of BFO Signatories increases, our plan is to engage our community of banking and finance professionals through networking events and other activities that encourage and support ethics in the industry.
THE BOARD
Stephen Dunne, Chief Executive Officer, AMP Capital (Chairman of The BFO and The BFO Board) Clare Payne, Consulting Fellow, St James Ethics Centre (Secretary of The BFO) Steven Harker, Managing Director & Chief Executive Officer, Morgan Stanley Trevor Rowe, Executive Chairman, Rothschild Australia Steve Tucker, former Chief Executive Officer, MLC Pauline Vamos, Chief Executive Officer, ASFA Philip Chronican, Chief Executive Officer Australia, ANZ
Stephen Fitzgerald, Chairman, Wilmington Group Amanda McCluskey, Senior Investment Manager and Cohead of Sustainable Funds, First State Stewart David Bell, Chief Executive Officer, Actuaries Institute Dr Simon Longstaff, Executive Director, St James Ethics Centre. Simon is an Institutional Member of The BFO as well as holding the position of Public Officer.
For more information and to sign up to The Banking and Finance Oath www.thebfo.org
The Banking and Finance Oath Limited ACN: 159 001 055 | ABN: 82 159 001 055 Level 2, 161 Castlereagh St Sydney, NSW 2000 Australia
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• W E D N E S DAY - F R I DAY •
Happy hour every Wed-Fri from 5pm to 6:30pm at the Bar & Bistro! (House white, red and sparkling, local draught beers, $5 Basic spirits)
• T H U R S DAY •
Test your knowledge at our Thursday Trivia Nights! Great specials on the night and prizes to be won!
• S AT U R DAY •
Enjoy a delicious slider flight & glass of cold cider for just $20 every Saturday from 5-9pm at the Bar & Bistro
• F R I DAY & S U N DAY •
Enjoy live music and great specials in the Bar & Bistro every Friday from 5-9pm and Sunday from 1-5pm
Sponsors 2015
QUT Economics and Finance Society has access to many industry networks and professional firms right across Australia. It is our job, and mission as a society to give our members as many opportunities as possible to bridge the gap between University and post-graduate employment. We cannot acheive this mission without the generous support of our corporate partners. They offer their time, resources, connections and goodwill to give our members the best possible University experience. For that, we thank them. To find out more about a particular sponsor, click the logos below. Platinum Sponsors
GOLD Sponsors
SILVER Sponsors
For more information about how QUTEFS can help build your Unversity brand, please contact our corporate partners team. President Mitchell Goodall Phone: +61 435 776 845 | president@qutefs.org
Corporate Partner Relations Sam Elderfield Phone: +61 450 924 662 | s.elderfield@qutefs.org
Vice President Ryan Nolan Phone: 0481 251 114 | vicepresident@qutefs.org
Corporate Partner Relations Tom Cochran Phone: +61 426 988 662 | t.cochran@qutefs.org Review | October 2015 | 52
Contact the QUTEFS Executive Mitchell Goodall President president@qutefs.org
Zachary Brown Director (Events & Projects) events@qutefs.org
Ryan Nolan Vice-President vicepresident@qutefs.org
Tanish Gupta Events and Projects Officer events@qutefs.org
Cody Shield Treasurer treasurer@qutefs.org
Nicholas McCray Events and Projects Officer events@qutefs.org
Jeseyka Kelly O’Brien Secretary secretary@qutefs.org
Yu Le Yeap Director (Communities) efs@qutefs.org
Sam Elderfield Corporate Partner Relations s.elderfield@qutefs.org
Chizzie Phiri Director (Design) design@qutefs.org
Tom Cochran Corporate Partner Relations t.cochran@qutefs.org
Jackson Barton Director (Publications) publications@qutefs.org
Willow O’Hara Director (IT) it@qutefs.org
Andjela Macura Communications and Marketing Officer marketing@qutefs.org
Sophie-Louise Rae Director (Marketing) marketing@qutefs.org