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Australian businesses post record profit as interest rate drops .25%

Australia continues to reap the benefits of the mining boom with company gross operating profits rising 21.5% for the year to June. Commonwealth Bank chief economist Michael Blythe attributed the rise largely to higher iron and coal prices boosting trade, while only the property and business services sectors posted falls in profit growth. After meeting mid-week the Reserve Bank decided to lower interest rates by .25%, a cut the big four banks immediately passed on in their official rates. The government welcomed the news yet emphasised there remained rocky times ahead while the Opposition Leader Brendan Nelson claimed the cut was due to a "slowing economy, rising unemployment and still high inflation".

Governor General: the majority of Indigenous Australians leading ‘Integrated, normal lives’

Aboriginal leaders are outraged by comments from the out-going Governor-General Michael Jeffery that the majority of indigenous Australians are living ‘integrated, normal’ lives, with disadvantage mostly confined to the 100,000 Aborigines living in remote areas. The comments come as former Northern Territory chief minister Clare Marin declared the Liberal government’s $1.3 billion intervention scheme into Aboriginal communities in the Territory, ‘a mess.’ Aboriginal leader Pat Dodson said Jeffery’s remarks suggested that all that was needed was to force remote communities out of their traditional lives instead of addressing the over-representation of Indigenous Australians in social indicators across the nation.

Image: NewsRoo CC, originally james_tCA

National deficit at 3-year low

The Australian Bureau of Statistics announced that Australia’s national account deficit has fallen by more than a third to $12.8 billion - the lowest level in three years - in the June quarter gross domestic product figures. Treasurer Wayne Swan attributed the shrinking deficit to strong prices for commodities and a sharp increase in the price of coal and iron exports. The Commonwealth Bank’s chief economist Michael Blythe said the narrowed deficit is unlikely to boost economic growth in the June quarter with the GDP rising less than expected at 2.7% to June.

Image: ralphbijker

Aussie manufacturing industry continues to slide

Weaker global growth, rising input costs and the higher value of the Australian dollar have seen manufacturing activity decline for a third straight month in August. Analysts said this exemplified the need for an interest rate cut though remained pessimistic that these market pressures would ease significantly in the short-term, given the prospect of slower economic growth. Meanwhile a former chief executive of Woolworths has expressed concern for the survival of Australia's food manufacturing industry. Reg Clairs, who ran Woolworths from 1993 to 1998 warned that if the trend of smaller suppliers being squeezed out by global food manufacturers continues, local food manufacturers will disappear in 10 to 15 years.

Image: Donaldytong

Victorian abortion bill conscience vote divides parties

Victorian senators will have a conscience vote next month on the controversial 2008 Abortion Reform Bill that would allow unrestricted abortions in the first 24 weeks of pregnancy, and after 24 weeks with the approval of two doctors. Dr Chris Bailey and colleagues at the Royal Women’s Hospital in Melbourne said the bill will remove abortion from the Crimes Act and provide a secure legal framework for health care professionals. Victorian Senator Judith Troeth implored her colleagues to ‘show commonsense’ and reject the motion that has caused division among both major parties.

Keelty under fire over Haneef case

The federal government has been forced to publicly affirm its support for Australian Federal Police Commissioner Mick Keelty amid mounting criticism of Keelty's handling of the case against Brisbane-based doctor Mohammed Haneef for terrorism offences last year. The case against Haneef later collapsed for lack of evidence though Keelty continued to refer Haneef as a 'suspect' until last Friday when the AFP announced he was no longer a 'person of interest'. Lawyers for Mr. Haneef said they expected the terms of reference of a government inquiry currently being conducted into the matter to be widened to include considering Mr Keelty's tenure. $8 million was allegedly spent on the investigation.

Report warns Great Barrier Reef may be 'dead within 30 years'

A report released by Professor Ove Hoegh-Guldberg at the 11th international Riversymposium in Brisbane revealed the Great Barrier Reef will be dead within 30 years unless action is taken to halt rising CO2 levels and melting icecaps. The World Wildlife Fund (WWF) also accused the Queensland government of being ‘missing in action’ on attempts to prevent further harm to the reef - worth $6 billion in tourism annually - at the symposium. The announcements came as Environment minister Peter Garrett came under fire for the proposed development of a new coal port in Schoalwater Bay, north of Brisbane, that would involve shipping lanes through the Great Barrier Reef.

Image: Jonathunder

New Chief Justice flags key areas

Former Federal Court judge Robert French has been officially sworn in as Chief Justice of the High Court of Australia, replacing Murray Gleeson whose term ended last week as he reached the compulsory retirement age of 70. Chief Justice French, whose appointment has been widely welcomed in the legal community, flagged the issues he believes represent the biggest challenges to Australian courts, such as the maintenance of the separation of powers doctrine and the cost of instituting court proceedings impeding access to justice. He said courts should not second-guess the decisions of the executive government, "save for lawfulness and fair process".

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September 6th 2008

Covering Australian News of 30/08/2008 to 05/09/2008