LIST OF CONTENTS AND TABLES

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2 LIST OF CONTENTS AND TABLES 100% Home DELIVERY/TAKEAWAY in Australia - Category analysis... 1 Headlines... 1 Trends... 1 Competitive Landscape... 2 Prospects... 3 Category Data... 4 Table 1 100% Home Delivery/ by Category: Units/Outlets Table 2 100% Home Delivery/ by Category: Number of Transactions Table 3 100% Home Delivery/ by Category: Foodservice Value Table 4 100% Home Delivery/ by Category: % Units/Outlets Growth Table 5 100% Home Delivery/ by Category: % Transaction Growth Table 6 100% Home Delivery/ by Category: % Foodservice Value Growth Table 7 Global Brand Owner Shares of Chained 100% Home Delivery/ Table 8 Brand Shares of Chained 100% Home Delivery/ Table 9 Forecast Sales in 100% Home Delivery/ by Category: Units/Outlets Table 10 Forecast Sales in 100% Home Delivery/ by Category: Number of Transactions Table 11 Forecast Sales in 100% Home Delivery/ by Category: Foodservice Value Table 12 Forecast Sales in 100% Home Delivery/ by Category: % Units/Outlets Growth Table 13 Forecast Sales in 100% Home Delivery/ by Category: % Transaction Growth Table 14 Forecast Sales in 100% Home Delivery/ by Category: % Foodservice Value Growth % Home DELIVERY/TAKEAWAY in Australia - Company Profiles Eagle Boys Dial A Pizza Australia Pty Ltd in Consumer Foodservice (australia) Strategic Direction Key Facts Summary 1 Eagle Boys Dial-A-Pizza Pty Ltd: Key Facts Summary 2 Eagle Boys Dial-A-Pizza Pty Ltd: Operational Indicators Company Background Suppliers Competitive Positioning Summary 3 Eagle Boys Dial-A-Pizza Pty Ltd: Competitive Position Consumer Foodservice in Australia - Industry Overview Executive Summary... 14

3 Consumers Upgrade During Economic Slowdown Taking It Away Mcdonald s Still the Big Mac Chains Continue Takeover Bright Future for Consumer Foodservice Key Trends and Developments Consumer Foodservice Sales Higher Than Ever Domestic Brands See Greater Success All Just A Little Bit Fancy Ifood A Time and A Place for Everything Fast Food Diet Market Data Table 15 Units, Transactions and Value Sales in Consumer Foodservice: Table 16 Units, Transactions and Value Sales in Consumer Foodservice: % Growth Table 17 Consumer Foodservice by Independent Vs Chained Outlets: Units/Outlets Table 18 Consumer Foodservice by Eat in Vs Table 19 Consumer Foodservice by Food Vs Drinks Split Table 20 Sales in Consumer Foodservice by Location Table 21 Leading Chained Consumer Foodservice Brands by Number of Units Table 22 Chained Consumer Foodservice Company Shares Table 23 Chained Consumer Foodservice Brand Shares Table 24 Forecast Units, Transactions and Value Sales in Consumer Foodservice: Table 25 Forecast Units, Transactions and Value Sales in Consumer Foodservice: % Growth Appendix National Consumer Expenditure Table 26 Consumer Expenditure on Consumer Foodservice Table 27 Consumer Expenditure on Consumer Foodservice Trade Association Statistics Operating Environment Franchising Definitions Summary 4 Research Sources... 38

4 100% HOME DELIVERY/TAKEAWAY IN AUSTRALIA - CATEGORY ANALYSIS HEADLINES 100% HDTA continues to demonstrate strong value growth, although slowing from 9% in 2009 to 8% in 2010 Growth in the number of 100% HDTA outlets slows from 8% to 4% to reach 1,311 Shift towards gourmet pizza pushes up spend per transaction from A$16.43 in 2009 to A$16.79 in 2010 Other 100% HDTA grows 13% in current value terms, albeit from a low base Domino s Pizza retains strong lead with 43% value share, although Eagle Boys Dial-A-Pizza is gaining fast Continued trend towards gourmet pizza expected to evolve further, generating constant value CAGR of 5% over forecast period TRENDS Although not experiencing quite the same spectacular growth as 2009, 100% HDTA still saw a good year in 2010, with current value growth of 8% and outlet growth of 4%. Some of this slowdown was merely the result of plateauing and consolidation after the strong growth of the two preceding years, and some was simply due to stagnant growth in retail spending as a whole. In fact this stagnation of overall retail spending in the Australian economy contributed to the growth of 100% HDTA: consumers with a greater propensity to stay at home presented opportunities for an industry that can bring the food to them. Predominately, however, growth was generated by a trend towards gourmet pizzas, with a battle between Pizza Capers and Eagle Boys Dial-A-Pizza to create the most gourmet pizza. Eagle Boys Dial-A-Pizza offered Seafood Platter, Salmon Avocado and Garlic Prawn pizzas, while Pizza Caper s menu featured such offerings as Exotic Potato, and Pear, Blue Cheese and Walnut. The impact of this was to push up spend per transaction from A$16.43 in 2009 to A$16.79 in The impact would be even greater if it were not for the primary driver of this trend, Crust Gourmet Pizza, operating outside of 100% HDTA, and instead being categorised under pizza fast food. Exotic and gourmet pizza toppings represent just one means of encouraging consumers to increase their spend per transaction. Domino s Pizza on the other hand decided to focus on the crust, with seven different types now on offer, thereby altering the focus of pizza competition from just the topping to other aspects. This has been enabled by the online ordering process, whereby consumers are encouraged to individualise their orders. The primary innovation is the Square Puff Pizza, which includes more pizza due to its square rather than round shape. It is therefore intended to counter claims by Eagle Boys Dial-a-Pizza that its pizzas offer greater value because they are larger. The increasing lack of time faced by Australians, and the attracting of consumers to the category through premium and gourmet offerings, are only two reasons for the growth of 100% HDTA. There is a third: the increasing simplification of the ordering process, created through improvements in the major players online booking systems. This has given

5 consumers more control and a greater range of options, in that they can tailor their pizzas to their own taste. This has also provided operators with plentiful opportunities for adding value and raising spend per transaction. Increasingly, however, consumers are taking the next step, ordering via the mobile Internet, specifically through iphone and Android apps. As of September 2011, Domino s Pizza was claiming that 12% of pizza orders were through online mobile. Growth in 100% HDTA in 2009 and 2010 mostly occurred in Victoria and New South Wales, where 100% HDTA suddenly caught on in 2009, as consumers shifted from eating-out in fullservice restaurants and fast food towards 100% HDTA. This trend was assisted by a significant improvement in the quality of HDTA products due to the trend towards gourmet pizzas as championed by Pizza Capers, and larger sizes pizzas, as championed by Eagle Boys Dial-A-Pizza, which pushed into the large New South Wales market in In Queensland, on the other hand, 100% HDTA has long been an especially popular form of consumer foodservice. Other 100% HDTA is beginning to emerge in Australia although it is still very embryonic. Tiffins has begun to deliver Indian food for lunch in the Me bourne Central Business District, as Indian migrants attempt to replicate a similar tradition of dabbawalas in Mumbai, to the extent that they are delivered by bike as in Mumbai. The menu changes every day, so that users of the service can experience a variety of dishes. More traditional Indian 100% HDTA has emerged in Brisbane through Sitar Express, with 11 outlets. On a different front, Croissant Express in Perth has built a business based on delivering croissants and other bakery items to office workers. Although there has been a migration upwards towards premium and gourmet pizzas, the same has not occurred in relation to drinks in 100% HDTA. The result is that food expenditure has grown significantly more than drink expenditure. COMPETITIVE LANDSCAPE With competition in 100% HDTA intensifying in 2010, Domino s remained the leading brand with 43% value share, although this slipped from 44% in Despite its attempts to compete with Eagle Boys Dial-a-Pizza and Pizza Capers by innovating on the pizza crust instead of the toppings, it was the increasingly exotic toppings of Eagle Boys Dial-A-Pizza that achieved the greatest gains. The company s value share increased from 20% in 2009 to 22% in It even acquired Pizza Haven, previously a major player in 100% HDTA in Australia, but whose low-price positioning has become irrelevant, and consequently the company had virtually disappeared at the time of writing.

6 PROSPECTS

7 CATEGORY DATA Table 1 100% Home Delivery/ by Category: Units/Outlets outlets Chained 100% Home Delivery/ Independent 100% Home Delivery/ Pizza 100% Home Delivery/ - Chained Pizza 100% Home Delivery/ - Independent Pizza 100% Home Delivery/ Other 100% Home Delivery/ - Chained Other 100% Home Delivery/ - Independent Other 100% Home Delivery/ 100% Home Delivery/ Euromonitor International from official statistics, trade associations, trade press, company research, trade interviews, trade sources Table 2 100% Home Delivery/ by Category: Number of Transactions '000 transactions Chained 100% Home Delivery/ Independent 100% Home Delivery/ Pizza 100% Home

8 Delivery/ - Chained Pizza 100% Home Delivery/ - Independent Pizza 100% Home Delivery/ Other 100% Home Delivery/ - Chained Other 100% Home Delivery/ - Independent Other 100% Home Delivery/ 100% Home Delivery/ Euromonitor International from official statistics, trade associations, trade press, company research, trade interviews, trade sources Table 3 100% Home Delivery/ by Category: Foodservice Value A$ million Chained 100% Home Delivery/ Independent 100% Home Delivery/ Pizza 100% Home Delivery/ - Chained Pizza 100% Home Delivery/ - Independent Pizza 100% Home Delivery/ Other 100% Home Delivery/ - Chained Other 100% Home Delivery/ - Independent Other 100% Home Delivery/ 100% Home Delivery/ Euromonitor International from official statistics, trade associations, trade press, company research, trade interviews, trade sources Table 4 100% Home Delivery/ by Category: % Units/Outlets Growth % Units/Outlets growth Chained 100% Home Delivery/ Independent 100% Home Delivery/ Pizza 100% Home Delivery/ - Chained Pizza 100% Home Delivery/ 2009/ CAGR 2005/10 TOTAL

9 - Independent Pizza 100% Home Delivery/ Other 100% Home Delivery/ - Chained Other 100% Home Delivery/ - Independent Other 100% Home Delivery/ 100% Home Delivery/ Euromonitor International from official statistics, trade associations, trade press, company research, trade interviews, trade sources Table 5 100% Home Delivery/ by Category: % Transaction Growth % transaction growth Chained 100% Home Delivery/ Independent 100% Home Delivery/ Pizza 100% Home Delivery/ - Chained Pizza 100% Home Delivery/ - Independent Pizza 100% Home Delivery/ Other 100% Home Delivery/ - Chained Other 100% Home Delivery/ - Independent Other 100% Home Delivery/ 100% Home Delivery/ 2009/ CAGR 2005/10 TOTAL Euromonitor International from official statistics, trade associations, trade press, company research, trade interviews, trade sources Table 6 100% Home Delivery/ by Category: % Foodservice Value Growth % value growth Chained 100% Home Delivery/ Independent 100% Home Delivery/ Pizza 100% Home Delivery/ - Chained Pizza 100% Home Delivery/ - Independent Pizza 100% Home Delivery/ Other 100% Home Delivery/ - Chained Other 100% Home Delivery/ - Independent Other 100% Home Delivery/ 100% Home Delivery/ 2009/ CAGR 2005/10 TOTAL Euromonitor International from official statistics, trade associations, trade press, company research, trade interviews, trade sources

10 Table 7 Global Brand Owner Shares of Chained 100% Home Delivery/ % value Company Euromonitor International from official statistics, trade associations, trade press, company research, trade interviews, trade sources Table 8 Brand Shares of Chained 100% Home Delivery/ % value Brand Global Brand Owner Euromonitor International from official statistics, trade associations, trade press, company research, trade interviews, trade sources Table 9 outlets Forecast Sales in 100% Home Delivery/ by Category: Units/Outlets Chained 100% Home Delivery/ Independent 100% Home Delivery/ Pizza 100% Home Delivery/

11 - Chained Pizza 100% Home Delivery/ - Independent Pizza 100% Home Delivery/ Other 100% Home Delivery/ - Chained Other 100% Home Delivery/ - Independent Other 100% Home Delivery/ 100% Home Delivery/ Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources Table 10 '000 transactions Forecast Sales in 100% Home Delivery/ by Category: Number of Transactions Chained 100% Home Delivery/ Independent 100% Home Delivery/ Pizza 100% Home Delivery/ - Chained Pizza 100% Home Delivery/ - Independent Pizza 100% Home Delivery/ Other 100% Home Delivery/ - Chained Other 100% Home Delivery/ - Independent Other 100% Home Delivery/ 100% Home Delivery/ Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources Table 11 A$ million Forecast Sales in 100% Home Delivery/ by Category: Foodservice Value Chained 100% Home Delivery/ Independent 100% Home Delivery/ Pizza 100% Home

12 Delivery/ - Chained Pizza 100% Home Delivery/ - Independent Pizza 100% Home Delivery/ Other 100% Home Delivery/ - Chained Other 100% Home Delivery/ - Independent Other 100% Home Delivery/ 100% Home Delivery/ Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources Table 12 Forecast Sales in 100% Home Delivery/ by Category: % Units/Outlets Growth % Units/Outlets growth Chained 100% Home Delivery/ Independent 100% Home Delivery/ Pizza 100% Home Delivery/ - Chained Pizza 100% Home Delivery/ - Independent Pizza 100% Home Delivery/ Other 100% Home Delivery/ - Chained Other 100% Home Delivery/ - Independent Other 100% Home Delivery/ 100% Home Delivery/ CAGR 2010/15 TOTAL Data removed from sample Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources Table 13 Forecast Sales in 100% Home Delivery/ by Category: % Transaction Growth % transaction growth Chained 100% Home Delivery/ Independent 100% Home Delivery/ Pizza 100% Home Delivery/ - Chained Pizza 100% Home Delivery/ - Independent Pizza 100% Home Delivery/ Other 100% Home Delivery/ - Chained Other 100% Home Delivery/ - Independent Other 100% Home Delivery/ 100% Home Delivery/ CAGR 2010/15 TOTAL Data removed from sample Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources

13 Table 14 Forecast Sales in 100% Home Delivery/ by Category: % Foodservice Value Growth % value growth Chained 100% Home Delivery/ Independent 100% Home Delivery/ Pizza 100% Home Delivery/ - Chained Pizza 100% Home Delivery/ - Independent Pizza 100% Home Delivery/ Other 100% Home Delivery/ - Chained Other 100% Home Delivery/ - Independent Other 100% Home Delivery/ 100% Home Delivery/ CAGR 2010/15 TOTAL Data removed from sample Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources

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15 Having started in the mid-sized country town of Albury in New South Wales, Eagle Boys has always specialised in catering to small country towns, to the extent that it even has a specific small town format called Micro Stores. In fact Eagle Boys has specifically designed store formats not only for smaller towns but also to be incorporated into other locations most of its competition would not consider, such as convenience stores. As most other major chains ignore such towns, Eagle Boys Dial-A-Pizza has managed to gain a strong following in each of the locations in which it operates. This is likely to remain the company s greatest strength in competing with Crust Gourmet Pizza, which is instead focused predominately on inner-city locations. This focus on rural areas altered over 2010 as Eagle Boys Dial-A-Pizza expanded from its base and into the two major metropolitan areas it has so far largely avoided. Melbourne, for example the second-largest city in Australia does not have an Eagle Boys outlet within the Melbourne metropolitan area. Furthermore, the company has only recently made a serious attempt at becoming a major player in Australia s largest city, Sydney. There will also be a focus on the South Australian capital of Adelaide. With so many major population centres not serviced by Eagle Boys, and with high brand recognition, there is much potential for expansion saw the largest marketing campaign in Eagle Boys Dial-A-Pizza s history, largely based around its new gourmet range launched to compete against the two gourmet pizza chain Pizza Capers and Crust Gourmet Pizza. The fact that there were 31 new menu items was considered reason enough for a large marketing campaign. The same campaign also promoted Eagle Boys new number 1800 EAGLE BOYS although consumers are increasingly ordering online. By jumping on board the gourmet pizza bandwagon Eagle Boys Dial-A-Pizza has been able to use the strength derived from its high outlet numbers, which makes it the automatic choice for Australians seeking a high quality, particularly if the consumer lives in a country area. Eagle Boys Dial-A-Pizza was already making large inroads into 100% HDTA with a 17% value share in 2007, before it acquired the Pizza Haven chain that saw a significant decline from the beginning of the decade. Pizza Haven was acquired in 2008, instantly bolstering its value share, and more importantly giving the company a presence in both Sydney and South Australia. This is particularly relevant in 2011, as these two locations are now the focus of Eagle Boys ambitious expansion plans. While pizza will no doubt remain the focus of Eagle Boys offering, it is also expanding into other foods. These include gourmet sandwiches, which it is promoting to work places for lunchtime consumption traditionally a slow time for pizza 100% HDTA. Suppliers It is the size of Eagle Boys Dial-A-Pizza, and the fact that it is growing rapidly, that ensures the company is able to source fresh and exotic ingredients and still achieve a significant profit margin. This is something smaller players are unable to do, while their smaller, although rapidly growing competition, in the form of Crust Gourmet Pizza and Pizza Capers are only able to do by charging higher prices. Eagle Boys Dial-A-Pizza claims that where possible it sources ingredients from suppliers in the local area where the outlet is based, although on a practical level such as in the case of popular Australian seafood Moreton Bay Bugs this is often not possible.

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17 CONSUMER FOODSERVICE IN AUSTRALIA - INDUSTRY OVERVIEW EXECUTIVE SUMMARY Consumers Upgrade During Economic Slowdown Although performing far better than other economies around the world, the Australian economy, particularly the retail category, was virtually stagnant throughout Consumer foodservice appeared to be a major exception, with consumers deciding that food was an affordable indulgence, where for just a couple of dollars extra they could enjoy something special. This trend was especially visible in fast food, where such concepts as gourmet pizza, championed by Crust Gourmet Pizza, and Pizza Capers, and gourmet burgers, championed by Grill d, was the most notable feature in consumer foodservice in Taking It Away While consumers embraced consumer foodservice in 2010, they still prefer to eat in the comfort of their own home, where they can watch television and do not have to get dressed up. 100% HDTA therefore represented the fastest growing category in consumer foodservice, while other chains which do offer dine-in options have seen their takeaway component increase in recent years. As consumer foodservice slowly shifts to being a 24-hour industry, drive-thru outlets have proven particularly successful. Mcdonald s Still the Big Mac Although Subway has more outlets, when it comes to value share McDonald s is the largest player in Australia consumer foodservice, even if the additional share provided by McCafé outlets is not included. The popularity of McDonald s in Australia, where its popularity is greater than most other markets around the world, is due in part to having spent the last decade improving its reputation through such measures as a Healthy Choice menu, and the introduction of McCafé, both of which were Australian innovations. In 2010, however, continued growth was largely due to the popularity of McDonald s range of Angus burgers Chains Continue Takeover Although they make up only around a third of the total value of consumer foodservice in Australia, chains continue to grow in importance, as emerging players in consumer foodservice embrace the franchise system as a means of expanding their brands as rapidly as possible. This system slowed down considerably during the economic slowdown due to the highly publicised failures of Krispy Kreme and Souvlaki Hut, uncertainty regarding proposed legislation, and difficulties in obtaining finance from the banks. Bright Future for Consumer Foodservice Although the difficulties involved in sourcing new franchisees during the economic slowdown will act as something of a suppressing force over at least the early years of the forecast period, consumer foodservice as a whole is likely to perform well. Specifically, the trend towards affordable indulgences will ensure that the consumers who embraced gourmet pizzas and

18 gourmet burgers during the economic slowdown embrace them to an even greater degree as the economy recovers. KEY TRENDS AND DEVELOPMENTS Consumer Foodservice Sales Higher Than Ever Current impact

19 Outlook Future impact

20 Latino trending in 2010 Current impact Outlook

21 Future impact Domestic Brands See Greater Success

22 Current impact The list of globally famous American brands that have either withdrawn partially from the Outlook

23 Future impact S ti t t i i t li i fl All Just A Little Bit Fancy Current impact p y p p

24 Outlook Fast food and 100% HDTA are traditionally seen as volume businesses selling as much of a Future impact

25 Ifood

26 Current impact Outlook Future impact

27 A Time and A Place for Everything

28 Current impact Outlook Future impact

29 Fast Food Diet Current impact

30 Outlook

31 Future impact MARKET DATA Table 15 Units, Transactions and Value Sales in Consumer Foodservice: Units ('000) Transactions (mn) A$ billion current prices A$ billion constant prices Euromonitor International from official statistics, trade associations, trade press, company research, trade interviews, trade sources Table 16 % growth Units, Transactions and Value Sales in Consumer Foodservice: % Growth / CAGR 2005/10 TOTAL Units Transactions Value current prices Value constant prices

32 Euromonitor International from official statistics, trade associations, trade press, company research, trade interviews, trade sources Table 17 outlets Consumer Foodservice by Independent Vs Chained Outlets: Units/Outlets 2010 Independent Chained Total Cafés/Bars 100% Home Delivery/ Full-Service Restaurants Fast Food Street Stalls/Kiosks Pizza Consumer Foodservice Self-Service Cafeterias Consumer Foodservice Euromonitor International from official statistics, trade associations, trade press, company research, trade interviews, trade sources Table 18 Consumer Foodservice by Eat in Vs 2010 % value analysis 100% Home Delivery/ Cafés/Bars Full-Service Restaurants Fast Food Street Stalls/Kiosks Self-Service Cafeterias Consumer Foodservice Eat in Total Euromonitor International from official statistics, trade associations, trade press, company research, trade interviews, trade sources Table 19 Consumer Foodservice by Food Vs Drinks Split 2010 % value analysis 100% Home Delivery/ Cafés/Bars Full-Service Restaurants Fast Food Street Stalls/Kiosks Self-Service Cafeterias Consumer Foodservice Food Drink Total Euromonitor International from official statistics, trade associations, trade press, company research, trade interviews, trade sources Table 20 Sales in Consumer Foodservice by Location % value

33 Leisure Lodging Retail Travel Stand-Alone Total Euromonitor International from official statistics, trade associations, trade press, company research, trade interviews, trade sources Table 21 Leading Chained Consumer Foodservice Brands by Number of Units 2010 Brand Global Brand Owner outlets

34 Euromonitor International from official statistics, trade associations, trade press, company research, trade interviews, trade sources Table 22 Chained Consumer Foodservice Company Shares % value Company

35 Total Euromonitor International from official statistics, trade associations, trade press, company research, trade interviews, trade sources Table 23 Chained Consumer Foodservice Brand Shares % value Brand Global Brand Owner

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37 Euromonitor International from official statistics, trade associations, trade press, company research, trade interviews, trade sources Table 24 Forecast Units, Transactions and Value Sales in Consumer Foodservice: Units ('000) Transactions (mn) A$ billion Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources Table 25 Forecast Units, Transactions and Value Sales in Consumer Foodservice: % Growth % growth Units Transactions Constant value CAGR 2010/15 TOTAL Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources APPENDIX National Consumer Expenditure The ABS Business Demography figures measures businesses not outlets per se, so consequently the figures are significantly lower than Euromonitor s. Also those outlets retailing baked goods are excluded from ABS figures, thereby excluding the bulk of bakery products fast food. Although this is a comparatively minor issue, the ABS does not include businesses that open and then quickly close again, within the same financial year. Due to the low start up costs

38 associated with establishing some consumer foodservice outlets, this issue is especially important for this industry. Also a minor issue is the ABS s exclusion of theatre restaurants. ABS Retail Trade data, on the other hand, does not include pubs and bars. Table 26 Consumer Expenditure on Consumer Foodservice No. of outlets Cafés and restaurants foodservice Pubs, taverns and bars Clubs (Hospitality) Total Australian Bureau of Statistics Business Demography Table 27 Consumer Expenditure on Consumer Foodservice A$ million Cafes, restaurants and catering services foodservice Total Cafes, restaurants and catering services foodservice Total Australian Bureau of Statistics Retail Trade Trade Association Statistics While Australia does have a variety of associations covering consumer foodservice both national and state-based such as the Restaurant & Catering Association none of these publish data on either the size or state of the industry. OPERATING ENVIRONMENT Franchising According to the World Franchise Council, Australia is the most franchised nation in the world, with three times as many franchises per capita than the United States. This is partly due to an urge among Australians to work for themselves, along with a middle class affluent enough that they can afford to make such a leap. Probably the most crucial reason for franchising being so popular in Australia, however, is to avoid Payroll Tax, which is applicable to

39 businesses that pay wages of over A$600,000. Since each franchise is owner-operated, it is legally its own business, thereby avoiding payroll tax. Furthermore, franchises are a particularly popular option in consumer foodservice. To m C t e t c o f e a A m f d b m t W p t o W C W A a e 2 a s b j s m

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