📊 Yesterday's Key Developments
Adrian Portelli's Company Penalised for Unlawful Lottery Operations
Xclusive Tech, a company associated with high-profile real estate figure Adrian Portelli, has been fined $40,000 for running ten illegal lotteries in South Australia. The Consumer and Business Services regulator initiated the proceedings, which covered activities between January 2023 and May 2024. Although the company was found guilty of conducting unlawful lotteries, Mr. Portelli himself was acquitted of charges related to assisting in these operations. Reports indicate the company had received prior warnings concerning its activities in the state.
Source: www.realestate.com.au
Liberman Family Incurs Significant Loss on Collingwood Office Sale
Melbourne's affluent Liberman family has reportedly sold a commercial office building in Collingwood for approximately $110 million, resulting in an estimated $20 million loss. The 12-storey property at 54 Wellington Street encountered substantial difficulties during its development, including the insolvencies of two different construction firms, Grocon and then Probuild, which caused extensive delays and increased project expenses. The family's investment vehicle, Impact Investment Fund, had previously attempted to sell the building upon its completion in 2022 at a higher valuation, but ultimately accepted a reduced price.
Source: www.smh.com.au
David Jones Extends Supplier Payment Terms Signalling Financial Pressure
The venerable Australian department store, David Jones, is implementing a new policy to defer payments to its suppliers until up to eight weeks after goods have been sold. This strategic shift suggests the 188-year-old retailer is facing considerable financial strain. Despite the company and its private equity owners, Anchorage Capital, downplaying concerns regarding its financial stability, the move highlights broader challenges within the retail sector. Department stores globally are grappling with the rise of online shopping, increased competition from agile market entrants, and a notable reduction in foot traffic, partly due to the growing trend of remote work.
Source: www.smh.com.au
Liberman Family Sells Collingwood Office at Significant Loss Following Construction Setbacks
A notable Melbourne family, the Libermans, through their Impact Investment Fund, has incurred a substantial financial loss on the sale of a commercial office building in Collingwood. The property was sold for approximately $110 million, representing a $20 million reduction from the over $130 million invested in its development and completion. The project faced considerable difficulties, including significant delays and cost escalations, primarily due to the collapses of two major construction firms, Grocon and then Probuild, during the building process. This recent transaction marks a second attempt to divest the asset, following an initial unsuccessful listing in 2022.
Source: www.theage.com.au
Australian Inflation Expected to Surge Amid Rising Fuel Costs
Concerns are rising that Australia's inflation rate is set to climb significantly in the upcoming months, primarily driven by increasing fuel prices. This surge is attributed to disruptions in global oil supply caused by the ongoing conflict in the Middle East. Businesses across various sectors, including food and transportation, are reportedly introducing fuel surcharges, passing higher operational costs onto consumers for everyday goods and services. Economists predict a substantial increase in the official measure of inflation, which could intensify financial pressure on households and elevate the risk of an economic recession, with some analysts estimating a 30% chance of a downturn within the next year.
Source: www.abc.net.au
HESTA's Superannuation Administrator Faces Significant Financial Challenges
Grow Inc, the administration provider for major superannuation fund HESTA, is reportedly in severe financial distress. The company, responsible for member services for HESTA and other super funds, is relying on financial injections from its clients to stay operational. Its most recent financial report (2024–2025) indicates substantial liabilities of nearly $45 million, almost double its assets of $24 million. Auditors have consistently raised "significant doubt" about Grow Inc's ability to continue as a going concern in their last three reports, prompting questions about the long-term viability of the firm, despite its backing from several investment entities.
Source: www.abc.net.au
Bridgetown-Greenbushes Shire Seeks Talison Lithium's Input on Town Planning Amid Expansion
The Bridgetown-Greenbushes Shire Council is set to formally request that Talison Lithium actively participate in the urban development strategies for the towns of Bridgetown and Greenbushes. This initiative stems from the significant expansion plans of the Greenbushes lithium mine, which is overseen by the shire. The council's aim is to ensure the mining company contributes to the future planning and infrastructure needs of the communities, acknowledging the potential impact of its growth on local real estate, commercial opportunities, and overall town development. This collaborative approach seeks to manage the effects of industrial expansion on residential and commercial areas.
Source: www.businessnews.com.au
APRA Retires Legacy Data System Following Security Concerns
The Australian Prudential Regulation Authority has permanently retired its long-standing Direct to APRA (D2A) data submission portal. This action follows the discovery of security weaknesses during a standard penetration test. While no security incidents or exploitation have been reported, APRA is proactively enhancing its data collection security by fast-tracking the complete migration of all reporting entities to its newer, more secure APRA Connect platform. This initiative underscores APRA's commitment to maintaining robust cybersecurity measures for both the regulator and the financial institutions it oversees.
Source: www.apra.gov.au
Published: Saturday 28 March 2026 | Fresh Articles: 25 | Sections: 8 | RunID: 2026-03-28T08:21:50+11:00
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