It’s that time of year again – the first Tuesday in November, when we run the Melbourne Cup! Once again, I have been tasked to find the followers of this blog the winner.
This year’s super racing theme is making sense of transformation.
Bob Dylan famously penned these lyrics in 1963:
“Come gather ’round people
Wherever you roam
And admit that the waters
Around you have grown
And accept it that soon
You’ll be drenched to the bone
If your time to you is worth savin’
Then you better start swimmin’ or you’ll sink like a stone
For the times they are a-changin’”
Copyright 1963, 1964 Warner Bros. Inc. Renewed 1991, 1992 Special Rider Music
The superannuation industry is at a tipping point. Post the Royal Commission and the Productivity Commission the landscape of our industry is changing.
From a tax perspective, tax compliance as we know it will be unrecognisable in a few years. The use of automation, analytics, visualisation tools and e-lodgement capabilities means that tax functions, whether at a super fund or an advisor, need to change to stay relevant in a changing world.
So too our great horse race.
Traditionally the domain of Australian and New Zealand bred and raced horses, the Melbourne Cup is now truly international, with the majority of the field made up of horses that were either bred overseas or started their racing careers overseas.
The traditional form lines of the previous season’s Derby or Sydney, Brisbane and Adelaide Cups have lost their relevance. So too the traditional lead up races – with the Mackinnon now not even run on Derby Day.
Up until last year, the new thinking was that an international runner had to have at least one run in Australia prior to the Cup. Rekindling’s win last year changed this.
The Melbourne Cup has transformed into a high class stayer’s handicap – where only those horses that can stay the distance with the ability to accelerate can win. The challenge now is to do enough to make the field, whilst beating the handicapper to obtain a run with the lightest weight.
With these thoughts in mind, this year’s selections are all horses with a strong staying pedigree, in good recent form and sure to still be putting in at the business end of the race.
Top 4 Selections
23 Cross Counter
3 Magic Circle
If you would like to have a go at the trifecta, here are my thoughts for a multi (take a flexi as it is 72 combinations):
1st: 3, 11, 23
2nd: 3, 5, 9, 11, 23
3rd: 1, 3, 5, 9, 11, 13, 17, 23
(Cross Counter, Yucatan, Magic Circle, Muntahaa, Marmelo, Best Solution, Finche, A Prince of Arran)
Hope you have a super Melbourne Cup.
Author: Damian Ryan, KPMG Tax Partner, Tax National Sector Lead Superannuation and Funds Management