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Murdoch warns Australia is unprepared to handle financial crisis

The head of News Corporation Rupert Murdoch has warned Australia is ill-prepared to deal with the current financial crisis. During the annual Boyer Lecture, Mr Murdoch also called for an overhaul of the education system and an end to a reliance on government handouts, warning Australia is in danger of becoming a ‘nation of bludgers.’ Liberal Senator Nick Minchin rejected Mr Murdoch’s advice that Australia should become a Republic within the Queen’s lifetime, claiming he failed to understand the benefits of present constitutional arrangements. The Prime Minister Kevin Rudd supported the suggestion for an overhaul of the education system, calling for an 'education revolution' to prevent Australia falling behind the rest of the world in the long term.

Debt (red) vs budget deficit over surplus (blue)

RBA cuts interest rates as surplus dwindles

The Reserve Bank has responded to fears of more tough economic times ahead by again cutting interest rates, this time by .75 percentage points to bring the cash rate to 5.25%. The major banks however, cited difficulty in getting funds from overseas as the reason for not passing on the rate cuts in full as the NAB, Commonwealth, ANZ and Westpac all lowered their variable home loan interest rates by between 58 and 65 basis points. Treasurer Wayne Swan expressed disappointment at the banks not passing on the rate cut in full but had headaches of his own after revealing this year’s budget surplus will drop from the projected $21.7 billion to $5.4 billion.

Image: Alex U

Plan to fund student services through compulsory fees

The Federal Government has announced its plan to allow universities to charge a compulsory fee of up to $250 to fund campus activities, with a HECS-style loan available to help students meet the cost. The move will address a $170 million funding shortfall after the Howard Government scrapped compulsory student unionism in 2006 leading to a decline in student services. The opposition has accused the government of reinstating compulsory union fees despite Federal Youth Minister Kate Ellis confirming student unions would have no role in managing services. Universities Australia, which represents the nations’ 38 tertiary institutions, has welcomed the plan and assured students they will have some input into how the money is spent.

PM Kevin Rudd with President George W Bush

Rudd accused of diplomatic gaffe

Opposition leader Malcolm Turnbull has accused the Prime Minister of making a diplomatic gaffe which will harm Australia’s relationship with the United States after details of a phone conversation between Kevin Rudd and US President George W. Bush were made public this week. The Weekend Australian reported that when questioned about the economic crisis President Bush asked what the G20 (group of 20 nations) was. Two days later the White House issued a strong denial while Mr Rudd claimed reports had mischaracterised the conversation. The Opposition has called for an official investigation into how the leak occurred amid suggestions the incident may damage Australia’s reputation at the G20 summit to be held in Washington on November 15.

Image: djackmanson

Tight security at Palm Island Awards

Security was tight in Townsville on Monday as 22 police officers received bravery awards for their courage in the 2004 Palm Island riot. The riot was sparked by the death in police custody of local Aboriginal man Mulrunji Doomadgee and resulted in the burning down of the Palm Island police station. Local Aboriginal activists in Brisbane rallied on Sunday for the release of Lex Wotton, who was senteced to 6 years jail on Friday for his involvement in the riots. Local MP Mike Reynolds labelled the Police Commissioner Bob Atkinson as ‘culturally incompetent’ for timing the awards to coincide with the sentencing of Mr Wotton.

Image: jbennett

Victoria's 'best ever' Police Chief to resign

Victorian Police Chief Commissioner Christine Nixon has announced her resignation as Premier John Brumby singled her out as the best Police Commissioner in Victoria’s history. Ms Nixon, who tackled the underworld and police corruption by setting up the Purana taskforce and the Office of Police Integrity, pointed to a lowering of both the crime rate and the road toll by roughly 26%, as her proudest achievements. Describing her eight years in the job as ‘one of the most incredible and satisfying times of my life’ Ms Nixon said she was not without some regrets including not introducing greater initiatives to ensure more police were tertiary educated, and a lack of police control over liquor licenses which she linked to the recent spike in alcohol fuelled violence in Melbourne’s CBD.

Image: pointnshoot

Principal cleared of charges in Henson School Visit

The former principal of St Kilda Park Primary School has been cleared of any wrongdoing in allowing controversial photographer Bill Henson to scout for talent on school grounds. An Education Department inquiry found principal Sue Knight had not acted outside department guidelines and no disciplinary action will ensue. Allegations arose last month after artist Bill Henson was allowed onto school grounds to select young models for his controversial artwork that sometimes features nude children. The New South Wales government has denied that plans to extend the maximum penalty for sex offenders to 25 years were prompted by the artist.

Image: Scootie

Viewed wins closest Melbourne Cup in history

Trainer Bart Cummings has won his 12th Melbourne Cup with Viewed taking out the race that stops the nation in a photo finish. It was the closest finish in the history of the race as jockey Blake Shinn withstood a late surge from Bauer in the straight. The favoured internationals fared badly however, especially disappointing one punter who had placed a $100,000 bet on Mad Rush who finished seventh. Australian punters bet an estimated $150 million on the race, spurning suggestions the recent economic crisis would lead people to hold onto their money. Other events at the Spring Racing Carnival have suffered however with the smallest Oaks Day crowd since 1999 despite fine weather.

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November 8th 2008

Covering Australian News of 01/11/2008 to 07/11/2008