The Commonwealth's Mid-Year Economic And Fiscal Outlook 2008-2009 outlines the impact of the global financial crisis on Australia and the impact on the government's policy decisions.

I’m in Darwin for the Australian Mutuals conference until Thursday so posts will be "light" but this article was mentioned by CommSec economist Craig James yesterday and is worth reading: Bringing Down Bear Stearns.

It raises the question whether investigative journalists seeking to make a reputation for themselves have published unsubstantiated (even vicious) rumours which could generate a "run" on financial institutions. And how should financial institutions subjected to rumours respond?

APRA Chair John Laker’s speech.

The Prime Minister has announced a $10.4 billion Economic Security Strategy containing five key measures:

• a lump sum payment of $1,400 to single pensioners and $2,100 to pensioner couples. People who are receiving Carer Allowance will also receive $1,000 for each eligible person in their care. Self-funded retirees who are eligible for a Commonwealth Senior Health Care Card or are Veterans Gold Card holders eligible for Seniors Concession Allowance will receive a payment of $1,400 if they are single or $2,100 to couples.

  These pension payments will be made from 8 December 2008 and are intended to provide additional support in the 9 months between now and when long-term reforms are introduced from the beginning of the next financial year.

• a one-off payment of $1,000 for each eligible child in their care will be made to:
  • Families who receive Family Tax Benefit (A); and
  • Families with dependent children who receive Youth Allowance, Abstudy or a benefit from the Veterans’ Children’s Education Scheme payment.

• First home buyers will be eligible for grants of up to $21,000 as follows:

  • First home buyers who purchase established homes will have the grant which they are currently entitled to doubled from $7,000 to $14,000; and
  • First home buyers who purchase a newly-constructed home will receive an extra $14,000 to take their total grant to $21,000.

  First home buyers will be eligible for the First Home Owners Boost from 14 October, 2008.

  All contracts entered into by 30 June, 2009 will be eligible for this new additional assistance.

• 56,000 new training places in 2008-09.
• Accelerate the implementation of the Government’s building funds in the key areas of:
  • Education and Research;
  • Health and Hospitals;
  • Transport and Communications. 
  • and bring forward, the commencement of investment in infrastructure projects to 2009.

Tasmania, Australian Capital Territory, New South Wales, South Australia and Victoria start daylight saving on 5 October 2008 and end on 5 April 2009.

Western Australia starts on 26 October 2008 and ends on 29 March 2009.

Queensland and the Northern Territory do not have daylight saving.

Confused? Use ABC’s Clock.

The Treasurer’s speech to Parliament today discussed the financial crisis, the US Government’s response, the Australian response and the ban on short selling.

The Review of the National Innovation System has now been completed.

The report of the Review, venturousaustralia, has 72 recommendations that focus on innovation in business, strengthening people and skills, excellence in national research, information and market design, and taxation.

On 1 October 2008, Shannon Adams and Rob Surman from Adelaide will join Richard Farago and Richard Joice in Sydney and myself in Brisbane as partners at Langes.

Langes+ will specialise in financial services and insurance law, with a strong emphasis on the mutuals sector.

Shannon has advised financial institutions and insurers for over 25 years and is currently a director of World Vision Australia.

Rob has private practice experience in banking and finance, was formerly Head of Compliance for Credit Union Services Corporation (CUSCAL) and has served on various government committees.

We look forward to providing our clients with innovative services.

By Hugh Macleod at Gaping Void

In this speech The Hon Chris Bowen MP, Assistant Treasurer and Minister for Competition Policy and Consumer Affairs provides an update of the independent Cutler review of Australia’s innovation system, the early stage venture capital limited partnership program and the Enterprise Connect Innovation Centres.