Prima role OK for Prime Minister’s wife Lucy Turnbull

Peter Nicholson Margin Call cartoon for 23-10-2015. Version: (Original) COPYRIGHT: The Australian's artists each have different copyright agreements in place regarding re-use of their work in other publications. Please seek advice from the artists themselves or the Managing Editor of The Australian regarding re-use.

Lucy Turnbull has made at least one decision after “reassessing” her board roles and investment portfolio following hubby Mal’s putsch last month: she’s staying on at cancer treatment biotech Prima Biomed.

Last month Turnbull said she didn’t want to keep any board roles that involved a conflict of interest, but happily that seems resolved as she yesterday put herself forward for re-election at Prima’s AGM next month.

The company’s annual report, also filed yesterday, shows she trousered $150,000 for her role in the big chair.

Her 5.5 per cent of Prima, worth a touch under $250,000, is part of a family portfolio closely scrutinised since PM T displaced onion fan Tony Abbott.

The family’s investment in funds operating out of tax haven the Cayman Islands caused a tropical storm in Canberra a week ago and yesterday anti-tobacco campaigner Simon Chapman called on him to get rid of vehicles that own shares in cancer stick makers.

GP feeling unhealthy

The Melbourne Grand Prix will cost Victorian taxpayers more than $1bn — the equivalent of a brand new world-class children’s hospital — by the time its contract is up in 2023 if it continues to lose money at the present rate.

Another whopping loss unveiled yesterday might be enough for NSW Premier Mike Baird to rethink his pledge to steal the event.

In the run-up to the March election, Baird, who spent Wednesday talking up big ideas in his Bradfield Oration, tapped Sydney Olympics guru Rod McGeoch and larger-than-life media boss John “Harto” Hartigan as poachers.

Outgoing GP chairman and Liberal Party stalwart Ron Walker yesterday used his final annual report to thank every Victorian premier since Joan Kirner and proudly “endorse the appointment of my successor John Harnden” — a subtle slap at former Toll boss Paul Little, whose chances for the gig were seen off by pro-Walker forces.

Big Red, who masterminded the theft of the race from Adelaide, said the GP and other big events bestowed “enormous economic benefit” on the state.

CEO Andrew Westacott told Margin Call the race was one of the “four pillars” of the state’s major events calendar and said 2011 studies showed up to $39m of economic benefit plus another $35m in “branding”.

Sadly, the race itself lost $61.7m, borne by taxpayers. Ticket sales revenue was $30.2m. That’s less than the $40m reaped by the first ever race in 1996 (about $62m in today’s money).

After 20 years whizzing around Albert Park Lake the annual circus has cost Vic taxpayers a total of $531m. That’s about half of the super-fancy Royal Children’s Hospital.

Labor Premier Dan Andrews last month committed to the race until 2023, by which time at the present rate the total impost will top $1bn — a whole RCH.

Little wonder elements of the previous Liberal regime pondered calling global GP supremo Bernie Ecclestone’s bluff by not renewing the contract on expiry this year.

House rules

There seem to be loose ends to tie up for Norman and Tania Smorgon before the $20m sale of their Toorak mansion to MyChemist principal Mario Verrocchi and wife Fiona is completed.

After several attempts by the Smorgons to flog the Orron Road prestige pile, the Verrocchis agreed to buy it just before Christmas last year, slapping a covenant in Fiona’s name over the vast spread.

It’s yet to settle and since signing up the Verrocchis, Tania Smorgon has asked the local council to remove a sewage easement on the 5500sq m block.

Way back in 1997 the couple moved their tennis court, but only after getting permission to build across a sewerage easement. We suspect it’s the same easement the Smorgans have now had waved away.

Not waiting for settlement to rework the six-bedroom home, Mario Verrocchi has also asked authorities to approve $1.5 million in proposed works.

Caffeine hit

Sad days for disgraced former Victorian Liberal Party director Damien Mantach and his family after he allegedly swindled $1.5 million from party coffers.

For at least four weeks the cafe that Mantach’s wife Jodie had been running in Victorian seaside town Queenscliff has been closed for business.

Yesterday there was no answer to repeated phone calls. Its social media sites have now been dormant for some time and the town’s appetite for good coffee remains unsated.

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