Home' InDaily : February 19th 2010 Contents BENDIGO & ADELAIDE BANK (BEN)
BEN's underlying Net ProÞt after Tax for the six months
ended 31 December 2009 was $139.7 million, up 24.4%
on the previous corresponding period, and slightly ahead
of our expectations.
The Board declared a 28.0 cent interim dividend, in line
with the previous period, and substantially ahead of the
15.0 cent Þnal dividend of FY09.
The key turnaround factor was a rapid improvement in
the Bank's Net Interest Margin (NIM), following an acute
contraction of the same in FY09. Following a better than
expected NIM improvement, combined with bad debts
reverting back to a more normal position, we have revised
our FY2010 earnings per share up by 6.5% to 89.9 cents.
BEN trades at a discount to its major Bank peers and we
expect this discount to gradually contract as the market gains
conÞdence in the sustainability of BEN's earnings proÞle.
We have an Outperform recommendation on BEN.
Sharebrokers and Investment Advisers
Telephone (08) 8217 3900
Warning (General advice only): Past performance is not a reliable
indicator of future performance. The recommendation in this
advertisement is made without reference to its appropriateness to
your investment objectives, financial situation and particular needs.
Before acting on this general advice, you should discuss with your
investment adviser the appropriateness of this recommendation to
your own specific circumstances.
February 19 - 25, 2010
The Independent Weekly
Striving for dignity
Every Christmas all 12-year-old
Taylah Neagle wants is for her
younger brother to talk.
Her brother Mitchell has autism.
He s been lucky. His parents have
so far been able to afford access to
services including paying more
than $100,000 over two years for
Taylah got her wish; Mitchell
can now talk. Despite his disability
he can engage with people, and his
father Rick Neagle says the costs
have been worth it.
But without Government
subsidies most people can t begin
to afford the vital but expensive
"It s hard for other people to
understand," Mr Neagle said.
"Disability is out of sight out of
mind. It s not a vote winner."
But as the spokesperson for
Dignity for Disability. Mr Neagle
wants change. He said South
Australians with disabilities are
being denied services and quality
of life that should be their right.
Children with disabilities like
autism are unable to attend most
schools due to lack of funding and
services, forcing some into home
schooling and others into costly
D4D began six weeks before the
last state election, polling more
than 10,000 votes in the upper house.
D4D also supports preserving
Glenside and increasing mental
health services and increasing the
The party is sick of the way
people with disabilities including
physical and intellectual disabili-
ties, autism and mental health
have been treated by the State
The state s legislation on
disability does not meet the United
Nations standards for the rights for
people with disabilities.
D4D, along with the Liberals,
Independents, Greens and Family
First, are pushing to re-write the
state s Disability Act so it reflects
the UN convention.
Traditionally these minority
groups looked to Labor for support,
but they say under the Rann
Government their quality of life
"Parents live in fear of what
will happen to their disabled adult
children when they die," Mr Neagle
A recent national report found
that although Government funded
disability services had the highest
growth in demand, funding per user
dropped by 16 per cent over the four
years to 2008.
Mr Neagle said demand in SA had
outgrown funding and more people
are forced to wait for services while
their desperate needs are often
"People are too scared to speak
out," Mr Neagle said. "Any current
funding would be removed if they
do. It happens."
D4D has formed an affiliation
with other fringe parties, including
the Community Voice Coalition,
and said despite supporting the
Opposition s election promises
including a specialised autism
school, it is reluctant to trust either
"Every opposition and govern-
ment puts up better plans and
policies, which is what they ve
done. We ll have to wait and see
whether they act," Mr Neagle said.
Mr Neagle is running for
Norwood "to harass the Mental
Health and Education Minister".
Garry Connor is running for
Wright against Disability Minister
Jennifer Rankine and Sam Paior
in Adelaide against Education
Minister Jane Lomax-Smith.
D4D president Paul Collier will
run for the Legislative Council. In a
wheelchair, Mr Collier wants basic
human rights for disabled people
"They tell me when I can have a
shower," Mr Collier said. "I have
no say and it s never on a weekend
when it would be more expensive."
D4D wants to cut paperwork
and administration staff, which
accounts for a third of the state s
disability funding, and focus on
The UN rights and systems in
the UK promote an individualised
funding base where people and
their families can choose what is
best for them.
"I lived in the UK for six years
and they look at people s needs as
a right," Mr Collier said. "I came
back to South Australia and felt like
stepping into the dark ages."
Dignity through choice is D4D s
slogan and it s hoping that the next
State Government delivers just that.
The prism of a spectrum
Zech Clarkson has reached a
milestone. He can now dress
himself, tie his shoelaces and even
had his first-ever birthday party
last year with a group of friends.
Life for Zech is very different from
any other nine-year-old. Zech has
autism spectrum disorder and
has fallen through a gap in the
The Liberal Party has
announced it will open a school
specifically staffed and designed
to meet the needs of children with
autism spectrum disorders if
Zech s mother, Narelle
Clarkson, backs the plan, having
campaigned for it for almost
18 months. She helped set up
a website, petitioning for the
Government to cater for children
like Zech who are autistic but don t
have an intellectual disability.
"A school like this would
make all the difference for Zech.
Kids who just don t have a place
anywhere," she says.
When Zech started school he
was mainstreamed unsuccess-
fully, attending school for an hour
each day and at times being sent
home after just 10 minutes with
staff unable to cope with his
"Eventually we gave up and the
Education Department gave up, so
he was enrolled in open access,"
Ms Clarkson said.
"He couldn t read, couldn t
write, he d be sitting at home
taught by me. I haven t been able
to work and no one s paying me to
teach him, so our family has been
extremely financially challenged."
In the past year Zech has been
accepted into Modbury Special
School after months of pushing
the Education Department -- a
struggle many parents face when
their child doesn t actually suffer
an intellectual disability.
The autism school in Adelaide
would be the first Government-
run school of its type in the
nation, benefiting children like
Zech who are high-functioning
yet cannot learn in a mainstream
He has been known to take off
and become violent, throw chairs
and hurt teachers and students.
"I don t think people realise
this sort of thing is going on. It
is not safe for other children or
teachers," Ms Clarkson said.
The finer details of the school
have yet to be decided, but
Ms Clarkson will be part of a
steering committee with other
parents and stakeholders to form
the framework and oversee its
A common misconception
is that this school will brand
children with autism and isolate
them from their peers, but parents
claim it is giving the children
an opportunity to reach their
"If a child is in a special or
mainstream school and are coping
then they should stay where
they are, but it s for those who
have nowhere, the ones already
excluded in our school system,"
Ms Clarkson said.
Jane Lomax-Smith responded
to plans for the school, saying
children with autism already
attracted additional funding to the
school they attended.
"More than $200 million is
provided every year to support
students with disabilities in our
schools," she said.
In the meantime, children like
Zech continue to be left in the
dark -- his enrolment at Modbury
Special School only temporary.
Along with many other autistic
children, his education lies in the
hands of the next state govern-
Out of sight, out of mind: Rick Neagle.
Photo: Kate Elmes
Zech Clarkson's future lies in the
hands of the next state government.
Photo: Kate Elmes
Links Archive February 17th 2010 February 22nd 2010 Navigation Previous Page Next Page