Assessing the real value in residential property investment

One of the major fall outs from the Global Financial Crisis has been the decline in residential property construction, home lending and residential property prices. This has lead to some extent to a reduction in the number of small investors willing to commit funds to an investment market that is not seen to perform as well as other investment assets, particularly in relation to income return.With a decreasing supply of rental accommodation in the housing markets, less public housing being constructed by both State and Commonwealth Governments, there is the potential for the residential property market to provide more substantial returns than previous years.This paper will analyse the current residential housing market in Brisbane, Australia to determine if there are sectors in this market that are outperforming the average income and total return for residential investment property and the variation in investment performance across the various housing sub-markets. The results show that property investment in residential property provides opportunities to maximize returns based on geographic location and socio-economic economic status, with lower value areas showing the highest income returns and higher value suburbs showing greater capital returns

Impact of the Corporate Law Economic Reform Program Act 1999 on initial public offering prospectus earnings forecasts

Commencing 13 March 2000, the Corporate Law Economic Reform Program Act 1999 (Cth) introduced changes to the regulation of corporate fundraising in Australia. In particular, it effected a reduction in the litigation risk associated with initial public offering prospectus disclosure.We find that the change is associated with a reduction in forecast frequency and an increase in forecast value relevance, but not with forecast error or bias. These results confirm previous findings that changes in litigation risk affect the level but not the quality of disclosure. They also suggest that the reforms’ objectives of reducing fundraising costs while improving investor protection, have been achieved.

Tax concessions for charities : competitive neutrality, the tax base and "public goods" choice

It is argued that concerns arise about the integrity and fairness of the taxation regime where charitable organizations, which avail themselves of the tax exemption status while undertaking commercial activities, compete directly with the for-profit sector. The appropriateness of the tax concessions granted to charitable organizations is considered in respect of income derived from commercial activities. It is principally argued that the traditional line of reasoning for imposing limitations on tax concessions focuses on an incorrect underlying inquiry. Traditionally, it is argued that limitations should be imposed because of unfair competition, lack of competitive neutrality, or an arbitrary decision relating to a lack of deserving. However, it is argued that a more appropriate question from which to base any limitations is one which considers the value attached to the integrity of the taxation regime as a whole, and the tax base specifically compared to the public good of charities. When the correct underlying question is asked, sound taxation policy ensues, as a less arbitrary approach may be adopted to limit the scope of tax concessions available to charitable organizations.

Journalling and public health education : thinking about reflecting

Purpose: The purpose of this research is to understand reflective journalling in a first year Public Health practice unit. Design/methodology/approach: This research uses pure phenomenography to interpret students descriptions of reflective journalling. Data was collected from thirty-two students enrolled in PUB215 Public Health Practice in the School of Public Health, Queensland University of Technology. Participants completed a brief open-ended questionnaire to evaluate the first assessment item in this unit, a Reflective Journal. Questionnaire responses were analysed through Dahlgren and Fallsberg’s (1991) seven phases of data analysis. Findings: The Reflective Journal required students to reflect on lecture content from five of seven guest speakers. Participants responses were categorised into four conceptions - 1) engagement in learning, 2) depth of knowledge, 3) understanding the process and 4) doing the task. Participants describe reflective journalling as a conduit to think critically about the content of the guest speakers presentations. Other participants think journalling is a vehicle to think deeply about their potential career pathways. Some define journalling as a pragmatic operation where practical issues are difficult to navigate. The Reflective Journal successfully a) engaged students learning, b) increased students depth of knowledge and c) deepened students understanding of the journalling process. Originality/value: This research gives an insight into how first year public health students understand reflective journalling, supports educators in reflective journalling assessments and confirms a Reflective Journal assessment can move student reflection towards higher order thinking about practice.

Saying sorry in the 21st century : public apologies in a digital world

The public apology to the Forgotten Australians in late 2009 was, for many, the culmination of a long campaign for recognition and justice. The groundswell for this apology was built through a series of submissions which documented the systemic institutionalised abuse and neglect experienced by the Forgotten Australians that has resulted, for some, in life-long disadvantage and marginalisation. Interestingly it seems that rather than the official documents being the catalyst for change and prompting this public apology, it was more often the personal stories of the Forgotten Australians that resonated and over time drew out quite a torrent of support from the public leading up to, during and after the public apology, just as had been the case with the ‘Stolen Generation.’ Research suggests (cite) that the ethics of such national apologies only make sense if their personal stories are seen as a collective responsibility of society, and only carry weight if we understand and seek to Nationally address the trauma experienced by such victims. In the case of the Forgotten Australians, the National Library of Australia’s Forgotten Australians and Former Child Migrants Oral History Project and the National Museum’s Inside project demonstrate commitment to the digitisation of the Forgotten Australians’ stories in order to promote a better public understanding of their experiences, and institutionally (and therefore formally) value them with renewed social importance. Our project builds on this work not by making or collecting more stories, but by examining the role of the internet and digital technologies used in the production and dissemination of individuals’ stories that have already been created during the period of time between the tabling of the senate inquiry, Children in Institutional Care (1999 or 2003?) and a formal National apology being delivered in Federal Parliament by PM Kevin Rudd (9 Nov, 2009?). This timeframe also represents the emergent first decade of Internet use by Australians, including the rapid easily accessible digital technologies and social media tools that were at our disposal, along with the promises the technology claimed to offer — that is that more people would benefit from the social connections these technologies allegedly were giving us.

Chaos and creativity of play : designing emotional engagement in public spaces

How do we create strong urban narratives? How do we create affection for our cities? Play, an essential part of any species' biological existence and development, can often be perceived as chaotic and derogatory to social and spatial order. Play is also often perceived as a creative force which generates social and spatial value. This paper looks at the design approaches to both chaotic and creative perceptions of publics at play in urban space. Commonly, Urban and Architectural Design constitutes reactive management of perceived chaos, which derogatorily effects our sensory and emotional engagement with space. Alternatively, Urban and Architectural Design can appeal to the creativity of play, by encouraging unsolicited novelty that is vital to strong experiential narratives in the city and iterating environments that encourage the emergence of physical, emotional and cultural invention. These perceptions of chaos and creativity affect the design methodology of professional practice. Tested through the exciting vehicle of Parkour as urban narrative, the constraints and opportunities of both approaches are presented.

As trajetorias de carreiras tradicionais estao dando passegem as proteanas? Um estudo com gereentes no setor public Australiano com foco em diferencas quanto ao genero ( Have traditional career paths given way to protean ones?: Evidence from senior managers in the Australian public sector)

Purpose – This mixed-method study aims to determine the extent to which the career paths of senior managers conform with the traditional versus protean elements described in the careers literature and whether these paths vary by gender. Design/methodology/approach – A total of 15 senior managers (seven women and eight men) in a large public sector agency in Australia were interviewed about their career trajectories to date. Data were coded according to four major areas which characterise and distinguish between traditional and protean careers: development, orientation of the employee, definition of success, and organisational environment. A total of 81 managers (34 women and 47 men) from the same organisation were also surveyed. Variables of interest were those that could be triangulated with qualitative data such as the availability of career opportunities. Findings – Results suggest that, contrary to much existing literature which proposes that all careers have been fundamentally altered, the traditional career which relies on length of service, geographic mobility and a steady climb up the corporate ladder, is still the dominant model in some organisations. However, the trend towards protean careers is evident and is more pronounced for women than for men. Research limitations/implications – The specific nature of the organisation (large, male-dominated, public sector) may limit the generalisability of results. Practical implications – The framework used to explore career paths according to traditional/ protean elements in this study may assist human resource practitioners to develop appropriate strategies which maximise the professional development of employees. Originality/value – The results of this research challenge the universality of change in the nature of careers, particularly in public sector environments.

The "free-factor" impact on value in health services

Purpose - This paper seeks to understand the impact of financial cost on customer value in health prevention services by comparing free government services with private fee-charging providers. This is important as there is a common belief that a free health service is of lower quality and thus lower value than a paid service. However there is no evidence to verify this notion. Design / Methodology / Approach - A large-scale online survey was administered nationwide to Australian women. The respondents were asked about the functional and emotional value derived from their service experiences. Findings - Structural equation modelling (SEM) revealed non significant relationships between fee/free services and functional and emotional value (FV/EV). The non-significant relationship with FV is contrary to the theory of price quality relationship in services. This could be attributed to consumer perceptions that the technical quality of health professionals is comparable across free and paid services. The non-significant relationship with EV could be explained by the indicators used to reflect EV. These indicators were reflective of breast screening behaviour, not breast screening services. Subsequently, it may be posited that the act of having a breast screen is sufficient for consumers to derive emotional value, regardless of the financial cost. Originality / Value - This research fills an important gap in the literature by investigating the impact of financial cost on a service that consumers use proactively(prevention), rather than reactively (treatment). Insights are provided into the impact of cost on customer value in preventive health services, which are valuable to social marketing academics, health practitioners, and governments

Pervasive technology and public transport : opportunities beyond telematics

The advancements of technology in the field of public transport have been considerable. Information Technology (IT) has made the dissemination of information effortless, contributing to reduced perceived waiting time, increased sense of security, and value for money. Nevertheless, and in light of the ever more obvious widespread presence of powerful mobile devices, it seems that the use of technology may be geared towards supplementary services other than telematics. Looking at it from a passenger’s perspective, this article provides an overview of what IT-based services are currently offered in public transport and what is their assessed impact. We finalise by putting forward possible directions that future services might follow, and stress out the necessity to come up with frameworks that enable for the impact assessment on service quality and customer satisfaction.

The Committee on Public Information : a transmedia war propaganda campaign

This article summarises a PhD dissertation of the same name. It develops an understanding of how propaganda entered journalism and popular culture in the United States during World War I through an examination of materials created by the Committee on Public Information (CPI). Three CPI divisions were studied: The Division of News, the Four Minute Men, and the Division of Pictorial Publicity. The methodology of archival contextualisation was created, bringing together the methods of close reading, discourse-historical contextualisation, and Piercian semiotics. A summary of relevant literature is interspersed with thematic historical developments that impacted the relationship between propaganda, journalism and popular culture. This review outlines a gap in knowledge about the archival materials as well as the relationship between propaganda, journalism and popular culture from this period. A discussion about how the expectations of persuasion, truth and amusement relate to each other when mediated in culture, using Lotman’s concept of the semiosphere further develops an understanding of propaganda as a cultural system in relation to other cultural systems – in this case, journalism and popular culture. Findings from the study include that the CPI created a transmedia war propaganda campaign, which enabled propaganda to successfully draw entertainment value from popular culture and credibility from journalism in order to influence public opinion.

The value of community wellbeing for locality based practice

This presentation put forward six propositions regarding the value and character of community wellbeing, in particular the economic contribution of social and community programs and initiatives. The six propositions are: 1. Community wellbeing is a useful umbrella concept 2. Everyone benefits from public programs 3. There is an economic as well as social cost of not responding well 4. Local government is key in fostering community wellbeing 5. Good practice involves bringing together a number of perspectives and levers, including social and cultural initiatives 6. Engaging with the community around wellbeing offers an opportunity to enhance the political process

Does the social inclusion discourse add value?

The election of a national Labor Government in 2007 saw ‘social inclusion’ emerge as Australia’s overarching social policy agenda. Being ‘included’ has since been defined as being able to ‘have the resources, opportunities and capabilities needed to learn, work, engage and have a voice’. Various researchers have adopted the social inclusion concept to construct a multi-dimensional framework for measuring disadvantage, beyond poverty alleviation. This research program has enabled various forms of statistical modelling based on some agreement about what it means to be ‘included’ in society. At the same time it is acknowledged that social inclusion remains open and contestable and can be used in the name of both progressive and more punitive programs and policies. This ambiguity raises questions about whether the social inclusion framework, as it is presently defined, has the potential to be a progressive and transformative discourse. In this paper we examine whether the Australian social inclusion agenda has the capacity to address social inequality in a meaningful way, concluding with a discussion about the need to understand social inequality and social disadvantage in relational terms.

Value management in infrastructure project design : unlocking the project team’s creativity

Value Management (VM) is a proven methodology that provides a structured framework using supporting tools and techniques that facilitate effective decision-making in many types of projects, thus achieving ‘best value’ for clients. It offers an exceptionally robust approach to exploring the need and function of projects to be aligned with client’s objectives. The functional analysis and creativity phases of VM are crucial as it focused on utilising innovative thinking to understand the objectives of clients’ projects and provide value-adding solutions at the early discovery stages of projects. There is however a perception of VM as just being another cost-cutting tool, which has overshadowed the fundamental benefits of the method, therefore negating both influence and wider use in the construction industry. This paper describes findings from a series of case studies conducted at project and corporate levels of a current public funded infrastructure projects in Malaysia. The study aims to investigate VM processes practised by the project client organisation and evaluate the effects of project team involvement in VM workshops during the design-stage of these projects. The focus of the study is on how issues related to ‘upstream’ infrastructure design aimed at improving ‘downstream’ construction process on-site, are being resolved through multi-disciplinary team consideration and decision-making. Findings from the case studies indicate that the mix of disciplines of project team members at a design-stage of a VM workshop has minimal influence on improving construction processes. However, the degree of interaction, institutionalized thinking, cultural dimensions and visualization aids adopted, have a significant impact in maximizing creativity amongst project team members during VM workshop. The case studies conducted for this research have focused on infrastructure projects that utilise traditional VM workshop as client’s chosen VM methodology to review and develop designs. Documents review and semi-structured interview with project teams are used as data collection techniques for the case study. The significant outcomes of this research are expected to offer alternative perspectives for construction professionals and clients to minimise the constraints and strengthen strategies for implementing VM on future projects.

A new first-order decision-making model for the procurement of public sector infrastructure: Procedures and Testing

Given global demand for new infrastructure, governments face substantial challenges in funding new infrastructure and delivering Value for Money (VfM). As part of the background to this challenge, a critique is given of current practice in the selection of the approach to procure major public sector infrastructure in Australia and which is akin to the Multi-Attribute Utility Approach (MAUA). To contribute towards addressing the key weaknesses of MAUA, a new first-order procurement decision-making model is presented. The model addresses the make-or-buy decision (risk allocation); the bundling decision (property rights incentives), as well as the exchange relationship decision (relational to arms-length exchange) in its novel approach to articulating a procurement strategy designed to yield superior VfM across the whole life of the asset. The aim of this paper is report on the development of this decisionmaking model in terms of the procedural tasks to be followed and the method being used to test the model. The planned approach to testing the model uses a sample of 87 Australian major infrastructure projects in the sum of AUD32 billion and deploys a key proxy for VfM comprising expressions of interest, as an indicator of competition.

Defining sustainability requirements for design-build (DB) contractor selection in public sector projects

The design-build (DB) delivery system is an effective means of delivering a green construction project and selecting an appropriate contractor is critical to project success. Moreover, the delivery of green buildings requires specific design, construction and operation and maintenance considerations not generally encountered in the procurement of conventional buildings. Specifying clear sustainability requirements to potential contractors is particularly important in achieving sustainable project goals. However, many client/owners either do not explicitly specify sustainability requirements or do so in a prescriptive manner during the project procurement process. This paper investigates the current state-of-the-art procurement process used in specifying the sustainability requirements of the public sector in the USA construction market by means of a robust content analysis of 40 design-build requests for proposals (RFPs). The results of the content analysis indicate that the sustainability requirement is one of the most important dimensions in the best-value evaluation of DB contractors. Client/owners predominantly specify the LEED certification levels (e.g. LEED Certified, Silver, Gold, and Platinum) for a particular facility, and include the sustainability requirements as selection criteria (with specific importance weightings) for contractor evolution. Additionally, larger size projects tend to allocate higher importance weightings to sustainability requirements.This study provides public DB client/owners with a number of practical implications for selecting appropriate design-builders for sustainable DB projects.