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Since October 1995

Monday 24th February 1997

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Issues - The banking system under the spotlight.

International:

The Northern Territory's controversial Euthanasia Bill is expected to be tabled before the Senate in the next few days. The Senate committee inquiring into euthanasia is expected to table its report this week with the findings expected to declare that the Private Members Bill tabled in Parliament by Liberal back bencher Kevin Andrews to be legal.

The Bill has already passed through the House of Representatives on a conscience vote and is expected to be ratified by the Senate. Since the Northern Territory legalised euthanasia three people have died under their own hand. The last was a 69 year old man from the Northern Territory who was suffering from stomach cancer.

Political:

The already overpaid federal politicians are on the bread and butter trail again this time through a proposal being tabled by Democrat leader Cheryl Kernot. Her proposal is that politicians voted out of office be able to claim redundancy pay. The proposal is linked to the controversial superannuation payments that politicians receive when they leave office. The gravy train in this area is nothing short of obscene.

Kernot said that it was unfair that politicians received their superannuation payout when they left Parliament while most other workers had to wait until they were 55 years of age.

The Democrats proposal to the Senate superannuation committee is that retrenchment payments be a payment of 50% of a politician's salary for up to 8 weeks. For long term politicians the Democrats suggest that a politician receives and additional two or three weeks for every year served up to a maximum of 70 weeks.

Under Kernot's plan the retrenchment money would come out of the politician's superannuation.

"The trade off is that they will not get their super until age 55," Kernot said, "then at age 55 they would get their money but would be limited to receiving only half as a lump sum with the rest payable as a pension payment."

Former Labor attorney-general Michael Lavarch was eligible to receive his super at age 34 - after just nine years in politics.

Labor Leader Kim Beazley's only comment was, "I think we get paid enough."

Business:

Kerry Stokes' Seven Network Limited has a big week ahead of it with today being its first appearance in court - a move aimed at taking over the 98% of Optus Vision that it does not already own.

Seven has already accepted two offers to buy the remaining 98% but is unlikely to get the bargain basement priced shares until the court rules on the issue.

The Supreme Court will hear today that the other major shareholders breached the shareholders agreement in a deal struck with Kerry Packer.

Personal trivia, from the global office:

Another beautiful day outside and after many consecutive days of travel to the big smoke, one to be enjoyed at the global office.

The Australian Independent & Free Thinking Award (AIFTA)
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