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8 months ago

CityLife Cairns

THE “RC” - ROYAL

THE “RC” - ROYAL COMMISSION SCOTT BURNESS Branch Principal & Wealth Manager Yellow Brick Road Cairns 154-156 Mulgrave Road Westcourt T 07 4040 2040 M 0402 073 375 F 07 4040 2070 E scott.burness@ybr.com.au W www.ybr.com.au The well-publicised “misconduct in banking, superannuation and financial services industry” first round of public hearings has wrapped up and there has been some horror stories involving some of Australia’s biggest banks. A 72-year-old widower with an acquired brain injury granted a $50,000 ANZ loan to funnel money into an online dating scam. A 30-year-old roofer with a gambling addiction was granted multiple credit card increases by the Commonwealth Bank, even after confessing his problem to a staff member. A stay-at-home mum sold “junk” insurance on her credit card, on which she could never have claimed because she did not meet strict employment criteria. A personal carer and Centrelink recipient sold a second hand Ford Focus with a Westpac loan, when the fortnightly repayments would eat up almost half her benefits. The Australian mortgage industry is a $1.7 Trillion market and the one thing I’m sure of, not enough time was allocated to these hearings!! Out of the 2810 submissions received, 70% related to Banking, 9% Superannuation, General Insurance, Intermediaries and 5% Financial advice, as you can see “banking” is the hot spot. Some people I’ve spoken with say; “Government get’s heavily involved in industry there’s always a downside, more red tape, more legal requirements more everything, the cost gets passed in one direction”. Above horror stories clearly need to stop, measures need to be put in place so they don’t happen again, where’s the middle ground, one things for sure if it gets too hard to access funds EVERYONE gets affected. I’ve been in the financial sector for quite a few years now and I’ve never seen so many changes take place, the past 18mths has been a blur. A number of changes make no sense to me, my advice, if you’re going to engage someone within the financial services industry look for someone with a lot of experience. An example of change that makes no sense to me, in fact I loathe it; “Exit Strategy”, the concept is great, the blanket approach is appalling as it negatively affects so many people, especially in Regional Australia (Cairns). Basics; 30yr old applies for a Home Loan, not a lot of assets, retirement might be 65yrs of age, a 30yr loan term is straight forward. 55yr old similar asset position, a maximum 10 - 15yr term is likely, how do they afford these huge repayments, can they even obtain an approval, as their income needs to be much higher. If the 55yr old has other assets eg; enough Super to pay out the home loan at age 65, they may receive a 30yr term, life gets in the way of many plans, deforce, business failures, sickness….. it’s a long list, what about these people, don’t they deserve the same repayment amount as the 30yr old. As a discount lender refinancing is a big part of what I do, the Exit Strategy can play havoc in this situation as well. Example; an “older person” wants to switch their mortgage & debts to a lower rate to save money, if it’s deemed they don’t have enough assets they may not even be offered the same loan term they currently have, this is crazy - the debt is there - let people obtain the savings!! If additional debt is requested sure apply an Exit Strategy, if the refinance is “dollar for dollar” it makes NO SENSE, only winner here is the current lender with higher rates. When the RC finishes looking at this industry and makes it’s recommendations, it’s my hope the bureaucrats take a practical approach, I wont hold my breath. CityLife 70 Magazine

A “RE-BORE FOR MEN”? WHAT’S THAT? Trans Urethral Resection of the Prostate When men talk about having a “Rebore” they are referring to an operation on the prostate. The correct name is a Trans Urethral Resection of the Prostate or TURP. The prostate is located at the opening of the bladder like a donut and as men get older the prostate gets bigger and may squeeze on the pipe like the hole of the donut getting smaller. As it does that, it can cause symptoms such as delayed starting, slow stream, incomplete emptying, going more frequently, dribbling at the finish, getting up at night and sometimes incontinence. The operation is usually carried out under a general anaesthetic. The central portion of the prostate which is obstructing the man’s ability to urinate properly is removed. This is like making the hole of the donut bigger or taking out an apple core. It is carried out by passing an endoscopic instrument down the penis. The tissue removed is sent to Pathology to see if there is any sign of prostate cancer. Usually, the possibility of prostate cancer has been excluded before the procedure. The TURP is an operation which has been refined over the past 60 years and is still regarded as the “gold standard” in prostate surgery. It has been regularly carried out as a day surgery case in Cairns over the past 21 years with patients returning home after the procedure. This saves a significant amount in costs particularly for patients who do not have insurance and want to pay for themselves. This is more common with long waiting times in the public hospital system. Usually, most patients who have been referred requiring this procedure are seen at Cairns Urology within two weeks of booking their appointment for a consultation. The referring doctor will receive a written report within 24 hours of the consultation. After that, there is usually a two week wait for the operation depending on what is convenient for the patient. Patients can be seen without referral but will not be eligible for Medicare rebates. Dr Neil Gordon Urologist Urological Surgeon at Cairns Urology M.B.B.S (Melb) F.R.C.S (Glasg)F.R.C.S Ed F.R.A.C.S., F.I.C.S • The operation is usually carried out under a general anaesthetic. • The tissue removed is sent to Pathology to see if there is any sign of prostate cancer. • This saves a significant amount in costs particularly for patients who do not have insurance and want to pay for themselves. 98 Spence Street Cairns, QLD 4870, Australia PO Box 7787 Cairns, QLD 4870, Australia P (07) 4041 0700 F (07) 4041 4007 www.cryotherapy.com.au www.cairns-urology.com.au reception@cairns-urology.com.au

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