Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Disclaimer: The Parliamentary Library does not warrant the accuracy of closed captions. These are derived automatically from the broadcaster's signal.
ABC News 24 One Plus One -

View in ParlView

(generated from captions) Silver Ferns top spot in Pool A.In the groop's other game, Trinidad and Tobago were too good for Barbados. While England set up a qualification round meeting with Australia Wallabies
after thrashing Samoa.The Wallabies aren't getting too carried away after beating the All Blacks for the first time in 4 years. The Australians insist they've already moved on from last night's win which secure the rugby championship, and they are now determined to end their 13-year Bledisloe Cup drought in next week's decider at Eden Park.I think there was a few mistakes, a lot of errors last night manyIt was a great Test match, but in hindsight, there is still a lot to work on and putting things in% pk tiff, it will be a really tough ask next week over there in Eden Seebohm
Park.And Australia's Emily Seebohm has again produced the Midas touch at the swimming The
world Championships in Russia. The 23-year-old picked up her third gold in 200m backstroke. COMMENTATOR: That's one of the greatest swims we've ever seen.Emily Seebohm has done it again!.18-year-old American Katie ly deckie broke her Third World record of the meet as she won the 800 freestyle.A cold front and trough is producing showers and the odd storm over southern parts of WA and far western SA. Gusty north winds ahead of the trough is bringing a warm day to SA and the interior, and a high pressure system is bringing a dry day with light winds to the east. Looking around the country for tomorrow:

And that is the news for now. I'm Gemma Veness. Stay with us, 'One Plus One' is coming up next.

They call him High-Rise Harry. Harry Triguboff is one self-made
of Australia's richest self-made men so what's it like to be a $10 billion man? This Program Is Captioned Live by CSI Australia Hello and welcome to one plus won, I'm Jane Hutcheon. Harry Triguboff came to Australia as a young migrant. He was never impoverished but through hard work and learning from his mistakes he began a company that bought parcels of land and built apartments. Now, more than 50 years later, the octogenarian businessman who founded and still heads his company, Meriton, is still doing it his way. He's currently Australia's third-richest person according to the 2015BRW Rich List, with personal wealth estimated to be above $10 billion. Harry Triguboff, welcome to 'One Plus One'. Thank you.We are sitting here in one of your penthouse locations overlooking Sydney. You are one of the wealthiest people in Australia and your wealth has grown to more than $10 billion according to the BRW Rich List. I wonder, as we look out across different parts of Sydney from where we are, do you feel that you've had a hand in the way the landscape of Sydney has changed? Well, since I'm not a modest person, I say I had a biggest hand in it.The biggest hand? Because I devoted myself to Sydney. I did a little bit in Queensland but basically I'm Sydney. And I started with the first units in 1963. There were very few units built then so that's when I started.As you look out from this incredible location, do you feel proud? I feel very proud. I am proud that when we started it was all in a very small way. Two storeys was what we built. Four storeys required a lift so we didn't do those. Three storeys people preferred with a lift so we didn't do those either. So we started very, very modest way but I guessed correctly, there was a big demand and the demand has only grown with supply.Do you remember the first financial risk you ever took? I think that I never take risks. In my mind, there is no risk. The great risk in Sydney is the town planning department. That's the risk. You don't know what they'll do or the councils will do. As far as the building part, there is no risk. What about in your early life when you were just starting out? Can you remember ever taking a risk, something that made your heart stop? Don't think so. Really? No. Don't remember. Must have happened but I don't remember.Your parents had to make a huge sacrifice to get out of Russia. They moved to China which was a haven for Russian Jews at the time. Were you brought up with this sense of gratitude and persecution being always at the back of you? I never felt persecution. I'm sure that it happened but I never felt it. I didn't see it. See, I think a person only feels when he sees something.But did you get a sense of your parents having Russia?
been persecuted and fleeing Russia? Did they tell you stories about that? I considered it lucky that they were in China rather than in Russia and many years later I brought to this country dloo relatives of mine from Russia relatives
then realised how luck - 32 relatives of mine from and realised how lucky I was to get out into China and afterwards got out into Israel and I was here so Ier considered myself lucky. Did you consider yourself lucky as a small child growing up in China? Because there was a lot of hardship going on around you. There was the Japanese invasion in the 1930s, there was civil war and finally the Communist takeover. It wasn't exactly a peaceful time then, was it? Were you aware of those things going on? Sure. I didn't feel much about the early part. I felt it at Pearl Harbor. That's when the Japanese occupied the province where I was as a child growing up but the Japanese were and to us, the Chinese were good to us. Russia was not at war. Russia was neutral. So really the war years for us Russians in China were very good years. The hard part was before the war when there was the Great Depression in the world and you imagine my father, he didn't know Chinese, he didn't know how to read or write English. He knew Russian and he knew Yiddish so it was very hard for him, that's for sure, but I was a small child. I didn't understand that. What were your impressions when you first stepped off that plane in Sydney with your brother in 1948? First of all I was so excited that I felt ashamed. I felt I had to be with my parents. I was here with my brother and I only looked at the future so I felt really ashamed but I couldn't help my excitement. Here was a country I came to that there were all white people. I never saw so many white people in my life. I looked at Bondi Beach. Bronzed bodies. Unbelievable! I looked at the red roofs. No flats. Cottages everywhere. Superb, I couldn't believe it. So they took me - the first day I was here they took me on the Harbour Bridge. I crossed the bridge. I never saw such a big bridge. We had a small bridge, this was a big bridge. So I was very, very impressed. I didn't know there was London or New York. For me, this was London and New York all in one.Why did you say that you felt ashamed of being so excited? Because I thought I should be feeling sorry for them that I came here. Still, I understood the problem of a parent that had to send his child here because it was very dangerous for them as communists were coming in and they had good reason to believe it was dangerous because there's not one person from those times they
still in China. My parents, they went to Israel. We were lucky Israel was established just in time for them to get out.In your early years, you spent time in the UK, I think you studied textile engineering in the UK. You worked in Israel for a while. You worked in South Africa. That's before you came back to settle in Australia. Can I ask you, were you looking for a homeland or did you just like to travel? So when I finished school here, by that time my father started a business in Israel and in his mind and my mind I only had one thing to do, to work with the father. He had a textile factory. To work in the textile fact hy he sent me to Leeds. That's where I learned all about wool. I studied there for three years, worked with my father. I work would my father and my brother. I didn't get along with my brother, my brother didn't get along with my father, my father didn't get along with me. Happy family. We loved each other but couldn't work. He said, "I'm sending you back to Australia." The Australians wouldn't let me come back. Our Immigration Department is no piece of cake, I promise you, when you're outside. It took me a year to get the visa back so that year I spent in South Africa and when I came back I explained to them that I was really entitled not only to enter the country but to have citizenship. They immediately made me an Australian so that was very good. So I thought it was good. And I stayed ever since here. You sound like you had quite a complex family life. Did that get reconciled as you got older? Did your father, for example, live to see your success? He saw the beginning, yeah. Yeah, he did. He died when I was already probably 8 years in business, yeah. Very good. Was he proud of you? I think he was surprised. (Laughs) so was I.Why was he surprised? Because he thought he was the clever one and he looked upon me as the one that's arguing all the time. Some people in this country think - some politicians still think I'm argue. They forget that they have to fight each other, they fight me when they fight
need me and I need them. They fight me. Must be in my blood, I fight them. He was surprised that I succeed but anyway he was very proud, yeah, sure, and he told me to help my brother and anyway I couldn't help my brother because he didn't like the conditions and then I didn't help him but anyway, we back
were great friends. You came back to Australia, as you said, you got your citizenship. I've heard that you ran a taxi fleet, you earned a milk round and you sold real estate. That's a lot of different kind of jobs. Yep. Why did the real estate win out over the taxis and the milk round? So I came here and I tried to get a job in textles so I knew some friends and they told me, "If you are good you'll be better than us. If your bad we have to sack you," so they didn't give me a job. Can't give you a job. I had enough money to buy a cottage but I didn't do that. I invested my money in milk run, in taxi, I bought a block of four flats and I worked. For my job I got pound £20 a week, for my investments I got £100 a week so I lived well. Mind you, there was no capital gain in you
those days. You bought $400, you sold $400. I did OK. I had a friend who was told he should go into building. Because I was already a salesman in real estate, I understood what people wanted, which is the main thing, always understand what people want. So I took him and we bought a block of land and I built it and it was very successful the first time I ever built so I thought, "Well, that's very good," so even before I fixed I already bought land for another two blocks and kept on multiplying and that's how it happened.So you said that you always understood what people wanted. Yes.How did you get that skill? I watched them and I tried to understand what made sense. So I saw these young women here when I started to build and they got very low wage s and I understood that the only way they could figure out security was to have a home. I could see it in their eyes. I could deliver apartments which were a lot cheaper than cottages in areas which were much closer to the city and better. And there was no competition so I thought, "This is where I should go." Logic, right.Fast forward nearly half a century and your company, Meriton, has built tens of thousands of dwellings, you are now Australia's biggest residential property developer. You have said that the Australian dream of a quarter-acre block is trading up to a penthouse in the centre of town. Have you helped craft that new Australian dream? Of course. The newspapers were always against me in the beginning because they thought that I was depriving people of what they wanted. I dis agreed with them because the people were paying the money. I mean, it is very easy to write a story but if a person pays everything he has and borrows everything he can to have an apartment then I was correct and they were wrong. As time went on, I was proved to be correct because the movement is towards apartments now but my problem is - it is a problem of the community - that the apartments cost too much whereas cottages are a lot cheaper. Logic says apartments should be cheaper not cottages, but the way it works, cottages...so that is why I have these arguments with the planning department, because they cause the costs to be so high. And I will win because I'm logical, they are not logical. He is proving to me that he's the boss. But five years ago, in August 2010, you proposed that the Federal Government should insist on making the RBA drop interest rates to improve housing affordability yet here we are today, interest rates are extremely low but housing for many Australians is still very about
unaffordable. How do you feel about that situation? Well, I Reserve
did all I could to fight the Reserve Bank and the Reserve Bank agreed with me in the end. Logic. If everywhere in the world the interest rates were very low, why should we have them high? Suddenly we decided that we are a bigger risk than bigger
others. If I thought we were a bigger risk I wouldn't be here so I proved myself right but now you don't hear me talk about interest rates because they are good. They might be a bit lower but that's irrelevant. We've got them where we want and it looked impossible but we've done it. Could you imagine if the interest rates would be higher? First of all there would be no building at all.But house prices are still hardly affordable for lot of Australians. Do you have a sense about that? Does that make you feel regretful in any way? I tried all my life to make housing affordable. The more affordable the house, the more money I make. It's not the less affordable I make because if it's unaffordable you can't buy much. I deal in volume, to sell volume it must be affordable so that's my whole life is to make it affordable rates, now
so I did it with interest rates, now I have to do it with the planning now. But if I can address you as Mr Triguboff, the great grandfather - you have a great grandchild, you have grandchildren and you have children - a lot of Australians would say - maybe not from your family because you've done very well - but a lot of Australians have a sense of unease about the future. There's an uncertainties about jobs, they find housing unaffordable, do you share that sense of unease? There is a lot of unease and they are every right to be uneasy and that's gotting into do with Government. That just is the way it is - gotting into do with Government, that just is the way it is in my opinion. 30 years ago a person got a job and thought he would have the job forever. Today he gets a job, there's technology, they sack him, he can find another job, mind you, if he wants a job he gets it. There is jobs around, no problem. But he's uneasy. In the old days he thought if he joined the railway department he would die in the railway department announcement the old people are also uneasy. They don't know how long he'll live, he does want know how sick he'll be so has he got a problem and he can't fix it is the way the world is. I make very uneasy and don't forget even though I think I am so wonderful, I do and
have a lot of responsibilities and I do have half-finished buildings can we've got to finish them one day so I depend on the market being what it is. little
That's the unease.Let's talk a little bit about courage. I was thinking about this interview and I wondered to myself what does somebody give one of the wealthiest people in Australia as a present? And I found these, they're fortune cookies. Yeah, that's right, yeah. Shall we crack a fortune cookie together? Yeah, very good. Very good.You've got good eyesight. To do two things at once is to do Very
neither. That's good advice. Very good. To do two things at once is to do neither. Very good advice. I agree. An ounce
ounce of gold cannot buy an ounce of time. Correct. Time is all we have ask we lose every day. Why I gave you the fortune cookie is I was wondering whether in your life you consider that luck and chance have played important parts? How do you respond to that? Definitely important but to be lucky you have to be there. To succeed, you have to work hard and you must pick the right subject where you want to work hard, so you must also be good at what you do and you must be happy at what you do. If you have all those things you'll succeed. You said before that you have to have a lot of things lined up for you to succeed. What would you say your one special skill is? The They must
skill is have the right people. They must be happy at your work. If somebody is unhappy in the
my business, I throw him out on the spot. Doesn't mat bhoor he is. I don't need him sulking there. If I can't change him, no good to me. I'm no good to him either. I have failed and he failed in my opinion. So everybody must be happy, have to work hard, has to be consistent. That's very important. If you can get consistency then you will win. To get consistency, one must be very agile. Most people are not agile because they owe money, they got partners and they got shareholders. I got my money, I got no shareholders and I've got no partners so therefore I can move a lot quicker than they can. I can say something today and do something completely different tomorrow and nobody tells me, "But you were wrong."Mr Triguboff, what do you find challenging about being wealthy? Find challenging? It's very nice to be wealthy. I'm very happy. I don't spend much money, mind you. Nothing like others. Really? Have no time to spend it. I have too much fun work. What would you I want to spend money on? For me, money is not what I spend it on, money is what I do with it. If I have more money I can build more flats. If I have more money I can do more things. I think I'm lucky if you have money that I can have good health service. To pay doctors and things you have to have money. That's very, very first
important. In fact, I think the first thing you should do with money is make sure you're healthy. Use that money for your health but that does want require big money, thank God. - that doesn't require big money, thank God. I'm healthy. Surely if you had a lot less money you would have a lot less responsibility in a lot of ways. That's what I was trying to get at by challenging, are there aspects to having a $10 billion empire that you wish you didn't have? No, it is good to have $10 billion. Let's have hundred billion, why not? Very good. Good fun. Good fun? You must look at it that way. People tell me how do I take the pressure? I say, "I give the pressure to them. Don't worry about me." Off a goose's back. Don't worry about it. If I couldn't take the pressure I wouldn't start.So the
you, of all the billionaires on the BRW Rich List, I think you jumped the furthest in the last 12 months to more than $10 billion. You mix, obviously, with a lot of other quite wealthy people, do you learn from other billionaires? I don't mix with many of them. Really? No. I mix with my billionaires
workers. What do I need the billionaires for? They're old people. They talk to me about the past. Young people I want to talk about the future so I really don't but I do read what about they do. Of course I do. And I see the mistakes they make and I admire the good moves they make too, all kinds. So there you are.Do you consider yourself powerful? If you were to pick up the phone this afternoon to Tony Abbott, would he pick up on the other end? Never. (Laughs)Which bit never? You wouldn't call him or he wouldn't pick up the phone? He wouldn't pick up the phone. He wouldn't. He has me
nothing against me, nothing for me either by the way, but he wouldn't talk to me. You have a rabbi come to your office twice a week. I wonder has religion, has spirituality become more important to you as you've got older? Not much. I go to synagogue three times a year, I went that way with my father. I continue the same tradition. I never learned how to pray properly but I think I get on with God. He's looking after me so I have no complaints.Do you feel a sense of content ment, a sense of satisfaction or even, dare I say, happiness at this time of your life? I am extremely happy. I'm happy first of all to be alive because at my age, when I was a young fellow, 60 years old was about the limit in China. I never saw anybody pass 60 in my life so to be alive I'm extremely happy. To be healthy, even more happy, and that I have wealth, very good too. I think I use the wealth properly. I use it for the benefit of everyone, including myself.What do you say, then, to people who say that money doesn't make you happy? I think they're stupid. money
I have never seen anybody give money back. (Laughs)Do you think it's important as someone builds
who builds buildings, who builds high-rise buildings, to build beautiful buildings? Very important but in my case I have so many responsibilities that I cannot just stand back and look at beauty so for that purpose I have the best architects in the world and I leave it to them. I think they've done a very good job. I think we have a very outstanding town planner in the city of Sydney. Extremely successful. In fact, I gave him some jobs when he was a young kid so he's very good and I think we're very lucky. I about
would like to talk a little bit said
about the fuchBer. You have said that - about the future. You have said that your wife won't run Meriton, your daughters don't want to run grandchildren
Meriton and you have four grandchildren and I know some of them are involved in this business. Very good.Why is pass
it hard for rich families to pass on companies, to pass on wealth? I don't know about others, I know about myself. For me, I made the company for me. I've given enough money to my children, grandchildren, My
wife, they have enough money. My main problem is not the family, my main problem is to ensure that the business continues well for me.Mr Triguboff, if I was to come back here in 10 or 20 years, who would be sitting opposite me as the head of Meriton? I have no idea. I am looking are for somebody. I don't know if I'll ever find anybody who can do it. Might have to sell the company. Might have to split it here, there and everywhere. I don't know. I have to discuss it with my daughters but it's very difficult to find them. You see, my daughter, one is in Israel, one is here and then that one goes there and this one comes here. They have to sit down together and start giving me directions. My wife, she doesn't care about the business. She's had enough. I've given her enough money, she's happy. So it's between those two daughters. That's all.Do you worry about the future? No y just plan as well as I can. But I'm more concerned always about the present. I have to succeed at the present before I have the future.Mr Triguboff, it's been speaking
a great pleasure. Thank you for speaking with me on 'One Plus One'. Dwroo thank you very much, it was a great pleasure for me too. Very nice. 'One Plus One' is available on:

Tonight - the PM facing an uphill battle as Parliament resumes with a row over MPs' expenses proving damaging in the polls. This Program is Captioned Live by CSI Australia Also ahead - one man dead and two in hospital after a family fishing trip turned to tragedy in South-East in
Queensland.Lavish celebrations in Singapore as the country celebrates 50 years of independence.And in the AFL, Fremantle takes another step towards securing the minor premiership with a comfortable win over St Kilda.Hello. I'm Gemma Veness. Let's take a quick look at tomorrow's weather now: Well, Parliament resumes