Rugby League players

Am I the only one to cringe, when I hear rugby league players described by our media as [sports] ‘heroes’?

They may be a lot of things – highly tuned professional sportsmen, overpaid thugs or just stupid, naughty boys, but heroes – I’m sorry! Heroes are people who rescue people in danger or distress, save peoples’ lives, even give up their own lives for others, but rugby league players paa…leease!

Qantas...again

Took another Qantas flight last weekend – this time international [to New Zealand]. Arrived at the airport on time and was absolutely dismayed at the length of the queues – there were hundreds of people in a long line crawling along at literally a snail’s pace. And were these hundreds of people being checked in by tens of super-fast, efficient check-in people? No, there were three, sometimes boosted to four, as some of them took breaks and others turned up. It was simply unbelievable!

Now I understand that Qantas is trying to keep its profit levels up, presumably by cutting service staff and actually, I had wondered if they’ve got to the stage where they’re such an efficient operation, that it might be a good company to buy shares in. However, by virtue of my recent experience, I think not.

By the looks of disbelief and sheer frustration, I would say they’ve taken their cost-cutting too far, to the extent that people will actually start trying to fly other airlines [just about any other airline] just to get some semblance of service.

The only positive was the inflight service; unlike most Qantas flights, the staff on this one were young, friendly and attentive – maybe years of customer complaints are finally leading to some improvements, at least in international!

But boy, they need to take a look at those queues!

A "Peoples' Bank" - why not?

In last week's Australian Financial Review, there was an article where the creation of a state-funded bank, or a "peoples' bank" was proposed, to help counter-act the anti-competitive [semi-cartel] framework of the current big-four banks in Australia.

This idea was floated by a group of economists who argued that 'the global financial crisis has exposed flaws in the financial regualtory infrastructure and in the competitiveness of the financial system here'. Well 'hear, hear' I say, as this is a concept, similar to NZ's Kiwi Bank, is a concept I have floated for a number of months.

Treasurer Wayne Swan has apparently ruled it out, without any clear reason, other than to state that ' the financial system has performed very well during the gloabal financial crisis compart to all other comparable economies'... Perhaps, but at what cost?

Basically the 'big four' banks in Australia have a cosy cartel, with very limited competitive pressure imposed on them. When the Reserve Bank lowered interest rates a couple of months ago, they didn't feel compelled to pass on those cuts to their home-loan customers, and one bank even increased their mortgage rates slightly!

I cannot see any compelling reason why you would not seriously look at establishing a state-owned and state run bank in Australia. This does not stem from any 'socialist' principles, but rather because it seems that the Reserve Bank [& therefore the Government] has very little leverage over the Big four's cosy cartel - what better way to force them to keep rates low than a competitor who will offer mortgages at fair value, and pass any cuts in funding costs, directly on to their customers!

As an ancilliary benefit, it might help with the unemployment figures. Wayne, you need to lift your game a little here!

-A