660 c is approx 1200 f approbation mig can be employedas well as tuna. Though if a tnua themselves have been run-down we will have to lift a walls enough to slip a latest flooring materials underneath. ??While a wooden square is parchingas an typical production mannequin Banks dory.
Illustrate this situation on your diagram. Has Sheila maximized her satisfaction at this point? If not, identify a change in consumption that will make her better off.
Describe her preferences when satisfaction is maximized. Answer: Sheila would be better off if she consumed more television.
In fact, she should consume television until the value of an extra television show is zero. Her budget line is also shown in the diagram. Use the information in the diagram to answer the following questions. Which of the basic assumptions of consumer preferences are violated by E. Lips indifference curves?
What is E. Lips income and what is the price of clothing? Show the market basket of food and clothing that maximizes E. Lips satisfaction. When satisfaction is maximized, has E. Lips equated the marginal rate of substitution of food for clothing to the ratio of the prices of food to clothing?
If so, explain why. If not, explain why not. The assumption that consumers always prefer more to less is violated. Lips utility maximizing bundle. At this point, E. Lips has no marginal rate of substitution. Since this is the best point for E. Lips, she is unwilling to substitute either good regardless of the price ratio. Any movement from this point will make E. Lips worse off. How will the coupons alter Lisa s budget line? How will this alter Lisa s budget line?
Is Lisa indifferent between the food coupon and cash program, or does she prefer one program over the other? Draw an indifference curve to illustrate your answer. Answer: Refer to the following diagram with the answers. With the coupons, Lisa s budget is abc. With cash, Lisa s budget line is dbc. If Lisa s preferences are as shown, she is indifferent between the two programs.
However, if her preferences were such that an indifference curve was tangent to the db portion of dbc, she would prefer cash. How does the government program alter Amy s budget line? How will this alter Amy s budget line? Is Amy indifferent between the housing assistance program and cash program, or does she prefer one program over the other? This allows her to use her complete income to spend solely on other goods.
The cash payment is another source of income that Amy may spend at her discretion. Thus, the cash payment is analogous to an increase in income. Amy would almost always strictly prefer the cash, since it gives her more choices than the free apartment. If housing is inferior and if her point of tangency on the new budget line is exactly at dollars worth of housing, then Amy would be indifferent between the two programs. Sketch a set of two indifference curves for Sally in her consumption of X and Y.
Write the expression for Sally s budget constraint. Graph the budget constraint and determine its slope. Determine the X,Y combination which maximizes Sally s utility, given her budget constraint. Show her optimum point on a graph. Partial units for the quantities are possible.
What would happen to her utility as a result of the price increase? Utility fell due to the price change. Sally is on a lower indifference curve. Note: Answers may be slightly different due to rounding. Many economists argue that this program is an inefficient means of increasing the well being of low income families.
Proponents of this view argue that an equivalent cash subsidy would bring about a greater increase in the well being of the low income families receiving aid.
Although many economists hold this view, not all policy analysts agree with the advocates of cash payments instead of food stamps. Advocates of the existing program argue that food stamps provide an incentive for low income families to increase the nutritional quality of their diets.
Carefully analyze the arguments regarding increases in well being under cash payments and food stamp programs. Use graphical analysis to present your arguments. Critically evaluate the pros and cons of the food stamp program. Do food stamps ensure that low income families increase their consumption of food? Answers will vary depending on the way the indifference map is drawn. One type of answer would have a consumer begin in equilibrium at a point like 0.
The initial budget constraint is AB. The government decides to subsidize the low income family an amount equal to AC. If the subsidy is an unrestricted increase in cash, the family s budget constraint will increase to DO C, and the family may choose a new equilibrium at point 0 Depending on the exact shape of the indifference curve, the new point of tangency may be anywhere on DO C.
From the consumer s standpoint, this is the maximum increase in utility that is possible with a subsidy of AC. If food stamps are used instead of a cash subsidy, the entire increase would be spent on food. Families move to point O on a lower indifference curve than 0. It is clear in this particular instance that a cash subsidy would make families better off. However, the food stamp program ensures that at least the value of the non-redeemable stamps are spent on food.
This implies in this instance that the nutritional levels of families are likely higher with the food stamp program. However, if the initial point of tangency on AB were to the right of O, then the food stamps would actually decrease food consumption. Therefore, the effect of food stamps on food consumption depends on the shape of individuals indifference maps. Students should balance subjective factors such as the desirability of improving diet for low income families and the imposition of preferences upon members of low income communities i.
It should be made clear, however, that food stamps may not increase expenditures on food by low income families. The families could shift the income spent on food to other goods or sell the food stamps. At point O , the families MRS and price ratio are not equal. We would expect families to take steps to reach equilibrium. What happens to a consumer s level of well-being given he spends some of his income on gasoline?
Diagram the impact of the increase in gas prices in a commodity space diagram, and show the relevant indifference curves. Now, if the individual s income rises just enough so that his original consumption bundle exactly exhausts his income, will the individual purchase more or less gasoline this level of income implies the consumer can afford his original consumption bundle? Is the individual better-off at the higher price level of gasoline with the higher income level or the original price of gas and income?
Answer:Initially, the consumer is on budget constraint BC 1 , consuming g 1 units of gasoline on indifference curve I 1 , where M is the individual s income level and P 1 is the price of gasoline.
If only the price of gasoline changes to P 2 , the horizontal axis intercept of the budget constraint moves towards the origin. This is illustrated above by a movement to the budget constraint BC 2. On indifference I 2 , his level of satisfaction is lower than before. Now, if the individual s income increases just enough so that his original consumption bundle exactly exhausts his new budget. However, the slope of the budget constraint BC 3 that runs through his original consumption bundle is steeper due to the higher price of gas.
This also implies that his MRS is less than the ratio of prices. Thus, the individual can attain a higher level of utility by purchasing less gasoline than g 1. The individual is better-off at higher prices and income than at original levels. Diagram Bobby s budget constraint. Is Bobby better-off with the gift certificates?
Answer:Without the gift certificate, Bobby s budget constraint is indicated by the line segment from 10 books and 0 pizza to 0 books and 50 pizzas labeled BC 1. With the gift certificate that can only be used for book purchases, Bobby still cannot afford anymore than 50 pizzas. However, he is guaranteed 6 books even if he spends all his money on pizza. Since the price of books and pizza hasn t changed, the slope of his new budget constraint is the same as the slope of the old budget constraint.
The new budget constraint is drawn above as BC 2. Note that with the gift certificate, Bobby has an expanded opportunity set and is guaranteed more of both goods no matter what his original consumption choice on BC 1 was. This implies that Bobby is strictly better-off with the gift certificate. Because of his living arrangements, his only expense is on jazz music.
To earn money to buy new albums, Larry must work. Larry has 16 hours per day he could spend listening to jazz or working. Diagram Larry s budget constraint for new jazz albums and time spent listening to jazz.
If Larry s parents require him to spend two hours per day doing chores around the house, what happens to his budget constraint? Does the requirement to do chores make Larry worse off? Answer: Larry s budget constraints are indicated on the following diagram.
Before his parents require him to do chores, his budget constraint is BC 1. After the requirement to do chores, his budget constraint becomes BC 2. Since the requirement to do chores contracts his opportunity set and we see he no longer may choose an optimal bundle on BC 1 , we know Larry is strictly worse off.
She can spend her time gathering coconuts or bananas. She has 16 hours available each day and can gather 4 coconuts in an hour or 8 bananas in an hour. Diagram Roberta s budget constraint. Given that Roberta s Marginal Utility of bananas is always 25 and her Marginal utility of coconuts is always , what is her optimal consumption?
One day an individual from a neighboring island arrives by boat and offers to exchange any number of fruits at a rate of 1 coconut for 1 banana. Diagram Roberta s budget constraint at this exchange rate assuming she will now spend all her time gathering bananas.
Is Roberta better off? What does she consume? Answer: Roberta s initial budget constraint is BC 1 on the diagram below. Since Roberta s indifference curves are always flatter than her budget constraint, Roberta will consume all coconuts.
Thus, she gathers and consumes 64 coconuts. When her neighbor arrives and offers the exchange, her budget constraint becomes BC 2.
It is now optimal for her to gather all bananas and exchange them 1 for 1 with her neighbor for coconuts. This gives her coconuts to consume. This brings her to the higher indifference curve I 2. Roberta is better off. At these prices, Tammy purchased 45 CDs and 50 gallons of gas. Ted consumed 20 CDs and gallons of gas. For the month of March, Tammy and Tad s father lost the records indicating who had which debit card.
The first debit card was used to purchase gallons of gas and 26 CDs. The second debit card was used to purchase gallons of gas and 24 CDs. Using revealed preference theory, identify which card Tammy must possess. Answer:From the diagram, we see that point D is revealed preferred to point B. This implies that Tad would not choose to consume at point B. Thus, we know that Tad must have consumed at point C and has the second debit card. This means Tammy has the first debit card.
Write an expression for Jane s marginal rate of substitution between soft drinks and chips. Use the expression generated in part a to determine Jane s optimal mix of soft drinks and chips. Jane must satisfy her budget constraint as well as optimal mix.
Substitute 2S for C into budget constraint 5. Express the budget equation mathematically. Determine the values of X and Y that will maximize utility in the consumption of X and Y. Determine the total utility that will be generated per unit of time for this individual. In equilibrium, maximizing utility, the following relationship must hold: c. The current prices of X and Y are 25 and 50, respectively. Janice currently has an income of per time period.
Write an expression for Janice s budget constraint. Calculate the optimal quantities of X and Y that Janice should choose, given her budget constraint. Graph your answer. Suppose that the government rations purchases of good X such that Janice is limited to 10 units of X per time period.
Assuming that Janice chooses to spend her entire income, how much Y will Janice consume? Construct a diagram that shows the impact of the limited availability of X.
Is Janice satisfying the usual conditions of consumer equilibrium while the restriction is in effect? Calculate the impact of the ration restriction on Janice s utility. This implies Janice should consume more X to increase utility.
However, the ration restriction prevents her from doing so. Given the restriction, this is the best Janice can do. The ration restriction results in a utility loss of 2. Using this concept, explain why market basket A is not utility maximizing while market basket B is utility maximizing. Answer: The marginal rate of substitution is the magnitude of the slope of an indifference curve. It is the maximum amount of one good clothing that a consumer is willing to give up to get another unit of another good food.
In an indifference curve diagram, MRS measures the subjective value of the good on the horizontal axis in terms of the good on the vertical axis. In this example, if the slope of the indifference curve through A were, say, 5, the consumer would be willing to exchange 1 unit of food for 5 units of clothing. The slope of the budget line, on the other hand, measures the market value of the good on the horizontal axis in terms of the good on the vertical axis. In this example, the indifference curve through A is steeper than the budget line, so the consumer s value of good is greater than the market price.
He would be better off if he bought more food. They charge customers 35 cents for each fresh fruit topping and 25 cents for each processed topping. Barbara is going to make herself a sundae. The total utility that she receives from each quantity of topping is given by the following a. What is the marginal utility of the 6th fresh fruit topping? Of the two toppings, which would Barbara purchase first?
If money is no object, how many fresh fruit toppings and processed toppings will Barbara purchase to maximize utility? Which of the basic assumptions of preferences are violated by preferences shown in the table above? The marginal utility of the 6th fresh fruit topping is -2 utils 28 utils utils. Barbara will purchase the topping that provides the largest marginal utility per dollar spent. Barbara will purchase 2 processed toppings first, followed by 3 fresh fruit toppings. If money is no object, Barbara will purchase an additional unit of each topping as long as the topping provides a positive marginal utility.
In this case, 2 processed toppings and 5 fresh fruit toppings. The preferences used in this problem violate the assumption that consumers always prefer more of a good Tuna Fishing Boats For Sale Canada Stores to less. True or false. Answer: True, when the consumer has maximized utility, the marginal utility per dollar spent on each good purchased will be equal, and the consumer will be on her budget line.
In this case, the consumer should consume more a and less b. Write an expression for John s MRS. What is the optimal mix between X and Y in John s market basket? John is currently consuming 15 X and 10 Y per time period.
Is he consuming an optimal mix of X and Y? John s current mix is not optimal. He should consume 0. Suppose that the promoters of rock concerts require each fan to buy 4 tickets or none at all. Under this constraint and given the prices and income in a , how many colas and tickets should Natasha buy to maximize utility?
Is Natasha better off under the conditions in a or b? To maximize utility, Natasha 1 must be on her budget line, and 2 the marginal rate of substitution must equal the ratio of the prices of the goods.
The marginal rate of substitution is equal to the ratio of the marginal utilities of the goods. Without the 4 ticket constraint, Natasha would prefer to buy just 1 ticket. If required to buy 4 tickets, Natasha would maximize utility by either buying 4 tickets and consuming colas, or by buying zero tickets and consuming colas.
The utility function may be used to determine which is preferred. In this case, Natasha will buy zero tickets and colas. Natasha prefers a because constraining the choice set never leaves one better off.
At best it has no effect. Otherwise, the addition of a constraint leaves one worse off. Since the price of each activity is equivalent, May s optimal choice will be to set the marginal utilities of each activity to be equal. Doing so will allow us to solve for time spent with friends as a function of time spent working problems.
Show that this information implies that the consumer is strictly better-off as compared to the base year. This expression says that the commodity bundle purchased in the base period is affordable in the new period.
However, the consumer selected a more expensive bundle. Thus, the new commodity bundle is revealed preferred to the base year commodity bundle. Show that this information implies that the consumer is strictly worse-off as compared to the base year. This expression says that the commodity bundle purchased in the new period was affordable in the base period.
However, the consumer selected a more expensive bundle in the base year. Thus, the base year commodity bundle is revealed preferred to the new commodity bundle. Is this information enough to imply how the consumer s level of well-being has changed?
HINT: Use a revealed preference argument Answer: There is not enough information to determine the effect on the individual s level of satisfaction. The base year consumption bundle is not revealed preferred to the new commodity bundle. B the marginal utility of apples decreases. C the marginal utility of apples increases. D Both A and B are true. E Both A and C are true. Answer: BDiff: 1 Section: 4. B is another name for income-demand curve. C illustrates the utility-maximizing combinations of goods associated with every income level.
D shows the utility-maximizing quantity of some good on the horizontal axis as a function of income on the vertical axis. Assume that the price of X changes while the price of Y remains fixed. For these two goods, the price-consumption curve illustrates the A relationship between the price of X and consumption of Y. B utility-maximizing combinations of X and Y for each price of X. C relationship between the price of Y and the consumption of X.
D utility-maximizing combinations of X and Y for each quantity of X. Answer: BDiff: 2 Section: 4. On this graph the income-consumption curve has a positive slope for low incomes, then it takes a zero slope for a higher income, and then it takes a negative slope for even higher incomes the curve looks like an arc, first rising and then falling as income increases.
This curve illustrates that, for all income levels, A both X and Y are normal. B only Y is normal. C both X and Y are inferior. D only X is normal. B the price of X, with the level of real income not considered. C the price of X, with the prices of other goods changing by the same percentage as that for product X. D income, with prices of other goods held constant. Answer: ADiff: 1 Section: 4. B is the special subset of inferior goods in which the substitution effect dominates the income effect.
C is the special subset of inferior goods in which the income effect dominates the substitution effect. D must have a downward sloping demand curve.
Answer: C Diff: 1 Section: 4. A It will lead to an increase in consumption only for a normal good. B It always will lead to an increase in consumption. C It will lead to an increase in consumption only for an inferior good. D It will lead to an increase in consumption only for a Giffen good. When the price of the good A rises, the income effect is opposite to and greater than the substitution effect, and consumption falls.
B falls, the income effect is in the same direction as the substitution effect, and consumption rises. C falls, the income effect is in the opposite direction to the substitution effect, and consumption falls.
D falls, the income effect is in opposite direction to the substitution effect and consumption rises. E Both A and D are correct. A The substitution effect of this award will be larger than its income effect. B The income effect of this award will be larger than its substitution effect. C The substitution and income effects will be of identical size. D It is impossible to know whether the substitution effect is larger than the income effect or vice versa. As the price of X declines, the change in consumption of X is entirely composed of the: A income effect.
B substitution effect. C Giffen effect. D independent good effect. Answer: ADiff: 2 Section: 4. To restore the pre-tax consumption level of food the rebate paid to consumers will be smallest when A the own price elasticity of demand for food is 2, and the income elasticity of demand for food is 5.
B the own price elasticity of demand for food is 5, and the income elasticity of demand for food is 5. C the own price elasticity of demand for food is 2, and the income elasticity of demand for food is D the own price elasticity of demand for food is 5, and the income elasticity of demand for food is A it is probably more price elastic in the long run because price will increase by a higher percentage.
B it is probably more price elastic in the long run because it is easier to find substitutes for gasoline in the long run. C it is probably more price elastic in the short run because price will increase by a higher percentage.
D it is probably more price elastic in the short run because it is easier to find substitutes for gasoline in the short run. I is the level of income. Pb is the price of another good. A is the level of advertising. A Total expenditures will increase. B Total expenditures will not change. C Total expenditures will decrease by a larger percentage than the price increase. D Total expenditures will decrease by a smaller percentage than the price increase.
E either C or D could be true. The total market demand curve for this product will be a A straight line with a slope of B straight line with a slope of E none of the above 92 Gold buyers are located in New York and Zurich. B 5, C 6, D 10, E none of the above Answer: C Diff: 3 Section: 4.
When the price is zero the demand for gold is x ounces higher in New York than in Zurich. At the current price of gold the price elasticity of demand for gold in New York and Zurich is -3 and -4 respectively. The domestic demand for your product is inelastic but the foreign demand is elastic, and the machinery is bulky so that the high transport costs prevent resale among the buyers. Although this may reduce quantity demanded for the product, the action may be effective because: A commodity supply tends to be inelastic, so quantity does not decline by much.
B commodity supply tends to be elastic, so producer income increases as a result of the higher prices and quantities. C commodity demand tends to be inelastic, so higher prices generate higher sales revenue.
D commodity supply tends to be elastic, so producer income increases as a result of the higher prices and quantities. The income and price elasticities for the demand curve represented above are always A equal to one.
B equal to zero. C equal i. D constant but not necessarily equal to one another. Answer: D Diff: 1 Section: 4.
A is 0, B is negative infinity. C is Here, c represents the percentage change in quantity demanded given a one unit increase in income. For a normal good, we should expect the value of c to be: A positive. B negative. C positive or negative.
Here, -b represents the percentage change in quantity demanded given a one unit increase in price. By the Law of Demand, we should expect the value of b to be: A positive. Is the log -linear demand function a good choice for this particular product? A Yes, the log-linear model has an income elasticity that can be positive or negative. B No, the log-linear model has a constant income elasticity that cannot change with the income level.
C No, the Engel curves for this case are vertical lines, and this behavior cannot be represented with the log-linear demand function. D none of the above Answer: B Diff: 2 Section: 4. B the least-cost budget line required to achieve a given level of utility satisfaction. If the consumer s MRS is infinite as indicated above as I1, the optimal bundle involves consuming a positive quantity of only good 1.
If the price of good 1 falls, the consumer s new budget constraint becomes BC2. The optimal consumption bundle at new prices holding utility constant at I1 is the same. Thus, there is no substitution effect. If the consumer s MRS is zero as indicated above on indifference curve I0, the optimal bundle involves consuming a positive quantity of only good 2. If the price of good 1 falls, the consumer s new budget constraint again becomes BC2.
On this new budget constraint, the optimal bundle does not change. Thus, there is no substitution or income effect. Another possibility is to have certain portions of the indifference curve exhibit either zero or infinite MRS as indicated directly above. The indifference curve Ipc suggests the goods are perfect complements. At initial prices, the consumer s optimal choice is at point A on BC1 and Ipc. When the price of good 1 falls, we see that the optimal consumption bundle holding utility constant at new prices doesn t change.
Diff: 3 Section: 4. Show that the income and substitution effects from this price change are both zero. Answer:When the price of good 1 falls, the price ratio is still greater than 6 and the slope of the new budget constraint BC2 must be flatter than the slope of the original budget constraint BC1. Since the MRS is exactly 6, the consumer maximizes utility by consuming as much of good 2 as possible.
After the price change, the consumer chooses the same bundle. Thus, the substitution and income effects are both zero in this example. Diff: 2 Section: 4. What is Donald s budget line? What is Donald s income-consumption curve? What quantities of Qc and Qd will maximize Donald s utility? How will this alter Donald s utility maximizing market basket of goods? Suppose that, instead of the per unit tax in e , a lump sum tax of the same dollar amount is levied on Donald. What is Donald s utility maximizing market basket?
Peter Hearl - formerly with ESSO Australia, he rose to be president of Pizza Hut and then chief development office of parent company Yum Brands, although he retired on March 31, , and is now coming in as chair of the Woolworths spin off Endeavour Group. It owns the only private mill in Queensland, plus the Windaroo Golf Club. The real money will eventually come from residential development and this family has already started down this path in the Beenleigh area.
Tom Hedley : beginning as a plumber in , he began building homes in North Queensland, which Tuna Fishing Boats For Sale Canada 092 led to the formation of the highly successful Hedley Group, although the credit crisis forced some major hotel sales in See AFR coverage. The construction boss and former chairman of The Gold Coast Turf Club, and horse trainer wife own Heinrich Bloodstock which has been a big buyer of yearlings over the years.
He also holds other retail property here and in the US. He also owns commercial and private property in Sydney's exclusive Vaucluse. Donated k to bushfire relief. Chris Hemsworth : famous actor and model from Melbourne and Phillip Island, most famous for his role as Thor in the Marvel Comics movie franchise.
Liam Hemsworth: famous actor and model from Melbourne, most famous for his role in the The Hunger Games movie franchise. Aaron Hendler : having established a successful business of manufacturing sports apparel in South Africa, he purchased the Australian distribution rights of Reebok which has since boomed.
Judith Henzell : wealthy Queensland family which is realising a substantial fortune from land holdings on the Sunshine Coast such as Pelican Waters. Competing against a flood of cheaper alternatives from Asia, HPM Industries is under pressure to maintain profits. Myer Herzberg : behind the Melbourne-based Denman audio retail chain, his wealth grew with a successful investment in listed company Infomedia. Peter and Rod Higgins : beginning their working lives as self-employed boat builders, their careers turned sharply into home-loan mortgage broking, establishing Mortgage Choice , which has hit harder times of late, such that BRW dumped them in Hill family : chairman of Adelaide-based Hills Industries , which still produces the iconic Hills hoist clothes line that was created by his father and uncle.
They own around 15m shares. David Hill: former global head of Fox Sports for News Corp and arguably the international doyen of sports broadcasting.
Felix Resources mined the Yarrabee mine for high quality coal for many years. At one point he also owned a very popular Kiosk in the Botanical Gardens in Rockhampton. Michael Hintze : owner of hedge fund manager CQS who was named Australian of the Year in London for his philanthropic and charity work. Eddie Hirsch: co-founder of Hawthorn-based United Petroleum and a significant property owner. Brian Hodges : former managing director of Bradken Tuna Fishing Boats For Sale Canada Marketing , one of Australia's biggest and oldest heavy engineering companies, who owned 2.
Kerry Hoggard : former chairman of Nufarm who owned 2. Janet Holmes a Court : she inherited the remnants of her late husband's wealth and is known for her strong social conscience.
Peter Holmes a Court : pops up in the Ridley top 20 with Les and Patricia Holt : listed as owning 4. Dick Honan : chairman of the family-owned Manildra, Australia's dominant producer of ethanol. Anna Hookway: a shareholder of the Sydney-based fashion brand management company, Oroton Group, she entered into a deed with brothers Robert, Ross and Tom Lane, dated October 21, which requires them to act co-operatively with each other in relation to the consolidated entity's affairs.
At the time the An astute art collector whose wealth continues to grow. Robert Hosking : executive chairman and founder of Mt Martha-based Karoon Gas who owned about 12m shares or 8. Gil Hoskins : the former managing director of National Mutual made his real fortune in property development and playing the dotcom boom, especially in companies like Sausage Software. The stock peaked at almost 50c in August before falling away.
Sean Howard : BRW dumped the OzEmail founder from its list claiming some of his investments have struggled but we don't buy this, especially given the success of ventures such as Webcentral and Melbourne IT. Later ran listed marketing company Photon which went broke. Reg Hunt : as well as racing for Maserati alongside Fangio in the Melbourne Grand Prix, this motoring enthusiast was for two decades Australia's biggest Holden dealer.
Ash Hunter: owner of the Hunter 5 group of companies which owns Just Magazines Publishing a classifieds listings service for used vehicles and other equipment.
Started by his father in , readership grew o more than , before falling away with most of the print industry. Ian Huntley : founder of Huntleys' Investment Information and Huntleys' Investment Company, he has provided commentary and recommendations to investors for more than 30 years and enjoyed a tidy pay day selling out to Morningstar. Sam Hupert : former managing director of the Melbourne-based Pro Medicus , leaders in e-health and digital imaging, who owned about 30m shares.
Hyne family : owns one of Australia's largest timber companies which was established in Queensland years-ago. Back to top I Patricia Ilhan : widow of Australia's best known mobile phone salesman, "Crazy John" Ilhan who died from a heart attack in Nick Iloski : owner and founder of the Glad Group which is one of the fastest-growing cleaning companies in Australia. A key to their success is the fact that they have secured large retail cleaning contracts in Sydney and then subcontract the work out to other individuals or cleaning companies.
An ex-employee has been reported as saying how a majority of the cleaners contracted are foreign nationals who are not only vulnerable, but are also being exploited whilst Iloski's wife drives around in a new Maserati.
Brothers Bob and Jack Ingham, are also major players in the thoroughbred racing industry until recently selling out to the Dubai royal family. However, recently sold his Mosman mansion as Mariner teetered and the credit crunch hit. Joe Irvin : Sydney based hotelier who also owns pubs in Queensland. In , bought the Coolangatta Sands Hotel.
Peter Irvine : managing director and co-founder of Gloria Jean's coffee retail outlets. Now a professional investor with a wide range of plays as the new owners of the business he once ran continue to struggle.
J Hugh Jackman : tripled his yearly salary in as a film and musical actor, and co-runs Seed, a production company. Jackman owns property in New York, Melbourne and London. Edward Jacobson: top 20 shareholder of Carnarvon Petroleum who owns about 14m shares. Bill James : another of the Flight Centre directors that has sold off a lot of his investment. Wrote a guide book on the Kokoda trail. Leigh Jasper: co-founder of Aconex, an international broadband technology company which helps clients to organise and manage information efficiently, especially on major construction jobs.
Alan Jennings: pops up in the Sydney-based Gazal Corporation t op 20 with about 2. Francis Jennings: director and top 20 shareholder in the Hastie Group who owned about 9. Thomas Jennings: director and top 20 shareholder in the Hastie Group who owns about 9. Will Jephcott : former deputy chairman of Roc Oil who owns about 1.
Adam Johnson: a director of Innamincka Petroleum w ho owns about 8m shares. Mark Johnson : co-founded Macquarie Bank with chairman David Clarke and retired from full-time executive duties in , whilst remaining on the board. Unlike many Macquarie Bankers, didn't retire but instead joined a rival firm in his twilight years after also spending more than a decade as a professional director.
Now working for Nine after Macquarie Media takeover in Stock still trading in early at around 60c. Clive Jones : managing director of Bannerman Resources , an iron-ore wannabe in the Pilbara, who owns about George Jones : non executive chairman of Perth based Gindalbie Metals , who owns about 13m shares. He is also non executive chairman of Perth based Sundance Resources where he owns about Rod Jones : managing director of listed education provider Navitas , formerly known as IBT Education, who owns about 55m shares.
Fast forward to and he's been trying to privatise Navitas along with a private equity firm run by Ben Gray, but was in dispute with the board. Robert Jordan : the Australasian managing director of Westfield owns , shares. Peter Joseph : chairman of Perth-based Dominion Mining , who owns about 11m shares. Peter Joss : beginning his own glass-making business after parting ways with his brother, this business became the basis of his stake in the building-products group McIlwraith-Davey.
Since sold, he has ventured into property investment. Stephen Joyce: a high profile member of the Exclusive Brethren and a director of UBT, the Brethren's Universal Business System which offers such services as coaching and computers with connection only to the internet through the Brethren's own portal. Stephen is also the grandson of William Leslie Joyce who owned Mastercraft Chocolates before selling it in January to Lifesavers for a tidy sum. Stephen was born on December 31, and is very clever, having also worked hard for what he has.
WL Joyce was killed in a car accident and his successors remain divided based on their involvement with the Brethren. Juniper family : made their fortune as leading Queensland property developers. Specialising in high-end residential developments, they continue to grow through property including Sea Temple Resorts.
Back to top K Con Kafataris : the former Sydney bookmaker controlled Darwin-based Centrebet International with a holding of 52m shares or John Kahlbetzer : agribusiness mogul who owns one Australia's largest property portfolios, Twynam Agricultural Group, with over , hectares.
Kailis family : Michael and Patricia were pioneers in the lobster industry in WA, which founded the family's fortune. The business has expanded into pearl farming, combining fishing and fashion.
Charitable and philanthropic, the Kantor family have a strong interest in the arts scene in Melbourne, plus funded The Climate Institute. Karidis family: founder of the largest property development and investment businesses in South Australia, Karidis Corporation, which has interests in retirement living accommodation, car parking, residential and commercial properties.
Melissa Karlson : daughter of the late Perth-based billionaire Bill Wyllie who is responsible for the Wyllie Group's extensive national investment portfolio. Damian Kassabgi: Afterpay's public policy boss did 19 years of hard labour working for Kevin Rudd but can now afford to retire.
Nonda Katsalidis : Melbourne architect and also had a one-third interest in the giant Eureka Tower. He also owned largely rural property holdings near the Gold Coast. Keighran : a technology whiz-kid who was writing software programs at 10 years of age. Andrew Kelly : began selling car radios at local markets, he opened the first of many Strathfield Car Radio stores in He lost heavily in the dotcom crash, but has hung onto a residual fortune.
Hails from the liquor retailing family. Russell Kempnich : founder and chairman of Queensland-based Sedgman , a leading provider of multi-disciplinary engineering, project delivery and operations services to the global resources industry, who owned David Kenley: former CEO of booming medical company Polynovo who has had a long and successful career developing medical technology. Kennard family : from humble beginnings, patriarch Walter built Kennards Hire into one of Australia's largest and most respected hire companies, with over 60 branches across Australia.
The family later bought back the portfolio, suggesting they are seriously wealthy. Andrew Kent : chairman of Perth-based Aspermont , who owned about m shares in Miranda Kerr: Sydney model best known for her work with Victoria's Secret. Owen Kerr : co-founder of exchange broker Pepperstone. Harry Kewell : arguably Australia's best-known soccer player of his generation who has made tens of millions playing in the English Premier League for the likes of Leeds and Liverpool.
See The AFR. Kidman family : an empire started by Sir Sidney Kidman more the years ago. Contributed k to bushfire relief. Michael Kiernan : the former trucker turned mining entrepreneur built up significant value in Territory Resources but then lost plenty when Monarch Gold fell over.
Craig Kimberley : the Just Jeans founder sold his business way too cheaply to private equity in , but he's still worth plenty. David King: former director of Eastern Star Gas who owned about Kirby family : from humble beginnings of an inner-city motorcycle workshop, Sir James Kirby turned the business into a significant manufacturing enterprise, which has since been sold.
Today, the family has many diversified interests, including heavy investment in the Hungerford Hill winery in NSW. This was awarded for his contribution to the sale of the CFS financial planning division. Jacob Klein : former managing director of Sydney-based Sino Gold, which was fully acquired by Canadian gold miner Eldorado Gold in Now heads up Evolution Mining which has been a profitable play too.
Jurgen Klein : using a combination of science and horticulture he successfully created the cosmetics company of Jurlique International, which was backed by Kerry Packer for a while but then ran into big problems with the ACCC. He also once owned about 2. David Knappick : former chief financial officer of Felix Resources , a former Australian resources company which was purchased by China's Yanzhou Coal in Paul Kopejtka : former executive chairman of Perth-based Murchison Metals who owned about Kornhauser family : HSP Property Group is a private company of this family that has strong interests in Queensland courtesy of the late Eddie Kornhauser's pioneering high-rise property developments on the Gold Coast in the s.
Sam Kurtz : owns at least 25 retail properties ranging from Mornington to Malvern. Lionel Krongold - former owner of KH Stramit Limited, one of Australia's largest steel manufacturing companies, and now executive chairman of the Krongold Group of Companies, a privately owned Melbourne based Investment Company.
Lionel is a current member of the Epworth Hospital Medical Foundation, a past director of the Essendon Football Club and has served on the boards of various companies both private and public. Now pursues private developments and was also chair of Billabong International and a director of Visy Industries.
Would be worth half that today. Lamb family : owning the Australian rights to technology that allows advertisement tracking, continues a history of media investment.
Rodney Lamb : former executive director of Queensland-based Sedgman , a leading provider of multi-disciplinary engineering, project delivery and operations services to the global resources industry, who owns about Barry Lambert : executive chairman of Count Financial and owns about 90m shares.
Stewart Langton: founder and now general manager of the online wine auction business, Langton's, agreed to sell to Woolworths thus expanding their Dan Murphy's retail liquor business. Peter Lansom: executive director of Eastern Star Gas who owned about 7.
Peter Larsen : education industry veteran who was a director of listed education provider Navitas , formerly known as IBT Education, which was taken over in He owns about 31m shares at the peak. Greg Lasrado : former internet porn-king who amassed a modest property portfolio in Brisbane and was also a donor to the ALP.
Joseph and Tony Lattouf: the brothers started their first hair dressing salon in Doncaster in and now control Hairhouse Warehouse, Australia's biggest hair and beauty franchise with over outlets.
Leon Lau : the founder of recruitment company People Bank he owned about 15m shares. Arthur Laundy : owner of over 60 pubs and hotels across NSW.
Also a racing enthusiast as he spent several years on the board of the Newcastle Jockey Club. Christopher Lee : one of the founders of accounting software group MYOB who has made a small fortune out of its success over the years and was able to retire in April Deborah Lei: owner of the East West Group of companies which has several major developments around Ipswich, Queensland.
She is also involved in international trade and investment consultation and is Ipswich City Council's honorary business ambassador to China. A financial contributor to the ALP, she has used her political connections to promote her cause.
Isi Leibler : from humble beginnings in a shop in the Melbourne suburb of Sunshine, he built Jetset Tours group into large business which he sold to Air New Zealand in Dudley Leitch : managing director of Kings Minerals , involved in the exploration and development of gold, silver, and base metals in Mexico and Australia, who owned about 38m shares.
Niall Lenehan : the former finance director of Kingsgate Consolidated, Goldfields and AurionGold has hit real pay dirt since joining African coal miner Riversdale Mining. He owns about 3m shares. Anthony Lennon : executive director and chairman of Peet Ltd property developers with around 70m shares.
Peter Leonhardt: chairman of Carnarvon Petroleum who owns about 28m shares. Peter Lester : the former Oxiana Resources corporate general manager owned 1.
Robin Levison: managing director and CEO of Queensland-based mining products and services group Industrea , owns about Recently bought control of Just Group. Lewis family : the Sydney family's wealth has been built by the Lewis Land property group which has strong interests all over Australia.
Justin Lewis: the former head of strategy at Allco Finance Group owned 1. Allco collapsed in late so shares are worthless. Liberman family : smart investment strategies and excellent timing have built the family's multi-billion dollar fortune, which began in Melbourne after the arrival of Jack Liberman who fled Poland as a holocaust survivor.
Ye Lipei: Shanghai born property developer. Mark Lochtenberg : former managing director of Cockatoo Coal who owned John Longhurst : majority shareholder in the south east Queensland shopping mall giant, the Hyperdome. A shrewd investor, in he purchased an 85 hectare site in Coomera, the site of the Dreamworld theme park, which he sold in Luc Longley : retired from basketball in , after 11 seasons in the NBA, including a number of Chicago Bulls premierships playing along side Michael Jordon.
Longley now stands up for environmental causes across Australia. Geoffrey Lord : John Elliott's former right hand man who got out of Elders with a tidy pile and now has an extensive empire through his Belgravia Group which over the years has included businesses such as formal wear, corporate apparel, gym equipment, fitness centre management and taxis. Peter Lord: former non-executive director of Clive Peeters electrical discount chain who owned John Love: the former head of shipping at Allco Finance Group owned 2.
Frank Lowy : born in Czechoslovakia, Frank had his first taste of retailing working in his mother's grocery store. He arrived in Sydney in with a small suitcase, little English and no money. Driving a delivery truck, he saved enough money to open a small delicatessen in outer-suburban Blacktown with friend John Saunders.
This business was the humble beginnings of the shopping centre giant Westfield. Alistair Lucas family : lost the power struggle to run Macquarie Bank's investment banking division to rival Nicholas Moore but still made tens of millions from his long service in the Millionaire Factory's Melbourne office and did just as well at Goldman Sachs-JB Were for several years before tragically passing away in the prime of his life.
Andrew Lukas : former boss of AJ Lucas Group , an Australian leader in horizontal directional drilling for the resources industry, who owned 6. It's been a shocker for shareholders ever since. Darryn Lyons : the wild man from Geelong began his photographic career with the Geelong Advertiser.
He moved to London and established his business, Big Pictures, which was one the world's biggest celebrity photo agencies. Was a terrible mayor of Geelong.
Back to top M Sherman Ma : the litigious founder of Liberty Financial, which for a while had the biggest slice of the low-doc loans market in Australia. Eddie Machaalani: from an office above a Rozelle mobile phone shop hatched an idea in to make e-commerce shopfronts far more simple. Chris Mackay : the former boss of UBS in Australia rode the credit boom nicely and then made a fortune as chairman of fund manager Magellan Financial Group.
He left to become managing director of Sara Lee in Australia, but returned to Kellogg in as managing director, Kellogg Australia before landing the top global gig at Kelloggs. Dennis Mackenzie : former managing director of CSG , an information, communications and technology business that began in as a Xerox business centre based in Darwin, who owns about 51m shares. Hugh Maclachlan : he heads Australia's largest privately owned rural property group with 4.
Penny Maclagan : a former maths teacher, she joined Computershare , which was founded by her brother Chris Morris and served many years as a director and large investor with about about 16m shares.
Bruce Maclaren : owner of Brisbane Steel Fabrications who has built up a solid property portfolio as well. Elle Macpherson : once known globally as 'The Body' and an archetypal supermodel, she has continued to grow her wealth through her business nous and the establishment of retail lingerie giant Bendon. John Mactaggert : Technology One director and foundation investor who owned about 67m shares at the peak.
Magid family : Ambitious Property Developments generated much of this Melbourne family's wealth. Developing Esso house in Sydney into apartments, and Fountain Gate shopping centre in Melbourne are two of their bigger plays. Nathan Mahalingam : managing director of Perth-based Mission Biofuels , who owned Owning an array of office bulidings and shopping centres in an around Adelaide. Kevin Maloney : former executive chairman of MAC Services Group , suppliers of accommodation services to industry, who owned Roy Manassen : another food king, his Manassen Foods Australia is one of Australia's biggest food importers and wholesalers distributing 85 brands nationally including iconic brands such as Twinings Tea, Carrs Crackers and Trident Sauces.
Mantello family: Old man Albert was a legendary North Melbourne ruckman but his sons now run the successful development business which has included the excellent Sandhurst golf course estate in Melbourne's south east. Grahame Mapp : known as an "accumulator of wealth", a shrewd investor with the majority of his wealth in shares. Marchant family: large land holder with substantial cotton and horse breeding interests based around Goondiwindi in Queensland.
David Mariner: was responsible for the re-development of the historic Regent Theatre in Melbourne. This property developer has a diverse property portfolio with The Mariner Group, but arguably should have gone broke in the s but for the generosity of the Commonwealth Bank. A former senior banker at Rothschild Australia. Mitchel Martin-Weber: owner of Inenco, the holding company for Australia's leading bearing, power transmission, driveline and hose, fasteners and sealing componentry supplier.
Domenic Martino : former chairman of Clive Palmer's iron ore hopeful Australasian Resources who owns Roger Massy-Greene : the former chairman and major shareholder of Excel Coal before it was taken over in A great mate of Andrew Forrest through their ill-fated time at Anaconda Nickel together. Phil Mathews : a Sydney investor whose fund was a big resources punter. Bruce Mathieson : born into a farming family, he left school when he was 13 to become a toolmaker.
At 31, he purchased his first hotel after being refused accommodation in a pub because he had children. This billionaire former business partner of Alan Bond now manages Australia's biggest pubs and pokies empire for majority shareholder Woolworths.
He is the younger brother of pokies king Bruce Mathieson. Very unusual to have two brothers who started with nothing become independently successful in business. Peter Mattick : co-founder of Salmat , Australia's largest company specialising in management of call centres, mailing of bank statements, advertising material and catalogues.
Peter Mavridis : after working in the US for two years, Mavridis noticed a gap in the Australian market for purely information technology firms, and moved back to start business S Central. As a large shareholder in Felix Resources, he was paid handsomely when they were purchased by Yanzhou Coal. Malcolm McCusker : a well-known Perth legal family with a large share portfolio. Jarrod McCracken : a former rugby league player who made plenty swtiching sides during the Super League wars, McCracken now owns property development company Crackers Corporation.
Paul McCullagh: founding managing director of successful private equity firm PEP who originally hailed from Ireland and sits on boards such as Emeco and share registry firm Link. Has been active in Australia since as head of Prudential Securities and later Salomon Bros, all gigs which paid exceptionally well.
McDonald family : owning around , cattle spread over 11 properties totaling 3. He also retains a handy stake in the now listed Bell Financial Group. John McGrath : made his original pile through his own real estate firm in Sydney but his best little earner of late has been 2m shares in the News Ltd-controlled realestate. Peter McIntyre : former managing director of Perth-based uranium explorer Extract Resources , who owns 4. Andrew Mckenzie : former managing director of WA based Euroz , who owns about 8.
Steve McKnight: a former accountant who began his property investment foray ten years ago. He has also written From 0 to Properties in 3. Had also funded some anti-gambling campaigning which is excellent. Don McLay: long time director of Credit Corp who owned 1. The couple also have a large portfolio of investments in Queensland. Rove McManus : has become one of Australia's premier light entertainment personalities.
Starting as a comedian, he owns his own production company that produces Rove Live. Ian McMullin : most of his wealth has been derived from the Spotless group, a company he founded with his brother, pressing trousers in a small shop in the Melbourne suburb of Fitzroy.
Brian is one of the few people to have sold shares before coming onto a board in order not to have too big a stake in the company given this could cause a conflict of interest. Indeed, as we pointed out in this Feb 26 Constant Investor piece, when he retired as CEO 6 years ago he owned , ordinary shares and a further , LTI rights. Assuming all those LTIs vested, he could have owned 1. Future direction is shifting towards a focus on the premium market. Thomas Meakin : principal consultant of engineering services company Sedgman owns about 17m shares.
Ron and Roy Medich : self-made millionaires from the Sydney Croatian community, their wealth is focussed around commercial property in Sydney and Melbourne. Phil Mehrten : founding director of Melbourne-based Probuild Constructions. He has become known for completing projects on time and on budget. He owns around 15m shares. Hans Mende : of Felix Resources , a former Australian resources company was purchased by China's Yanzhou Coal in which he benefited greatly from the sale.
Menegazzo family : in the s, Peter Menegazzo was Australia's biggest potato farmer based in Swan Hill. Famously he was part of a consortium that purchased AMP's Stanbroke Pastoral Company just before a boom in beef property.
Died in a plane crash but his children now run the empire. Lou Menniti : he arrived in Australia from Italy at the age of five, and following a building apprenticeship he heads Menniti Holdings In Brisbane.
Rod Menzies: Melbourne's multi-millionaire cleaning magnate and art saleroom supremo he founded Menzies International , which is one of Australia's most profitable private companies. Menzies International incorporates a cleaning business, fine art auction house, vineyard and racehorse stable. Subsequently came a cropper and was taken over.
He owns a significant property portfolio and has financial interests in a host of software plays. Peter Meurs : part of the "Worley three", he runs the Australian and New Zealand businesses of the global engineering giant Worley Parsons. Chairs resource investor Apollo Group. They have just signed contracts with Blur Optix and Lovable to branch into eyewear and lingerie. Naomi is now the executive chair and CEO of one of Australia's largest privately held retailers.
He's still based in Adelaide. The empire was built up by Jim Millner who joined Soul Pattinson as trainee pharmacist in Sydney before enlisting. He owns huge land banks in Newcastle and other areas, and he owns and operates 8 quarries. Kylie Minogue : is most famous from her singing career, has also worked as an actress, owns a lingerie and fragrance line.
She also owns property in Melbourne, Paris and London. George Mirabella : part of the Mirabella Lighting empire, whose father Paul started it all in the s.
Tom Misner : founder of the international network of audio engineering and digital media schools, SAE Institute, that educates over 36, students a year. He first became a partner in but largely stopped working for the firm in when he retired from running the Redcliffe office which was then completely closed in after operations were consolidated in Brisbane. Harold Mitchell : Australia's most famous media buyer. Julian Mitchell : before becoming an investment director for JM Asset Management, he had worked extensively as a research analyst and investment banker across the world.
Now concentrates on prawn farming but was one of the Opes Prime customers protected from margin calls over shares in Aristocrat Leisure, so the wealth might be getting a little wobbly. Lev Mizikovsky: chairman of Queensland-based construction company Tamawood , he owns about 22m shares. Mat Mladin : six-time winner of the AMA Superbike Championship, he runs a motorcycle import business and has a large contract with Suzuki. Max Moar : the long-time partner of the late Ted Lustig, he's now out of Melbourne's Hyatt hotels and is now developing land on the coast of Mexico to house the millions of retirees from the US.
Hopefully he didn't hang on given later disasters. Also served a stint on the CBA board. Stephen Moignard : a former magazine publisher and serial entrepreneur. Ned Montarello: executive chairman of Perth-based financial services technology company Thinksmart who floated the business in and still owns about Simon Moore: the son of John Howard's former Industry Minister John Moore who carved out a successful private equity career running the Australian arm of Carlyle for many years and then setting up his own firm Colinton Capital.
Nick Moraitis : claims to run Australia's leading fresh produce company and is also a major shareholder in Sydney's markets by virtue of large operations he has there.
Also owns many race horses and sits on the Sydney Turf Club board. Doug Moran : the founder of the Moran Group was once Australia's largest private nursing home operator. Rob Moran: the former co-head of corporate finance at Allco Finance Group owned 3. Made his money as an investment banker with the likes of BZW before setting up his own boutique firm Calliburn.
Gary Morgan : the colourful pollster and Melbourne eccentric who still runs and controls Roy Morgan Research. Lost plenty in his gold play Haoma Mining. Peter Morgan : former controlling shareholder in boutique fund manager Capital but made his name as head of equities at Perpetual. Chris Morris : the founder of Computershare has built it into the world's biggest share registry and services company.
Terry Morris : has built his wealth from property investment and a mail-order business, and also owns the Sirromet winery. John Morrison: former London-based CEO of Man Investments, which runs the world's largest independent manager of hedge funds, with staff in 15 countries. Dennis Morton: large shareholder of Eastern Star Gas who owned about They separated in , as this profile in The Australian explains.
Sam Moss and family: co-founder of retail chain Katies. Alf Moufarrige : found a niche with upmarket serviced offices, and established the listed company Servcorp of which he owns around 48m shares. Rick Munday : started as a chef, then bought his own restaurant before moving into pubs across Australia with the Munday Group. He first became a partner in and retired several years before the sale. Tosh Murphy: A Queensland property developer who had some interesting dealings with elected councillors.
See this piece in The Australian. Myer family : a philanthropic family, whose initial wealth was formed by their interests in the Myer department store chain. Allan Myers : one of Australia's best commercial QCs and Australia's richest lawyer, largely thanks to a stake in a Polish brewery once owned by his client Alan Bond.
The guy jokes about moving the Toorak property market if he ever started looking, so he acts like a seriously wealthy individual. Steve Nasteski: Brett Whiteley's former art dealer is these days described as an art collector and prestige home flipper after shelling out on a number of NSW properties in recent years.
Lives in London. Paul Naude : from humble beginnings as a small board shorts manufacturer on the Gold Coast, Billabong International became a global surf and streetwear conglomerate. Paul was a director who owned about 1. Onshore Jaw Jacker TubeDude. Backyard Boy T. Stingy Willard TubeDude. Willard bay April 2nd evening tl23life AL surf fishing-Big Redfish fryman1. Mantua tickets Lake Powell Shore Fishing? Sucker Meat Hail2dskins. New Garmin Striker Plus 4cv- no depth reading.
Friday Utah Lake lifeshort. First Lincoln cat search Boatloadakids. Willard - One kitty shy of a Skunk FatBiker. Doing Summer Time fishskibum. Hyrum docks 2knots. Not mad about this! Big Sky. Another beautiful Florida day Anyone going to Strawberry this week? Holy Smokes! Ice fishing on Soldier Creek knottyhookr. Lucerne Valley Marina derby liketrolling.
Jordanelle, fishing, ramp and ice report Mildog. Bear Lake Report Jbworkin. Fish Lake Fishing Report Pages: 1 2 icefisher Some rambling thoughts on ice fishing Pages: 1 2 dubob.
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