The best of Australia's worst albums

 A book was released this week listing the top 100 Australian albums of all time. These lists are always subjective, but music fans everywhere got their knickers in a twist.

I, too, had an overwhelming desire to weigh in. This list has exposed a gaping hole in Australian music criticism. To establish what is the best, surely we must also recognise albums that tip the scales in the other direction? So, I'm restoring the balance and starting my own list of Australia's Best Worst Albums. And I mean best worst in a good way. This is the stuff that really makes our musical landscape truly great (well, sort of).

1. The Bert and Patti Family Album. 1977. Before Kylie and Jason, Australia's TV royalty gave us their version of Making Whoopee and the glorious For Bert, in which Patti sings, ''Some think Bert's not much but I like his gentle touch.'' These two sure put the sexy business back into show business.

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2. Footy Favourites. 1981. This album captured footy players singing, long before Russell Robertson unleashed his musical brilliance on It Takes Two, and Jacko and Warwick Capper committed acts of violence against vinyl. Moustaches reigned supreme and, sadly, auto tune hadn't been invented. Essendon's Tim Watson tackles Kenny Rogers' Ruby, Collingwood's Ray Shaw brings the tears with Danny Boy and Geelong's Michael Turner shimmies to I Go To Rio. Hawthorn's Michael Moncrieff provides the highlight. His cover of Police's Don't Stand So Close To Me takes the creepy sentiments of the original and turns it up to 11.

3. Craig McLachlan and Check 1-2. 1990. Containing the hit Mona, this album is an exploration of the complex mind of one of the biggest TV soap stars of the time. Highlights include Craig meeting his intellectual equal on the track You're Hot, and his tender ode to the end of an ill-fated relationship with the sentimental skirt-gripper It's Been Good.

4. The Agro Album. 1990. Australia had a TV star that was a puppet made out of a bathmat. He was always angry. He also recorded an album. Enough said.

5. Tony Barber. Temptation. 1972. Named after the show Tone hosted before Sale of the Century, it demonstrates that Tony's pipes are in fine form, but it's really all about getting behind the famous face and into the gift shop.

6. Keep Smiling with Daryl and Ossie. 1976. I watched Hey Hey when I was a kid, so I actually bought this. It's full of innuendo I never understood at the time, ''Oh fiddle faddle, I did so want to have a happy ending,'' and un-PC material, ''Harrow Mr Somers, you'll love my dimmy simmys.'' It's a relic of a time past. At least I thought it was, until I turned on the telly last Saturday night.

7. Chopper Read. The Smell of Love. 1996. Chopper recorded this in prison. I will refrain from discussing further. Because I like my ears. Sorry, Chop Chop.

8. Mike Brady. Winners and Sinners. 1994. Mike's earlier hit Up There Cazaly brilliantly captures the emotion of grand final day. This album takes Mike's style to the next level. Every song is about football. There's even a ditty about Wayne, Carey's Theme. ''Look, up in the sky, is it a bird, is it a plane, no, it's Wayne.'' Too much footy is clearly never enough.

9. Jason Donovan. Ten Good Reasons. 1989. He gave me 10 on this album, so I included it. Sorry Jason. I loved you at the time and would put forks in my own eyes if I'd read this then.

10. Ripper compilation album series. 1976, 1977, 1978. The cover art alone guarantees these comps a place on this list. Album tracks are listed on a naked bum, exposed through ripped shorts. Pure class.

So that's my 10 Australian Best Worst albums so far. I hope that we can now recognise that our best worst albums are just as important as the rest of the world's. Let's start the real debate, people.

Source  http://www.theage.com.au/opinion/society-and-culture/the-best-of-australias-worst-albums-20101028-175qo.html?rand=1288265053746

Australian migration program continues to target skilled migrants

Minister for Immigration and Citizenship, Chris Bowen, has announced the latest statistics on the Australian migration program saying that it is still delivering the skills Australia needs for a healthy economy.

Mr Bowen said the Government's targeted approach to overseas workers was helping to fill critical skills in healthcare and nursing jobs, engineering, financial services and IT jobs gaps. 

The Report on Migration Program 2009-10 showed that more than 60 per cent of the skill stream outcome comprised applicants under the targeted categories, including those who were sponsored  for their Australian Visa  by either an employer or state/territory government – a 12 per cent increase on the previous program year. 

The total outcome for the 2009-10 migration program was 168,623 places (0.05 per cent below the planning level). The 2009-10 skill stream outcome of 107,868 places accounted for 64 per cent of the total Australian immigration program. 

The skilled program planning level was reduced in the 2009-10 Budget to 108,100 in response to the continued economic slowdown through most of 2009 but despite this, the proportion of overseas workers who were sponsored by employers continued to rise, comprising 38 per cent of the 2009-10 skill stream, compared to 33 per cent in 2008-09 and 22 per cent in the 2007-08 program year.

“This outcome is consistent with the government's focus on high-demand, employer-sponsored professionals in areas where Australia has critical skill shortages,” Mr Bowen said. 

“The program met the government's objective of sharpening the focus on skilled migration and targeting the needs of Australian industries and employers.” 

The migration program showed that across all permanent skilled visa categories, the top three occupations were accountants (6734), computing professionals (5370) and registered nurses (3960) while the top three countries of citizenship for these categories were the United Kingdom (18,487), India (18 042) and China (14,505). 

The government announced in the 2010-11 Budget that the overall level of skilled migration would increase by 5750 places to further address Australia's needs as the economic climate improves. 

Source  http://www.visabureau.com/australia/news/27-10-2010/australian-migration-program-continues-to-target-skilled-migrants.aspx

The 100 Best Australian Albums

Let the arguments begin. A new book has been released that lists the best 100 Australian albums of all time. And we want to know if they got it right (definitely not the inclusion of Kylie over Chrissy Amphlett. C'mon guys!)

The 100 Best Australian Albums was compiled by three guys who have been working in the music biz for a long, long time. Toby Creswell and Craig Mathieson are two of Australia's most respected rock journalists, while John O'Donnell is the record industry head who famously signed Silverchair.

It's a massive effort and John O'Donnell told the Sydney Morning Herald that he'd been talking about this idea for years.

"Toby and I have been having this argument between ourselves for 22 years," he remembered. "And Craig joined in on the argument about 15 years ago. We just thought it was time we shared it with everyone else.

This is the first time a list like this has ever been compiled in Australia.

The Top 10 pretty much picks itself with Midnight Oil, AC/DC and Cold Chisel, but the rest of the list covers varied terrain with classic artists like The Church (No. 33) and The Angels (No. 64) alongside Slim Dusty (No. 24) and Kylie Minogue (No. 98).

The Top 100

1. Midnight Oil - Diesel and Dust
2. AC/DC - Back in Black
3. Crowded House - Woodface
4. Cold Chisel - Circus Animals
5. The Triffids - Born Sandy Devotional
6. Easybeats - The Best Of
7. Paul Kelly and the Coloured Girls - Gossip
8. You Am I - Hi Fi Way
9. Skyhooks - Living in the 70's
10. Avalanches - Since I Left You
11. INXS - Kick
12. Go-Betweens - 16 Lovers Lane
13. Radio Birdman - Radio Appears
14. Daddy Cool - Daddy Who? Daddy Cool!
15. Richard Clapton - Goodbye Tiger
16. Bee Gees - Best of
17. The Birthday Party - Junkyard
18. Hunters & Collectors - Human Frailty
19. Sarah Blasko - As Day Follows Night
20. The Saints - I'm Stranded
21. Drones – Gala Mill
22. Split Enz – True Colours
23. Midnight Oil – 10,9,8,7,6,5,4,3,2,1
24. Slim Dusty - The Very Best of
25. Silverchair – Neon Ballroom
26. Nick Cave Bad Seeds – The Boatman’s Call
27. Regurgitator – Unit
28. Hoodoo Gurus – Stoneage Romeos
29. Empire of the Sun – Walking on a Dream 
30. Gurrumul – Gurrumul
31. Kasey Chambers – Barricades & Brickwall
32. Johnny O’Keefe – The Wild One
33. The Church – Starfish
34. The Reels – Quasimodo’s Dream
35. Master’s Apprentices – Master's Apprentices
36. Savage Garden – Savage Garden
37. Sunnyboys – Sunnyboys
38. Kev Carmody & Various Artists – Cannot Buy My Soul
39. Something For Kate – Echolalia
40. Stephen Cummings – Lovetown
41. The Saints – Prehistoric Sounds
42. Australian Crawl – The Boys Light Up
43. Powderfinger – Odyssey No. 5
44. Mental as Anything – Cats & Dogs
45. Eddy Current Suppression Ring– Rush To Relax
46. Models – Pleasure of Your Company
47. Augie March – Moo, You Bloody Choir
48. The Missing Links – The Missing Links
49. Ed Kuepper – Honey Steel's Gold
50. AC/DC – Highway to Hell
51. The Sports – Don’t Throw Stones
52. The Seekers – Greatest Hits
53. Cold Chisel – East
54. Underground Lovers – Leaves Me Blind
55. You Am I – Hourly, Daily
56. INXS – The Swing
57. The Living End – The Living End
58. Jimmy Barnes – For the Working Class Man
59. Russell Morris – Wings of an Eagle
60. Hoodoo Gurus – Mars Needs Guitars
61. The Presets – Apocalypso
62. The Dingoes – The Dingoes
63. The Cruel Sea – The Honeymoon is Over
64. The Angels – Face to Face
65. The Hummingbirds – loveBUZZ
66. Paul Kelly – Foggy Highway
67. Chain – Towards the Blues
68. Dragon – O Zambesi
69. Billy Thorpe & the Aztecs – Live at Sunbury
70. The Scientists – Blood Red River
71. Crowded House – Temple of Low Men
72. Died Pretty – Doughboy Hollow
73. Axiom – Fool’s Gold
74. Bob Evans – Suburban Songbook
75. Dirty 3 – Oceans Songs
76. Renee Geyer – Ready to Deal
77. The Church  – The Blurred Crusade
78. The Vines – Highly Evolved
79. John Farnham – Whispering Jack
80. The Loved Ones – Magic Box
81. Sleepy Jackson – Lovers
82. Bliss N Eso – Flying Colours
83. Nick Cave and the Bad Seeds – Tender Prey
84. Tex, Don + Charlie – Sad But True
85. Flowers – Icehouse
86. Missy Higgins – The Sound of White
87. Go-Betweens – Before Hollywood
88. Normie Rowe – Ain’t Necessarily So
89. Jet – Get Born
90. Captain Matchbox Whoopee Band - Smoke Dreams
91. Ben Lee – Awake is the New Sleep
92. Rose Tattoo – Rose Tattoo
93. I’m Talking – Bear Witness
94. X – X-Aspirations
95. Beaches – Beaches
96. Baby Animals – Baby Animals
97. Bernard Fanning - Tea & Sympathy
98. Kylie Minogue – Fever  
99. Men at Work – Business As Usual
100. Morning of the Earth – Soundtrack 

The 100 Best Australian Albums is out now through Hardie Grant. Plus 5CD box set will be available from this Friday.

Source  http://www.triplem.com.au/sydney/music/news//blog/the-100-best-australian-albums/20101026-a9mz.html

Top 50 Rooms of 2010 Featured in November Issue of Australian House & Garden

At the core of this collector’s issue of Australian House & Garden Magazine is a 60-page spread devoted to the top 50 rooms in houses throughout the country.

Australian design, decoration, gardening and renovation are the foundation of Australian House & Garden, a magazine of inspirational tips and tricks for the modern home and the Australians who aspire to own, maintain and display them.

Australian House & Garden is the authoritative guide for inspiration on the building, renovation and decoration of the home. It is available via subscription at magshop.com.au, the one-stop source for magazine subscription, books, gift ideas and more.

“This is the seventh Top 50 Rooms issue for Australian House & Garden,” writes Editor-in-chief Lisa Green in her enthusiastic introduction. “Not only do you get to ogle 60 pages of gorgeous rooms, you can vote online for your favourite. Emerging trends? The 2010 line-up highlights the increasing sophistication of the outdoor room, the return of serious decorating and some fabulous floor-to-ceiling book nooks.”

The section was assembled over a period of many months, and involved sifting through recommendations from contributors across the country. Former Associate Editor Chris Pearson managed the task, learning along the way that “decorating with a personal touch is finding favour, layering styles and eras. My favourite?” Hint: it mixes and matches classic and vintage elements.

One Hundred Per Cent Australian Homes
Stepping out of the top 50 rooms, House & Garden Magazine splashes out for a selection of uniquely Australian colour palettes guaranteed to brighten anyone’s world. From hothouse botanicals to subdued earth tones, the eye-catching schemes are followed by practical hints to get the most out of any brush with interior painting.

The outside is just as important as indoors, so House & Garden profiles two Sydney-area formal gardens that take very different approaches to tranquility. Tips and tricks for flower and vegetable gardens round out the hands-on coverage.

Working in the soil deserves a dip in the pool. Dive into a special advice section with seven urban and suburban watery retreats featuring all-the-rage infinity, or wet, edges, dark coping and frameless fences for that floating-in-air look and feel.

There’s even advice on accessorizing your alfresco pool party space, with a guide to hot outdoor furniture and cool, capable barbecues.

Curious how others have done it? Photo essays show what homeowners have done with apartments, family homes and beach houses around Australia.

Now That That’s Done
Once your house becomes a home, it’s time to showcase it by entertaining. House & Garden knows what you need, offering selections of homewares, appliances and accessories to make every house a home.

From shopping to chardonnay, food tips will help lay out the best feed for your hungry mob. A guide to healthy shopping is a good place to start, with seafood recipes for all tastes.

Once the guests are gone, tidy up and simplify with tricks for fixing up the home and assessments of what you have lying around might be worth. A selection of offers and promotions with the homeowner in mind round out an issue that lives up to the “collector’s edition” title.

Source  http://www.newsmaker.com.au/news/5775

Top Obama officials coming to Australia

In less than two weeks two of the Obama Administration's top officials will arrive in Australia for talks.

The arrival of the Secretary of State, Hilary Clinton, and the Secretary of Defense, Robert Gates, is timely given the Australian Parliament is currently debating the nation's involvement in Afghanistan, as we heard earlier.

The visit also coincides with the important ASEAN forum, where the rise of China and its implications for the region will be the backdrop.

Dr Kurt Campbell is the State Department's top official for our region, as the Secretary of State for East Asian and Pacific affairs.

He will be travelling to Australia on the Clinton Gates trip and he joined me earlier from Washington.

Dr Campbell, thank you for being with us.

Hillary Clinton and Robert Gates are due in Australia in less than two weeks. What is the US hoping to get out of that visit?

DR KURT CAMPBELL, US ASSISTANT SECRETARY OF STATE FOR EAST ASIAN AND PACIFIC AFFAIRS: Well, first of all let me just say it's great to be with you and I'm thankful to be able to speak to your audience directly.

Secretary Clinton and Secretary Gates will be going to Australia for this year's AUSMAN - it's our regular meeting between our respective foreign Defence Ministers on both sides where we're able to sit down and work through what is really for us just an anchor relationship in Asia - our relationship with Australia.

This meeting is particularly important for obvious reasons. It will be the first such session between our two sides actually since the beginning of the Obama Administration.

The one that was previously scheduled - Secretary Clinton on her way down during the tragic earthquake in Haiti and was forced to come back. So she has been looking forward to this, we talk to her about it all the time.

This particular session will be held in Melbourne. She's spent quite a bit of time in Australia but she's never been to Melbourne so she is looking forward very much for a little down time.

She's going to spend time with her counterpart, Foreign Minister Rudd, who she has really gotten to know well over the course of the last several months. And obviously will be very much looking forward to meeting the Prime Minister and talking with her colleagues down there.

We really are looking to reaffirm the relationship in the most positive ways. We're working on so many things - both at a bi-lateral basis, strategically in Afghanistan and on critical transnational issues like climate change.

So we have got an enormous agenda and frankly just looking to reaffirm the importance of our relationship going forward.

LEIGH SALES: There's currently a debate in the Australian Parliament about the nation's involvement in Afghanistan.

President Obama wants to start force reductions in Afghanistan in the middle of next year. Does that mean Australian troops will also be able to begin a draw down at that time?

KURT CAMPBELL: You know, to be perfectly honest, I will simply say at a strategic level we are extraordinarily grateful for the support of Australia in our common pursuits in Afghanistan.

The specifics of withdrawals, timing, numbers - that is really at a level above my pay grade, as we say in the United States.

And at the same time I don't think at this particular juncture we want to send a message that we are not closely tied together on the importance of the period ahead.

So I would simply say that one of the things that Secretary Gates and Secretary Clinton will be carrying with them is a message from the president - and indeed from the American people - of the gratitude, respect and admiration of the role that Australia has played in Afghanistan today.

LEIGH SALES: An opinion poll in the Sydney Morning Herald this week had almost 50 per cent of Australians saying that Australia should no longer be involved in Afghanistan.

The Prime Minister has nominated the US alliance as one of the key reasons that we are involved. What would you say on behalf of the administration to the Australians who oppose it?

KURT CAMPBELL: Well, look, first of all there is a gratitude on the part of the United States. But it is not just the United States. There are many other nations involved in Afghanistan - NATO, Japan, many other countries in Asia are deeply engaged - Korea -in an attempt to build a more stable society there and to deny Al Qaeda a beachhead from which to launch attacks of the kind that we saw on 9/11.

I think we're trying to be very careful in how we undertake this overall mission - very reasonable. There isn't a lot of, you know, language that doesn't reflect the fact that we know very clearly how difficult this is.

I'd simply like to say that we appreciate having the Australians with us in a fight. We think that this is a mission that is important and vital - not just for the United States, but
for many states including Australia overall.

And so we do think it's important and the role that Australia plays in the global community is significant and people look to Australia in terms of making judgments about the way forward in the world.

LEIGH SALES: If we can turn now to the region - as the ASEAN summit begins later this week - president Obama has talked about the need for greater engagement with Asia. Why?

KURT CAMPBELL: Well, look, there's no secret the drama and storyline of the 21st century is going to be written in the Asian Pacific region. There is just no doubt about that. If you look at every indicator in terms of trade, economics and politics, the rise of China, greater significance of India, the continuing role of Japan, our role, Australia's...

It's an unbelievably significant period. We are living on the sort of the tectonic shift period in history.

And there needs to be a deep, profound recognition of the Asian century, the Pacific century and that we're trying to rise to meet that challenge in a variety of ways: Strengthening our bilateral security partnerships and alliances, of which Australia is critical; Working in a variety of institutions, what we call architecture.

Next week Secretary Clinton represents the United States at the East Asia summit. That is a downpayment on president Obama joining the organisation as a full member next year in Jakarta.

We will need to play a much more consequential, open and optimistic role in trade and economics going forward. We've listened carefully and we've heard that from our Asian friends.

Overall, the United States must underscore clearly and consistently that we recognise for our interests - and frankly for the interests of the other players in the Asian Pacific theatre -that an American role is an indispensable ingredient in success going forward.

LEIGH SALES: You describe US influence as being an "essential ingredient". Do you consider the US and China as being in competition for regional influence?

KURT CAMPBELL: Look, the truth is there is no more complex relationship on the planet today than the one that exists between the United States and China.

We have a deep interest in finding ways to work with China. In fact all countries in Asia recognise the need to find a constructive manner in which to engage with China.

It is very important given China's role on a host of issues from climate change to trade to proliferation to all manner of economics.

Dealing with China is just simply a fact on the global stage. And the United States has stated very clear at the highest level, consistently that we seek to have a positive, constructive and a positive relationship between our two countries.

That does not mean that there isn't a lot of competition that is underway.

There's competition on economics; there's competition for a variety of things in the Asian Pacific region. But what we are trying to do is to make sure that competition is expressed in appropriate ways.

The truth is there's competition between a variety of states in Asia. What we're seeking is to establish a degree of trust in transparency in the region that gives everyone the confidence as we make our way forward.

LEIGH SALES: And do you believe that China's playing its role appropriately in that context?

KURT CAMPBELL: Look, I think there are areas in which we can point to real successes between the United States and China. And between China and the larger world.

I also think there are a lot of areas that we can expect greater commitments from a variety of countries in the Asian Pacific region, including China.

LEIGH SALES: In recent months the US and China have clashed over the South China Sea, with China upping its rhetoric about its claims to the South China Sea and the US resisting that. How significant is that issue?

KURT CAMPBELL: Well, look, I'd be careful-

Thank you for the question but I would be careful about how to describe that supposed clash.

If you look very carefully at what Secretary Clinton said in Hanoi at the ASEAN regional forum and what the United States has said subsequently, we have been extraordinarily careful not to mention any particular nations associated with this initiative.

We have talked about a process between the various claimants to be done in a peaceful way - a transparent and collaborative way that respects the rights of seafaring nations, freedom of navigation and the like, and that we are concerned by rising incidents that affect a variety of countries in the South China Sea, including frankly China and its fisher fleet.

Ultimately, we think this is a process that's best dealt with by cool-headed diplomacy and we see the beginnings of a diplomatic effort between ASEAN and China that would build on the 2002 statement of a code of conduct, which we think is entirely appropriate.

We are not a claimant. We do not take sides. And we don't offer particular views about the various claims.

What we do insist upon is that we have a strategic interest in how these issues are dealt with and that we insist they're dealt with in a peaceful and diplomatic framework.

LEIGH SALES: How should Australia position itself in our region against the backdrop of China's growing power?

KURT CAMPBELL: Well, we've seen some interesting debates that are ongoing in China. Should China- excuse me. Should Australia simply rely on a relationship with the United States or should it diversify and scrap that relationship and think about a relationship solely with China?

These I think are extreme and they are positions that are- frankly don't equate with the complex reality of the Asia Pacific region.

What I think is appropriate for Australia is to continue to build its strong critical partnerships with a variety of states, including the United States, Japan, India, Indonesia, other countries in South East Asia to make sure that Australia is anchored in strong forums like APEC, like the East Asia Summit, like the G20. That is exactly what Australia has done.

And also to seek to have a full and vibrant relationship between Australia and China.

None of these issues involve trade-offs. They involve working comprehensively across a range, a spectrum of initiatives simultaneously. And that is exactly what I think a succession of Australian governments have done and the current administration is dealing with quite effectively.

LEIGH SALES: Dr Campbell, you mentioned the G20. The G20 Finance Ministers have been meeting in South Korea this week where they've agreed not to weaken their currencies to bolster their exports.

How anxious is the US about a possible currency war, particularly given its concerns about China undervaluing its currency?

KURT CAMPBELL: Thank you for the question. Let me tell you that we are given occasional advice about how to be successful - or, more importantly, how to avoid being fired from positions like this at the State Department. One of the things that I am reliably assured about is I should never talk about currency issues.

Let me also say that is reaffirmed quite strongly by my wife who just returned late last night from the negotiations at the G20 in South Korea.

So if you would ask me more appropriately about child care over the course of the last three days I could give you a much better answer about soccer and diet than I could about actually what transpired on the ground in Seoul.

So I think I will have to artfully dodge that question and just simply say we're fully committed to working with our partners the G20.

LEIGH SALES: Well I don't want you to be fired, nor do I want you to be in trouble with your wife, so let me move on to Indonesia where president Obama is due to visit shortly. How would you characterise the strength of Jemaah Islamiah in Indonesia at the moment?

KURT CAMPBELL: Can I just answer a slightly different question.

First of all we're very excited about the fact that the United States and Indonesia have launched a comprehensive strategic partnership. We are moving much more rapidly on a range of issues - science and technology, climate related issues, education and also business and trade.

This is vital and it's important, it reflects Indonesia's growing role, not just within ASEAN as a whole but on the world stage.

There is constant debate and discussion about what is the status of fundamentalism inside Indonesia. I would simply say, take a look at recent elections. They point to the fact that there is a strong moderate consensus about Indonesia's role in the world.

Fundamentalist parties don't do as well as some fear, and I think there is a deep recognition that extremist groups do not reflect the will of the Indonesian people. And so on this particular front we are encouraged by signs of the direction that the country is going and has proceeded over the course of the last few years.

LEIGH SALES: Circumstances have forced president Obama to defer two planned trips to Australia. Is he likely to visit Australia in his first term?

KURT CAMPBELL: The second piece of advice that people give you is don't talk about the president's schedule.

All I can tell you is that we are looking forward to intensifying our engagement with Australia. We want no one to think that we take this relationship for granted. We are working very hard at the working level and obviously Secretary Clinton and Secretary Gates are very much looking forward to their engagement in Australia.

I know the president has talked publicly about his desire to have a chance to sit down with Prime Minister Gillard. I know how much the president is committed to the relationship. And I will simply say that we will do everything possible to step up our overall engagement between our two countries going forward.

Dr Campbell, we always very much appreciate you making time to speak to Lateline and we thank you once again. Good night.

KURT CAMPBELL: I really appreciate it. Thank you for the time. Looking forward to touching down in Melbourne in a couple of weeks. 

Source  http://www.abc.net.au/lateline/content/2010/s3049080.htm

Australian Efforts Benefit Bendigo

Australian regional lender Bendigo & Adelaide Bank Ltd. praised the government's US$15.84 billion effort to foster competition in the residential mortgage-underwriting business, even as investors wonder what might happen to the world's fourth-largest securitization market when the program runs out.

Richard Fennell, the lender's chief financial officer, said Tuesday that Bendigo & Adelaide plans to offer two residential mortgaged-backed securities issues in the current fiscal year, which ends June 30. The bank is debating whether it will offer one of the issues by Christmas, he said.

"We're still finding plenty of investors wanting to be in on these deals," Mr. Fennell said at a Citigroup investor conference in Sydney.

Bendigo & Adelaide is one of many Australian banks that have benefited from the government's program to buy residential mortgage-backed securities at tighter spreads than current market pricing in an effort to increase the flow of deals and to help smaller lenders better compete with the big banks on home-loan origination. Currently, Australia's big four banks—Commonwealth Bank of Australia, National Australia Bank Ltd., Westpac Banking Corp. and Australia & New Zealand Banking Group Ltd.—hold dominant positions in the market.

Banking competition has been a hot-button topic of late in Australia. The country's four largest banks, which typically follow the Reserve Bank of Australia when it raises rates, posted solid profits this fiscal year, yet are likely to pre-emptively raise their mortgage rates soon. When competition is weakest, the country's large banks have typically faced few restrictions from raising rates beyond matching central-bank moves.

While Australian home prices fell during the 2008 global financial crisis, the country was spared the worst, due in part to demand for its natural resources from fast-growing Asia. Home prices have since surged, making home prices and affordability closely watched issues.

So far, the Australian Office of Financial Management has invested roughly 11 billion Australian dollars (US$10.89 billion) out of a total allocation of A$16 billion for residential mortgage-backed securities. Australia has had about A$15 billion in residential mortgage-backed securities deals this year, down from the A$60 billion priced at the market's peak in the previous decade.

Bendigo & Adelaide was helped by the program in July, when the government purchased almost A$500 million of the Victoria-based bank's A$1.5 billion in securities. That offer marked the bank's second residential mortgage-backed deal this year.

Still, concern has grown in recent months from investors that the government-purchase mortgage program has pushed pricing beyond the market's appetite, which could prove costly for investors and, eventually, issuers when the allocation runs out.

"Some sort of repricing is certainly in the cards," said James Hayes, head of fixed income for BNP Paribas in Sydney. "If there was a whole lot of private-sector demand, we'd see a lot more deals. And if these investors are not there today, what says they will be there past the [Australian Office of Financial Management] using its firepower?"

Mr. Fennell agreed that pricing had been moved by the government's help. The top tranche of several recent deals that priced about one percentage point over Australia's rough equivalent of the London interbank rate would probably be at 1.3 percentage points over that level without the program, he said.

But Mr. Fennell said he believes the program has proven successful and will help banking competition over time.

In a question-and-answer session following his speech, Mr. Fennell said he expected the government's purchases of these type of securities would extend beyond the end of this year, given the amount still available for investing.

But it isn't clear how long the program might continue. Jim Murphy, executive director of the markets group for Australia's Treasury, said Tuesday that the government's uptake of second tranches may expire by the end of this year. From there, he expects Treasury to update what it will do next "in the near future."

Earlier Tuesday, Bendigo & Adelaide said it has agreed to buy the 40% of Rural Bank it doesn't already own from Elders Ltd. for A$165 million.

Source  http://online.wsj.com/article/SB10001424052702303390704575575670292555164.html

Bravura Solutions only Australian company to rank among world’s top 100 financial technology providers

Bravura Solutions Limited (Bravura) - a leading global supplier of transfer agency and wealth management software applications and professional services – is the only Australian company to have been listed among the world’s top 100 technology vendors by Financial Insights and American Banker magazine. Ranked 68, this is the fourth year that Bravura has secured a position on the FinTech 100 list.

Simon Woodfull, Group Chief Executive Officer of Bravura said: “We are proud to have secured a place in the FinTech 100 for a fourth consecutive year. To have maintained this ranking throughout a period of significant financial market turmoil is a clear reflection of our consistently solid performance and long-term strategic focus.”

The FinTech 100, now in its seventh year, is an annual listing of the world’s leading vertical technology vendors that generate more than one third of revenues from the financial services sector. Global revenue was a key component for Bravura’s standing, attesting to the company’s strong presence across the APAC and EMEA regions.

“Bravura Solutions experienced credible profit growth in 2010. Despite difficult financial circumstances, we consolidated our market position by remaining focused on building and maintaining strong relationships with our existing client base, while continuing to sign agreements with key new clients,” said Mr Woodfull.

“Our plan now is to leverage our strong financial position to further develop our product solutions and enhance our customer service as we seek to further grow our business in the APAC and EMEA regions. We are currently experiencing significant industry interest in our wealth management offering and are in an excellent position to expand our market leading solutions, in particular Sonata. Sonata is our next-generation wealth management solution that we believe will become an industry benchmark for its rich functionality and technological capabilities.

“During 2010 we have remained strong in client recruitment and retention. We have signed five new client contracts with leading financial institutions and have completed implementation projects with key clients across the globe.”

FinTech 100 rankings are determined on the basis of calendar year-end revenues and the percentage of revenues attributed to financial services.

Source   http://www.bobsguide.com/guide/news/2010/Oct/25/Bravura_Solutions_only_Australian_company_to_rank_among_world%E2%80%99s_top_100_financial_technology_providers.html

Australia Banks Set to Top Pre-Crisis Profits as Bad Debts Ease

Three of Australia’s four largest banks are set to post second-half profits that match or exceed earnings before the global financial crisis as bad debts ease in an economy benefiting from the biggest mining boom in a century.

Net income at Australia & New Zealand Banking Group Ltd. rose 66 percent to a record A$2.53 billion ($2.5 billion) in the six months through Sept. 30 from a year earlier, according to the median estimate of seven analysts surveyed by Bloomberg. National Australia Bank Ltd. returned to profit and Westpac Banking Corp. may post its best-ever second-half result, analysts forecast.

The results “will likely show solid” growth, said Jonathan Mott, a banking analyst at UBS AG in Sydney. “Unfortunately for the banks, they have less direct exposure to the resources and mining services boom and substantial exposure to the domestic economy, which remains patchy and more rate sensitive.”

Australian lenders, having remained profitable through the global credit squeeze, now face waning demand for loans among households and businesses and increased funding costs. Chief Executive Officers at Westpac, ANZ Bank and Commonwealth Bank of Australia said this month that mortgage rates will need to rise to cover the increased cost of raising capital to fund loans.

The six-member S&P/ASX 200 banks index has dropped 7.3 percent this year, underperforming the benchmark S&P/ASX 200 Index, which has lost 4.6 percent. Shares of ANZ Bank climbed 2.3 percent this year, compared with a 10.7 percent slump for National Australia and Westpac’s 11.3 percent decline.

UBS has a “buy” rating on shares of ANZ Bank and is “neutral” on Westpac and National Australia Bank.

Rate Rises

Australian mortgage lending growth rose 8.1 percent in August from a year earlier, the weakest pace in 10 months, the Reserve Bank of Australia said last month. Business lending slumped 4 percent from a year earlier.

Demand for borrowing cooled after central bank Governor Glenn Stevens led Group of 20 policy makers by boosting borrowing costs in six quarter-percentage point steps between October 2009 and May to 4.5 percent. The bank said last week that its decision to keep the rate unchanged this month was “finely balanced.”

National Australia, led by CEO Cameron Clyne, will report second-half net income of A$2.37 billion, compared with a loss of A$75 million a year earlier when charges for bad debts surged, according to the median estimate of seven analysts. That will be the lender’s largest second-half profit in three years.

Cash earnings at Westpac, which has the nation’s largest branch network after its purchase of St. George Bank Ltd., climbed 24 percent to A$2.9 billion in the six months to Sept. 30, according to the median of seven analyst estimates.

National Australia is due to release results on Oct. 27, ANZ Bank on Oct. 28 and Westpac on Nov. 3. Commonwealth Bank, the nation’s biggest lender, is scheduled to release its September quarter trading update on Nov. 15.

Source  http://www.businessweek.com/news/2010-10-24/australia-banks-set-to-top-pre-crisis-profits-as-bad-debts-ease.html

China May Shift Australia Focus to Investments in Ports, Rail, Lawyer Says

Chinese companies may shift their focus from resource acquisitions in Australia to direct investments in building ports, railways and wind farms, said Stuart Fuller, managing partner at Australian law firm Mallesons Stephen Jaques. 

Chinese investment will broaden into areas such as clean energy, technology and infrastructure as part of China’s 2011- 2015 economic plan, Fuller said. 

China’s acquisitions in Australia have grown from $186 million in 2005 to $5 billion this year so far, according to Bloomberg data. Canada is the top foreign acquirer in Australia with $10.4 billion worth of deals, with the U.S. following with $10.3 billion. Sydney-based Mallesons met with Chinese companies in Beijing this week to discuss investing in Australia. 

The companies, which Fuller declined to name, raised concerns about their treatment by the Australian Foreign Investment Review Board and the approval process in the country. 

China Non-Ferrous Metal Mining Co. dropped a proposal to buy a majority stake in rare earths metal producer Lynas Corp. after the review board blocked the deal last year. 

The Chinese perception is that it’s more difficult for Chinese investors to win approval than those from other countries, Fuller said. 

Australian rules “apply equally to any investor,” he said. 

Uncertainty over the implementation of a new mining tax, and disputes between states and the federal government in Australia over royalties, may deter Chinese investors who can look to Africa and South America to acquire mineral and energy deposits, according to Fuller. 

“Investors like certainty,” he said. 

Source  http://www.bloomberg.com/news/2010-10-22/china-may-shift-australia-focus-to-investments-in-ports-rail-lawyer-says.html

Undercover Boss Australia comes out on top

Last night's premiere of Undercover Boss Australia swept the board with a peak audience of 1.56 million viewers.

The Australian adaptation is based on the American format, in which a multinational CEO spends a week in their employee's shoes to allow them to address issues and problems within the company.

The original US version has consistently received high ratings in Australia and TEN is on a course to garner as much success with the local version. It has also been popular with business owners, who are able to utilise the platform as a source of free advertising and self-promotion.

Last night saw Dominos get a once over from CEO Don Meij. The head of the nation's biggest fast food pizza company grew a beard to go undercover and investigate the day-to-day lives of his employees, with the aim of improving morale.

Check out the promo below to get an idea of Meij's experiences.

The hit CBS comedy Two and a Half Men also drew an impressive audience for Nine, with the average number of viewers reaching 1.45 million.

Behind the current affair staple Today Tonight came the new BBC production Sherlock, which dragged in well over 1.24 million viewers to see the newest, modernised incarnation of the Sir Arthur Conan Doyle detective character.

The disappointment of the night came from Seven, whose premiere of the multimillion-dollar US production The Event struggling to bring in just over half a million viewers.

After being hyped as the new Heroes and/or Lost, Seven will surely be hurting over its lacklustre performance.

Undercover Boss Australia airs 8:30pm Mondays on TEN.

Source  http://www.tv.com/story/24315.html

Exclusive Australian store settles sex case

Top-end Australian department store David Jones settled Monday a sexual harassment case with an ex-staffer who had sought 36.5 million US dollars for allegedly enduring the unwelcome advances of her boss.

Former David Jones publicist Kristy Fraser-Kirk brought the suit against the retailer earlier this year, alleging that ex-chief executive Mark McInnes had acted inappropriately at company functions, including attempting to kiss her.

McInnes, who resigned from David Jones after the claims were made public in June, has said that most of the accusations against him were untrue while the store and its directors denied all allegations against them.

In a statement to the stock exchange, David Jones said that an out-of-court settlement worth 850,000 dollars (839,500 US), which includes a contribution from McInnes, had been reached with Fraser-Kirk.

McInnes said it brought an end to a "difficult time" in many people's lives.

"I have repeatedly said that the vast majority of the allegations are simply untrue and the nature of the court proceedings was an abuse of court process," he said.

Fraser-Kirk said she was pleased that the suit, which was scheduled for a Federal Court hearing in December, had triggered public discussion about sexual harassment at work.

"This has been a difficult journey but one that I felt was important," she said in a statement. "The case has led to real debate taking place which I am confident will lead to change.

The 27-year-old had originally sought 37 million Australian dollars in punitive damages from the exclusive department store, making the case the country's largest ever sexual harassment claim.

Established in 1838, David Jones is Australia's oldest department store, boasting landmark buildings in Sydney, including one which hosted a state banquet for Queen Elizabeth II during her 1954 tour.

Source  http://www.google.com/hostednews/afp/article/ALeqM5j5oPQX21d1QkNRAOMvcrXpIgGQfQ?docId=CNG.d4d0f825ef3d6854a8a802b54eb17116.5d1

Suspect in McGurk-linked fraud granted bail

A Sydney court has allowed a man who is accused of involvement in a lucrative mortgage fraud scheme, with links to murdered businessman Michael McGurk, to go home to Melbourne.

The magistrate at Waverley Local Court told John Andrew Hamilton he is facing serious charges and must stick to his bail conditions. 

The 57-year-old is the 12th person to be arrested by Strike Force Apia, set up three years ago to investigate a mortgage fraud scheme. 

New South Wales Police say is the biggest in the state's history. 

The scheme involved people bribing illegal immigrants into committing mortgage fraud for them.

Michael McGurk was a suspect, and after he was shot dead last year, detectives from Strike Force Apia started working closely with homicide investigators. 

Hamilton is accused of ripping off three banks an amount of $2.4 million. 

He spent the night in a Sydney holding cell having been extradited from Melbourne yesterday. 

Hamilton asked the court to suppress his address, saying he has fears for his life.

The magistrate agreed.

Source  http://www.abc.net.au/news/stories/2010/10/15/3039631.htm?section=justin

Australia ranked among most unsustainable countries

A new report has ranked Australia in the top 10 most unsustainable countries on the planet.

The study, commissioned by WWF, measured the amount of natural resources needed to sustain a person's lifestyle, including energy, transport, food and infrastructure.

Australia ranked eighth in the study. The countries with a worse footprint than Australia are the United Arab Emirates, Qatar, Denmark, Belgium, the United States, Estonia and Canada.

WWF spokesman Dermot O'Gorman says every Australian person requires about seven hectares to live their current lifestyle.

"The report looks at the ecological footprint of individuals and that's measured in the report in global hectares, which is a reflection of how much food, transport and urban infrastructure we require to live our lives," he said.

The report also found the Earth has lost about a third of biodiversity since 1970.

WWF says Australia has an "unrivalled" rate of mammal extinction, while species like the red-tailed black cockatoo and the western swamp tortoise are also on the verge of being wiped out.

University of New South Wales biology professor Mike Archer says Australia has lost 18 native mammals species in the past 200 years.

 

"I guess we have to ask that hard question; what are we doing in the way that we're using the land that's different than what [Indigenous Australians] did, why is it suddenly so unsustainably managed when for 60,000 years it was doing fine?" he said.

National parks are one part of the solution, according to Professor Archer, but he says covering just 11 per cent of the nation is not enough to stem the current species loss. 

"The parks are a great beginning but they are demonstrably too small at this point, given that climate change is going to make every animal and plant shift southwards, either 100 kilometres for every degree rise in temperature, or one kilometre up a mountain," he said.

"We haven't got too many of those mountains. We have to get bigger parks to give the resilience back to the biota that at the moment we've taken away.

"We've parcelled the land up in little patches and it can't respond in the way that it has in the past."

Source  http://www.abc.net.au/news/stories/2010/10/14/3038088.htm

Grasshopper Australia's best bar

Grasshopper Bar has lived up to its name, leaping over more established rivals to be crowned the nation’s best small bar.

Owner Martin O’Sullivan said snaring the top gong in the Australian Bar Awards was particularly exciting because it is an industry-wide vote. The bar, in Temperance Lane off George St, was also named Small Business of the Year at the Sydney Council’s Small Business Awards.

Sydney City Lord Mayor Clover Moore MP said Grasshopper’s success was a testament to the council’s matched cash grants scheme.

“Grasshopper is an exciting addition to Sydney’s small bar culture, a dynamic and creative small business that’s re-energised a laneway in the heart of our city,” Cr Moore said.

The council recently suspended the grants scheme pending a review, with Greens councillor Chris Harris claiming it represented little more than “corporate welfare”.

Mr O’Sullivan said his bar could not have started up without the grant.

“It took the pressure off for our first two weeks, just knowing we had some money there,” he said. 

Source  http://sydney-central.whereilive.com.au/news/story/grasshopper-australias-best-bar/

The top 10 ultimate aussie activities

BORED? Crazy? Need holiday inspiration? Well, you're in luck. Lonely Planet's Asia Pacific Travel Editor, Shawn Low, talks up 10 of Australia's ultimate experiences (that don't involve billy tea, cork hats, sports, or barbecues). 

 

CLIMB THE SYDNEY HARBOUR BRIDGE
New South Wales
Don a gray jumpsuit and shimmy your way to the top of the great metal coat-hanger that spans Sydney Harbour. The Sydney Harbour Bridge can be scaled n 3 1/2 hours and you'll be taken up a gradual incline to the bridge's apex, 134m above the water.
Go in the late arvo and catch the sunset but don't drop that engagement ring if you want to propose...it's a long way down. Oh, and remember to visit the bathroom before you start the climb. Kinda hard to go when you're at the top…and in a jumpsuit.

CIRCUIT ULURU
Northern Territory
On the topic of climbing, Uluru, Australia's other icon at 378m, in the heart of the outback, is still being scaled by many. However, it's a sacred site and the Anangu traditional landowners request that people don't climb it. Yes, that means, “Please don't do a striptease at the top, YouTube it, and declare it a ‘tribute'”. 

Stripping and climbing aside, you can still get covered in the red dust by attempting to do a circuit of the base. It's a 9.4km walk in searing heat so start early.

HIKE THE OVERLAND TRACK
Tasmania
Dust off your Gore-Tex boots, fill up that backpack with supplies and embark on a six- to seven-day, 65km hike in Tassie.

Starting at Cradle Mountain and finishing at Lake St Clair, the Overland Track is not for the faint of heart (or faint of walking). You'll traverse the highest ground in Tasmania, taking in wild alpine moors, craggy peaks and swathes of luxuriant rainforest.

Don't expect five-star accommodation along the way: it's strictly sleeping bag in a hut. We hope you like company!

DRIVING ACROSS THE NULLARBOR PLAIN
Western Australia to Southern Australia
London to Moscow. Perth to Adelaide. What do they have in common? Well, it's the distance between them.

At 2700km, the Eyre Hwy that crosses the southern edge of the vast Nullarbor Plain is just long and brutal. Let's just call it the mother of all road trips.

People tend to be suckers for pain (and long drives) so why not do it too? To break up the long stretches of highway, toss your golf bag into the boot. The Nullarbor Link is an 18-hole golf course that is dotted across 1400km of the route - play a hold, drive on and play on the next! It's the world's longest golf course.

How's your handicap?

DRIVING ALONG THE GREAT OCEAN ROAD
Victoria
The Great Ocean Road is arguably Australia's most famous stretch of road and stretches 250km from Torquay to Warrnambool. The coastline has classic surf beaches, seaside towns, enough fish and chipperies to feed an army, and the thrashing Shipwreck Coast that inspires eerie stories of sunken vessels.

Across the midway point, the famous rock stacks known as the Twelve Apostles (we're not exactly sure how many remain, we can never tell) are a key sight. We wish we could have been there in 1924: a steamboat Casino had to jettison 500 barrels of beer and 120 cases of spirit that diggers helped themselves to. Work stopped for two weeks. If only...

DRIVING UP GIBB RIVER ROAD
Western Australia
Another drive you say? Australia is HUGE we say! The 660km Gibb River Road (aka The Gibb) between Derby and Kununurra is one of the country's great outback highways.

It's a near-endless sea of red dirt, big open skies and dramatic terrain studded with picturesque gorges, pristine riverbeds and pounding waterfalls.

Did we mention that the road is unpaved? Plus it's closed during the wet season (flooding you know). Make sure you get a 4WD and check your suspension.

GLIDING THE MORNING GLORY CLOUDS
Queensland
Each spring, scientists and gliding enthusiasts turn up at Burketown in northern Queensland in the hope of witnessing a meteorological phenomenon.

The Morning Glory Clouds are tube-shaped roll clouds that stretch for upwards of 1000km and pushes 60km/h updrafts ahead of it. It's these updrafts that stir the passions of gliders and hang-gliders.

You have to be passionate (and mad) to get up at 4am each day to prepare to catch the clouds. But with reports of gliders being carried for more than 700km and up to six hours, it's not hard to understand the fascination.

DIVING THE GREAT BARRIER REEF
Queensland
Larger than the Great Wall of China, the Great Barrier Reef is one of the seven wonders of the natural world. The planet's biggest reef system, where 2900 separate reefs form an outer ribbon parallel to the coast, is well worth visiting. And even better when you see it from below.

Cape Tribulation is good for snorkelling, as is Fitzroy Island and Lady Elliot Island. There are wrecks to explore, over 1500 species of fish, 400 types of corals and other weird things we can't even name. You could dive here every day of your life and not see it all. So better get started!

ABSEIL GORDON DAM
Tasmania
There's nothing like spiking the adrenaline levels (conquering your fear of heights) than abseiling 140m down the side of a dam. The Gordon Dam in southwest Tassie is a mammoth strip of concrete that holds back the Gordon River.

Don't let it hold back your desire to do a James Bond and abseil face forward down. Yes, you can most certainly do it. Hopefully with more grace than the ones who have posted videos on YouTube.

RAFT THE FRANKLIN RIVER
Tasmania
The wild Franklin River avoided being dammed in the early 1980s. It's a good thing because it's now a white-water rafting hotspot with a 100km-plus expedition-style adventure through Tasmania's pristine Southwest World Heritage region.

The eight-day journey starts below the Lyell Hey, on the Collingwood River and ends at Sir John Falls. The greatest paddling rush - literally - comes in the Great Ravine, a 5km-long gorge. No prizes for guessing what to expect with rapids such as the Cauldon, Thunderush and the Churn. Don't forget your life safety vest!
 

Source  http://www.theaustralian.com.au/travel/travel-advice/the-top-10-ultimate-aussie-activities/story-fn30263y-1225938026510

Australia Struggles Against Spinners At Bangalore

Indian spinners Pragyan Ojha and Harbhajan Singh shared five wickets as Australia struggled to 202 for seven at stumps Tuesday, an overall lead of 185 with one day remaining in a delicately poised second cricket test.

After conceding a 17-run first-innings lead to India, Australia raced to 58 in 16 overs before losing three top-order batsmen in quick succession. A determined Ricky Ponting (72) figured in useful half-century stands with Michael Hussey (20) and Tim Paine (23) to bolster the middle order.

Openers Shane Watson (31) and Simon Katich (24) had started well, but the advent of the spinners pegged the visiting side back.

Watson was trapped lbw by left-arm spinner Ojha, missing a half-century for the first time on the tour.

He scored a century in each innings (115 and 104) of a three-day practice game in Chandigarh. He then struck 126 and 56 in the first test at Mohali, where Australia lost by one wicket, and followed it up with 57 in the first innings here.

Watson's dismissal was followed by two more wickets in the space of seven runs.

Katich was caught behind by Mahendra Singh Dhoni off Harbhajan, while Clarke was stumped by Dhoni off Ojha as the batsman stretched out to reach a delivery that dipped sharply.

The pace bowlers started to get some reverse swing later in the innings. Left-armer Zaheer Khan removed Ponting after the Australian captain had struck one six and seven fours, while Paine (23) fell to Sreesanth just six runs later.

Ojha returned 3-57 and Harbhajan had 2-63 as India chased its first victory at the Bangalore venue since 1995.

Earlier, Sachin Tendulkar completed his sixth test double-century to guide India to 486 for five before India had a dramatic late collapse.

Resuming at 435 for five, India progressed to 486 before losing five wickets for nine runs and being dismissed for 495 on in reply to Australia's 478.

Tendulkar, who was on 191 at stumps on Monday, was first out, dragging a delivery from rookie paceman Peter George onto his stumps. His magnificent 214 was laced with 22 boundaries and two sixes.

Skipper Dhoni made 30 in 87 minutes, but Harbhajan, Zaheer and Sreesanth failed to deliver.

The lanky George, who also accounted for the wicket of Zaheer, combined with others to restrict the Indians.

Nathan Hauritz took two wickets in five balls as he dismissed Dhoni and last-man Sreesanth. Dhoni was caught at slip as he tried to drive a delivery from the spinner, while Sreesanth was trapped lbw.

Watson accounted for Harbhajan, who gave a simple catch to Ponting at mid-wicket.

Source  http://wbztv.com/sports/nationalsports/Indian.spinners.Ojha.2.1958230.html