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14 April 2008 WHAT'S WRONG WITH THE ASX The position of the Australian Stock Exchange (ASX) since it became a listed company in 1998 has always been a peculiar one and current investment collapses make it even more so. The workings of the ASX may not seem to be of interest to most Australians but as the majority of us become shareholders, either in our own right or through superannuation, it is. Not only does the ASX have a near-monopoly in Australia on listings and share trades but it also has responsibility for the regulation of much of that trading. In 2006 the Liberal Party State Convention passed a resolution which I instigated about partnering with Queensland business to develop another large-scale competitor for ASX. I envisaged the new entity involving overseas funds. Since then, AXE ECN (Australian Exchange Electronic Communications Network) has developed a business model to handle large stock transfers between brokers and is currently awaiting government approval. ECNs are high-speed, low-cost platforms that separate listing from trading functions and are already available in most global markets. Backers of AXE ECN include Credit Suisse, NZX, Citigroup, Commsec, Goldman Sachs JBWere, Macquarie Bank and Merrill Lynch. I’m not suggesting that there has been anything improper about the work of the ASX but there is a huge problem with perception of conflict of interest. At a meeting of QBE Insurance shareholders, Chairman John Cloney pointed out that the ASX made a profit from every trade. "As market operator, it is not in the ASX's interest to take steps to decrease trading volumes. They clip the ticket in every transaction, so the more transactions, the better," he said. ASIC, which governs most company activities outside of actual share trading, would make a better regulator under the current circumstances, Mr Cloney said. "We do not need more regulation - rather we need effective regulation." UN CONVENTION ON THE RIGHTS OF PERSONS WITH DISABILITIES IN FORCE - WITHOUT AUSTRALIA Australia is not among the first 20 countries to ratify the United Nations Convention of the Rights of Persons with Disabilities. Despite being an early signatory under the Howard-Costello Government, we have yet to ratify this very important Convention. Ecuador was the 20th signatory to the Convention, thus bringing it into force on May 3. The convention was originally adopted on December 13, 2006. There are at least 650 million persons with disabilities worldwide, with about 80 percent living in less developed countries. The Convention, together with its Optional Protocol, is designed to rectify the serious neglect and dehumanising practices that violate the human rights of persons with disabilities. COMMUNICATION BREAKDOWN For those Queenslanders living outside Brisbane, the decision by the Rudd Government to cancel the $1 billion improvement of broadband services last week is likely to be followed by closure of the CDMA mobile telephone network at the end of April. Although Telstra had long planned a January 28 shutdown of its 10-year-old CDMA network, the Howard Government last year forced Telstra to keep the network open until the NextG network matched or bettered the existing CDMA technology. From anecdotal evidence I've received that stage is still a long way off. However, it looks like Minister Stephen Conroy will accede to Telstra's demands to switch off CDMA on April 28. The OPEL broadband plan was scrapped after Senator Conroy's department determined that it would only reach 72 per cent of "under-served" premises, short of the 90 per cent target. The joint venturers, Optus and Elders, maintain that all conditions of the funding agreement were met. They maintain that the OPEL network was capable of meeting the objectives of the Government's Broadband plan and could have delivered improved broadband services to almost 900,000 premises in rural and regional Australia at prices comparable to capital cities. Labor's Fibre-To-The-Node (FTTN) plan will not deliver any results until 2013, and it is likely that 25 per cent of the population will not be able to be connected. Labor members in the following electorates supported Stephen Conroy's broadband axe:
HUMAN TRAFFICKING IN ASIA World Vision CEO, Tim Costello, was in town last week to launch a new World Vision initiative “Don’t Trade Lives”. This is a new campaign that aims to unite Australians against human trafficking and slavery. Slavery may seem like a 19th century crime, but trafficking and slavery are still going on world-wide, including Australia. In Sydney recently raids rescued 10 women from a prostitution ring. Four women were rescued on the Gold Coast recently – this case is going to court in October. The buying and selling of people - and keeping people in exploitative conditions - is the third biggest crime racket in the world today behind drugs and arms. Trafficking occurs because of poverty and a lack of migrant protection. The slavery campaign in Australia will initially highlight the chocolate industry. Many children working in the cocoa fields in West Africa are subjected to injustice and exploitation, and many thousands of them have no chance of gaining and education, thereby consigning their lives to the cocoa fields. Next time you buy a chocolate bar, think about where it came from, and go to the www.donttradelives.com.au website and see how you can contribute to the campaign to stop human slavery. ENOGGERA BARRACKS
Crammed into a small space, wearing a heavy helmet, constantly on the lookout for enemy targets, I was starting to get a headache after 10 minutes. And that was just in the armoured vehicle simulator! Add in searing temperatures, rough terrain, endless hours in those conditions, and enemy activity for soldiers in the field. In this area, at least, I agree completely with Prime Minister Rudd that the Australian community “owes everything” to our troops in terms of ensuring that they well supported and resourced. I really appreciated the opportunity to get a snapshot of the work of 7th Brigade and was impressed by the professionalism and enthusiasm of the 40 or so troops I met. Of course, every workplace has its acronyms and the Army is very proud of theirs. My favourite: the EDD, short for Explosives Detecting Dog. My thanks to Major-General Richard Wilson, commander of 1st Division and Brigadier Stephen Day for hosting the visit and briefing. Australia currently has troops involved in peacekeeping or military assignments in countries, including Iraq, Afghanistan, Malaysia, Sudan, Solomon Islands, East Timor and Lebanon.
Do remember them on Anzac Day. BRENDAN NELSON Whilst I didn’t vote for Brendan Nelson in the Federal Leadership ballot, I believe his "listening tour" is a important part of reclaiming government. It’s painfully obvious that the Liberals lost the last election because we were no longer hearing the real views of the Australian people. Dr Nelson, is doing a good job of establishing himself as anything but an automaton bureaucrat and as the alternative Prime Minister. FEEDBACK Thank you once again for the feedback - it's important to hear what you believe I’m doing right (and wrong). "Some great points! I know this (especially the economic-record part) email will be circulated far and wide." GG "Thank you for the informative email. Facts and figures reflect the story of success the coalition demonstrated in managing our great country." RE "I read the article and suggest that instead of embarking on the proposed slogan (in my view unsubstantiated or justified by the article below) we should pull our sleeves and work hard to achieve coherence within the party and our coalition partners, re-establish/build a strong base at grass root level and connect with Australians of all works of life and not only with committed Liberals." AZ
"We are pensioners who are still paying off our
mortgage, we do not derive any benefit from tax cuts nor do we have much
disposable income which we are told drives up inflation. We struggle to pay the
ever increasing loan rates but do not get any assistance or allowance for this,
if working people with two incomes struggle imagine what pensioners do... Maybe
pensioners have been forgotten when it comes to rate rises." R and S "I hope you are given the chance to talk to young women at school as part of your role. I was so pleased to finally have someone say, with great conviction, that it's fine not to have it all - motherhood, satisfying career and a happy marriage and lots of money all at the same time! I have a daughter in Year 8 and thoroughly subscribe to the view that yes you can try and have it all - when you're ready and able for each stage! I have recently gone back to work, after 14 years at home, ... you made me realise that with some patience, I might be able to achieve a few more milestones yet." HW If you have friends or family who would like to receive Queensland onLine, it's easy to subscribe at http://www.sueboyce.com.au/The_Queensland_Line.html
Sue Boyce |
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It’s
fairly obvious that the modern Australian soldier must be “physically tough”,
but I hadn’t appreciated the difference between “tough” and “fit” until I had a
very small glimpse into a soldier’s life during a visit to Gallipoli Barracks,
Enoggera, last week.