Control of the Australian life insurance industry: an example of regulatory externalities within the Australian financial sector 1870-1945

The regulatory environment in which the Australian life insurance industry operates has its antecedents in two major periods of legislative intervention. The first established the principle of ‘freedom with disclosure’ in the 1870s, which has since formed the basis of the regulatory approach. In the 1940s, the second refined the concept in the context of a general recognition of an interventionist approach to financial markets. It is suggested that regulation of the life insurance market in Australia came about not in response to problems associated with market failure but in reaction to external influences not directly related to conditions in the Australian life insurance industry. This was impacted not only on the timing of intervention but on the approach taken as well.

Building a national image : the architecture of John Smith Murdoch, Australia's first Commonwealth Government architect

Presents John Smith Murdoch and examines his significant contribution as an architect and public servant in Australia between 1885 and 1929. Murdoch's greatest achievement was the development of his modern Renaissance idiom of which Provisional Parliament House, Canberra is the finest example.

'Murderous coppers': police, industrial disputes and the 1929 Rothbury shootings

Norman Brown, a coalminer engaged in picketing the Rothbury colliery, was shot dead by police in 1929. The Rothbury incident and the police suppression which followed became part of both union folklore and the personal legend of one police officer, William John MacKay, later New South Wales Police Commissioner. This article probes beneath the layers of myth that surround Rothbury and argues that the initial tragedy was largely the result of police incompetence, and that MacKay’s association with the shooting is deeply ironic. The more measured police actions that followed the shootings were Mackay’s responsibility, however, and they had damaging long-term consequences.

The development of the institutional investor : the case of Australian life insurers 1945-85

This paper considers the post-war development of asset management practices among Australian life insurers, which have historically been among the largest institutional investors in Australia. A complex process of adaptation and organisational restructuring allowed life insurers to transform from basic investors of policy-holders’ funds to large multifaceted institutional investors in just three decades. Three stages in the development of investment practices are identified. These phases trace the process of expanding existing knowledge bases; diversification; and the acquisition of new skills; consolidation and the integration of these skills into institutional structures; thus completing one cycle of organisational learning and setting the stage for the next.