360 Capital Industrial Fund (TIX):
Data centre operator NextDC took a step ahead of rival 360 Capital after the Asia Pacific Data Centres board unanimously recommended Next-DC’s $1.87-a-share offer for the industrial landlord. It doesn’t, however, mean the end of the battle that has pitted the data centre operator against Tony Pitt’s 360 Capital in a fight over the $200 million portfolio of three data centre sites. Mr Pitt is likely to make a higher offer. 360 Capital, which bought a 19.9 per cent stake in the APDC in June and was subsequently denied a seat on the board, wants to take over running the trust and return some of its capital to shareholders. APDC shares closed at $1.88 on Friday, giving the company a market capitalisation of $216 million.
Asia Pacific Data Centre Group (AJ):
Data centre operator NextDC took a step ahead of rival 360 Capital after the Asia Pacific Data Centres board unanimously recommended Next-DC’s $1.87-a-share offer for the industrial landlord. APDC told shareholders after market close on Friday it backed its tenant’s sweetened bid in the absence of a better offer and cited an independent report calling the NextDC bid fair and reasonable. ‘‘The first gate to get past is 50.1 per cent, which is a controlling stake in the company,’’ NextDC chief executive Craig Scroggie told The Australian Financial Review on Sunday. It doesn’t, however, mean the end of the battle that has pitted the data centre operator against Tony Pitt’s 360 Capital in a fight over the $200 million portfolio of three data centre sites. Mr Pitt is likely to make a higher offer. 360 Capital, which bought a 19.9 per cent stake in the APDC in June and was subsequently denied a seat on the board, wants to take over running the trust and return some of its capital to shareholders. Last month, in response, NextDC purchased a 14.1 per cent stake that it has subsequently raised close to 21 per cent. Late last month it made a $1.85-a-share offer for the business it originally owned – before spinning it out in 2013 as a separate trust – and then raised that to $1.87.
BWX Limited (BWX):
Back to skincare upstart BWX, whose FY17 results failed to greatly impress the market on August 16th sales of the company’s principal Sukin line went backwards in the second half. To meet guidance, BWX stripped out $4.2 million of (extraordinarily high) transaction costs related to the $50.5 million acquisition – not even struck until FY18 – of California’s Mineral Fusion, and halved (halved!) its sales and marketing spend – a seemingly ludicrous move for an FMCG brand promising growth.
Commonwealth Bank of Australia (CBA):
Commonwealth Bank of Australia has executed the purchase of Symond’s remaining 20 percent stake in Aussie, with the price eclipsing expectations. The payment, made via 2.1million Sources said he had confidence in the domestic banking system and CBA’s prospects, despite the bank’s AUSTRAC and regulatory woes. The price for the group – which has a circa $70 billion loan book – hinged on Aussie’s financial accounts for the year ended June 30. That suggests Aussie had a strong period. Questions will now be asked about what plans CBA has for its minority stake in ASX-listed Mortgage Choice. Interestingly, CBA’s latest results showed home loans originating through its proprietary channels, such as branches, accounted for 57 per cent of new mortgages as at June 30. Loans through brokers sat at 43 per cents.
Downer EDI Limited (DOW)):
Downer’s long-running takeover bid to acquire services group Spotless comes to an end on Monday, when its $1.2 billion offer finally closes after being extended nine times. The contractor, which controlled 87.5 per cent of Spotless at the end of last week, has said that its August 28 deadline will not be extended again unless it gets more than 90 per cent of the services company by 7pm Monday, allowing it to compulsorily acquire the remaining shares for $1.15 each. The wildcard remains New York based hedge fund Coltrane Asset Management, which owns 10.6 per cent of Spotless and to date has refrained from accepting the offer, leaving Downer struggling to obtain full control. Spotless previously forecast profits of between $85 million and $100 million for 2017-18, but did not reiterate this guidance when it released results on Thursday, reporting a $347 million net loss. Downer, which will consolidate Spotless in its results, has guided its own investors to expect net profits after tax of about $175 million for the full year. Spotless’ operating cash flows have been improving but its ratio of converting earnings into cash has averaged 40 per cent over the past three years while Downer’s has been running at 90 per cent, according to Goldman.
Fortescue Metals Group Limited (FMG):
Is this as good as it gets for Fortescue Metals Group, one analyst pondered after the iron ore miner more than doubled net profit in the 2017 financial year. As Bell Potter analyst David Coates explained to clients after Fortescue’s full-year result last week: ‘‘In FY16, FMG reported a strong result, reflecting the gains in productivity and cost reductions over the previous 12 months. Fortescue capped 2017 with a net debt position of $US2.6 billion, half of what it was a year earlier, after repaying $US2.7 billion of debt during the year. The result impressed the market, with Fortescue’s shares closing up 6.4 per cent. But whether it is repeatable depends on whether some of the strong tailwinds behinds Fortescue’s 2017 performance are sustained. After reducing its C1 or operating cost from $US48 a tonne in fiscal 2012 to $US12.82 per tonne in 2017, Fortescue hopes to edge costs down to between $US11 and $US12 per tonne this financial year. The consensus net profit forecast for Fortescue in 2018 is just $US1.3 billion. Fortescue Metals Group is closing in on decisions that are likely to make solar power part of its future energy mix as it looks to replace imported diesel at its iron ore mining operations in the Pilbara. CEO Nev Power said Fortescue was ‘‘reviewing proposals right now’’ for solar, and for the extension of the gas and power distribution grids near its operations as it sought to improve efficiency and environmental performance of energy supply for its mines.
Insurance Australia Group Limited (IAG):
A Suncorp-owned crash repair business which runs 43 outlets around Australasia has acquired a new operation in Auckland as part of expansion plans designed to keep a lid on costs and work more closely with car manufacturers, as technology advances. The issue of surging costs for fixing new cars with complex technology was under the spotlight on August 23 when rival company IAG outlined that costs had soared for the repair of vehicles. IAG chief executive Peter Harmer blamed the ‘‘exorbitant’’ cost of spare parts, new technology in vehicles and the lower price points for premium vehicles which meant more of them were on the road. Mr Vais said he had initially approached both IAG and Suncorp after Capital SMART had been up and running for a while to become partners, but IAG had refused because it didn’t want to deliver guaranteed volumes. ‘‘I did approach both,’’ Mr Vais said.
National Australia Bank Limited (NAB):
The study, commissioned by the Australian Bankers’ Association to benchmark responses to the industry’s reform program to improve culture, shows banks have more work to do to lift perceptions about the industry, suggesting banks will be ramping up advertising as Labor continues to prosecute the case for a royal commission into the sector. National Australia Bank chief executive Andrew Thorburn will also address the microfinance conference on Tuesday, which is being run by Good Shepherd Microfinance, where he will discuss a new internal purpose at NAB – to ‘‘back the bold’’ to move Australia forward. It will see NAB ramp up its efforts to bank borrowers on low incomes who may have been excluded by major banks in recent years and forced into the payday lending industry. NAB has committed $130 million to microfinance, of which around $40 million has been lent, through the ‘‘No Interest Loan Scheme’’ (NILS) that has been established by Good Shepherd Microfinance. The NILS program ‘‘is a great unsung Australian hero and deserves credit’’ said Ms Bligh.
Nextdc Limited (NXT):
Data centre operator NextDC took a step ahead of rival 360 Capital after the Asia Pacific Data Centres board unanimously recommended Next-DC’s $1.87-a-share offer for the industrial landlord. APDC told shareholders after market close on Friday it backed its tenant’s sweetened bid in the absence of a better offer and cited an independent report calling the NextDC bid fair and reasonable. ‘‘The first gate to get past is 50.1 per cent, which is a controlling stake in the company,’’ NextDC chief executive Craig Scroggie told The Australian Financial Review on Sunday. Last month, in response, NextDC purchased a 14.1 per cent stake that it has subsequently raised close to 21 per cent. Late last month it made a $1.85-a-share offer for the business it originally owned – before spinning it out in 2013 as a separate trust – and then raised that to $1.87.
Scentre Group (SCG):
The decision by Westfield owner Scentre Group to keep a check on distribution growth in order to fund its development book has won endorsement from analysts. The policy will generate retained earnings for Scentre that it can direct into its development pipeline. ‘‘We continue to believe that Scentre’s high-quality assets are best placed to weather retail headwinds and believe they are cheap with more resilient income growth relative to other asset classes.’’ Underlining its commitment to development, Scentre last week launched its first Greenfield project in more than a decade. On the Gold Coast, the $470 million Westfield Coomera is a joint development with QIC and will include 140 specialty stores. UBS analyst James Druce ‘‘we expect Scentre to outperform at the earnings before interest and tax and funds from operation line. At a 3 per cent premium to net tangible assets, we retain a buy.’’
Spotless Group Holdings Limited (SPO):
Downer’s long-running takeover bid to acquire services group Spotless comes to an end on Monday, when its $1.2 billion offer finally closes after being extended nine times.
Stockland Corporation Limited (SGP):
A chunk of Stockland’s $7.6 billion mall portfolio may be up for grabs with the diversified property giant understood to have held talks with global investor TH Real Estate. Their smaller regional malls, which offer little opportunity for development or to boost income upside, are being labelled noncore, allowing the A-REIT giants to focus instead on growing the value of their bigger metro properties amid the tough retail conditions and threat posed to retail bricks and mortar from Amazon. Stockland may be best known as Australia’s biggest Greenfield residential developer, but its 41-strong retail property business is its biggest earnings generator contributing more than half of the $802 million in funds from operations generated in the past financial year. Head of commercial property John Schroder said as part of Stockland’s annual results released this month that trading at some of its malls had been ‘‘variable’’ in a ‘‘challenging environment’’.
Suncorp Group Limited (SUN):
A Suncorp-owned crash repair business which runs 43 outlets around Australasia has acquired a new operation in Auckland as part of expansion plans designed to keep a lid on costs and work more closely with car manufacturers, as technology advances. Capital SMART is 90 per cent owned by Suncorp after it bought an initial stake in 2010, while founder and group operations director Jim Vais holds 10 per cent. Suncorp chief executive Michael Cameron a few weeks ago emphasised the importance of in-house repair services in keeping costs down. Suncorp has moved to 90 per cent in a phased buyout. All of the Capital SMART outlets in Australia are in metropolitan centres, with 15 in Melbourne and 12 in Sydney. Mr Vais said he was also closely examining large regional centres as a potential expansion area.
Tabcorp Holdings Limited (TAH) and Tatts Group Limited (TTS):
The WA government is pushing ahead with the sale of its TAB online and retail outlet wagering services businesses, which could earn the state as much as $500 million. Sources said several banks recently pitched to WA Treasury, and the McGowan government was looking to appoint an adviser on the sale in the next week. Citi analysts believe Tabcorp and Tatts would be best positioned among potential suitors, given their ability to extract retail cost synergies. The privatisation has been a point of contention in relation to the $11 billion Tabcorp and Tatts merger, with the potential transaction raised as a potential competition issue given both companies would likely have bid for the WA TAB.
Telstra Corporation Limited (TLS):
Telstra chief executive Andy Penn insists he has a vision to make the country’s largest telecommunications player a global tech titan, and says the group is already taking major strides in areas such as cloud computing, cyber security, the Internet of Things and media content distribution. While he has been pressed to come up with fast answers to fill the $3 billion hole in annual earnings that will emerge because of the national broadband network taking its position as a wholesale internet provider, he said Telstra was already well advanced in its push into realms inhabited by the likes of Microsoft, Amazon Web Services (AWS) and Google. His plan is based on making Telstra a key partner for the likes of AWS and Microsoft in the cloud computing world, packaging up their products and adding in its own areas of specialisation, such as security managed services. The dust is still settling on Telstra’s controversial decision to move away from tradition in another area and slash its much-loved dividend by 30 per cent. Shares were sold off after the announcement, dropping from $4.33 the night before its annual results to $3.87 the following evening. At the end of last week the price had recovered slightly to $3.92, and Mr Penn said he was satisfied with how the decision had been received by stakeholders.
Westpac Banking Corporation (WBC):
Savers remaining in poor-performing superannuation funds for long periods is a key problem facing Australia’s $2.3 trillion retirement savings sector, says the country’s biggest industry super scheme, which argues that reducing the number of individuals in those funds is crucial to improving the nation’s retirement savings. ‘‘We believe that a rigorous selection process for funds to become an eligible default fund would assist businesses to choose a default fund with confidence that it is in their employees’ best interests.’’ BT Investment Group, a subsidiary of Westpac Banking Corp and as a retail fund, one of Australian Super’s main rivals, took the opposing view. It argued that opening up the super system to more competition would improve members’ retirement savings by reducing fees and prompting greater innovation.
(Source: AIMS
Data centre operator NextDC took a step ahead of rival 360 Capital after the Asia Pacific Data Centres board unanimously recommended Next-DC’s $1.87-a-share offer for the industrial landlord. It doesn’t, however, mean the end of the battle that has pitted the data centre operator against Tony Pitt’s 360 Capital in a fight over the $200 million portfolio of three data centre sites. Mr Pitt is likely to make a higher offer. 360 Capital, which bought a 19.9 per cent stake in the APDC in June and was subsequently denied a seat on the board, wants to take over running the trust and return some of its capital to shareholders. APDC shares closed at $1.88 on Friday, giving the company a market capitalisation of $216 million.
Asia Pacific Data Centre Group (AJ):
Data centre operator NextDC took a step ahead of rival 360 Capital after the Asia Pacific Data Centres board unanimously recommended Next-DC’s $1.87-a-share offer for the industrial landlord. APDC told shareholders after market close on Friday it backed its tenant’s sweetened bid in the absence of a better offer and cited an independent report calling the NextDC bid fair and reasonable. ‘‘The first gate to get past is 50.1 per cent, which is a controlling stake in the company,’’ NextDC chief executive Craig Scroggie told The Australian Financial Review on Sunday. It doesn’t, however, mean the end of the battle that has pitted the data centre operator against Tony Pitt’s 360 Capital in a fight over the $200 million portfolio of three data centre sites. Mr Pitt is likely to make a higher offer. 360 Capital, which bought a 19.9 per cent stake in the APDC in June and was subsequently denied a seat on the board, wants to take over running the trust and return some of its capital to shareholders. Last month, in response, NextDC purchased a 14.1 per cent stake that it has subsequently raised close to 21 per cent. Late last month it made a $1.85-a-share offer for the business it originally owned – before spinning it out in 2013 as a separate trust – and then raised that to $1.87.
BWX Limited (BWX):
Back to skincare upstart BWX, whose FY17 results failed to greatly impress the market on August 16th sales of the company’s principal Sukin line went backwards in the second half. To meet guidance, BWX stripped out $4.2 million of (extraordinarily high) transaction costs related to the $50.5 million acquisition – not even struck until FY18 – of California’s Mineral Fusion, and halved (halved!) its sales and marketing spend – a seemingly ludicrous move for an FMCG brand promising growth.
Commonwealth Bank of Australia (CBA):
Commonwealth Bank of Australia has executed the purchase of Symond’s remaining 20 percent stake in Aussie, with the price eclipsing expectations. The payment, made via 2.1million Sources said he had confidence in the domestic banking system and CBA’s prospects, despite the bank’s AUSTRAC and regulatory woes. The price for the group – which has a circa $70 billion loan book – hinged on Aussie’s financial accounts for the year ended June 30. That suggests Aussie had a strong period. Questions will now be asked about what plans CBA has for its minority stake in ASX-listed Mortgage Choice. Interestingly, CBA’s latest results showed home loans originating through its proprietary channels, such as branches, accounted for 57 per cent of new mortgages as at June 30. Loans through brokers sat at 43 per cents.
Downer EDI Limited (DOW)):
Downer’s long-running takeover bid to acquire services group Spotless comes to an end on Monday, when its $1.2 billion offer finally closes after being extended nine times. The contractor, which controlled 87.5 per cent of Spotless at the end of last week, has said that its August 28 deadline will not be extended again unless it gets more than 90 per cent of the services company by 7pm Monday, allowing it to compulsorily acquire the remaining shares for $1.15 each. The wildcard remains New York based hedge fund Coltrane Asset Management, which owns 10.6 per cent of Spotless and to date has refrained from accepting the offer, leaving Downer struggling to obtain full control. Spotless previously forecast profits of between $85 million and $100 million for 2017-18, but did not reiterate this guidance when it released results on Thursday, reporting a $347 million net loss. Downer, which will consolidate Spotless in its results, has guided its own investors to expect net profits after tax of about $175 million for the full year. Spotless’ operating cash flows have been improving but its ratio of converting earnings into cash has averaged 40 per cent over the past three years while Downer’s has been running at 90 per cent, according to Goldman.
Fortescue Metals Group Limited (FMG):
Is this as good as it gets for Fortescue Metals Group, one analyst pondered after the iron ore miner more than doubled net profit in the 2017 financial year. As Bell Potter analyst David Coates explained to clients after Fortescue’s full-year result last week: ‘‘In FY16, FMG reported a strong result, reflecting the gains in productivity and cost reductions over the previous 12 months. Fortescue capped 2017 with a net debt position of $US2.6 billion, half of what it was a year earlier, after repaying $US2.7 billion of debt during the year. The result impressed the market, with Fortescue’s shares closing up 6.4 per cent. But whether it is repeatable depends on whether some of the strong tailwinds behinds Fortescue’s 2017 performance are sustained. After reducing its C1 or operating cost from $US48 a tonne in fiscal 2012 to $US12.82 per tonne in 2017, Fortescue hopes to edge costs down to between $US11 and $US12 per tonne this financial year. The consensus net profit forecast for Fortescue in 2018 is just $US1.3 billion. Fortescue Metals Group is closing in on decisions that are likely to make solar power part of its future energy mix as it looks to replace imported diesel at its iron ore mining operations in the Pilbara. CEO Nev Power said Fortescue was ‘‘reviewing proposals right now’’ for solar, and for the extension of the gas and power distribution grids near its operations as it sought to improve efficiency and environmental performance of energy supply for its mines.
Insurance Australia Group Limited (IAG):
A Suncorp-owned crash repair business which runs 43 outlets around Australasia has acquired a new operation in Auckland as part of expansion plans designed to keep a lid on costs and work more closely with car manufacturers, as technology advances. The issue of surging costs for fixing new cars with complex technology was under the spotlight on August 23 when rival company IAG outlined that costs had soared for the repair of vehicles. IAG chief executive Peter Harmer blamed the ‘‘exorbitant’’ cost of spare parts, new technology in vehicles and the lower price points for premium vehicles which meant more of them were on the road. Mr Vais said he had initially approached both IAG and Suncorp after Capital SMART had been up and running for a while to become partners, but IAG had refused because it didn’t want to deliver guaranteed volumes. ‘‘I did approach both,’’ Mr Vais said.
National Australia Bank Limited (NAB):
The study, commissioned by the Australian Bankers’ Association to benchmark responses to the industry’s reform program to improve culture, shows banks have more work to do to lift perceptions about the industry, suggesting banks will be ramping up advertising as Labor continues to prosecute the case for a royal commission into the sector. National Australia Bank chief executive Andrew Thorburn will also address the microfinance conference on Tuesday, which is being run by Good Shepherd Microfinance, where he will discuss a new internal purpose at NAB – to ‘‘back the bold’’ to move Australia forward. It will see NAB ramp up its efforts to bank borrowers on low incomes who may have been excluded by major banks in recent years and forced into the payday lending industry. NAB has committed $130 million to microfinance, of which around $40 million has been lent, through the ‘‘No Interest Loan Scheme’’ (NILS) that has been established by Good Shepherd Microfinance. The NILS program ‘‘is a great unsung Australian hero and deserves credit’’ said Ms Bligh.
Nextdc Limited (NXT):
Data centre operator NextDC took a step ahead of rival 360 Capital after the Asia Pacific Data Centres board unanimously recommended Next-DC’s $1.87-a-share offer for the industrial landlord. APDC told shareholders after market close on Friday it backed its tenant’s sweetened bid in the absence of a better offer and cited an independent report calling the NextDC bid fair and reasonable. ‘‘The first gate to get past is 50.1 per cent, which is a controlling stake in the company,’’ NextDC chief executive Craig Scroggie told The Australian Financial Review on Sunday. Last month, in response, NextDC purchased a 14.1 per cent stake that it has subsequently raised close to 21 per cent. Late last month it made a $1.85-a-share offer for the business it originally owned – before spinning it out in 2013 as a separate trust – and then raised that to $1.87.
Scentre Group (SCG):
The decision by Westfield owner Scentre Group to keep a check on distribution growth in order to fund its development book has won endorsement from analysts. The policy will generate retained earnings for Scentre that it can direct into its development pipeline. ‘‘We continue to believe that Scentre’s high-quality assets are best placed to weather retail headwinds and believe they are cheap with more resilient income growth relative to other asset classes.’’ Underlining its commitment to development, Scentre last week launched its first Greenfield project in more than a decade. On the Gold Coast, the $470 million Westfield Coomera is a joint development with QIC and will include 140 specialty stores. UBS analyst James Druce ‘‘we expect Scentre to outperform at the earnings before interest and tax and funds from operation line. At a 3 per cent premium to net tangible assets, we retain a buy.’’
Spotless Group Holdings Limited (SPO):
Downer’s long-running takeover bid to acquire services group Spotless comes to an end on Monday, when its $1.2 billion offer finally closes after being extended nine times.
Stockland Corporation Limited (SGP):
A chunk of Stockland’s $7.6 billion mall portfolio may be up for grabs with the diversified property giant understood to have held talks with global investor TH Real Estate. Their smaller regional malls, which offer little opportunity for development or to boost income upside, are being labelled noncore, allowing the A-REIT giants to focus instead on growing the value of their bigger metro properties amid the tough retail conditions and threat posed to retail bricks and mortar from Amazon. Stockland may be best known as Australia’s biggest Greenfield residential developer, but its 41-strong retail property business is its biggest earnings generator contributing more than half of the $802 million in funds from operations generated in the past financial year. Head of commercial property John Schroder said as part of Stockland’s annual results released this month that trading at some of its malls had been ‘‘variable’’ in a ‘‘challenging environment’’.
Suncorp Group Limited (SUN):
A Suncorp-owned crash repair business which runs 43 outlets around Australasia has acquired a new operation in Auckland as part of expansion plans designed to keep a lid on costs and work more closely with car manufacturers, as technology advances. Capital SMART is 90 per cent owned by Suncorp after it bought an initial stake in 2010, while founder and group operations director Jim Vais holds 10 per cent. Suncorp chief executive Michael Cameron a few weeks ago emphasised the importance of in-house repair services in keeping costs down. Suncorp has moved to 90 per cent in a phased buyout. All of the Capital SMART outlets in Australia are in metropolitan centres, with 15 in Melbourne and 12 in Sydney. Mr Vais said he was also closely examining large regional centres as a potential expansion area.
Tabcorp Holdings Limited (TAH) and Tatts Group Limited (TTS):
The WA government is pushing ahead with the sale of its TAB online and retail outlet wagering services businesses, which could earn the state as much as $500 million. Sources said several banks recently pitched to WA Treasury, and the McGowan government was looking to appoint an adviser on the sale in the next week. Citi analysts believe Tabcorp and Tatts would be best positioned among potential suitors, given their ability to extract retail cost synergies. The privatisation has been a point of contention in relation to the $11 billion Tabcorp and Tatts merger, with the potential transaction raised as a potential competition issue given both companies would likely have bid for the WA TAB.
Telstra Corporation Limited (TLS):
Telstra chief executive Andy Penn insists he has a vision to make the country’s largest telecommunications player a global tech titan, and says the group is already taking major strides in areas such as cloud computing, cyber security, the Internet of Things and media content distribution. While he has been pressed to come up with fast answers to fill the $3 billion hole in annual earnings that will emerge because of the national broadband network taking its position as a wholesale internet provider, he said Telstra was already well advanced in its push into realms inhabited by the likes of Microsoft, Amazon Web Services (AWS) and Google. His plan is based on making Telstra a key partner for the likes of AWS and Microsoft in the cloud computing world, packaging up their products and adding in its own areas of specialisation, such as security managed services. The dust is still settling on Telstra’s controversial decision to move away from tradition in another area and slash its much-loved dividend by 30 per cent. Shares were sold off after the announcement, dropping from $4.33 the night before its annual results to $3.87 the following evening. At the end of last week the price had recovered slightly to $3.92, and Mr Penn said he was satisfied with how the decision had been received by stakeholders.
Westpac Banking Corporation (WBC):
Savers remaining in poor-performing superannuation funds for long periods is a key problem facing Australia’s $2.3 trillion retirement savings sector, says the country’s biggest industry super scheme, which argues that reducing the number of individuals in those funds is crucial to improving the nation’s retirement savings. ‘‘We believe that a rigorous selection process for funds to become an eligible default fund would assist businesses to choose a default fund with confidence that it is in their employees’ best interests.’’ BT Investment Group, a subsidiary of Westpac Banking Corp and as a retail fund, one of Australian Super’s main rivals, took the opposing view. It argued that opening up the super system to more competition would improve members’ retirement savings by reducing fees and prompting greater innovation.
(Source: AIMS
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