Mr Meller replaces Craig Dunn who will retire from AMP following six years as Chief Executive Officer and Managing Director and 13 years with the company.

Mr Meller joined AMP in 2001 and has since held a number of senior roles including Managing Director, AMP Financial Services, which he has held since October 2007.

AMP Limited Chairman, Peter Mason said Mr Meller’s appointment, following an extensive internal and external review, is testament to the quality and rigour of AMP’s approach to succession planning.

“Craig Meller has demonstrated a great capacity to lead and grow the business since he joined AMP more than a decade ago. He has successfully led AMP’s largest business unit during a period of significant regulatory and industry change, while at the same time new technologies have been driving a major shift in customer behaviour,” Mr Mason said.

“He is the right person to lead AMP as we progress the next phase of our strategy, which capitalises on our stronger integrated business.”

Mr Mason said outgoing CEO Mr Dunn will be leaving AMP in a strong position for his successor.

“Craig Dunn leaves AMP in great shape after successfully steering the company through the global financial crisis, unprecedented regulatory change and one of Australia’s largest and most successful financial services integrations,” Mr Mason said.

“On behalf of the Board I thank him for his exceptional leadership and ability to capitalise on the opportunities during this challenging time.”

Mr Meller said he was looking forward to the challenges and opportunities of his new role.

“I’m very excited about the opportunity to lead AMP, particularly in an environment where our customers’ needs are rapidly changing. As we have announced today, we’re focusing on driving higher revenues through deeper customer relationships and improved business efficiencies,” Mr Meller said.

Mr Meller and Mr Dunn will work together closely to ensure a smooth transition to the new leadership.

Craig Dunn said: “It’s been a privilege to lead AMP during a time of extraordinary change and opportunity, and now is the right time for a leadership change. Craig Meller has significant financial services experience, both in Australia and overseas, and I know he will be an outstanding CEO.

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Ms Roy will be responsible for driving AMP’s corporate super strategy and will work closely across all areas of the business including sales, distribution, marketing, product, pricing and investments.

Ms Roy’s appointment reflects AMP’s increased focus on retaining and attracting corporate superannuation customers during a time of significant industry change.

“Libby brings extensive experience in the financial services industry to this role and we are pleased to have her driving our corporate superannuation business,” AMP Financial Services Managing Director Craig Meller said.

“It is a particularly critical time as the industry prepares for a wide range of changes – including the introduction of MySuper default options for superannuation.  We want to ensure we are well-placed to implement these changes successfully for our business and customers,” Mr Meller added.

AMP’s corporate super team previously reported into Strategic Marketing and Sales.

Ms Roy brings to the role significant experience in financial services, most recently as Acting Multiport Managing Director. Prior to that she was General Manager of ipac Financial Planning with responsibility for ipac’s in-house and equity partner network of approximately 150 advisers with more than $5 billion in funds under advice. Ms Roy has more than 17 years’ experience across a number of industries in Australia and the United States.  She was the General Manager of American Express Travel across Asia Pacific.  She has held a range of positions in financial services including general management, marketing, product development, and operations as well as working for Booz as a strategy consultant. Ms Roy’s appointment is effective 30 July 2012.

13 July 2012

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The AMP.NATSEM Income and Wealth Report: Prices these days! The cost of living in Australia explores how living costs have changed since 1984 finding that average income growth for Australian households across all income and socio-economic groups more than covered the cost of living over this period. To read the full report, click here.

However, cost of living pressures continued with strong price growth since 1984 across everyday essentials including electricity, which increased 253%, rent prices grew 223%, mortgages increased 256%, petrol increased 208% and public transport costs jumped 287%.

This growth was partially offset by dramatic drops in audio visual and computing, which now cost one tenth what they did in 1984, while average prices for clothing, footwear and major household appliances have changed little, and are often lower today than 27 years ago.

Key findings

• We’re spending more on discretionary items – the highest income households are spending around 30% on basic necessities and 45% on discretionary items, while the lowest income households devote 30% to discretionary items. Overall households are spending a greater proportion of income on services such as private schooling, restaurant meals, childcare and tertiary education.
• Incomes have outpaced the cost of living across the board since 1984 – couples with children have seen their income grow by 37%, single parent incomes have grown 34% and working families 22%. The smallest increase was rental households who experienced only 11% growth. On average, households are $224 per week better off than in 1984.
• The cost of services have increased strongly since the 1980s – education expenses for secondary students have grown by 264%, or 4.9% per annum, mostly attributed to higher private school fees. Medical, dental and insurance costs have increased at even greater rates, jumping 560%, 356% and 346% respectively.
• The costs of many imported goods shrank since the 1980s – the lower or stagnant prices of clothes and footwear, computing and audio visual equipment have all helped to offset price increases in other areas. The biggest change has been in audio visual and computing, which has fallen 90%.
• Work demands have driven increases in childcare spending – childcare is an example of the real nature of cost of living pressures. Demand for childcare has increased significantly since the 1980s with households spending more than double on these services in just six years.
• Australia’s petrol prices are among the lowest in the world – only Canada, USA and Mexico have cheaper petrol prices in the developed world. Australia’s average unleaded petrol price of around $1.40 per litre is significantly cheaper than most European countries where petrol can cost more than AUD$2 per litre.
• Sydney continues to be the most expensive city to live in – Sydney is the most expensive capital city to live in, costing on average, $71,426 for a standard ‘Sydney’ basket of goods per year, or $1,374 a week. For that same basket of goods, Adelaide is the cheapest costing the average household $4,442 per year less than Sydney. Canberra has the highest standard of living taking into account both average costs and income, followed by Darwin and then Perth.
• Sydney and Melbourne are two of the most expensive cities in the world – as our currency has appreciated over recent years, so has our place in the international cost of living index. Sydney and Melbourne sit 7th and 8th respectively on the index, making cost of living for the international worker 45% higher than in New York. However offsetting this, Sydney and Melbourne also enjoy some of the highest incomes.

AMP Financial Services Managing Director Craig Meller said the AMP.NATSEM report shows households today are more focused on lifestyles and aspirations than they were in the 80s.

“Many Australians are leading busier lives and facing greater demands on their time which means we’re now paying for things we may not have previously, such as childcare, gardening and housekeeping.

“We’ve also seen a noticeable shift in spending habits with people spending more on education, holidays and eating out. Essentially we seem to be leading bigger lifestyles, all of which can add to perceived cost of living pressures.”

NATSEM lead author of the report, Principal Research Fellow Ben Phillips said that strong economic growth in Australia since the early 1990s has led to Australia having one of the highest standards of living in the world.

“While there is little doubt that many families still struggle to make ends meet, this report shows that on average, Australian households, both high and low income, are financially better off than in previous decades.

“Cost of living pressures are more related to our increased expectations and the greater demands from a modern society than the prices we pay for petrol or electricity.”

Since 2002, AMP and NATSEM have produced a series of reports that open windows on Australian society, the way we live and work – and our financial and personal aspirations. AMP publishes these reports to help the community make informed financial and lifestyle decisions and to
contribute to important social and economic policy debate.

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The heritage listed landmark will play host to the Abseil for Youth event on 21 and 22 October, with participants launching themselves off the building in support of the Sir David Martin Foundation. This year the building will accommodate up to 200 abseilers over two days, including 43 AMP staff from across Australia.

Participants were asked to raise a minimum of $1,500 for the privilege to descend 105 metres down the building’s eastern face. All monies raised from the event will go towards Mission Australia’s Triple Care Farm program which aims to assist young people in crisis.

The AMP Foundation is hoping to again provide a major boost to the event’s fundraising efforts, by matching the amount raised, up to a maximum of $25,000. AMP Financial Services Managing Director Craig Meller has also taken up the fundraising challenge
for a second year.

“I’m looking forward to sharing the experience with all the other participants, while also helping to raise funds and awareness for this worthy cause,” said Mr Meller.

“AMP has a long history of supporting charities that provide the community with essential facilities and services, and the Sir David Martin Foundation is a great example of such an organisation.”

The Sir David Martin Foundation supports innovative and effective youth crisis programs run by Mission Australia to tackle problems such as substance abuse, mental health issues, familybreakdowns and juvenile crime.

One such program is Triple Care Farm, which provides an environment of support and healing for young people aged 16 to 24.

Now in its second year, the abseil was expanded over two days to reflect the event’s growing popularity. AMP is hoping to top last year’s efforts and raise more than $200,000. For more information about the event visit www.sdmf.org.au/abseil

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