The Rose Bay investment property of bankrupt hospitality entrepreneur Jon Adgemis has been sold for $12 million, after nearly two months on the market, according to a now-removed listing on the Cotality website, the Greek Herald reported. The six-bedroom, five-bathroom home, purchased by Adgemis and his mother Rose in 2018 for $4.45 million, had been occupied by family members. Adgemis’ bankruptcy trustee, Andrew Yeo of Pitcher Partners, has advised that an update to creditors is expected in early November.
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Tasmania’s government-owned ferry operator was on the brink of insolvency during July’s state election, forcing an emergency bailout from the caretaker government, a parliamentary inquiry has heard, PulseTasmania.com reported. TT-Line informed the Liberal government on July 25 that it was facing a liquidity crisis and couldn’t wait until after the election for financial support. The following day, the government provided a guarantee that allowed state lending authority Tascorp to lift the company’s loan limit.
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Australian consumer prices surged in the third quarter, scuttling any hope of a further interest rate cut this year, and potentially in 2026, the Wall Street Journal reported. The consumer-price index rose 1.3% from the previous quarter and 3.2% from a year earlier, the Australian Bureau of Statistics said Wednesday. Economists had expected a 3% rise in CPI from the year-ago period. It was the biggest quarterly rise in inflation since early 2023, with soaring electricity costs driving the result. Annual inflation measured in September alone rose 3.5%, the ABS said.
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Austrian former billionaire Rene Benko went on trial on Tuesday in the first case connected to the collapse of his property group Signa, which at its peak acquired stakes in New York's Chrysler Building and British department-store chain Selfridges, Reuters reported. Signa became the biggest casualty of Europe's property downturn when some of its main units filed for insolvency in 2023. Prosecutors are conducting a sprawling investigation into possible crimes committed, and estimate the related damage caused at around 300 million euros ($348 million).
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Former senator Linda Reynolds has launched bankruptcy proceedings in the Australian Federal Court against her ex-staffer Brittany Higgins as she tries to recover damages awarded to her for defamation, ABC.net.au reported. In August Ms Higgins was ordered to pay Ms Reynolds $315,000 plus $26,000 in interest after she and her husband David Sharaz were found to have defamed the former senator in a series of social media posts. Ms Higgins was also ordered to pay 80 per cent of Ms Reynolds's legal costs.
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A measure of Australian consumer sentiment slid for a second straight month in October as concerns about family finances returned amid speculation interest rates might not fall any further, a survey showed on Tuesday, Reuters reported. A Westpac-Melbourne Institute survey showed its main index of consumer sentiment dropped 3.5% to 92.1, having fallen 3.1% in September. The reading under 100 means pessimists increasingly outnumber optimists. Sentiment had been slowly picking up mid-year as the Reserve Bank of Australia cut interest rates three times and inflation looked to be cooling.
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Sydney pub baron Jon Adgemis has declared bankruptcy owing more than $1.8bn to suppliers and creditors, News.com.au reported. The embattled publican made the call after funding was pulled from lenders and ahead of a court appearance against the Australian Taxation Office, where they planned to recoup $162m in tax obligations. Mr Adgemis founded Public Hospitality during the pandemic, adding 22 pubs and development projects across Sydney and Melbourne. But it was all funded through short-term, high interest loans.