Friday 28th February 1997
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Issues - The banking system under the spotlight. Interesting that they don't quote the men at the front line - the tourism operators in traditional Japanese tourist markets like the Gold Coast. The operators of the popular Japanese "Waku Waku" tour told me late last year that the dramatic drop off in Japanese tourists had nothing to do with Pauline Hanson but everything to do with Hawaii becoming a cheaper tourist destination. Their business, which traditionally attracts 30 to 40 Japanese tourists each evening, suddenly dropped off to 2 or 3 a night - with those who came saying that Hawaii "was now much cheaper".
With respect to the Singapore saga - who can ever forget the disgraceful role of the media in blaming Pauline Hanson and the racism debate for the attack on Singaporean soldiers in Queensland. It turned out to be a drunken brawl between the Singaporeans and a group of Aborigines. Of course the media's line was publicised far and wide in countries like Singapore at the time.
It's about time that papers like News Limited's Courier Mail in Brisbane came clean and looked at themselves a bit on this issue.
The article goes on to selectively quote the Gold Coast Tourism Bureau general manager Bob Brett as saying that Pauline Hanson's remarks had been "a reason for south-east Asian countries to turn off Australia".
Wouldn't it be lovely to hear the full transcript of the tourism chief's response - and to contemplate whether the Australian media's negative role came into the discussion at any time.
They see the Liberal Party's support being a "pay-back" for their support in Parliament last year on the successful banning of automatic weapons in Australia following the Port Arthur massacre.
Under the deal being lobbied by the Nationals leases already granting farmers exclusive land use may be ruled valid, meaning native title claims could not be made over the land.
It is believed that the Nationals have threatened to go public on growing tensions between the Coalition partners unless their wishes are accommodated.
They also argued that they risked massive electoral damage by supporting the Coalition's tough gun control laws passed last year - as their traditional backers, the rural sector, were the most badly effected.
In another development Queensland national Party Senator Bill O'Chee predicted that failure to extinguish native title over pastoral leases could lead to compensation claims of more than Au$80 billion against the Federal Government.
Now let us remember that the controversial Wik decision allowing native title to co-exist with pastoral leases was passed in the High Court by just one vote. In other words - if one of the four out of seven (largely Labor Party appointed) High Court judges had voted the other way none of this would have happened in the first place.....
Extensive political commentary and links can be found on Palmer's Australian Politics page.
In the last few months Telstra have tried to bring in timed calls - a move which was knocked back by Prime Minister John Howard and now propose that time zones be made smaller with calls in areas such as the Brisbane CBD becoming cheaper but calls to outlying suburbs becoming more expensive. The bottom line, of course, being greater profits for Telstra.
Blount has now confirmed that the telecommunications giant may face a major recapitalisation before the looming Au$10 billion float.
Not surprisingly Blount said, "Our ability to raise funds is, right now, very good. In fact, I'd be surprised if we didn't recapitalise before the float."
The group's 1996 Annual Report revealed assets of Au$24 billion and debts of just Au$4 billion. The private Telstra was expected to be capitalised at between Au$25 billion and Au$30 billion - so debt of Au$4 billion was seen as very low stockbroking analysts said last night.
This provides the Australian government with the opportunity to to withdraw some of its equity from the company, either through a capital return, a special dividend or a share buyback.
The windfall would help plug its budget deficit.
Have a great day.
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