Today's Headlines
Thursday 29th February 1996
International:
In a strange twist Australia's richest man, Kerry Packer, lost his court battle over a Au$4 million insurance payout for the theft of gold
bullion from his offices in Sydney in late April last year. The judge described the insurance policy as appallingly bad drafting. To add insult
to injury Packer's Consolidated Press Holdings were ordered to pay costs. Wonder who will look after the Packer insurance policies
in the future? I can just picture a mad scramble in the short term insurance industry... And Packer's gold? That, apparently, is
somewhere in Europe.
IN what will have to go down in Australian political history as one of the greatest blunders of all time Federal Treasurer, Ralph Willis,
presented a blatantly forged document "that fell of the back-end of a truck" to the media. The document, supposedly written by the
Liberal State Premier of Victoria, Jeff Kennett, to the Liberal opposition leader, John Howard, complained about hidden financial cuts that the
Liberals would impose on the States if they won the Federal Election. Prime Minister Paul Keating was in the air between Brisbane and
Adelaide when the document "appeared". Before he had landed the damage had been done. Ralph Willis had held a media conference,
handed out copies of the forgery without first verifying the documents validity, and had blown it while thinking that he had delivered the 'killer
punch" as all the states would have revolted against the Federal Liberal party three days out of an election.
As it is the Liberals are now calling on the Federal Treasurer to resign and the Labor Party have shot themselves in the foot just
when hundreds of thousands of swinging voters are ready to make up their minds.
Congratulations John on your impending move to the position of Prime Minister. Paul, you can always go back to collecting French
clocks and reflecting on ferral treasurers! The same treasurer who refused to allow the bureaucrats in the federal treasury
to reveal the real state of the economy to the Liberal Party.
Maybe justice has been done after all - even in politics!
The last time documents this damaging fell of the back of a truck was in the 1980s when John Howard received information that claimed that
Paul Keating, then Federal Treasurer, had not sent in his tax returns for two years. Howard first checked with Keating before he told the
public. A lesson in diplomacy that he had great pleasure in raising yesterday.
Business:
Optus Communications have posted a small profit of Au$7.1 million for the first half of the financial year. They are targeting revenue of Au$2
billion this year which will be a 42% jump on revenue over last year.
Sport:
The collapse of Super League has left teams like the Brisbane Broncos in a real dilemma. They are being wooed by the Australian
Rugby League (ARL) but team members have vowed never to play in the ARL again. If they refuse to play they are in breach of
existing contracts which the court ruled to be valid. In the meantime the other great Queensland rugby league team, the Crushers,
who stayed loyal to the ARL, are in a great position to acquire some of the Brisbane Broncos key players.
Personal trivia:
Met up with some very interesting people in the entertainment industry and had a fabulous lunch at the Royal Thai restaurant.. highly
recommended. GLOBE International are establishing GLOBE Asia at the moment. This move will see the establishment of the
GLOBAL DLG in 9 Asian countries this year.
Return to Australian National News of the Day
#