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.

The molecular systematics of Leiopotherapon unicolor (Günther, 1859): testing for cryptic speciation in Australia’s most widespread freshwater fish

Leiopotherapon unicolor is the most widespread freshwater fish species in Australia. A comprehensive allozyme and mitochondrial DNA 16S rRNA data set was assembled from 141 specimens of L. unicolor collected Australia-wide in order to test for cryptic speciation in this far-ranging species. Surprisingly, little genetic diversity was observed within L. unicolor and provided no evidence for the existence of cryptic species within this lineage. In contrast, a small sample set of L. aheneus used as the outgroup showed two highly divergent haplotypes strongly suggestive of cryptic speciation. L. unicolor has a number of ecological and life history attributes that may explain the lack of significant genetic divergence over substantial geographical distances. The occurrence of other widespread fish and crustacean species that also display only limited genetic diversity indicate that climate conditions more favourable to dispersal across central and northern Australia than is suggested by the extent of present-day aridity have occurred in the relatively recent geological past.

The 1859 election on the Ovens

The Victorian general election of 1859 occurred during a time of social transition and electoral reformation, which extended the vote to previously unrepresented adult males. Gold discoveries, including those on the Ovens, triggered the miners’ insistent demands for access to land and participation in the political process. The thesis identifies issues, which emerged during the election campaign on the Ovens goldfields, surrounding Beechworth. The struggle centred on the two Legislative Assembly seats for the Ovens and the one Legislative Council seat for the Murray District. Though the declared election issue was land reform, it concealed a range of underlying tensions, which divided the electorate along lines of nationality and religion. Complicating these tensions within the European community was the Chinese presence throughout the Ovens. The thesis suggests the historical memory of the French Revolution, the European Revolutions of 1848 and the Catholic versus Protestant revivals divided the Ovens goldfield community. The competing groups formed alliances; a Beechworth-centred grouping of traders, merchants and the Constitution’s editor, ensured the existing conservative agenda triumphed over those perceived radicals who sought reform. In the process the land hungry miners did not gain any political representation in the Legislative Assembly, while a prominent Catholic squatter who advocated limited land reform was defeated for the Legislative Council seat. Two daily Beechworth papers, Ovens and Murray Advertiser and its fierce competitor, the Constitution and Ovens Mining Intelligencer are the major primary sources for the thesis.

William Wardell's 1859 St John's College - a rare realisation of Pugin's ideal Catholic College?

William Wardell’s St John’s College, Sydney, considered the grandest and architecturally most distinguished university college in New South Wales, is an exceptional example of 19th century Gothic Revival architecture.  The information board outside the college states that St John’s is ‘a rare realisation of Pugin’s ideal Catholic College’ and further that ‘it demonstrates [Pugin]’s profound influence on the work of Wardell’. This is but a small part of the story. The commission for St John’s College was far more complex.  The correspondence between the architects, William Wardell, Edmund Blacket and others, and St John’s Council indicates that right from the beginning there was a general lack of understanding of Wardell’s original design concept for the building. This has continued to the present day, as evidenced by the information on the board outside St John’s College, in which it is incorrectly assumed that Wardell’s proposal included a quadrangle as featured in Pugin’s ‘ideal College’. This paper, based largely on primary sources, investigates such claims about St John’s, considers William Wardell and the Gothic Revival, examines St John’s College within the University of Sydney – its design and its translation and posits a few conclusions leading to new understandings.

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.