From: lwang@mariner.amc.edu.au (Lou  Wang)
Subject: Re: Reposted oznews, 29th of August 1992.
Organization: Australian Maritime College
Date: Thu, 3 Sep 92 05:51:41 GMT

In article <8421@sirius.ucs.adelaide.edu.au>, brad@winnie.cs.adelaide.edu.au (Brad Alexander ) writes:
>
>There has been a bit of news since I've posted this. 
>             News from "The Weekend Australian" 29-8-92
>             ------------------------------------------
>-------------
>
>"Foreign debt strikes $150bn"- The nation's foreign debt has climbed past
>$150 billion after expanding almost six times more quickly than the general
>economy during the past financial year.
>  Net foreign debt grew $3.69 billion over the June quarter and $12.84
>billion over 1991-92 to reach a record $150.05 billion at June 30, figures
>released by the Australian Bureau of Statistics show. 
>  Debt grew 5.87 times more quickly than output of goods and services - 9.4
>per cent compared with 1.6.
>  The result underlines the legacy of the debt binge of the 1980's that is
>limiting the options for government and business to help the economy
>recover more quickly. 
>  Most of the extra debt represents new loans taken out to pay the interest
>on existing obligations to foreigners, while falls in the value of the
>Australian dollar accounted for 12 per cent in the overall rise in debt...
>  The only encoraging news is the cost of the debt is soaking up the
>smallest proportion of the nation's export income in almost four years.
>The proportion of exports needed to service debt fell to 16.4 per cent -
>the lowest level since December 1988 and 4.5 percentage points down on the
>September 1990 peak...
>-----------
>
>"Hewson on offensive over care makers claims"- The leader of the
>Opposition, Dr Hewson, yesterday stepped up his war of words with
>car-makers by effectively labelling Toyota's critisisms of the Fightback
>package a bluff to win further government favours. 
>  Dr Hewson said Toyota's warning that the car industry would be wiped out
>under a zero tariff policy had to be balanced against its decision to
>announce a $400-million plus investment for Melbourne last year.
>  Dr Hewson went on the offensive for the second day to counter industry
>criticism that the Coalition's tarrif policy was dogmatic and to answer the
>charge of the Prime Minister, Mr Keating, that the Coalition was promoting
>a primitive capitalist ideal....
>  On Thursday Mitsubishi Motors Australia Ltd joined Toyota, Ford Motor Co
>Australia Ltd and General Motors-Holden's Automotive Ltd in Criticising the
>Coalition's policy.
>  Dr Hewson said yesterday his solution for the car industry was to get
>government out of its way by cutting costs up front, before speeding up
>tarrif cuts to between zero and 5 percent by the end of the decade...
>------------
>
>"Return to old routine for Bond"- Alan Bond spent his first full day out of
>jail yesterday having a haircut, visiting his son's new business, eating a
>counter lunch and talking to lawyers...
>  After a 2-1 decision by the Court of Criminal Appeal, Bond was released
>on Thursday from Woorooloo prison farm. 
>  Although the West Australian Director of Public Prosecutions, Mr John
>Mckechnie QC, was not talking yesterday, it is understood the office
>intends to proceed with a new trial.
>  Bond was convicted in May of dishonestly inducing, or attempting to
>induce, Perth businessman Mr Brian Coppin to take part in the ill fated
>Rothwells Ltd rescue in October 1987.
>  He was sentenced to 2 1/2 years' jail. The decision was overturned when
>the appeal court ruled fresh evidence meant a new trial should be held. 
>  The evidence involved a witness who told the Court of Criminal Appeal
>last month that Laurie Connell, the former Rothwells chairman, had told him
>he intended lying at Bond's court case.
>--------- 
>
>"ICAC accepts Greiner decision"- The NSW Independent Commission Against
>Corruption announced yesterday it would not appeal against the decision of
>the NSW Court of Appeal clearing the former premier Mr Nick Griener of
>corrupt conduct in the Metherall affair.
>  ICAC issued a brief statement yesterday saying that while there were
>"various interesting questions" surrounding the case, to appeal to the High
>Court would only drag out the controversy and consume public funds...
>----------
>
>"Independents back Bannon till bank report"- The Premier of South
>Australia, Mr Bannon, yesterday passed the first hurdle to staying in power
>after a State Budget that could take debt past $8 billion, but still faces
>three months of acute uncertainty about his leadership. 
>  The three Independent Labor MPs keeping the minority Bannon Government in
>power yesterday reaffirmed their support for Mr Bannon, for now despite
>greater pressure from the Liberal Opposition....
>-----------
>
>"Exporters smile as dollar slumps"-The big sell-off in the Australian
>dollar had the heavies in the Keating Government out in force this week
>talking up the currency's prospects.
>  But the potential for an even lower dollar has pepped up exporters,
>especially the rural, mining, and manufacturing fraternity.
>  A fall in the dollar makes their prices more competitive overseas.
>  The dollar fell to four-year lows against the United States dollar and a
>basket of currencies reflecting Australia's trade. In the past year the $A
>has fallen 10 per cent against the $US, 25 per cent against the Deutschmark
>and 17 per cent against the yen...
>  
>              News from "The Advertiser"(Adelaide) 29-8-92
>              --------------------------------------------
>
>"Unflagging activists"- Hobart: Aboriginal activists threatened to abandon
>a conference venue yesterday when managment too two of three Aboriginal
>flags down. 
>  An Aboriginal Provisional Government spokesman said it was "demeaning"
>for the Aboriginal flag to fly next to the Tasmainian and hotel's flags. 
>---------
>
>"Daintree road upgrade"- Brisbane: Premier Wayne Goss has promised to
>upgrade the controversial costal road through the Daintree rainforest in
>far North Queensland.
>  Mr Goss yesterday announced a $6.8 million project to convert the
>unsealed track to a major tourist route.
>---------
>
>"Fijian PM on tour"- Sydney: Fiji's Prime Minister Major General Sitiveni
>Rabuka starts a formal visit to Australia today.
>  The Prime Minister, Mr Keating, extended the invitation to him at the
>recent South Pacific Forum.
>---------
>
>Brad Alexande
test please ignore
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