Perth Business Updates

 In an era where many people struggle to put down their phone for 90 seconds, imagine handing it over for 90 minutes. That's what happens on a regular basis at the headquarters of the Reserve Bank of Australia (RBA) a fine example of 1960s' Bauhaus — many would say brutalist — architecture that watches over Sydney's historic Martin Place financial district. RBA lock-ups are a ritual I've performed countless times already in my 15 years as an economics and finance reporter at the ABC. For us journalists, it's a rare chance to enter the bank, speak with senior RBA officials face-to-face — albeit off-the-record — and properly skim 60 or 70-page reports so we can sensibly summarise the contents. Read More: https://www.abc.net.au/news/backstory/2023-04-17/inside-the-reserve-bank-media-lockups/102212536

 The liquidator for failed builder Porter Davis has reached an agreement to sell part of the business to a Victorian construction firm. Nostra Property Group will take over the multiple dwelling arm, which was primarily responsible for townhouse projects. The collapse of Porter Davis left about 1,700 home building projects in limbo, with the majority of those in Victoria and about 200 in Queensland. Liquidator Grant Thornton said that would allow up to 375 homes to be finished, including 126 townhouses that were designed by Porter Davis and were already underway as well as another 169 developments that were yet to begin construction. Read More: https://www.abc.net.au/news/2023-04-17/nostra-porter-davis-liquidator-sale-agreement/102230380

 Prolific West Australian apartment developer Finbar Group (ASX: FRI) has achieved practical completion of its latest project, the $100 million AT238 located in Perth’s CBD amid reports that the city is facing one of the most acute housing shortages of any capital in the country. The 32-level mixed-use development, which comprises 119 residential apartments plus two ground-floor commercial lots, has so far achieved 66 sales valued at $46.25 million. These sales are due to start settling in mid-April. However, Finbar Group is expecting the project to be sold out before the end of this year now that the it is completed. Read More: https://www.businessnewsaustralia.com/articles/finbar-group-completes-at238-tower--ramps-up--677m-in-projects-amid-perth-s-housing-crisis.html

 Hello, Every business owner must have a well-defined business plan that helps to establish the vision and mission statement for the business. It is needed to set the goals and check the viability of the business idea before spending money on establishment and expansion. A business plan has all the details about the entity, starting from its name and registration number to intellectual property and financial projections. It is the blueprint of the venture and is used to inform the employees and stakeholders about the mission of the business. To know how to write a good business plan, here is an article that explains the nine steps of creating it.    https://www.business2sell.com.au/blogs/strategy/how-to-write-a-good-business-plan-in--steps

 Western Australia's gaming minister has defended not setting up a dedicated group to advise on who oversees the state's only casino, as he presented the government's official response to last year's scathing royal commission into the organisation and its regulators and flagged a complete overhaul of gambling laws. The Perth Casino Royal Commission, which reported to government in March last year, found Crown Resorts was unfit to hold a gaming licence in WA.  It identified failures by government departments and regulators that it said in turn allowed money laundering to continue without question, and raised concerns about allowing junkets with links to criminals to operate at the casino. Read More: https://www.abc.net.au/news/2023-03-16/wa-government-responds-to-crown-perth-royal-commission/102105738

 Residents of a regional West Australian community are threatening legal action against Western Power as ongoing outages bring more than a decade of frustration to a boiling point. Located about 350 kilometres north of Perth, Port Denison and Dongara are at the end of a long feeder line from Geraldton. Infrastructure supplying power to the towns is spread out across a wide area and is exposed to the elements. This summer, the total duration of outages in the towns exceeded 30 hours.  Read More: https://www.abc.net.au/news/2023-03-20/port-denison-ongoing-power-network-failures/102117020