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Wednesday 12th March 1997

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Issues - The banking system under the spotlight.

International:

Cyclone Justin is starting to back off and weaken after stretching over 1,200 kilometres across the Coral Sea and northern Australia last night. Justin was listed as a weak "Category two" late yesterday but meteorologists warned it still had the potential to gather force again.

During the last few days huge waves have damaged ports, homes and small boats from Cairns in the north to the Sunshine Coast just north of Brisbane.

The cyclone is expected to have caused major damage to the very fragile Great Barrier Reef.

The cyclone has caused delays to the miltary exerice "Tandem Thrust 97" to be played out by US and Australian forces in the next few days. However many sporting and heat related accidents have been reported and about six army personnel have sought medical attention after getting into a fight with locals at a Rockhampton bar. Four servicemen have been admitted to hospital with Ross River virus and another two have had appendixes removed. Finally a US soldier was seriously injured after being hit by a train.

Hopefully the exercise will start soon before most of the 26,000 troops involved become casualties.

Political:

There is something really "sus" going on between the Federal Liberal and Labor parties. Over the last few days you could almost have mistaken Opposition Labor leader Kim Beazley as being one of Howard's front bench.

Yesterday was no exception and I reckon that it has got something to do with a private agreement or "understanding" regarding the "entitlement rorts" that have been exposed at the highest political levels in Australia.

Let us remember that Senator Colston successfully moved last week to have all Federal politicians allowances investigated... a move that would, I believe, have some of the most "clean" politicians ducking for proverbial cover.

After a lot of initial bluster about making people work for the dole.... Beazley has come out in support of the Coalition plan!

The work-for-the-dole scheme will force unemployed 18 to 24 year olds to work or lose their social welfare payments (the dole).

Under the plan, which was finalised by Cabinet yesterday, 10,000 young people who have been unemployed for over 6 months will work 12 hours a week. Likely trial areas include Logan City, Hervey Bay, the Gold and Sunshine Coasts and Townsville.

Community groups and private companies will be asked to sponsor the programmes.

A spokesman for Beazley said, "Our position remains that this is a Mickey Mouse scheme which is no substitute for real jobs.

"When we see the detail of any legislation involved, we will seek to amend it to improve it.

"But we will not seek to block it: because some work on training is better than none."

The totally irrelevant Democrate and Green parties squealed saying that they would oppose any move in the Senate to force people into the scheme (a touch of political correctness coming to the fore here).

The main points of the scheme are:

Interesting that the last point highlights the popular hang-outs for young "unemployed" permanent holidaymakers and layabouts who make up a large percentage of the permanently unemployed in Australia.

Extensive political commentary and links can be found on Palmer's Australian Politics page.

Business:

It now appears that Kerry Stoke's bid to takeover Optus Vision might actually succeed.

Justice Robert Hunter ruled that Seven Network's claims can be heard following allegations that the other shareholders (with 98% of the company) broke a shareholders agreement.

Justice Hunter said his ruling would allow Seven to "present a case of breach including one based upon an unreasonable use of power conferred by the joint shareholders' agreement, or one not of breach but based on an entitlement to relief against the alleged abuse of those powers".

This followed preliminary hearings in the Supreme Court in New South Wales where Seven sought to alter its plea to include allegations of fraud, unconscionable conduct and abuses of power.

The likely outcome has forced the other share holders like Kerry Packer's Publishing and Broadcasting Limited, US West and Optus Communications to come to the table to talk out a peace deal with Seven Network.

The settlement is believed to involve allowing Seven to sell its valuable sporting rights on a non-exclusive basis - Optus Vision currently holding exclusive access to the rights.

The move would allow Seven to give Foxtel and Galaxy access to the broadcasting rights for the very popular Australian Football League (AFL) matches. This could be the catalyst for further sharing of sporting programmes between the Pay TV companies in Australia.

Sport:

Embattled Australian cricket captain Mark Taylor could lose his position in the Australian team if his battle with fitness is not successful.

Taylor is suffering minor spasms in his injured back and missed yesterday's warm up against an invitation Eastern Province side.

One of the casualties after the first test is South African "wonder-spinner" Paul Adams who proved to be a dismal failure - being belted all over the ground.

In the Eastern Province match the Australians performed well with Matthew Hayden on 68, Justin Langer on 56 and Michael Bevan on 57 playing major roles in Australia's 243 for 4 in 45 overs in the limited over match.

Australia have yet to lose a match in the current series.

Personal trivia, from the global office:

Beautiful day outside, sunny but windy. The kids (corellas), Heckle and Jeckle, and about ten others are having a ball at the feedtray outside as I write.

Have a great day.


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