DOMESTIC
Stimulus Package - Coverage this week was dominated by the Federal Government’s economic stimulus package. While the package has passed through the lower house, it is yet to receive the nod from the Senate. There has been much discussion of the political ramifications of Malcolm Turnbull’s rejection of the package. The issue also prompted the re-emergence of former Treasurer Peter Costello, who argued that the stimulus package will have little benefit to the Australian economy.
Heatwave/Bushfires - Victorians and South Australians continue to swelter though 30 degrees-plus days, with temperatures in both states set to rise to of 40 degrees on the weekend. In South Australia a temporary mortuary is being set up to cope with the number of people who have died during the heatwave. While in Victoria, fire authorities have warned Saturday will be the worst day for fires since Ash Wednesday in 1983. The CFA says conditions will be more dangerous than during last week's heatwave.
Interest Rates - The Reserve Bank has dropped official interest rates to 3.25 percent - the lowest that rates have been in 45 years. Kevin Rudd urged banks to pass on the cut in full. Meanwhile consumer groups argue banks could help reduce Australia's massive household debt by lowering interest rates on credit cards in line with the Reserve Bank's cuts. Westpac and the National Australia Bank say they will reduce rates on some of their credit cards, while the Commonwealth Bank and ANZ say they are reviewing theirs. The Reserve Bank also noted that inflation fell for the first time in 11 years.
Nth Qld Floods - While their southern neighbours swelter through record heatwaves, drought and bushfires; areas of Northern Queensland are in the midst of the worst flood in ten years. The Deputy Premier, Paul Lucas visited flood-effected Ingham, which has been cut off by flood waters after Cyclone Ellie. Such has been the devastation the Army has been called in to help with the clean-up. Large parts of Northern Queensland remain cut-off due to worsening flood conditions.
Darcey Freeman Death - The family of Darcey Freeman, who died after being thrown from West Gate Bridge last week, has released a statement saying there were concerns for her and her brothers' safety for two years and they were failed by the judicial system. Freeman's 35 year old father has been charged with murder. The family are supporting a public memorial service and dedicated children's day be named in her honour.
INTERNATIONAL NEWS
USA Economy - Despite the rejection from all House Republicans, the US House of Representatives passed Obama’s $AUD1.23 trillion economic package. US President Barack Obama has declared that any companies receiving a Government bailout will be subject to capping on CEO bonuses and pay packages, imposing a $500,000 cap on salaries of CEOs of banks. Meanwhile the US economy has fallen further into recession.
Phelps Drug Use - Following the published photo of the eight gold medals winner "inhaling from a glass pipe" it looks like the only thing faster than Michael Phelps is the speed with which his endorsement career has gone up in smoke.
Gaza - fighting in the Gaza continues despite a ceasefire. A long range rocket fired from Gaza has struck the Israeli city of Ashkelon with Israel now warning of a response. The US agency which provides aid to Palestinian refugees in Gaza says Hamas gunman have seized hundreds of food parcels and blankets from a warehouse. The UN has condemned the action and called on Hamas to return the goods.
Zimbabwe - Morgan Tsvangirai will be sworn is as PM of Zimbabwe in 11 days time as the two sides come to an agreement to govern the country. NZ Labour Foreign Affairs spokesperson Helen Clark believes the international community will support Zimbabwe if genuine power sharing takes place. UN Secretary General Ban Ki Moon has called on Zimbabwe President Robert Mugabe to free all political prisoners ahead of moves toward full democracy. Zimbabwe has drastically revalued its currency, chopping 12 zeroes off its bank notes because of hyper-inflation.
BUSINESS NEWS
BHP Profits – BHP Billiton says its half year profit has more than halved because of the slump in commodity prices caused by the global recession. It's down 57%. Marius Kloppers, Chief Executive, BHP Billiton says the situation is not likely to improve for some time. Meanwhile, Qantas has announced a 66% fall in first-half profit to $210 million.
SPORT
Cricket – International Comp/Alan Border Medal: Australia’s cricketing dominance took a further hit following its one-day defeat at the hands of New Zealand. The Aussies could only manage a paltry 181 against the Kiwis. Cricket’s night of nights, the Allan Border Medal was also held this week. Ricky Ponting and Michael Clarke tied to win the Medal.
Australian Open: Serena Williams has beaten Dinara Safina to claim the women's singles crown at the Australian Open. Rafael Nadal has become the first Spaniard to win the Australian Open after a gripping men’s final against Roger Federer. Federer endeared himself to the crowd by crying following his defeat.
QUOTE OF THE WEEK
You could tell Michael had smoked before. He grabbed the bong and a lighter and knew exactly what to do. He looked just as natural with a bong in his hands as he does swimming in the pool. He was the gold medal winner of bong hits.
Quoted partygoer at the party where Michael Phelps was photographed smoking marijuana.
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