Budget 2021: Tycoons out in force for Josh Frydenberg
It was Josh Frydenberg’s night, but when billionaire Packer family matriarch Ros Packer comes to town she can’t help but steal the show.
Swathed in leopard-skin fabric from neck to toe and dripping in pearls, the renowned philanthropist and widow of late media mogul Kerry Packer turned heads as she made her way to the Great Hall to join Australia’s rich and powerful, and digest Frydenberg’s third financial blueprint for the nation.
After all, it’s not everyday that controversial casino magnate James Packer’s 82-year-old mum comes to town for the budget as her son faces multiple inquiries into his suitability to control his $9bn casino group Crown Resorts.
As to be expected, Mrs Packer was well squired for her evening out, joined by good friend and art dealer Philip Bacon, the joint host of her 80th birthday bash in 2018.
Also nearby were billionaire money man Will Vicars and Sportsbet boss Barni Evans.
But it wouldn’t be a Frydenberg budget without our Treasurer’s so-called Billionaire Rat Pack shipping into Canberra to support their good mate from Kooyong.
Walking the halls of Parliament House in the lead up to Frydenberg’s speech was Merivale pub baron Justin Hemmes and James Symond, the outgoing boss of mortgage empire Aussie Home Loans founded by his millionaire uncle John Symond.
“Always got to come out to support a good mate,” Symond told Margin Call as he awaited Frydenberg’s self-described “recovery” budget set for delivery from the House of Representatives’ dispatch box as the clock chimed 7.30pm. “It’s like his Super Bowl night for him … we can’t change the winning formula,” he said.
The duo were joined later by Seven boss Ryan Stokes, effectively getting the band back together after their first budget appearance together in 2019 — when the idea that an economically devastating global pandemic was just around the corner was inconceivable — to also support their powerful pollie mate.
The Treasurer had been a groomsman at Stokes’ 2016 Sydney wedding, so what were the bros to do but repay the favour.
That’s all despite the 42-year-old scion of billionaire media magnate Kerry Stokes this week being occupied with his just-launched $6bn takeover for building and construction materials company Boral, in which Seven already controls a 23 per cent stake.
But even before the release of the nuts and bolts of it all, Symond was sure Frydenberg and his offsider, Finance Minister Simon Birmingham, would pull off a budgetary blinder.
“I think he’ll deliver a good budget,” the Aussie Home Loans boss said, the strength of the economy no doubt handy as he too joins the queue of job hunters after Lendi’s acquisition of his family business.
Hemmes, meanwhile was one of the powerful business leaders that Frydenberg turned to as he conceptualised the JobKeeper package that was part of his blueprint to help the economy at the peak of the coronavirus crisis.
The Merivale chief has just spent $40m-plus to secure his first hospitality venue in Melbourne, prompting the question, does that mean he and Frydenberg will be spending more time together in the southern capital?
“I think the Treasurer will have lots on his plate,” the 48-year-old Sydney bachelor humbly declared.
Money men
It was a night that saw billionaires and business folk thick on the ground.
Billionaire investor Vicars — at last count the fund manager was said to be worth $1.18bn — enjoyed some time as a guest of Financial Services Minister Jane Hume.
Despite the ample catering and wine selection, it was takeaway food on his mind as he mixed with the banking set, tapping the brains of Deliveroo boss Ed McManus for his investment in rival Grubhub.
Truly earning his glass of sav blanc, NAB chairman Phil Chronican revealed he’d been hitting the gym just hours before suiting up for the soiree, using the opportunity to debut his new Canadian banking boss Andrew Irvine, fresh from his baptism of fire at Rocky’s Beef Week.
It has been just eight months since Irvine joined the bank, but by the sounds of it he’s seen more than many Aussies to date, adding Alice Springs and the west coast in the next few weeks.
Over in the marble foyer, Perth’s favourite private pilot Nev Power joined the grand hall celebrations, a chance for a swan song of sorts as he hangs up his hat as National COVID-19 Co-ordination Commission chairman after Scott Morrison just last week declared the emergency over.
That gives him more time to ferry his West Australian mates, the likes of Christian Porter, around the country, though not anymore the soon to be OECD head Mathias Cormann, another notable absence from the night’s festivities. ScoMo’s principal private secretary Yaron Finkelstein was seen lurking about the room, as was former NSW state pollie turned lobbyist Michael Photios, former defence minister also turned lobbyist Christopher Pyne and Australian Hotels Association chief Stephen Ferguson, who was sitting at a table with Families Minister Anne Ruston. What a combo.
Exiting JB Hi-Fi boss Richard Murray, who is another close confidant of Treasurer Frydenberg and who is now set to join Solly Lew’s empire, was also in town for the big night.
Newly minted Attorney-General Michaelia Cash was power dressing to the max, rocking a white pant and Sergeant Pepper-style long black and white jacket.
Missing, however, was the likes of former foreign minister Julie Bishop’sannual style statement, with not a sequin in sight.
From where Margin Call was standing, the evening’s style choices were decidedly dull: think a hell of a lot of black suits, navy pinstripes — they’re not a creative bunch.
Trust the Nationals to deliver when it comes to accessories, however — the party always delivering a few Akubras to mix things up.
Deputy PM Michael McCormack and his own deputy David Littleproud hosted a mix that included the likes of Franchise Council head Mary Aldred, local operatives at lobbying outfit Barton Deakin and NSW Farmers chief Peter Arkle, among others.
Party time
The biggest question on everyone’s lips? Just what was on offer at NSW Liberal MP Jason Falinski’s pre-budget drinks that drew the masses.
As guests spilt into the hallway, big names like Peter Dutton, Stuart Robert and Karen Andrews even popped in to make an appearance.
Who knew the member for Mackeller was so popular?
Keeping the tradition of the Bradfield dinner alive, Communications Minister Paul Fletcher hosted a tight knit 350 folks in the Mural Hall, including Australian Banking Association chief executive Anna Bligh, former prime minister Malcolm Turnbull’s chief of staff Sally Cray (who now works for Bligh) and former NSW leader of the opposition Kerry Chikarovski.
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