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U.S. President Donald Trump speaks as Jerome Powell, governor of the U.S. Federal Reserve and Trump’s nominee as chairman of the Federal Reserve, left, listens during a nomination announcement in the Rose Garden of the White House in Washington, D.C., U.S., on Thursday, Nov. 2, 2017. If approved by the Senate, the 64-year-old former Carlyle Group LP managing director and ex-Treasury undersecretary would succeed Fed Chair Janet Yellen. Photographer: Andrew Harrer/Bloomberg
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Speaker of the House Paul Ryan, R-Wis., strides to the chamber for the vote on the $4 trillion budget measure that will pave the way for a sweeping GOP tax overhaul, on Capitol Hill in Washington, Thursday, Oct. 26, 2017. (AP Photo/J. Scott Applewhite)

Mark Carney, governor of the Bank of England (BOE), pauses during the bank’s quarterly inflation report news conference in the City of London, U.K., on Thursday, Nov. 2, 2017. Bank of England policy makers raised?? interest rates?? for the first time in a decade, yet showed concern for Britain??????s Brexit-dented economy by indicating that another increase isn??????t imminent. Photographer: Luke MacGregor/Bloomberg

Khalid Bin Abdulaziz Al-Falih, Saudi Arabia’s energy minister and president of OPEC, speaks to journalists ahead of the 172nd Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on Thursday, May 25, 2017. OPEC and its allies were poised to extend their production cuts for?? another nine months?? after last year??????s agreement failed to clear a global supply glut or deliver a sustainable price recovery. Photographer: Akos Stiller/Bloomberg

NAB CEO Andrew Thorburn at the NAB branch at 333 George Street, Sydney, on 1 November 2017. Photo:Jessica HRomas. The NAB full results are announced tomorrow on the ASX at 8am. (NOTE- THIS IMAGE IS TO BE EMBARGOED TILL 8AM Thursday 2 November)

FILE – In this Wednesday, Oct. 11, 2017, file photo, an Amazon employee gives her dog a biscuit as the pair head into a company building, where dogs are welcome, in Seattle. Amazon says it received 238 proposals from cities and regions hoping to be the home of the company’s second headquarters. The online retailer kicked off its hunt for a second headquarters in September, promising to bring 50,000 new jobs. It will announce a decision sometime in 2018. (AP Photo/Elaine Thompson, File)

Nutella: the 20 best recipes. Image sourced from http://梧桐夜网booktopia南京夜网419论坛/nutella-ferrero/prod9781909342163.html

EMBARGOED FOR THE SUN HERALD 27th August…. People enjoy relaxing yoga with baby goats, a new yoga class offered by Elite Therapies & Body Balance. Sophie Dahia, 16 from Glenwood. Photograph by Katherine Griffiths

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Larkham succession starts to make real sense

Could the Wallabies be on the path to, shock, horror, an orderly transition of the coaching reins from Michael Cheika to Stephen Larkham?
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Tumult has been the way of recent appointments, with Robbie Deans a dead man walking for the first half of 2013 and Ewen McKenzie’s extraordinary resignation after the third Bledisloe Test in Brisbane in 2014.

It has taken some time for a sense of order to be restored but Australian rugby is getting there. Michael Cheika has found his groove again and it would take an act of God for him not to be in place for the next two years.

And behind him is Stephen Larkham. He is shaping as Cheika’s natural successor after the 2019 World Cup. Rugby in Australia might be heading towards a period of relative stability, if it can handle it.

The alternative model is well known – essentially a beauty contest, where a list of candidates is compiled and the successful candidate is almost a reaction to the previous boss.

Sometimes it works. It certainly has done wonders for England, where Eddie Jones took his outsider’s eye of their strengths and has ruthlessly gone about challenging their weaknesses.

But more often that not it makes any sense of continuity impossible, and the lesson of the previous regime are too easily cast aside.

A Larkham appointment avoids those pitfalls.

Remember, too, that something remarkable is quietly beginning to happen in Australia rugby. A Wallabies coach is having conversations about who should play No. 10 at the Super Rugby franchises and the sky is not falling in.

That is why the selection of Reece Hodge at No. 10 for the Wallabies against Japan is so intriguing. Hodge is a project in the position and the Wallabies know it. He may even struggle against Japan on Saturday. But if it is the start of a process between the Wallabies and Rebels that develops depth at No. 10 it is welcome. The Wallabies must not go into the World Cup with their hopes all tied up in the health of Bernard Foley.

To that end Larkham is not just a Wallabies assistant coach. He is involved in the national set-up at a potentially crucial point of the game’s history where there is apparently genuine dialogue between the various high performance arms.

There is also the story of Larkham’s own development. Is it any coincidence that the Wallabies attack has progressed so well now that Larkham has finished up with his commitments with the Brumbies? Probably not.

By the end of the Rugby Championship the Wallabies’ attack was a distant cousin to what we saw in June. There were some signs of progress against Italy, especially with some of the work on the short side, but it went to a different level during the Bledisloe Tests. Some of the phase play against the All Blacks in Dunedin was world class.

The Brumbies under Larkham were not always the most poetic team but that criticism may be moot. There are only two Brumbies in the Wallabies first-choice XV and Larkham still guided them to the top of the Australian Super Rugby conference this year.

It may not be the perfect transition. In an ideal world Larkham would have accrued a few years of coaching experience in the north before taking the top job in Australia.

The cards have not fallen that way but it does not negate the appeal of Larkham as Wallabies coach.

The wildcard here is Cheika. He has invested so much emotional and intellectual capital in the Wallabies that to walk away post-2019 may be too hard. Then again there will be no shortage of lucrative offers coming his way.

But if he goes he may leave a gift – a system that is far better aligned than the one he inherited, meaning the Wallabies’ future success will not be down to luck but design.

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Our three favourite open homes to see this weekend

Domain has scoured through the listings to bring you three of the best open homes worth seeing this Saturday in Sydney.
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The top of the property pile come this week from Scotland Island, Drummoyne and Glebe. Scotland Island

$3 million – $3.3 million

Scotland Island attracts all walks of life, a factor that agent Therese O’Neill says makes for a vibrant, close-knit community “where you can be yourself”.

But the private nature of this waterfront residence means that you can also retreat into your own space, surrounded by bushland and with your own boatshed and pontoon.

Residential Real Estate is leading the sale. The home represents the ultimate private getaway. Photo: Supplied

See more of 15 & 17 Robertson Road hereRelated: Andy Lee sells in inner westRelated: Sydney’s ‘fun vibe’ not enoughRelated: Shane Watson lists Bronte homeDrummoyne

$3 million

This Victorian manor is a keeper, with only three families owning it since it was built in 1896.

The Laurels shows off Queen Anne and Edwardian characteristics with period features well maintained. 53 Thompson Street, Drummoyne NSW. Photo Supplied

An open-plan extension leads out to a generous courtyard and child-friendly garden.

Warwick Williams Real Estate’s Conor Allen is holding the auction on November 11. A generously-proportioned courtyard leads to a level lawn. Photo: Supplied

See more of 53 Thompson Street hereGlebe

$1.3 million

Not many people can say they call a converted stable their home, especially one in such a premier location.

This unusual property is just off Glebe Point Road, where with its myriad of cafes and bars you will never be hungry, thirsty or bored. 58 Derwent Lane, Glebe NSW. Photo: Supplied

Exposed brick, timber-panelled walls and cool concrete flooring are found across the home’s two levels.

Catch this one at its auction on November 11, with Jack Parry of BresicWhitney Balmain. Exposed brick and timber-panelled walls define the interiors. Photo: Supplied

See more of 58 Derwent Lane here or download the Domain app for more Sydney listings

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Qewy out of Melbourne Cup, Wall Of Fire safely into field

Bendigo Cup winner Qewy won’t run in the Melbourne Cup, paving the way for Wall Of Fire to be lifted into the field for Tuesday’s $6 million race.
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Godolphin trainer Charlie Appleby confirmed from the United States where he’s attending the Breeders Cup meeting at Del Mar that last year’s fourth placegetter will be saved from the two-miler after a track record win at Bendigo on Wednesday.

It means James Cummings’ locally-prepared Hartnell will be the only Godolphin representative in the race that stops the nation.

“He knows he’s had a race, and I think the Cup will just come a bit soon for him,” Appleby said. “It’s only six days between the two races.

“Hopefully we can consider another race for him in Melbourne this trip, provided he is back on top form.”

It means connections of Wall Of Fire will be relieved, guaranteeing their spot in the race after travelling all the way from the United Kingdom for the spring carnival.

Mick Kent’s Abbey Marie, who would have vaulted to No.24 in the order of entry, is also a non-starter and won’t pay the $49,500 final acceptance fee.

It means Willie Mullins’ Thomas Hobson is another step closer to handing the Irish wizard a third runner in the race as he occupies the last spot in the field, joining stablemates Max Dynamite and Wicklow Brave.

But he can be tipped out if one of eight runners win the Lexus Stakes on Saturday, the Melbourne Cup’s last chance saloon.

Qewy had been right in Melbourne Cup betting, but will now be saved for either the Queen Elizabeth Stakes on the final day of the Flemington carnival or the Sandown Cup, a race he won last year.

“It was definitely a tough decision,” Appleby’s stable foreman Chris Connett said at Werribee. “It’s disappointing to see him miss the race because he would have been sticking on and might have been right there, but we’ve got to do the right thing by the horse.

“We know he ran so well last year, but it might be just a bit too soon after Bendigo and it was a hard run on Wednesday. There’s a couple of options now and we’ll let the horse tell us how he’s going.”

Almandin heads Sportsbet’s market at $6.50 with Wall Of Fire on the sixth line of betting at $13.

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Take the income stream not the lump sum

???Federal and state government decisions to close off new entry to their defined benefit super funds have not only reduced the costs for taxpayers but also ensured members can be confident of receiving all the lifelong benefits promised to them – unlike in the US.
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A combination of factors has increased the value of defined benefit super funds to their members, especially those offering lifetime indexed pension benefits to members. Their biggest advantage is that, apart from the UniSuper fund, the payment of the promised benefits is guaranteed by employers.

All the investment risk is thus borne by the employer and, in the case of government defined benefit schemes, taxpayers. In terms of funding a comfortable retirement, nothing could be better or more secure than receiving a regular guaranteed income stream.

Apart from not having to be concerned about historically low interest rates and investment fluctuations such as those that occurred in the global financial crisis, defined benefit members have access to retirement income streams that are either not available or extremely expensive from private sector providers.

The icing on the cake for defined benefit members is that their employer pension schemes were devised in periods such as 1915 in NSW and 1922 for the Commonwealth when the expected life span in retirement was short. Today, following huge gains in mortality rates, expected retirement lifetimes, including those of reversionary beneficiaries, are up to three times longer.

Compared with taking a lump sum alternative, the indexed pensions now on offer to DB retirees are very attractive. This is evidenced by the large increase in take-up of DB pensions, including in redundancy situations where cash-outs are available.

New entrants to the workforce don’t have access to employer-guaranteed defined funds but existing members receive superior benefits to those available to their less fortunate colleagues. There are even some additional bonuses available in some defined benefit funds that were originally designed to save money from members not keen to contribute or cash out benefits when the opportunity arose.

In several funds, the most valuable bonus comes from contributing more than the minimum required. The benefits of doing so in the largest federal government defined benefit fund, the PSS, is because of the additional matching employer benefit of far more value than that from paying off the mortgage.

There’s a clear message for all existing defined benefit members, including those with deferred or preserved benefits until retirement. Become familiar with the ways to gain best value from the benefits on offer. Even when a lump sum may have appeal to pay off a mortgage or other debts, the after-tax indexed value of the alternative pension can still provide a larger return.

Daryl Dixon is the executive chairman of Dixon Advisory. [email protected]南京夜网419论坛

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