NewsRoo.com.au

A compact weekly review of Aussie news for Australians abroad
By Vince Chadwick and Benjamin Hope

October 4th 2008

Covering Australian News of 27/09/2008 to 03/10/2008













Federal Treasurer Wayne Swan
Image: NewsRoo CC, originally james_tCA

Treasurer proposes $4 billion mortgage relief fund

Treasurer Wayne Swan has announced a plan to use $4 billion from the budget surplus to aid small non-bank lenders who are failing to obtain funds in the global credit market. The plan would invest in AAA-rated residential mortgage loans that will bring a financial return to the taxpayer and offer up to $80 a month relief to home buyers. The plan aims to reduce mortgage rates up to half a percent in the long term by boosting market competition after the non-bank lenders share of the home-mortgage market fell from 20% last year to 10% this week. Opposition leader Malcolm Turnbull welcomed the treasurer’s decision to implement what he considered an opposition proposal.

Pregnant Woman
Image: mahalie

Maternity leave to replace baby bonus scheme

The Australian Productivity Commission this week released a report recommending paid maternity leave for mothers or fathers of up to 18 weeks at minimum wage ($544 a week) to replace the Howard government’s Baby Bonus Scheme. The Prime Minister pledged to endorse the introduction of a paid maternity scheme but refused to commit to the 18-week proposal for tax-payer funded relief. Australian Chamber of Commerce and Industry chief Peter Anderson said the requirements for employers to pay superannuation contributions for the duration of the leave (estimated at $70 million a year) represented an ‘excessive and unnecessary additional burden.’

Senate Bailout Hearing

Financial storm continues

Australia continues to feel the effects of global economic turmoil after the U.S. House of Representatives rejected the Bush Administration's $US700 billion plan to bailout financial markets. As the plan faltered the ASX closed down 4.3% on Tuesday, its lowest close in nearly three years. There was bipartisan agreement among Australia's political leaders that the Australian economy was stronger than the US market, with Opposition leader Mr Turnbull cautioning 'we are in a storm, we are going to get wet, but we will not sink'. The local share market recovered during the week as the U.S. Senate passed an amended rescue package and the ACCC indicated it would not oppose BHP Billiton's $400 billion hostile takeover of Rio Tinto.

Andrew Robb

Rudd criticised for carbon emission ‘obsession’

Opposition emissions trading spokesman Andrew Robb has criticised the Prime Ministers ‘obsession’ with delivering a carbon emissions trading scheme by 2010 after several companies revealed they would shelve or dump investment opportunities due to economic uncertainty and the financial burden of carbon offsets. The criticism came as a poll this week showed Australians favour protecting jobs and strengthening the economy ahead of tackling climate change, which was rated the 5th most important issue. Opposition leader Malcolm Turnbull drew on Ross Garnuat's climate change report, delivered to the Prime Minister this week, to insist on global consensus before introducing carbon-cutting measures.

Dubrovnik, Croatia
Image: Mike McHolm

Aussie backpacker missing in Croatia

An Australian backpacker has gone missing in the Croatian capital of Dubrovnik. Britt Lapthorne, 21, from Eden Park in Melbourne has not been since September 18 after she failed to return to her youth hostel following a night out at the nearby Club Fuego. Ms Lapthorne's brother Darren who is based in Germany flew to Dubrovnik but claimed local police were not doing enough in their investigations. Local police initially claimed to have questioned bar staff at the club where Ms Lapthorne was last seen, though staff denied they had been interviewed. Interpol has been asked to begin an international search for 7 people thought to have been travelling with Ms Lapthorne and who were with her at the club that night, but left the following day.

Australian Federal Police Car
Image: Angelo Tsirekas

AFP raid journo's home

The home of Canberra Times journalist Philip Dorling has been searched by Australian Federal Police after Mr Dorling wrote in a June article that Australia's allies including China and Japan were the targets of spying by the Defence Intelligence Organisation. The early morning raid by 7 members of the AFP during which they searched the entire house including the ceiling has sparked anger from journalists citing the Rudd Government’s promise to provide new protections for journalists and whistleblowers. Dorling's article quoted material from classified briefing papers prepared for Defence Minister Joel Fitzgibbon though in an editorial The Canberra Times said the papers did not reveal any operational secrets and were merely embarrassing for the government.

Drought Lake
Image: Suburbanbloke

Victorian farmers push for drought relief

The Victorian Farmers Federation has urged the State Government to reintroduce drought support measures that ended on July 1st this year, after high temperatures and strong winds destroyed between 10 and 20 % of the wheat crop in the states north this week. The Farmers Federation president Simon Ramsay said high temperatures and close to no rainfall meant hundreds of farmers have ‘hit the point of no return.’ South Australia and New South Wales are also feeling the effects of the drought with Rural Financial Counselling Service general manager Kay Matthias predicting up to 30 % of South Australian farmers would have to leave the land or significantly restructure their businesses without significant rainfall.

Hawthorn Banner

Hawks win first flag in 17 years

Hawthorn has upset reigning premiers Geelong to win the 2008 AFL Grand Final in front of a massive crowd of 100,012 at the MCG. It was only Geelong's second loss of the season, prompting coach of the year Mark Thompson to apologise to supporters, saying 'we let you down'. As anticipated the game was closely fought before Hawthorn kicked away in the third quarter to win by 26 points. The Cats were left to rue missed opportunities in front of goal, after kicking 11.23 89 to the Hawks 18.7 115. Hawthorn defender Luke Hodge overcame injury to win the Norm Smith Medal for best on ground.

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