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Film industry finds its superhero

By Stephen Lacey

Australian filmmaking may be a cottage industry but that hasn't stopped Hugh Jackman's Wolverine from providing plenty of big business locally. The furry superhero has created about 1700 Australian jobs and provided work for 850 companies.

The film, shot at various locations throughout NSW, is expected to generate more than $80 million in investment in Australia.

The lost generation

According to a new report, a quarter of young Australians do not work or study, despite the nation's growing wealth. The report's authors, the Council of Australian Governments Reform

Council, also predict that at current rates, by 2020 a third of young Australians will be without a certificate III or above.

Subs still afloat

The government's declaration that Australia will not be buying or leasing nuclear submarines from the US is good news for local jobs and manufacturing. The Defence Minister, Stephen Smith, made the announcement this week that outsourcing jobs to another country to supply Australia with nuclear submarines was not an option.

This means up to 2500 jobs at submarine builder ASC in Adelaide will be retained. The manufacturer will be enlisted to build 12 new conventional submarines at a cost of up to $36 billion.

Do your home work

Up to 25,000 jobs could be created by working from home, according to research by Deloitte Access Economics. The research also indicated that home workers could add $3.2 billion to gross domestic product.

Prime Minister Julia Gillard announced the results of the research this week as part of the government's goal of having 12 per cent of employees teleworking (working from home or elsewhere, connected to offices by the internet).

Bank bonus frozen

The chief executive of Westpac, Gail Kelly, will not be getting a pay rise any time soon. However, it shouldn't be much of a concern for Kelly, who pocketed $9.59 million this year.

She and her senior staff will have their pay frozen amid a growing shareholder backlash against high executive salaries. Similar moves have been made by the ANZ and Commonwealth banks this year.

Kelly's pay packet included $6.5 million in share-based payments and cash bonuses, on top of her fixed salary of $3 million. Westpac reported an annual cash profit of $6.6 billion for 2012.


Published: 17 November 2012

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