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Tuesday 18th February 1997

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Issues - The banking system under the spotlight.

International:

The native title claimants who have as yet not signed the Century Zinc deal are today to meet with the Aboriginal and Torres Strait Islander (ATSIC) Chairman, Gatjil Djerrkura, in Mt Isa.

Djerrkura spent yesterday talking to the native title claimants and gulf Aboriginal leaders trying to resurrect the negotiations which lapsed last Thursday.

If the chairman of ATSIC can get the 12 signatures on the agreement it is believed that he will be in a strong position to convince the Queensland government and Century Zinc to reconsider adopting their now null compensation offer.

In the meantime the National Native Title Tribunal yesterday advised that it had been formally approached by Century Zinc for an arbitration outcome. If this process proceeds the compensation package will be far lower than the one currently on the table.

We spoke of our outrage about the manner in which the Vendee Globe Solo Yacht Race sailors abused the hospitality of Australians by not paying back one cent of the millions of tax payer funds used by the defence force to rescue them.

Now we are sad to report that country hospitals in New South Wales are being forced to close because of "lack of tax payer funds".... sick, sick, sick... hang your head in shame bureaucrats around this beautiful country of ours - you are stuffing it up!

Political:

Prime Minister John Howard has assured Australians that the country's Au$10 billion defence budget would be quarantined from any cuts in the next federal budget. Howard is currently in New Zealand with prime minister Jim Bolger trying to persuade him to maintain defence spending at their current levels.

"We see defence - the defence investment - as being a very important element of our protection and influence in the region," Howard said on the final day of his visit to New Zealand.

Australia spends some 7.7% of its federal Budget on the military compared to New Zealand's 3.9% - in dollar terms this means that Australia oulays ten times as much.

The Australian Government is keen for New Zealand to take up an option to buy one of two new ANZAC frigates, but New Zealand Prime Minister, Bolger, seemed cool on the idea saying, "We don't have to make decisions on the frigates until nearly the end of the year."

Business:

The ANZ Bank joined the National Australia Bank and Commonwealth Bank in cutting their home loan interest rate yesterday to 6.9% for a "no frills Money Saver" home loan.

ANZ is now offering the lowest variable home-loan rate in the market while its standard variable rate was cut yesterday from 8.25% to 7.55% in line with reductions by the other major banks.

With the arrival of Aussie Home Loans and RAMs the banks have gone into a flurry of new packages offering discount rates and aimed solely at new home lenders - beware, beware!!!

Social:

The average Australian moves 11 times during their lives, almost twice as much as their European counterparts, according to a study published by the Australian Population Association.

It found that it is the unemployed who are most likely to move saying that it is not unusual for this group to move house 15 or 16 times.

"There is a lot of political comment that these people are not prepared to go anywhere to get a job", the report's author Dr Martin Bell said, "but the evidence suggests that this simply isn't true."

Dr Bell said that the mobility of people was also explained by their economic position, "Low-income people are generally highly mobile because they have less of a hold on the employment and housing market.

"Very high income earners are also very mobile but for entirely different reasons. They tend to see the housing market as a way to improve their financial position."

The study also found that young people tend to move more than middle aged or older people with half of all average lifetime moves completed by the age of 27 and 75% by the age of 40.

Personal trivia, from the global office:

Magnificent day today after the rains that fell over the last few days.

The gardens are growing with a vengeance...

Have a great day!


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