
More than 1000 workers at Snowy Hydro 2.0 project strike for 24 hours
More than 1000 workers will today walk off the job for 24 hours over pay disputes with employer Future Generation Joint Venture (FGJV), which is spearheaded by Italian company Webuild.
Pay negotiations between the Australian Workers' Union (AWU) and the Snowy 2.0 employer continue to be unsuccessful as workers push for pay parity with workers on Webuild's North East Link project in Melbourne.
According to Tony Callinan, secretary of AWU NSW, this comes as a result of Webuild refusing to address its concerns and requests.
'Webuild wasted the first 10 weeks of negotiations by refusing to engage, they didn't respond at all to the log of claims the AWU put to them on behalf of our 1000 odd members in mid-January'.
It claims workers at Snowy 2.0 are paid less, but expected to operate on a fly-in, fly-out (FIFO) basis, rostered on two weeks at 12 hours a day, and then the following week off, which can be taken up by the long commute home.
'Working in the wilderness'
Callinan said 'those working Snowy 2.0 live and work in the wilderness in the middle of winter, and when they're not underground tunnelling, they're confined to Spartan work camps'.
According to Callinan, workers are seeking a 10 per cent to 12 per cent upfront pay increase in order to be on par with the pay of those working on the North East Link project.
With those on the Melbourne project often able to commute home each day, Callinan said 'it should be obvious to anyone that our members working in the wilderness for two weeks straight would expect to be paid the same as workers in Melbourne who go home to their families each night'.
Cynthia Calderon — vice president of communications, community and stakeholder engagement at FGJV — told 7NEWS: 'The employer has and will continue to negotiate in good faith for a replacement agreement with the relevant bargaining representatives.'
'Prisoner of war camp'
However, in a notice received on Tuesday afternoon, the workers on strike were told they were not allowed to leave site, with access temporarily restricted, and any attempt to leave would result in disciplinary action.
FGJV deputy project director Kevin Dunning noted that it would be 'increasing vehicle inspections', participants in the strike 'must remain in designated camp areas only', and 'crib areas', or the space used for meal and break time, will be only for 'those actively working'.
Callinan described it as an extreme reaction.
'It's not a prisoner of war camp, it's not a jail.'.
'If workers want to leave the project while not being paid and go out for the day, they should be able to, It's obscene.'
History of tension
Safety concerns
This isn't the first time where workers at Snowy 2.0 have taken industrial action.
7NEWS has previously reported on the alleged live maggots in the food at the mess hall, and given the remote location, there aren't exactly other restaurants to go to instead.
The general safety of the site was questioned after an incident involving the malfunction of an industrial-sized fan in February led to a halt in drilling activity.
Subsequent inspections found other fans were in similar states, some with missing bolts — an accident waiting to happen.
This was a month after work was stopped due to safety refuge chambers found to be inoperable due to lack of maintenance.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Perth Now
an hour ago
- Perth Now
Tech tycoon's superyacht lifted from water off Italy
Salvage experts have hauled UK tech tycoon Mike Lynch's superyacht from the water and plan to take it to a Sicilian port for inspection, 10 months after it sank off the coast of Sicily, killing Lynch, his teenage daughter and five others. Work had resumed at first light on Saturday, with one of the most powerful maritime cranes in Europe used to haul the 56-metre-long Bayesian from beneath the waves. The Bayesian's upper decks appeared badly damaged while the blue hull was encrusted with mud after it had lain on the seabed at a depth of 50 metres. Italian authorities in the nearby port of Termini Imerese will have a chance to inspect the luxury yacht next week as they seek clues into a tragedy that has puzzled maritime experts. The Bayesian was moored off the small port of Porticello, near Palermo, in August last year when it sank during a sudden storm. The yacht was vulnerable to violent winds and was probably knocked over by gusts of more than 117 km/h, an interim United Kingdom report said last month. The salvage team, led by UK company TMC Marine, pumped sea water out of the hull and the vessel was held in an elevated position, surrounded by pollution containment booms, while further checks were carried out. "This was a complex and precise lifting operation to recover Bayesian, and followed a step-by-step program of salvage work," said Marcus Cave, a director of TMC Marine. The plan is for the yacht to be carried to port on Sunday before it is lifted on Monday on to a specially manufactured steel cradle on the quayside. The recovery process has been made easier after the vessel's 72-metre mast was detached using a remote-controlled cutting tool and placed on the seabed on Tuesday. In addition to Lynch, founder of the software company Autonomy, his daughter Hannah, lawyer Chris Morvillo and his wife Neda, banker Jonathan Bloomer and his wife Judy, and chef Recaldo Thomas were killed when the yacht sank. Nine other crew members and six guests were rescued.


West Australian
4 days ago
- West Australian
THE ECONOMIST: How to invest your huge inheritance. Don't make mistakes of Gilded Age with generational wealth
What do you stand to inherit? It still feels like a question from a different age, despite its growing importance today. In 2025 people across the rich world will inherit some $US6t, or around 10 per cent of GDP — a figure that has climbed sharply in recent decades. French bequests have doubled as a share of national output since the 1960s; those in Germany have tripled since the 1970s; Italian inheritances are now worth around 20 per cent of GDP There are two entirely reasonable responses to this. One is to worry about the new inheritocracy harming society: how it could corrode incentives to work, say, or widen inequality and distort the marriage market. The other, if a windfall is coming your way, is to rub your hands in glee and ponder what you ought to do with it. The typical inheritance is closer to the value of a typical home than to a Vanderbilt-style fortune. Even so, a rising number of people are in line for a bonanza. UBS, a bank, reckons that 53 people became billionaires in 2023 by inheriting money; many more will have received amounts in the hundreds of millions. Asset prices have climbed so high in recent decades, and inheritance taxes have fallen so low, that the number of very wealthy scions is growing all the time. Descend from the stratosphere, and a sizeable cohort is set to receive far lower sums that will nevertheless be life-changing. In Britain, for instance, a quarter of 35- to 45-year-olds are expected to inherit more than £280,000 ($586,000). For these lucky people, the experience of the Vanderbilts and their contemporaries offers a cautionary tale. At the turn of the 20th century, America's census recorded about 4,000 millionaires, note Victor Haghani and James White, two wealth managers, in their book, 'The Missing Billionaires'. Suppose a quarter of them had at least $US5m (the richest had hundreds) and had invested it in America's stockmarket. Had they then procreated at the average rate, paid their taxes and spent two per cent of their capital each year, their descendants today would include nearly 16,000 old-money billionaires. In reality, it is a struggle to find a single one who traces their fortune back to the first Gilded Age. That is not down to inflation or the 20th century's wars, but to poor investment and spending decisions. After all, spending 2 per cent of $US5m ($7.68m) in 1900 — that is, $US3.8m in today's money — would not exactly have consigned anyone to penury. The big question for a 21st-century heir is how to avoid the mistakes of those of the past. In other words, how can you enjoy a nice life while ensuring your inheritance lasts for ever? Silver spoons for all Some cheery news is that the question of how to invest, which sounds like the hardest part, need not be solved perfectly. In theory, this would mean finding the blend of risky assets with the best volatility-adjusted return, and comparing it with the 'safe' return on inflation-protected government bonds. You would then solve for an optimal split between the two, which would vary with market conditions. Thankfully, far simpler procedures can produce spectacular results. Our putative 20th-centurymaires just plonked everything in America's stockmarket, and did very well. Today, we know they could have done even better without much more effort. A simple rule-of-thumb known as the 'Merton share' can approximate the optimal split between stocks and inflation-protected government bonds, by comparing their expected returns and volatility. Messrs Haghani and White have calculated the annualised returns on such a strategy since 1900 (using a proxy for inflation-linked bonds for before 1997, when they were first issued). Had the Gilded Age crowd and their descendants invested in this manner, they would have scored an annualised real return of 10 per cent, compared with 6.6 per cent from the all-stock strategy. Remarkably, it would also have been 40 per cent less volatile. That would have produced vastly more old-money billionaires today. The worse news is that deciding how much to spend is trickier than it sounds. Popular rules for drawing down retirement savings, such as spending a largish fixed percentage of the initial value each year, are definitely out. In truth, these are not wise even for pensioners. Suppose you had kept a classic 60/40 split between American stocks and government bonds, starting in 2000, and drawn down 5 per cent of the value of your initial savings a year. You would have run out of money in 2019, despite earning an annualised return of 5.25 per cent, since you would have depleted too much capital in the market's 'down' years. Even if you spent only 4 per cent of the initial value each year — well below the portfolio's return — you would run a high risk of going bust. Simulate many different market outcomes, based on the 60/40 portfolio's expected return and volatility, and the 4 per cent spending rule leads to ruin within three decades about a third of the time. To avoid this trap, the optimal amount to spend each year must be a percentage of the portfolio's value at that point (the 'spending ratio'), not of its initial value. In other words, if you want to take the risk required to generate outsize returns, you must vary your (maximum) spending from year to year. That way, after a bad spell for the markets, you will not deplete too much of the remaining pot, allowing it to recover. Each year you could, for example, spend a proportion of the portfolio's value equal to its annualised expected return. This is similar to the spending rule adopted by university endowments, which aim to solve the same problem. The median outcome is that the fund's value, and hence annual spending, stays roughly constant with time (provided you have not been overly optimistic about your returns). Nice — but hardly enough to start a dynasty. Ideally, you want to increase your portfolio's value, which means spending less to let the returns rack up. The trade-offs here are difficult to parse. You will get pleasure (or, in economists' jargon, 'utility') from spending more today, albeit with diminishing marginal returns as you get more and more profligate. Doing so will also trim your descendants' purchasing power, especially if the portfolio has a large expected return, which you in part forgo by spending now. Yet such returns are inherently uncertain. In any case, it is only human to prefer an immediate pay-off to a delayed one ('time preference'). The solution is to plug these dynamics into a mathematical model, simulate possible paths for financial markets and calculate the utility derived from each for a given level of spending. You can then calculate the expected utility for each rule and pick the one that maximises this. Unsurprisingly, the procedure is hard, and generates results that are sensitive to the inputs. Maybe spend some of your money on an excellent financial adviser. Yet there are straightforward lessons that everyone can absorb. Although greater expected returns allow you to spend more, they do not do so by as much as you might think. With higher returns, the gap between these and the optimal spending ratio widens (since there is more value in sacrificing spending to let the portfolio grow). Higher volatility means lower spending, since it drags on your annualised return. The more reluctant you are to vary year-to-year outlays, the less you can tolerate investing in stocks, since their value fluctuates. The smaller your minimum spending requirement, the more risk you can take, meaning your expected returns, and hence your overall spending, can rise. A more important lesson is that making your inheritance last for ever means spending far less than its expected return. Exactly how much less depends on market conditions and your risk and time preference. But under reasonable assumptions, a near-optimal portfolio might have an expected annualised return of 4.1 per cent and an optimal pre-tax spending ratio of 2.4 per cent per year. Even that is before allowing for how much your family tree might grow, cutting whatever you pass on into smaller chunks. 'People often want to know how much they need to have to give each member of their family's next few generations a modest income,' says Mr Haghani. 'The answer is: a lot more than most anyone thinks.'


The Advertiser
6 days ago
- The Advertiser
Global Renault boss quits for role at Gucci
Renault Group CEO Luca De Meo, who has been credited with putting the French automaker back on its feet, has quit after five years in the top job, with a successor yet to be announced. The automaker confirmed the news in an official statement after news reports from French news outlet Le Figaro leaked the Italian's departure from the company. "Luca de Meo has announced his decision to step down and pursue new challenges outside the automotive sector," the company said in a statement. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. "The Board of Directors … expressed their gratitude to Luca de Meo for the turnaround and transformation of Renault Group and accepted that his departure would be effective from July 15, 2025. Luca de Meo will continue to perform his duties until that date." According to Le Figaro, Mr De Meo – who has worked in the automotive industry for decades in roles at both Fiat and the Volkswagen Group – will become the CEO of luxury brand Kering, owner of Gucci. The move follows recent leadership changes at other automakers including Renault-owned Nissan, Volvo and Stellantis, which owns several brands including Renault rivals Citroen – which is no longer sold in Australia – and Peugeot. The 58-year-old Italian became Renault Group CEO in 2020, overseeing the Dacia and Alpine sub-brands as well as the broader alliance with Japanese automakers Nissan and Mitsubishi. Dacia vehicles – which are cheaper than equivalent Renaults – are set to be offered in Australia by local Renault importer Ateco Automotive, although they will be badged as Renaults. Meanwhile, Alpine will make a comeback to Australia after a brief absence with the Alpine A390 electric SUV in 2026. Mr De Meo brought stability to Renault leadership after replacing Thierry Bollore, who was in the role only 12 months before being dismissed for reasons that weren't made public. Mr Bollore had been outspoken about his predecessor Carlos Ghosn, who was infamously smuggled out of Japan after he was arrested and accused of misleading investors and misusing company assets for personal gain, before he escaped to Lebanon which has no extradition treaty with Japan. During his tenure, Mr De Meo strengthened Renault's portfolio and focussed on hybrid models, leaving the brand in a healthier position than when he took over the top job, and being praised by some as Renault's 'saviour'. The admiration followed his moves to somewhat insulate the automaker from the threat of Chinese electric vehicles and significant US import tariffs. While the Renault brand does not sell cars in the US, North America is a key market for its Mitsubishi and Nissan partners, with Nissan operating three factories in the US. His move may also impact the Alpine brand that has Formula 1 and World Endurance Championship campaigns, which he was heavily engaged with. Renault is represented by the Sydney-based Ateco group in Australia, where the Renault Trafic and Master commercial vans are its best-sellers. The aged Koleos mid-size SUV is its most popular passenger vehicle year-to-date. Mr De Meo's replacement is yet to be announced, following a resignation that seemingly caught the company off guard. MORE: Everything Renault Content originally sourced from: Renault Group CEO Luca De Meo, who has been credited with putting the French automaker back on its feet, has quit after five years in the top job, with a successor yet to be announced. The automaker confirmed the news in an official statement after news reports from French news outlet Le Figaro leaked the Italian's departure from the company. "Luca de Meo has announced his decision to step down and pursue new challenges outside the automotive sector," the company said in a statement. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. "The Board of Directors … expressed their gratitude to Luca de Meo for the turnaround and transformation of Renault Group and accepted that his departure would be effective from July 15, 2025. Luca de Meo will continue to perform his duties until that date." According to Le Figaro, Mr De Meo – who has worked in the automotive industry for decades in roles at both Fiat and the Volkswagen Group – will become the CEO of luxury brand Kering, owner of Gucci. The move follows recent leadership changes at other automakers including Renault-owned Nissan, Volvo and Stellantis, which owns several brands including Renault rivals Citroen – which is no longer sold in Australia – and Peugeot. The 58-year-old Italian became Renault Group CEO in 2020, overseeing the Dacia and Alpine sub-brands as well as the broader alliance with Japanese automakers Nissan and Mitsubishi. Dacia vehicles – which are cheaper than equivalent Renaults – are set to be offered in Australia by local Renault importer Ateco Automotive, although they will be badged as Renaults. Meanwhile, Alpine will make a comeback to Australia after a brief absence with the Alpine A390 electric SUV in 2026. Mr De Meo brought stability to Renault leadership after replacing Thierry Bollore, who was in the role only 12 months before being dismissed for reasons that weren't made public. Mr Bollore had been outspoken about his predecessor Carlos Ghosn, who was infamously smuggled out of Japan after he was arrested and accused of misleading investors and misusing company assets for personal gain, before he escaped to Lebanon which has no extradition treaty with Japan. During his tenure, Mr De Meo strengthened Renault's portfolio and focussed on hybrid models, leaving the brand in a healthier position than when he took over the top job, and being praised by some as Renault's 'saviour'. The admiration followed his moves to somewhat insulate the automaker from the threat of Chinese electric vehicles and significant US import tariffs. While the Renault brand does not sell cars in the US, North America is a key market for its Mitsubishi and Nissan partners, with Nissan operating three factories in the US. His move may also impact the Alpine brand that has Formula 1 and World Endurance Championship campaigns, which he was heavily engaged with. Renault is represented by the Sydney-based Ateco group in Australia, where the Renault Trafic and Master commercial vans are its best-sellers. The aged Koleos mid-size SUV is its most popular passenger vehicle year-to-date. Mr De Meo's replacement is yet to be announced, following a resignation that seemingly caught the company off guard. MORE: Everything Renault Content originally sourced from: Renault Group CEO Luca De Meo, who has been credited with putting the French automaker back on its feet, has quit after five years in the top job, with a successor yet to be announced. The automaker confirmed the news in an official statement after news reports from French news outlet Le Figaro leaked the Italian's departure from the company. "Luca de Meo has announced his decision to step down and pursue new challenges outside the automotive sector," the company said in a statement. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. "The Board of Directors … expressed their gratitude to Luca de Meo for the turnaround and transformation of Renault Group and accepted that his departure would be effective from July 15, 2025. Luca de Meo will continue to perform his duties until that date." According to Le Figaro, Mr De Meo – who has worked in the automotive industry for decades in roles at both Fiat and the Volkswagen Group – will become the CEO of luxury brand Kering, owner of Gucci. The move follows recent leadership changes at other automakers including Renault-owned Nissan, Volvo and Stellantis, which owns several brands including Renault rivals Citroen – which is no longer sold in Australia – and Peugeot. The 58-year-old Italian became Renault Group CEO in 2020, overseeing the Dacia and Alpine sub-brands as well as the broader alliance with Japanese automakers Nissan and Mitsubishi. Dacia vehicles – which are cheaper than equivalent Renaults – are set to be offered in Australia by local Renault importer Ateco Automotive, although they will be badged as Renaults. Meanwhile, Alpine will make a comeback to Australia after a brief absence with the Alpine A390 electric SUV in 2026. Mr De Meo brought stability to Renault leadership after replacing Thierry Bollore, who was in the role only 12 months before being dismissed for reasons that weren't made public. Mr Bollore had been outspoken about his predecessor Carlos Ghosn, who was infamously smuggled out of Japan after he was arrested and accused of misleading investors and misusing company assets for personal gain, before he escaped to Lebanon which has no extradition treaty with Japan. During his tenure, Mr De Meo strengthened Renault's portfolio and focussed on hybrid models, leaving the brand in a healthier position than when he took over the top job, and being praised by some as Renault's 'saviour'. The admiration followed his moves to somewhat insulate the automaker from the threat of Chinese electric vehicles and significant US import tariffs. While the Renault brand does not sell cars in the US, North America is a key market for its Mitsubishi and Nissan partners, with Nissan operating three factories in the US. His move may also impact the Alpine brand that has Formula 1 and World Endurance Championship campaigns, which he was heavily engaged with. Renault is represented by the Sydney-based Ateco group in Australia, where the Renault Trafic and Master commercial vans are its best-sellers. The aged Koleos mid-size SUV is its most popular passenger vehicle year-to-date. Mr De Meo's replacement is yet to be announced, following a resignation that seemingly caught the company off guard. MORE: Everything Renault Content originally sourced from: Renault Group CEO Luca De Meo, who has been credited with putting the French automaker back on its feet, has quit after five years in the top job, with a successor yet to be announced. The automaker confirmed the news in an official statement after news reports from French news outlet Le Figaro leaked the Italian's departure from the company. "Luca de Meo has announced his decision to step down and pursue new challenges outside the automotive sector," the company said in a statement. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. "The Board of Directors … expressed their gratitude to Luca de Meo for the turnaround and transformation of Renault Group and accepted that his departure would be effective from July 15, 2025. Luca de Meo will continue to perform his duties until that date." According to Le Figaro, Mr De Meo – who has worked in the automotive industry for decades in roles at both Fiat and the Volkswagen Group – will become the CEO of luxury brand Kering, owner of Gucci. The move follows recent leadership changes at other automakers including Renault-owned Nissan, Volvo and Stellantis, which owns several brands including Renault rivals Citroen – which is no longer sold in Australia – and Peugeot. The 58-year-old Italian became Renault Group CEO in 2020, overseeing the Dacia and Alpine sub-brands as well as the broader alliance with Japanese automakers Nissan and Mitsubishi. Dacia vehicles – which are cheaper than equivalent Renaults – are set to be offered in Australia by local Renault importer Ateco Automotive, although they will be badged as Renaults. Meanwhile, Alpine will make a comeback to Australia after a brief absence with the Alpine A390 electric SUV in 2026. Mr De Meo brought stability to Renault leadership after replacing Thierry Bollore, who was in the role only 12 months before being dismissed for reasons that weren't made public. Mr Bollore had been outspoken about his predecessor Carlos Ghosn, who was infamously smuggled out of Japan after he was arrested and accused of misleading investors and misusing company assets for personal gain, before he escaped to Lebanon which has no extradition treaty with Japan. During his tenure, Mr De Meo strengthened Renault's portfolio and focussed on hybrid models, leaving the brand in a healthier position than when he took over the top job, and being praised by some as Renault's 'saviour'. The admiration followed his moves to somewhat insulate the automaker from the threat of Chinese electric vehicles and significant US import tariffs. While the Renault brand does not sell cars in the US, North America is a key market for its Mitsubishi and Nissan partners, with Nissan operating three factories in the US. His move may also impact the Alpine brand that has Formula 1 and World Endurance Championship campaigns, which he was heavily engaged with. Renault is represented by the Sydney-based Ateco group in Australia, where the Renault Trafic and Master commercial vans are its best-sellers. The aged Koleos mid-size SUV is its most popular passenger vehicle year-to-date. Mr De Meo's replacement is yet to be announced, following a resignation that seemingly caught the company off guard. MORE: Everything Renault Content originally sourced from: