Business Advice

Ten for sale? … SA gets its own bank tax … David Jones gets cracking on food hall plan

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Channel Ten

Source: AAP Image/Paul Miller

By Dominic Powell and Emma Koehn. 

If you’ve ever wanted to own a national broadcaster, here’s your chance. Administrators Korda Mentha have issued advertisements in local newspapers seeking expressions of interest for the purchase of troubled broadcaster Network Ten, reports B&T.

Advertised as a “rare opportunity”, the administrators are seeking any potential buyers for the “iconic Australian free to air broadcaster”, boasting a gross revenue of $3 billion.

The Network Ten business entered voluntary administration last week after investors Lachlan Murdoch and Bruce Gordon did not guarantee continued support for the network’s $250 million in loans, with agreements with lender CBA set to expire at the year’s end.

South Australia gets its own bank tax

The banks and some business groups have hit out at the South Australian government’s plan to introduce its own bank levy, after the state revealed plans in Thursday’s budget it will raise $370 million through a state-based banks tax.

The levy will apply to all “deposit-taking” institutions operating in the state, imposing a levy of 0.015% on liabilities.

Business Council of Australia chief executive Jennifer Westacott has told Fairfax Australia was becoming a “laughing stock” in global financial circles because of the the tendency of state and federal governments here to “chop and change” rules about doing business.

The Advertiser reports BankSA chief said the policy was “not in the interest of South Australians”.

However, the Weatherill government insists there is also plenty in its budget for small businesses, including a cementing of the 2.5% payroll tax rate for small businesses in the region, making it the lowest payroll tax rate for small businesses in Australia, it says.

David Jones to roll out new food stores

Department store retailer David Jones will embark on a three-year and $100 million upgrade of its food offerings, reports Fairfax, including standalone stores and large-scale food halls.

In the immediate future, the retailer is launching a series of new food halls and food courts in different locations across the country, including one in Bondi, Wollongong, and Melbourne.

Beyond this, the company is looking to establish 300-500 square metre standalone food stores, containing similar offerings to its food halls, but with a “curated” line of products reports Fairfax.

“Customers want an experience when they shop and food plays a very important function in driving shoppers to the store,” David Jones’ chief executive John Dixon said.

“We will be offering more private label David Jones products, as well as sourcing the best quality Australian food.”

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