DOMESTIC
Interest rates – All four major banks immediately passed on the Reserve Bank’s 0.25% cut in the official interest rate on Tuesday, while economic commentators were divided on whether there will be further cuts this year, after figures showed a significant slowdown in growth but inflation remaining high.
Climate change – Professor Ross Garnaut today releases his report on the details of an emissions trading scheme, with the Government expected to move forward with a “low and slow” cap with numerous exemptions for export industries, while Opposition Leader Brendan Nelson was criticised for maintaining that the continuing drought in Eastern Australia is not related to climate change.
Luxury car tax – The Government’s planned increase in luxury car tax was blocked in the Senate by the Opposition and Family First Senator Steve Fielding, who claimed it would hit farmers and tourism operators, while the Government claimed that infrastructure projects would be affected by the loss of revenue.
WA Election – There has been divided opinion in the media this week about how close tomorrow’s WA State Election will be, with some predicting a neck and neck finish while others are expecting the Labor Government of Alan Carpenter to be comfortably re-elected.
Murray Darling crisis – The head of the Murray Darling Basin Commission and several other experts were quick to say this week they felt climate change was a factor in the current conditions in the Basin and that farmers would have to get used to the changed conditions as controversy over buyback limits continued.
INTERNATIONAL NEWS
Hurricane Gustav – There was intense coverage of Hurricane Gustav as it sped across the Gulf of Mexico towards New Orleans, with the Mayor announcing a compulsory evacuation and the President making sure he was in the area, while the storm itself lost power quickly to become no significant threat to the city, although three more hurricanes are brewing in the Caribbean Sea
Afghanistan – Nine Australian soldiers were injured, one critically, after a Taliban ambush in southern Afghanistan last weekend, the highest number of casualties in a single incident for Australian troops since the Vietnam War.
US Presidential campaign – The focus moved to the Republican Party this week, with John McCain today formally accepting the nomination of his party for President, after a fiery speech earlier at the convention from his controversial vice presidential pick, Governor of Alaska Sarah Palin.
BUSINESS NEWS
In business news: Rio Tinto continues to fend off BHP takeover attempts, claiming it is a stronger and better run company, while both companies shares dipped along with most resource stocks this week; and Babcock & Brown is looking to divest Alinta as well as a number of other assets as it struggles to stay afloat.
TALKBACK
A broad range of topics on talkback this week, with the WA Election dominating the airwaves in the West, while the upcoming footy finals were number one in the other AFL states; interest rates and climate change as always had the phones running hot and there continues to be plenty of Australian interest in US politics.
SPORT
The AFL Finals coverage kick off this weekend with Geelong hot favourites to go back to back, while Sydney take on the Kangaroos and Adelaide battle Collingwood in the elimination finals; At the US Open it was Serena’s turn to beat Venus as she advanced to the semi-finals, while Djokovic will play Federer and Scot Andy Murray tries to topple Nadal in the men’s semis; Australia predictably walloped Bangladesh in the One Day Series in Darwin, while Andrew Symonds playing future remains under a cloud after being sent home.
QUOTE OF THE WEEK
"I was blessed by misfortune"
John McCain explains how he believes his years as a POW made him a better man
Tracking the media, monitoring the message
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