2012 News releases

December 2012

• Global IPO activity expected to pick up in second half 2013
  Tuesday, 18 December 2012
  The global outlook for IPOs in 2013 is better but low business confidence and sentiment continues to cloud the picture for Australia.
• Private capital pursuing mining and metals investments
  Monday, 10 December 2012
  Financing for junior and mid-tier miners may be challenging but it is not impossible, according to Paul Murphy, Ernst & Young’s Australia and Asia-Pacific Mining & Metals Transaction Leader.
• Ernst & Young remain committed to audit quality improvement but caution interpretation of ASIC report
  Wednesday, 5 December 2012
  Ernst & Young Oceania Assurance Managing Partner Tony Johnson has encouraged readers of the Australian Securities and Investment’s (ASIC) report on its audit inspection program to understand its context and the detail behind some of the key findings.
• Ernst & Young appoints Deputy Vice Chancellor to lead national education practice
  Tuesday, 4 December 2012
  Ernst & Young has today announced the appointment of Monash University Deputy Vice Chancellor, Professor Stephanie Fahey as its Oceania Education Lead Partner based in Canberra.
• Supporting local online stores just lip service for Australians – price number 1 consideration
  Tuesday, 4 December 2012
  Competitive prices and fast, reliable delivery top the list of ‘must-haves’ for shoppers on online retail sites, according to a new survey.
• Ernst & Young congratulates AACTA Awards nominees
  Tuesday, 4 December 2012
  Ernst & Young today congratulated all the nominees announced by the Australian Academy of Cinema and Television Arts for the 2nd annual AACTA Awards.
• Cost competitiveness, project execution top priorities for miners
  Monday, 3 December 2012
  Cost competitiveness and project execution will remain the focus for global mining and metals companies going into 2013, in stark contrast to 12 months ago when fast-tracking production was still top of the agenda.
• Perceived benefits of hedge fund regulation deteriorates among investors
  Monday, 3 December 2012
  Despite increasing regulatory requirements for hedge funds, only 10% of investors feel that the regulations effectively protect their interests and 85% do not believe these requirements will help prevent the next financial crisis, according to Ernst & Young’s sixth annual survey of the global hedge fund market.
• Director Reports need further scrutiny
  Monday, 3 December 2012
  The Australian Securities and Investments Commission (ASIC) should focus on reviewing the requirements of Directors Reports, says Ernst & Young.
• Ernst & Young hosts second Sydney Cycle Day with Cadel Evans
  Monday, 3 December 2012
  Ernst & Young today hosted 100 business and government leaders at our second annual Sydney Cycle Day with Cadel Evans.

November 2012

• China media and entertainment industry continues to experience exponential growth as consumer spending rises and technologies converge
  Friday, 30 November 2012
  The staggering economic growth-rate of mainland China has created unprecedented opportunities for Chinese and global media and entertainment companies, according to an Ernst & Young report, Spotlight on China.
• Out of the classroom and onto the world stage: McMillan Shakespeare founder named 2012 Australian Entrepreneur Of The Year
  Friday, 30 November 2012
  Anthony Podesta, founder and Non Executive Director of McMillan Shakespeare, a market leader in outsourced remuneration and asset management services, has been named the 2012 Australian Ernst & Young Entrepreneur Of The Year®.
• Ernst & Young hosts third Melbourne ‘Cycle Day’ with Cadel Evans
  Thursday, 25 November 2012
  Ernst & Young will host up to 80 business and government leaders in Melbourne’s third annual ‘Cycle Day’ with Cadel Evans, cycling along a new regional route from Werribee Mansion.
• Ernst & Young business immigration service expanded
  Thursday, 15 November 2012
  A growing demand for business immigration services, has led Ernst & Young to expand a key area of its Human Capital practice with Katie Malyon & Associates joining the firm.
• Ernst & Young launches Perth ‘Cycle Day’ with Cadel Evans
  Monday, 12 November 2012
  Ernst & Young hosted 90 business and government leaders in Perth’s first ‘Cycle Day’ with Cadel Evans, cycling in a loop from North Fremantle through Perth’s city centre and returning to the beach.
• Australians more productive than 12 months ago: now wasting 15 minutes less time at work everyday
  Monday, 12 November 2012
  Australian workers are more productive and wasting 4% less time at work than 12 months ago, with the average amount of time wasted falling from 18% to 14% since October 2011.
• Australian banks keep the hatches battened down, but where to next?
  Monday, 5 November 2012
  Ernst & Young has analysed the 2012 full-year results of Australia’s largest banks and found the challenges around cost of funding and low levels of growth, which have been a flashing amber traffic light for the industry over the past 12 months, appear set to continue.
• Australian REITs recovery continues but future growth still a challenge
  Monday, 5 November 2012
  Real Estate Investment Trusts (REITs) around the world continue to show signs of recovery but still face some challenges, especially in raising fresh capital, according to Ernst & Young’s Global perspectives: 2012 REIT report.
• Getting on with the business of climate change
  Monday, 5 November 2012
  Over the past 12 months many Australian businesses have implemented the processes required to comply with the clean energy legislation, but many have not gone far enough with many businesses still believing that ‘trading’ or other market based activity is risky, according to Ernst & Young.
• Mining and metals M&A: inbound investment remains strong
  Monday, 5 November 2012
  Deal volume and value in the Australian mining and metals sector for January-September 2012 has dropped 17% and 50% respectively compared to the same period last year.
• COOs more relevant than ever, but struggle to win support of executive
  Friday, 2 November 2012
  Forty per cent of Chief Operating Officers (COOs) aspire to be promoted to CEO within the next five years, according to Ernst & Young’s DNA of the COO report released today.
• Ernst & Young supports landmark arts event, Francis Bacon: five decades
  Thursday, 1 November 2012
  Ernst & Young is adding another high-profile event to its long-standing commitment to the arts, with its principal sponsorship of the upcoming exhibition of the work of Francis Bacon at the Art Gallery of New South Wales.

October 2012

• 91% of Australian organisations see escalating level of external security threats
  Wednesday, 31 October 2012
  While the vast majority of Australian organisations believe the risk environment has changed significantly as a result of rising security threats, 63% of organisations say that the number of actual security incidents has remained the same in the past 12 months.
• Global mobility policies, processes and systems being pushed to the limit
  Monday, 29 October 2012
  Despite the influx of people being sent to work in emerging growth and emerging markets, 68% of surveyed companies in Ernst & Young’s Global Mobility Effectiveness Survey 2012 – Driving business success do not have adequate frameworks to manage payroll, tax and social security risks.
• M&A deals attracting more scrutiny from tax authorities
  Monday, 29 October 2012
  Two-thirds of tax directors globally surveyed by Ernst & Young say their companies’ deals are attracting more scrutiny from their national tax authorities, up from 49% in 2011.
• Australian universities on the cusp of profound change: Ernst & Young report
  Wednesday, 24 October 2012
  Time is running out for traditional university business models. New technologies, increased competition and flat-lining government funding will force universities to fundamentally reinvent themselves in the decade ahead, according to an Ernst & Young report.
• Australian companies taking a ‘wait and see’ approach
  Tuesday, 16 October 2012
  Australasian corporate are taking a “wait and see” approach to growth and a greater number intend to sit on the sidelines when it comes to M&A, the results of Ernst & Young’s latest six-monthly Capital Confidence Barometer show.
• Ernst & Young: CIO critical for driving growth and productivity
  Monday, 15 October 2012
  The dramatic shift towards a digital economy has put significant pressure on the leadership of many businesses to embrace technology as more than a support function and ensure the CIO is a key member of the executive.
• Innovation and collaboration key to productivity gains in oil & gas sector
  Tuesday, 9 October 2012
  Preliminary findings from the first year of a three year joint research study by Ernst & Young and The University of Queensland Business School suggests that collaboration is a key enabler of productivity.
• Time to switch? Two-thirds of mortgage customers say they’re not getting the best deal from their bank
  Monday, 8 October 2012
  Only a third of Australian mortgage holders believe they are getting the best possible deal from their bank, with 66% of people saying they think there are better deals available, according to new research by Ernst & Young.
• Bill Banks appointed Ernst & Young’s Global Infrastructure Leader
  Friday, 5 October 2012
  The appointment reflects the increased need by governments globally to invest in infrastructure to drive economic growth — particularly in emerging markets — and the expected need for higher quality services as more countries around the world urbanize and require upgrades to existing infrastructure.

September 2012

• Crunching the numbers: Australian accountants, it’s time to be counted!
  Wednesday, 26 September 2012
  While the last Saturday in September might belong to AFL fans, Ernst & Young is again staking a claim for the last Friday of the month to be dedicated to accountants everywhere.
• Impact of removing the LVT on GST revenues
  Corporate statement
  Friday, 14 September 2012
  An Ernst & Young report commissioned by the National Retail Association Ltd has quantified the significant and growing loss of GST revenues to the States and Territories resulting from the Low Value Threshold (LVT).
• Media and entertainment CEOs see digital media as driver of future growth
  Thursday, 13 September 2012
  Global media and entertainment CEOs are optimistic about the digital future and expect digital revenue will be a rapidly increasing percentage of overall revenue for companies, according to Ernst & Young’s latest CEO study.
• Mining services sector battles funding gap
  Tuesday, 11 September 2012
  The next six months will see an increase in distressed businesses, M&A and consolidation in the capital-constrained mining services sector as miners focus on reducing costs and protecting margins in the wake of softening commodity prices.
• Final proposals on accounting for risk management activities
  Monday 10 September 2012
  Ernst & Young have welcomed the International Accounting Standards Board’s (IASB) release of a review draft on new proposals for hedge accounting that will allow many entities to better reflect their risk management activities in financial statements.

August 2012

• Top Queensland entrepreneurs awarded at Brisbane ceremony
  Friday 24 August 2012
  Queensland’s top entrepreneurs were announced last night at the 2012 Ernst & Young Entrepreneur Of The Year Northern region awards ceremony in Brisbane.
• Financial services firms boost risk management resources
  Australian banks not immune to global risks
  Wednesday 22 August 2012
  Leading financial services firms have made major changes to their approach to risk management following the global financial crisis, but there is still much to be done to change and embed new methodologies and processes, according to a new report by Ernst & Young in conjunction with the Institute of International Finance (IIF).
• Feeling powerless? Time and effort stops consumers switching for a better electricity deal
  Monday 20 August 2012
  While the increasing size of electricity bills is weighing heavily on the minds of most Australians, perceived barriers such as time, effort and a lack of clear information is preventing them from switching service providers to seek a better deal.
• NSW and ACT entrepreneurs shine at awards night
  Friday 17 August 2012
  The top entrepreneurs from across New South Wales (NSW) and the Australian Capital Territory (ACT) were announced last night at the 2012 Ernst & Young Entrepreneur Of The Year Eastern region awards ceremony in Sydney.
• Winning entrepreneurs judged best in the west
  Friday 10 August 2012
  The top entrepreneurs from across Western Australia were announced last night at the 2012 Ernst & Young Entrepreneur Of The Year Western region awards ceremony in Perth.

July 2012

• Outstanding entrepreneurs honoured at Adelaide awards night
  Friday 27 July 2012
  The top entrepreneurs from across South Australia and the Northern Territory were announced last night at the 2012 Ernst & Young Entrepreneur Of The Year® Central region awards ceremony in Adelaide.
• Foreign direct outflows from Asian markets to hit US$400b by 2020
  Wednesday 25 July 2012
  The importance of Asia to global trade will continue to increase steadily over the next decade with foreign direct outflows reaching US$400b by 2020, according to Ernst & Young's report, Beyond Asia: strategies to support the quest for growth.
• Nick Sherry joins Ernst & Young superannuation team
  Tuesday 24 July 2012
  Ernst & Young today announced former Senator Nick Sherry will be engaged as a senior advisor to its superannuation practice.
• Mining & metals deal volume and value down in 1H 2012
  Monday 23 July 2012
  Deal volume and value in the Australian mining and metals sector for 1H 2012 has dropped 20% and 31% respectively compared to the same period last year.
• Ernst & Young Brisbane increases partner numbers
  Monday 23 July 2012
  Ernst & Young’s Brisbane office partner numbers are at an all time high, following the promotion of six new partners and two new external recruits. Brisbane Managing Partner, Jenny Parker, says the growth reflects the depth of talent in the organisation as well as the strong resources-fuelled economic outlook for Queensland.
• Top entrepreneurs honoured at Melbourne ceremony
  Friday 20 July 2012
  The top entrepreneurs from across Victoria and Tasmania were announced last night at the 2012 Ernst & Young Entrepreneur Of The Year® Southern region awards ceremony in Melbourne.
• Ernst & Young joins the Brisbane CBD skyline
  Monday 16 July 2012
  Ernst & Young is the latest addition to the Brisbane skyline, with the firm today officially taking up residence in its brand new offices at One One One Eagle Street and seeing its sky sign illuminated for the first time.
• Resource nationalism remains number one risk for miners
  Monday 9 July 2012
  Resource nationalism remains the number one risk for mining and metals companies around the world, as ranked by Ernst & Young’s annual Business risks facing mining and metals 2012-2013 report, released today.
• The customer takes control – power in banking relationships shifts dramatically
  Tuesday 3 July 2012
  Australian consumers are taking control of their banking relationships and expect to be able to choose between a range of service levels and costs according to new research from Ernst & Young’s 2012 Global Banking Customer Survey.
• ASX 100 response to ASIC's disclosing non-IFRS information guide
  Monday 2 July 2012
  An Ernst & Young report has found that ASX 100 companies have made significant changes to their December 2011 financial reports in response to the Australian Securities and Investments Commission’s (ASIC) regulatory guidance about non-IFRS information. .

June 2012

• Strong foundations for sustainable local infrastructure
  Monday 18 June 2012
  Corporate Statement
  An Ernst & Young report commissioned by the Department of Regional Australia, Local Government, Arts and Sport to review the prioritisation and financing of local government infrastructure, has recommended a series of initiatives towards creating strong foundations for sustainable local government infrastructure.

May 2012

• Young men’s mental health costing the Australian economy $3 billion
  Thursday 31 May 2012
  Young men’s mental illness in Australia is costing the economy more than A$3 billion each year in lost productivity according to the landmark report from the Inspire Foundation and Ernst & Young.
• A third of Australia’s workforce falls below national productivity average - costing business more than $40 billion in wasted time.
  Monday 28 May 2012
  While two-thirds of Australia’s workforce is ‘productive’, more than 3.5 million workers are falling behind the ‘national productivity average’ as well as wasting an average of 23% of their time at work.
• Drive for revenue growth ignores risk of prosecution for senior executives
  Thursday 24 May 2012
  Ernst & Young’s 2012 Global Fraud Survey, Growing Beyond: a place for integrity, shows fifteen percent of senior executives polled at leading companies around the world, including Australia, are willing to make cash payments to win or retain business, up from 9% in 2010.
• Nominees announced for 2012 Australian Entrepreneur Of The Year® awards
  Tuesday 15 May 2012
  Australia’s best and brightest entrepreneurs are in the spotlight today with the announcement of the nominees for the 2012 Australian Ernst & Young Entrepreneur Of The Year® awards.
• Australian banking environment: the rise of the deposit
  Thursday 10 May 2012
  In a fortunate turn of events for the banking industry, it seems deposits have become ‘the new black’, as challenging global economic conditions increase competition for more diversified and cheaper funding options.
• Federal Budget 2012-13: Is this the surplus we had to have?
  Wednesday 9 May 2012
  The Treasurer has kept his long standing promise and delivered a forecasted budget surplus against all odds, but it is hard to argue this is the surplus we had to have, Ernst & Young says.

April 2012

• Confidence grows - is now the time for M&A?
  Monday 23 April 2012
  Corporate confidence in the global outlook is steadily improving and Australasian companies are positioned for growth, according to Ernst & Young’s latest six-monthly Capital Confidence Barometer.

March 2012

• Growth biggest challenge for Asia Pacific businesses: CFOs
  Tuesday 20 March 2012
  A new survey of Chief Financial Officers (CFOs) across Asia Pacific has found 62% believe achieving growth in the current climate is the number one challenge for businesses.
• MRRT clock now ticking for miners
  Tuesday 20 March 2012
  The clock is now ticking for miners to evaluate their case to lower their first year Mineral Resource Rent Tax (MRRT) instalment payments
• The threshold question: Economic impact of the low value threshold on the retail industry
  Corporate statement
  Thursday 15 March 2012
  An Ernst & Young report commissioned by the National Retail Association Ltd assessing the economic impact of online retailing on Australia has found that up to 118,700 traditional retail jobs will be lost by 2015, including up to 33,400 as a direct result of the Low Value Threshold (LVT).
• Ernst & Young recognised as an Employer of Choice for Women 11th year running
  Tuesday 13 March 2012
  Ernst & Young has been named a 2012 Employer of Choice for Women (EOCFW) by the Equal Opportunity for Women in the Workplace Agency (EOWA), the eleventh consecutive year the firm has been included on the prestigious list.
• Ernst & Young appoints new Canberra Partner
  Thursday 1 March 2012
  Ernst & Young today announced that Bruce Hunter has commenced to lead the Canberra Finance team.

February 2012

• Australian insurers left playing catch up as consumer online research soars
  Wednesday 22 February 2012
  New research from Ernst & Young’s Global Insurance Customer Survey has found that a combination of increasing expectations and accessible technology has the Australian insurance industry facing far more active, demanding and better informed customers than ever before.
• The search begins – who will be Australia’s next Entrepreneur Of The Year?
  Wednesday 22 February 2012
  The search for outstanding Australian entrepreneurial talent is on again, with nominations now open for the 2012 Ernst & Young Entrepreneur Of The Year® awards.
• Customer experience key to Stronger Super success
  Friday 17 February 2012
  Australia’s superannuation sector is making inroads but still has a long way to go to be ready for the government’s Stronger Super reform according to the results of a new industry report.
• Ernst & Young appoints new Canberra Tax Partner
  Thursday 16 February 2012
  Ernst & Young today announced the appointment of Todd Wills to the role of Canberra Tax team leader
• FATCA proposal adds to regulatory pressure on Australian financial institutions
  Thursday 9 February 2012
  FATCA proposal adds to regulatory pressure on Australian financial institutions. The release of the draft Foreign Account Tax Compliance Act (FATCA) regulations by the US Treasury and IRS will add extra pressure to Australian financial institutions already feeling the burden of a raft of other regulatory changes.
• Ernst & Young expands Asia-Pacific presence with new PNG office
  Friday 7 February 2012
  Ernst & Young has announced the opening of a new office in Port Moresby, Papua New Guinea (PNG).
• Infrastructure key driver in 2012 Australian mining M&A
  Friday 6 February 2012
  Infrastructure development and non-ocre divestments will be key drivers of mining and metals sector M&A in Australia in 2012.
• Ernst & Young and Babcock to deliver RIZZO 17 support
  Friday 3 February 2012
  Ernst & Young has teamed with Babcock to win a contract to support the Royal Australian Navy (RAN) in delivering a blueprint to help rebuild navy engineering capability.

January 2012

• And the award goes to...
  27 January 2012
  Ernst & Young lends support to Australian film and television’s night of nights.