So how is your super fund weathering the COVID-19 pandemic?

Apparently superannuation funds across the board have felt the impact of the global economic downturn caused by the COVID-19 pandemic.

However, it was the retail super fund and self-managed fund sectors which experienced the largest contractions. 

Despite the total savings pool falling slightly the outlook is positive according to Rainmaker Information's assessment of the Australian industry on 5 June 2020:

Australia's superannuation savings pool has withstood the COVID-19 financial crisis so far, falling just 0.3% in the 12 months to 31 March 2020, while bolstering cash reserves. 

Australia's prudential regulator for the superannuation system, APRA, has just released its latest quarterly industry snapshot. It shows the superannuation system is in remarkably strong shape given the economic shock of COVID-19. 

This should give Australia's 12 million super fund members and their families confidence that while their superannuation has been buffeted by COVID-19, their superannuation savings are safe. 

Illustrating this, while APRA's figures show Australia's superannuation savings pool contracted 7.7% during the three months between December 2019 and end March 2020, over the 12-month period to end of April 2020, it decreased by just 0.3%. 

2019 was one of the best years ever for superannuation savings in Australia. 

"Compared to the 23% fall in global stock markets in first quarter of 2020 as well as the 14% fall over the 12-month period to March, this is a stunning result," said Alex Dunnin, executive director of research and compliance at Rainmaker Information. 

Dunnin said even though the SelectingSuper MySuper performance index, which is compiled by Rainmaker, fell 11% during this three month period, over 12-months the index is down only 4%. 

As a result, Australia's superannuation savings have only fallen to March 2019 levels. During the 2008-09 Global Financial Crisis the SelectingSuper index fell as low as -21%. 

But not all parts of the superannuation sector are weathering the COVID-19 crisis equally. 

The not for profit (NFP) super fund segment comprising corporate, public sector and industry super funds, contracted 5% in the March quarter. 

Comparatively, the retail super fund sector contracted more than twice as much, up to 12%. And Self-managed super funds (SMSFs) contracted 9% in the same period. [my yellow highlighting]

"Two-thirds of the decrease experienced across the superannuation savings pool came from APRA-regulated NFP and retail funds." 

"While the retail super segment holds roughly one-quarter of superannuation savings assets compared to the NFP segment that holds half, each segment fell by about the same amount in dollar terms." 

"APRA figures show the retail super fund segment holds 24% of their investments in Australian equities, compared to just 15% by NFP funds. 

"Retails funds are more vulnerable to fluctuations in equities markets, however, industry super funds with a larger share of their investments in unlisted assets such as real property, infrastructure and private equity were better insulated from the worst of these equities falls.

" Liquidity also became a concern for some superannuation market commentators and politicians when the government announced the Early Release of Superannuation scheme on 22 March, with speculation that some super funds may find it difficult to pay these early redemptions. 

Super funds with investments in unlisted assets such as property, private equity and infrastructure were singled out for special mentions because of concerns they may have too little set aside in cash reserves. 

However, APRA's superannuation snapshot has revealed that super funds $273 billion in cash at the end of March, which is 27-times the amount of money that has so far been paid out in Early Release claims. 

To appreciate the total amount held in liquid assets held by super funds, Dunnin said you should also include the additional $466 billion held in bonds. 

"The 14% held in cash and the 22% held in bonds means super funds have $739 billion or 36% of their total investments held in liquid assets. 

"NFP funds have 37% of their assets available in cash and bonds, marginally exceeding the 36% held by retail super funds. Industry funds hold 31% of their assets in these instruments." 

During the March quarter, funds received $29 billion in contributions, taking the value of total contributions for the past 12 months to $121 billion, further adding to these funds' liquidity. 

"This is the highest contributions inflow in more than two years," said Dunnin. "These added contributions are often missed when analysing these 'vulnerable' funds. 

"Sure they may have a higher than average proportion of younger members, however they receive hundreds of millions in contributions each month." he said.

Australian Prudential Regulation Authority (APRA) key statistics for the superannuation industry as at 31 March 2020 can be found at https://www.apra.gov.au/news-and-publications/apra-releases-superannuation-statistics-for-march-2020.

Rex Express Chairman Lim Kim Hai likes to dish it out but does not respond well to even mild criticism

Grafton Airport in the Clarence Valley is predominately used by state authorities and local government. 

Rex Express is also the only commercial air passenger service into the Clarence Valley even if it is virtually only a skeleton service and, it is heavily subsidised by federal and state governments during the COVID-19 pandemic to the tune of at least $77.9 million.

ABC News, 16 October 2018

The executive chairman and largest single shareholder in Rex Express Holdings Ltd is Lim Kim Hai (left) and apparently at his instigation Rex is cutting Grafton Airport from its NSW routes from 3 July 2020 - allegedly on the grounds his feeling have been hurt.

This is the latest example of how this somewhat aggressive businessman responds to even the mildest of criticism of the company he heads.



The Daily Examiner, 13 June 2020, p.10:

Clarence Valley Council has called an extraordinary meeting to deal with the fallout from Rex’s shock decision to quit the region. 

In a report to be tabled at the meeting on Tuesday, council general manager Ashley Lindsay detailed correspondence he’d had with national airports manager for Regional Express, David Brooksby. 

“He advised that executive chairman Lim Kim Hai took great offence to Cr Novak calling on Rex to ‘pull their finger out’,” Mr Lindsay said. 

“Unless a public apology is provided by Cr Novak, he would not reconsider his decision for Rex to cease services to Grafton effective 3 July.” 

The move comes as Regional Express Airlines offered a little more on its decision to cancel the Grafton route with a message to councillors, the community and local media. 

“Council has chosen to discuss the Rex matter in open session and some councillors have voiced pejorative remarks about Rex with the full expectation that these remarks will be reported in the media,” the statement said. 

“As elected representatives, they need to know that their official statements will have consequences and they need to take full responsibility for these consequences. The community and the media should turn to these representatives for comments and their plans for the future.” 

The issue arose at the May council meeting when councillor Debrah Novak used strong language toward Rex while speaking against a motion to issue it a $8908 credit note for 2021. 

In response to those words, Rex announced it would cease services to Grafton from July 3. 

Ms Novak had since posted a statement via her Facebook page and spoken to media outlets, clarifying that her comments were underpinned with “no malice or contempt”. 

Ms Novak, whose post referred to other financial dealings and business decisions Rex has made in the recent past, suggested there was a cultural misunderstanding in part due to its foreign ownership. 

She said the term ‘pull your finger out’ was an “Australian colloquialism” that she had heard “most people use in my lifetime and in council”. 

“How locals or international people interpret what I say is not my responsibility and I will not be apologising.” 

Mr Lindsay in his report before the council said her comments in the previous meeting had fallen foul of council rules and the officer recommendation was for her – and the mayor on behalf of the council – to apologise to Rex and to Lim Kim Hai. 

“I have reviewed the recording of the meeting and I believe Cr Novak has breached Council’s Code of Meeting Practice during her debate on this item (6a.20.011),” he said. 

“Cr Novak’s commentary on REX and their board was contemptuous and in accordance with Clause 15.12 (c) of the Code of Meeting Practice Council can call on Cr Novak to “retract and apologise without reservation” to REX and in particular the apology should be to REX’s executive chairman Lim Kim Hai.” ......

A decision on the matter will be made in the meeting, at 1pm on June 16.

One has to supect the reason given for the airline's decision to withdraw services, when much harsher criticism was levelled at its business practices in The Australian newspaper on 27 May 2020:

"But the response did not satisfy Senator Sheldon, who wrote to ASIC chairman James Shipton requesting an investigation. He said the level of detail provided by Rex to the media could reasonably be expected to affect the share price. 

“Rex’s plans to expand into markets in direct competition with Qantas and Virgin, after having received a disproportionate share of government financial support, are inappropriate and exploitative,” wrote Senator Sheldon over the $54m paid to Rex out of a $100m regional aviation assistance fund. 

“Their failure to inform the ASX of these plans per the ASX listing rules flies in the face of Australian corporate standards. If Rex or any officer of Rex has contravened the Act, I further request that ASIC take appropriate enforcement action against them.”

The chairman does not appear to have overreacted to the NSW senator's comments as he has to the shire councillor's remark.

Lim Kim Hai is not adverse to hitting out at what he perhaps sees as easy targets and the following is a previous example of the Rex Express chairman's response to criticism:

Area News, excerpts from page one articles in 27 and 30 June 2012 newspaper
issues: 

# "A VISITING cardiologist has threatened to abandon his Griffith clinic because of "arrogant and offensive" treatment by Regional Express (Rex). 

Dr Charles Thorburn, who has been travelling from Sydney for more than 20 years to conduct an outpatient clinic at Griffith hospital, was so incensed with the declining service of the Griffith-Sydney flights he wrote a complaint letter to Rex chairman Lim Kim Hai. 

But in an extraordinary response from the Singapore-based chairman, Dr Thorburn was questioned and ridiculed, in a letter critics have seized on as evidence of Rex's contempt for its customers. 

"If, as you say, you find the conditions unsatisfactory, why did you accept them in the first place?" the letter, written on instruction by Mr Kim Hai, read. 

"I would be curious to know if you would reimburse any of your patients who do not get well after seeing you?" 

The chairman's goading continued after Dr Thorburn asked for data on how often the Sydney-Griffith flights were delayed or cancelled. "We are not providing you with the statistics you are requesting for (sic)," he said. 

"Perhaps in the medical profession you are used to dispensing information on how long you make your patients wait or how often you misdiagnosed." 

He went on to say Rex was "still much better than all the airlines in Australia and most of the airlines in the world". 

The exchange comes at a time when a new airline is poised to break the company's monopoly stranglehold on the city, set to operate the Griffith-Melbourne leg dumped by Rex this month. 

An incredulous Dr Thorburn said he was now seriously considering pulling the pin on his long-standing Griffith outpatient clinic. "If the service does not improve, I really need to assess whether I will continue to fly down to Griffith," he said. 

"I found the letter I received arrogant and offensive and quite extraordinary." 

He has since written to Rex board members individually to demand an apology and express his disgust at the treatment. Dr Thorburn's original letter was prompted by a chaotic return flight from Griffith on May 25....... 

# "Local leaders have demanded Rex issue an immediate apology to a visiting cardiologist rebuked by the airline’s chairman during a public relations crash-landing last week. 

Leading Sydney cardiologist Dr Charles Thorburn has threatened to boycott Rex and end his 20-year relationship with Griffith after a valid complaint letter to the airline’s Singapore-based boss was met with an “arrogant and offensive” response.....

BACKGROUND

Wednesday, 10 June 2020

Rex Express walks away from its Clarence Valley airline route trying to blame others for its decision

FILED UNDER 'IT'S ABOUT TIME': Channel 7, Samantha Armytage & Prue McQueen will be sued for racial vilification over a 'Sunrise" broadcast in March 2018

14 June 2019

Australian Communications & Media Authority (ACMA), media release:

The ACMA has accepted a court-enforceable undertaking from Channel Seven Sydney Pty Ltd (Channel Seven) following breaches of the Commercial TV Code of Practice in a Sunrise ‘Hot Topics’ segment broadcast in March 2018. 

The segment dealt with the adoption of indigenous children and child abuse in indigenous communities. 

The ACMA found that the segment was inaccurate and provoked serious contempt on the basis of race in breach of the industry’s code. [my yellow highlighting]

 Channel Seven sought judicial review of the ACMA’s findings that the segment provoked serious contempt on the basis of race, but discontinued court proceedings in April 2019. 

Under the court-enforceable undertaking, Channel Seven must conduct an independent review of how and the extent to which relevant production processes on Sunrise ensure code compliance in relation to sensitive and complex matters. 

A report of the review must be provided to Channel Seven’s Board and Audit and Risk Committee within six months. 

The ACMA will verify the independence of, and terms of reference for, the review. 

Channel Seven has also undertaken that Sunrise editorial staff will be trained to identify and deal with sensitive matters within six months and notify the ACMA within five business days that the training is complete. 

If Channel Seven breaches the court-enforceable undertaking, the ACMA can apply to the Federal Court for a number of orders, including directing Channel Seven to comply with the undertaking, and any other order the court considers appropriate. 

MS 21/2019

11 June 2020

Settlement negotiations have broken down and the matter is on its way to the Federal Court on behalf of the eight Aboriginal complainants, including elders, award winners and young leaders .

Quote of the Week

"Alone in the developed world, Australia navigated the last major global financial crisis without going into recession, without mass job losses and without a spike in suicides. Those days are gone. That competent Government is gone. Instead, Australia is now among the global losers. Last Wednesday’s (3 June) quarterly report on the national accounts by the Australian Bureau of Statistics (ABS) shows Australia’s economy contracted by 0.31 per cent in the three months to 31 March….It was not inevitable that Australia’s economy would contract in 2020, despite the impact of the pandemic.” [Alan Austin writing in IndependentAustralia, 8 June 2020]

Australian Prime Minister Scott Morrison denies slavery ever existed in Australia *WARNING this post contains the names of people who are no longer living*

This was Scott Morrison boldly asserting yesterday that “there was no slavery in Australia”.

The Sydney Morning Herald, 11 June 2020:

"Australia when it was founded as a settlement, as New South Wales, was on the basis that there'd be no slavery," the Prime Minister told Ben Fordham on 2GB. "And while slave ships continued to travel around the world, when Australia was established yes, sure, it was a pretty brutal settlement."

"My forefathers and foremothers were on the First and Second Fleets. It was a pretty brutal place, but there was no slavery in Australia," he said.

Why did Morrison chose to brazenly lie like this? Probably because he knew his statement would go to print without being immediately challenged by either News Corp, Nine, or Canberra Press Gallery journalists - and once in print with online amplification more than a few people would accept his lie as truth.

Thankfully Justice Garry Downes (President), Deputy President Stephen Estcourt and QC Deputy President Don Muller in an Administrative Appeals Tribunal of Australia decision on 18 October 2002 entered this into the record:

“Nelly Wanda is said to be a Queensland Aboriginal who was born in 1883 and died in 1903…. It is said that Nelly Wanda was brought to Tasmania from Queensland when she was 9 years old by a ship's captain named Lucas who, it is said, dealt in 'human trade'. Nelly was sold as a house servant and died at the age of 19 in childbirth.”

Newspaper reports found at Trove also mention slavery.

"Aboriginal Slave. Recaptured and Flogged. 
Ill-treatment of an Alleged Slave. 

 Under yesterday's date a telegram was received by the Colonial Secretaryfrom Mr. P. Keiley, lightkeeper at Karomba, at the mouth of the Norman River. Mr. Keiley states that a fugitive female slave (presumably an an aboriginal) who had run away from her master or masters had been recaptured and flogged at that place yesterday. In Mr. Keiley's opinion the case is one which warrants the interference of the Colonial Secretary. A similar telegram has been received from the same source by the Aborigines Protection Society of Queensland. Immediately upon receipt of the telegram the Colonial Secretary wired instructions to the police-magistrate at Normanton to make a thorough and searching inquiry into the matter, and to report to him as soon as possible."

The Telegraph, 18 October 1890

"The Government at least cannot plead ignorance of the iniquities which are openly perpertrated, for an official of its own, Dr. W. E. Both, Northern Protector of Aborigines; testifies to certain abuses which exist in the the treatment of the unfortunate Northern black helots. He tells in his official report of absolute kidnapping, of evasion of the labour regulations, and of the selling of young aborigine to traders. He says he has reported absolute proof that such has been the case, and as no departmental action has resulted the secretary of the Protection Society has good grounds for appealing to a higher power."

The Worker, 8 December 1900

"As regards the capturing of natives on the Descal, this has frequently been done by the notorious Hodgson, who chained men, women and children together and marched them under a broiling sun to the station, where they were detained as shepherds. It seems incredible that the people in the neighborhood of Pilbarra that this man was allowed to leave the country without any investigation being held as to his systematic cruelties. He was universally abhorred, both by blacks and white people. Hicks' black financial statement will have attention yet."

West Australian Sunday Times, 1 September 1901

"Astounding revelations have been made regarding the kidnapping of an aboriginal boy from Port Hedland four years ago The District Magistrate at Karachi, India, has forwarded statements from several people alleging that Jourack, a brother of Dust Mahomet, who was killed at Port Hedland I8 months ago, had taken a black boy named Pidgy, then six years old, to his (Jourack's) 'home near Karachi, where this lad is now held as a working slave."

The Register, 30 January 1911

"MINISTER ADMITS SLAVE TRADING 
 AN ABORIGINE SOLD 

 PART OF A STATION 
The sale of an aborigine as a servant at a station property in northern Australia was admitted by the Minister for Home and Territories, Mr. Marr, yesterday."

The Labor Daily, 18 October 1927

Insurance Australia Group (IAG) has confirmed its major rural and regional insurer, WFI, will join its other subsidiary, CGU, in no longer providing public liability cover if there is "unconventional gas" operations on properties

ABC News, 10 June 2020:

Image: ABC Southern Queensland: Nathan Morris

Australia's largest insurance company says it will no longer cover farmers for public liability if they have coal seam gas (CSG) infrastructure on their property. 

The development has made farmers fearful they will have to cease farming altogether if they cannot get cover. 

Insurance Australia Group (IAG) has confirmed its major rural and regional insurer, WFI, will join its other subsidiary, CGU, in no longer providing the coverage if there is "unconventional gas" operations on properties. 

IAG said for customers who "have operational CSG or shale gas activities or infrastructure on their property, such as a coal seam gas well, we will be unable to provide liability cover as part of their insurance policy". 

IAG said the company does not specialise in mining and resources operations and the change will affect existing customers when their policies come up for renewal. AgForce Queensland said that is as soon as the end of this month. Michael Guerin talks to a man in front of a book shelf. 

AgForce Queensland CEO Michael Guerin says farmers are worried the change could expose them to liability risks..... 

Queensland farmers said they were fearful the change could expose them to liability risks and could extend to other risks associated with CSG, such as the potential for groundwater contamination. 

It is understood the Queensland Government has been holding talks with insurers, mining industry representatives and AgForce, in an attempt to resolve the problem..... 

ABC News has obtained legal advice provided to the New South Wales Government in 2014, warning that insurance for CSG in Australia was "inadequate" and measures were needed to address the potential cost of contamination risks. [my yellow highlighting]

AgForce's Queensland chief executive Michael Guerin said farmers were deeply concerned. 

"Producers, like any business, can't operate without insurance," Mr Guerin said.

Spokesperson for the Lock the Gate Alliance, Rick Humphries is calling on the gas industry to compensate farmers.....

He said while some other insurers were providing cover for now, there was a risk they would pull out of the sector or jack up prices. "All of those dangers are there," he said. 

"There's a danger that insurance premiums will go up [and] there's a danger insurance will be harder to get." 

AgForce Queensland said insurance being withdrawn threatened the coexistence of unconventional gas and agriculture. 

He said there had been a lot of hard work in devising complicated agreements to allow the two industries to work together over the years. 

"If part of the insurance industry starts withdrawing cover, it puts that at risk, and that's the core of the concern at the moment," Mr Guerin said. 

Anti-mining, pro-agriculture group Lock the Gate said the gas industry should be made to compensate farmers. Spokesperson for Lock the Gate and former mining consultant, Rick Humphries, said farmers should not be the ones facing the risk. 

"The onus is on the gas industry to get insurance products that cover their assets and protect the farmer," Mr Humphries said. 

"The farmer shouldn't have to run around and look for insurance products. 

"But the way that the system has worked is that the Government has knowingly allowed gas industry to enter into contracts with farmers that expose farmers to a whole range of business and natural resource risks around water and land contamination." 

He said laws needed to be changed to force the companies to act. "The whole mining and gas model is all about transferring as much risk away from the shareholder," he said. 

"The companies won't willingly step up and do this because it's an additional expense, and they have to take on the risk. 

"Governments have to intervene to force mining and gas companies to take out insurance products, or demonstrate they [have] adequate coverage that will compensate landholders."......

Read the full article here.

BACKGROUND

* Queensland Government Audit Office 2019-20 report on Queensland coal seam gas activities can be found at:
https://www.qao.qld.gov.au/reports-resources/reports-parliament/managing-coal-seam-gas-activities

* ABC News, 30 March 2020:

A leaked expert report shows the Queensland Government was advised to stop further gas fracking in the state's sensitive Channel Country, but a separate department had already extended gas exploration until 2030. 

A confidential report to the Queensland Environment Department prepared by environmental scientists recommended that infrastructure for gas fracking and mining was "unacceptable" in the Lake Eyre Basin floodplains, known as the Channel Country. 

The 47-page report, obtained by ABC News, lists scores of potential risks associated with so-called unconventional gas extraction, (also known as gas fracturing or fracking), including direct impacts on threatened species and water quality. 

As ABC News revealed earlier this year, the Queensland Mines Department in March 2019 had approved Santos to keep exploring commercial gas opportunities in the area until 2030, despite an election commitment to protect "pristine rivers" and work with stakeholders. 

A union of environmentalists, graziers, traditional owners and other stakeholders, known as the Western Rivers Alliance, said the promised consultation did not happen. 

The report, recommending that further fracking for natural gas be stopped, was received by the Environment Department in October last year.....

Is the Morrison Government rushing like a bull at the gate in trying to roll back COVID-19 financial assistance at the earliest opportunity?

There were est. 1.3 million children in childcare and 200,000 staff in the early childhood education and care sector across Australia before the COVID-19 pandemic began.

On 23 March 2020 the Morrison Government announced it would help families with the cost of child care and provide support for child care centres to remain viable and pay staff during enforced COVID-19 closures.

On 2 April it announced the government had suspended its usual childcare subsidies and instead offered to pay 50% of childcare centres’ usual fees based on February enrolments, with Prime Minister Scott Morrison stating that “Around one million families are set to receive free child care during the coronavirus pandemic...This plan complements more than $1 billion we expect the sector to receive through our new JobKeeper payment to help ensure many of the 200,000 vital early education workforce can stay connected to services….The plan means the sector is expected to receive $1.6 billion over the coming three months from taxpayer subsidies”.

This announce meant that child care operators would be receiving in total $300 million more in government funding than they would otherwise receive over a three month period.

Then on 1 May the Morrison Government announced a boost for not-for-profit organisations and educators from family daycare and in home care services which are not eligible for the JobKeeper wage subsidy.

By 19 May it was being reported in The Guardian that:

...an education department report found that a quarter of childcare centres found the free childcare system – due to conclude at the end of June – had not helped them remain financially viable. Education department officials have blocked the release of the full report, claiming cabinet and commercial confidentiality.

Tehan claimed success because 99% of centres are still operating and said the government is consulting the sector “to make sure any changes will see the sector continue to thrive”.

Tehan said “no decision” had been taken on ending free childcare but “if demand continues to increase at the levels we’re seeing it, we have to understand that this system was put in place to deal with falling demand”.

Come 8 June 2020 and Minister for Education and Liberal MP for Wannon Dan Tehan issued a media release which stated in part:

As Australians return to their workplace, businesses re-open and children return to classroom learning, the Government will resume the Child Care Subsidy (CCS) to support families to access affordable child care.

Minister for Education Dan Tehan said the temporary Early Childhood Education and Care Relief Package, introduced on 6 April, had done its job and would be turned off on 12 July.

From 13 July, the CCS will return, along with new transition measures to support the sector and parents as they move back to the subsidy. To ensure Government support is appropriately targeted, JobKeeper will cease from 20 July for employees of a CCS approved service and for sole traders operating a child care service.

The Government will pay approximately $2 billion in CCS this quarter to eligible families. The CCS is means-tested to ensure that those who earn the least receive the highest level of subsidy.

In addition to the CCS, the Government will pay child care services a Transition Payment of 25 per cent of their fee revenue during the relief package reference period (17 February to 1 March) from 13 July until 27 September. Importantly, the last two payments scheduled for September will be brought forward to help with the transition and cash flow.

This additional Transition Payment of $708 million replaces JobKeeper and applies important conditions on child care providers.

Until 27 September 2020 child care fees will be capped at 17 February to 1 March levels and there will be an easing of the Activity Test.

So five weeks after this latest announcement there will be no free child care for sole parents or couples anymore and another two weeks after that eligible child care workers will not receive the $1,500 before tax fortnightly wage.

There is no explanation for why child care workers are losing JobKeeper payments eleven weeks ahead of schedule. One has to suspect that being a lower paid, predominately female workforce it is seen as easy pickings by the Morrison Cabinet.

With no employment ‘snapback’ in sight due to an Australian Bureau of Statistics Employment To Population Ratio, Australia Graph like this (left) as well as calls for the abolition of penalty rates and a general wage freeze, one wonders how a return to fee paying child care in July will assist the unemployed and underemployed to get their family finances back to pre-COVID-19 levels, if at the very least the average fee for one child would be in the vicinity of est. $84-$100 a week after subsidy coming out of a family income which for many may be between $388 to $468 a week by the end of September.

It is thought likely under these conditions that the increase in enrolments that Tehan talks about (which in reality has only reached 75% of normal capacity by his own admission) will fall away in the next two months.

In the last 30 days a total of 32 child care businesses were listed for sale at seekbusiness.com.au.