Royal Australian Navy moves forward with Plan Galileo navaltoday May 7, 2020, by The Royal Australian Navy is making progress with Plan Galileo, an innovative project that delivers the capability to sustain the navy’s growing fleet to ensure it can fight and win at sea.Launching the Plan Galileo website recently, Rear Admiral Wendy Malcolm, Head Maritime Systems reiterated her vision as a new way of thinking that fundamentally changes how the navy carries out sustainment of the fleet.“The aim of Plan Galileo is that in 2025, defence will operate in a nationally integrated sustainment environment that consistently provides affordable, reliable and fit for purpose systems and ships to navy,” Rear Admiral Malcolm said.“That means ensuring we can provide certainty and work for our uniformed personnel and industry, as we need them working cooperatively, continuing what they do, and helping to prepare our navy for the new ships that will be delivered in an era of continuous shipbuilding.”As explained, the project is also focused on effective utilisation, growth and support of navy’s technical and logistics mastery, including ongoing involvement of fleet support units throughout Australia in the delivery of maintenance and its maritime logistics personnel in the provision of integrated logistics support and 21st century supply chain development and management.“We must optimise workforce development and leadership programs to increase technical and logistics, leadership and supervisory proficiency, facilitate career progression and enable the personal and professional growth of our workforce,” Rear Admiral Malcolm added.The size and complexity of the fleet is expected to grow by more than 50 per cent over the next two decades requiring additional highly skilled personnel.Specifically, Plan Galileo incorporates a national, integrated approach to sustainment of navy assets that supports the Naval Shipbuilding Plan and aligns with the navy’s Plan Pelorus and Plan Mercator.Plan Galileo will build on the Australian Industry Capability Program by incentivising industry to build regional and local capacity.A core component of Plan Galileo is the regional maintenance centres (RMCs). These are self-contained sustainment centres at navy home ports comprising defence, primes and small businesses that will be able to sustain Australian vessels and then return them to sea utilising domestic workforce and focused on local supply chains. These centres are currently planned for Cairns, Darwin, Perth and Sydney.“While Plan Galileo is a long-term project out to 2025, we are already implementing a number of its elements as a ‘proof of concept’ within our Arafura-class offshore patrol vessel (OPV) program,” Rear Admiral Malcolm further said.“Defence will test ideas, learn from our mistakes – and our successes – and work these into the overall plan as it is rolled out on a national scale.” Authorities Back to overview,Home naval-today Royal Australian Navy moves forward with Plan Galileo View post tag: Plan Galileo View post tag: Royal Australian Navy Share this article
“Pensionskassen should build know-how or start by paying specialists in one segment to better be able to judge asset managers,” he said.It was easier for large players to get better fee structures because of economies of scale, Meier added.He said he was particularly worried about the trend for Swiss Pensionskassen to invest in assets such as insurance-linked securities or private debt solely for return reasons.“Many pension funds do not fully understand the risks and in Switzerland we lack historic experience with the investments,” he explained.High exposure to corporate bonds was a “possible ticking time bomb”, Meier warned, as the “additional credit risk is often underestimated”.Meier has been researching alternative investments for many years, and up until the summer he taught this subject at the ZHAW.The debate on costs in Swiss pension portfolios has been fuelled by the low interest rate environment as well as the obligation for Pensionskassen to fully disclose total expense ratios.In some cases cautious strategies have led to Swiss pension funds cutting out alternative investments entirely.However, recent research by consultancy Siglo showed competition and demand had already brought down fees in some alternative segments such as senior secured loans. Additionally, the most recent risk study by consultancy Complementa revealed higher cost strategies outperformed last year. The trend to diversify as much as possible into alternative investments is based on a “misunderstanding”, according to a Swiss economist.Peter Meier, economist and former professor at the ZHAW Zurich University of Applied Sciences, voiced concerns over the trend towards alternatives to delegates at the Institutional Retirement and Investor Summit organised by Barbara Bertolini in Vienna this week.“Swiss Pensionskassen are often invested in too many different strategies and are paying too much money for them,” he said.He urged medium-sized and smaller pension funds to instead specialise and get familiar with one or two strategies.