Webdiary - Founded and Inspired by Margo Kingston

[Mr Rudd] was commenting on the results of the National Australia Bank’s latest monthly business survey, which showed business confidence in Australia has bounced back to a pre-crisis level. Even the bank, though, was cautious in its assessment of this result. It said a “closer look” at the data suggests that it might be difficult to maintain this freshly restored momentum.

Mr Rudd is not reluctant to teach others the lessons that the global economic crisis has taught him. He says the G20 must be given the job of coordinating measures to end the crisis. He fears that the world’s richest and most powerful nations, represented by the G8, cannot do it alone.

The Federal government has stepped back from its budget crackdown on the tax breaks that come with employee share schemes. That happened when the Assistant Treasurer, Chris Bowen, admitted that the government’s initial response had been clumsy. He said it could - and would - be “better calibrated.”

The government is arguing, very strongly, that it is doing all it can, to help Australians cope, as the global economic crisis hits the nationnal economy. It is saying, too, that the banks should be playing their part, in that national effort. This is powerful talk. So if the banks do, in fact, have a good case for holding back, on the benefits of the latest rate cut, they would be wise to state it, very clearly.

Some of the now confessed bastardry of Australian banks has now been exposed, at the highest possible level. The Reserve Bank Governor, Glenn Stevens, chose his words carefully – and spoke politely – when he did that late yesterday. But those who heard him had no doubts about what he was really saying.

Under pressure over the huge bonuses paid to executives of failing companies, the Government has finally announced it will take action. Mounting community outrage at huge payments to departing executives has led the Federal Government to announce an inquiry into the issue — but first it will pass law to give shareholders more power over payments.

‘I want to complete the transition of this nation from a welfare State to an opportunity society,’ Howard said. It should be unthinkable that a sophisticated modern politician, leading an increasingly prosperous nation, would boast of attacking the poor ... . But, effectively, that is what Howard did.