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Since October 1995

Tuesday 23rd April 1996

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International:

When is a profit not a profit?
If you are to believe the organisers of the 1996 Indy Carnival event, IMG, the race made a "profit" this year.. for the first time. The Au$2.2 million surplus was "announced" by IndyCar Australia chairman Ron Richards.

Since 1991 IndyCar is estimated to have cost the Queensland tax payer Au$81 million! This year's race cost Au$18.5 million to stage and attracted revenues of Au$20.7 million. Now those revenues **INCLUDED** a state government input of Au$8.8 million. The **profits** have been split in a confidential agreement between IMG and the state government. This is after the organisers admit that the net **cost** to Queensland taxpayers was Au$4.4 million.

Somehow I think that there was only one big winner here and it certainly wasn't the contributing taxpayers in Ipswich or Toowoomba and I don't think that they are the ones lobbying the state government for the event to continue either!

Political:

The state police minister, Russell Cooper, has found himself in a touch of bother over his private deal with the police union. Cooper promised several things to the police union in return for their support at the crucial Mundingburra election, won by the Liberal/National Coalition and causing the sitting Labor government to be ousted.

The Carruthers inquiry into the confidential memorandum between Cooper and the police union is drawing quite a lot of interest and is now anything but confidential and certainly the cause of great embarrassment to the state Coalition.

Business:

It appears that cash-strapped Australis, owner of the Galaxy Pay TV network, has been bailed out by Packer.

In another major loss that must have Murdoch feeling like a punch drunk boxer, another opportunity has slipped from his grasp. Australis and Foxtel had attempted to forge an alliance before the Australian Competition and Consumer Commission chairman, Allan Fels, refused to allow it to proceed.

Packer saw the opportunity, brought in an overseas partner, Lenfest, who guaranteed a United International Holdings and Sir Ron Brierley's Guiness Peat Group a wad of millions to get into the play.

Seconds out, round number six, seems like Murdoch is going to need a knockout to win this match!

Sport:

Yesterday we reported how the great swimmer Kieren Perkins was knocked out of the 200m freestyle final. Today the mantle has fallen onto Samantha Riley who lost the 100m breastroke to little-known Perth swimmer, 19 year-old Helen Denman. The race held at Sydney's Homebush pool resulted in one of the tournament's biggest upsets with Riley three seconds off her best.

Riley could only manage 1 min 09.79 sec well behind Denman who came in in 1 min 09.2 sec.

Personal trivia, from the global office:

The pictures from the launch of Alex's Scribbles came back yesterday. The fun of the fair and the great Koala trouble t-shirt attracted a number of sales before the proceedings had even got underway!!

Such is the succes of a give year-old! Another gorgeous day from the Global Office - as seen in the picture!

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