Financial literacy and pension investment decisions

The call for enhanced financial literacy amongst consumers is a global phenomenon, driven by the growing complexity of financial markets and products, and government concerns about the affordability of supporting an ageing population. Worldwide, defined benefit pensions are giving way to the risk and uncertainty of defined contribution superannuation/pension funds where fund members now make choices and decisions that were once made on their behalf. An important prerequisite for informed financial decision-making is adequate financial knowledge and skills to make competent investment decisions. This paper reports the findings of an online survey of the members of a large Australian public sector-based superannuation fund and shows that although respondents generally understand basic financial matters, on average, their understanding of investments concepts, such as the relationship between risk and returns, is inadequate. These results highlight the need for education programs focusing specifically on developing fund members’ investment knowledge and skills to facilitate informed retirement savings decisions.

Improving self organizing capabilities of local communities for sustainable development in decentralized Indonesia : the roles of procedural justice and social learning

The development planning process introduced under Law No. 25/2004 is said to be a better approach to increase public participation in decentralised Indonesia. This Law has introduced planning mechanisms, called Musyawarah Perencanaan Pembangunan (musrenbang), to provide a forum for development planning. In spite of the expressed intention of these mechanisms to improve public participation, some empirical observations have cast doubt on the outcomes. As a result, some local governments have tried to provide alternative mechanisms for participatory local development planning processes. Since planning constitutes one of the most effective ways to improve community empowerment, this paper aims to examine the extent to which the alternative local development planning process in Indonesia provides sufficient opportunities to improve the self organising capabilities of communities to sustain development programs to meet local needs. In so doing, this paper explores the key elements and approaches of the concept of community empowerment and shows how they can be incorporated within planning processes. Based on this, it then examines the problems encountered by musrenbang in increasing community empowerment. Having done this, it is argued that to change current unfavourable outcomes, procedural justice and social learning approaches need to be incorporated as pathways to community empowerment. Lastly the capacity of an alternative local planning process, called Sistem Dukungan (SISDUK), introduced in South Sulawesi, offering scope to incorporate procedural justice and social learning is explored as a means to improve the self organizing capabilities of local communities.

Optimisation of process parameters for the removal of hydroxycinnamic acids in sugar solutions

Colour is one of the most important parameters in sugar quality and its presence in raw sugar plays a key role in the marketing strategy of sugar industries worldwide. This study investigated the degradation of a mixture of colour precursors using the Fenton oxidation process. These colour precursors are caffeic acid, p–coumaric acid and ferulic acid, which are present in cane juice. Results showed that with a Fe(II) to H2O2 molar ratio of 1:15 in an aqueous system at 25 °C, 77% of the total phenolic acid content was removed at pH 4.72. However, in a synthetic juice solution which contained 13 mass % sucrose (35 °C, pH 5.4), only 60% of the total phenolic acid content was removed.

The evolutionary history of cockatoos (Aves: Psittaciformes: Cacatuidae)

Cockatoos are the distinctive family Cacatuidae, a major lineage of the order of parrots (Psittaciformes) and distributed throughout the Australasian region of the world. However, the evolutionary history of cockatoos is not well understood. We investigated the phylogeny of cockatoos based on three mitochondrial and three nuclear DNA genes obtained from 16 of 21 species of Cacatuidae. In addition, five novel mitochondrial genomes were used to estimate time of divergence and our estimates indicate Cacatuidae diverged from Psittacidae approximately 40.7 million years ago (95% CI 51.6–30.3 Ma) during the Eocene. Our data shows Cacatuidae began to diversify approximately 27.9 Ma (95% CI 38.1–18.3 Ma) during the Oligocene. The early to middle Miocene (20–10 Ma) was a significant period in the evolution of modern Australian environments and vegetation, in which a transformation from mainly mesic to xeric habitats (e.g., fire-adapted sclerophyll vegetation and grasslands) occurred. We hypothesize that this environmental transformation was a driving force behind the diversification of cockatoos. A detailed multi-locus molecular phylogeny enabled us to resolve the phylogenetic placements of the Palm Cockatoo (Probosciger aterrimus), Galah (Eolophus roseicapillus), Gang-gang Cockatoo (Callocephalon fimbriatum) and Cockatiel (Nymphicus hollandicus), which have historically been difficult to place within Cacatuidae. When the molecular evidence is analysed in concert with morphology, it is clear that many of the cockatoo species’ diagnostic phenotypic traits such as plumage colour, body size, wing shape and bill morphology have evolved in parallel or convergently across lineages.

A preliminary study into the environmental and economic consequences of a sugar factory depithing operation

Bagasse stockpile operations have the potential to lead to adverse environmental and social impacts. Dust releases can cause occupational health and safety concerns for factory workers and dust emissions impact on the surrounding community. Preliminary modelling showed that bagasse depithing would likely reduce the environmental risks, particularly dust emissions, associated with large scale bagasse stockpiling operations. Dust emission properties were measured and used for dispersion modelling with favourable outcomes. Modelling showed a 70% reduction in peak ground level concentrations of PM10 dust (particles with an aerodynamic diameter less than 10 µm) from operations on depithed bagasse stockpiles compared to similar operations on stockpiles of whole bagasse. However, the costs of a depithing operation at a sugar factory were estimated to be approximately $2.1 million in capital expenditure to process 100,000 t/y of bagasse and operating costs were approximately $200,000 p.a. The total capital cost for a 10,000 t/y operation was approximately $1.6 million. The cost of depithing based on a discounted cash flow analysis was $5.50 per tonne of bagasse for the 100,000 t/y scenario. This may make depithing prohibitively expensive in many situations if installed exclusively as a dust control measure.

An enhanced mill extraction model

An enhanced mill extraction model has been developed to calculate mill performance parameters and to predict the extraction performance of a milling unit. The model takes into account the fibre suspended in juice streams and calculates filling ratio, reabsorption factor, imbibition coefficient, and separation efficiency using more complete definitions than those used in previous extraction models. A mass balance model is used to determine the fibre, brix and moisture mass flows between milling units so that a complete milling train, including the return stream from the juice screen, is modelled. Model solutions are presented to determine the effect of different levels of fibre in juice and efficiency of fibre separation in the juice screen on brix extraction. The model provides more accurate results than earlier models leading to better understanding and improvement of the milling process.

A new approach to automatically producing schedules for cane railways

The scheduling of locomotive movements on cane railways has proven to be a very complex task. Various optimisation methods have been used over the years to try and produce an optimised schedule that eliminates or minimises bin supply delays to harvesters and the factory, while minimising the number of locomotives, locomotive shifts and cane bins, and also the cane age. This paper reports on a new attempt to develop an automatic scheduler using a mathematical model solved using mixed integer programming and constraint programming approaches and blocking parallel job shop scheduling fundamentals. The model solution has been explored using conventional constraint programming search techniques and found to produce a reasonable schedule for small-scale problems with up to nine harvesters. While more effort is required to complete the development of the full model with metaheuristic search techniques, the work completed to date gives confidence that the metaheuristic techniques will provide near optimal solutions in reasonable time.

The effect of mill orientation angle on bagasse moisture content

THIS PAPER DESCRIBES an experimental investigation to explore a concept designed to reduce the moisture content of bagasse. It takes advantage of gravity to separate juice from bagasse by feeding bagasse upwards into the nip of the mill while juice drains downwards under gravity. The investigation found that orienting the feed to a mill upwards does reduce bagasse moisture content and that the benefit is expected to be greater than two units of moisture. While an advantage was found in orienting the feed up to 50° above the horizontal, no extra benefit was found in increasing the angle higher (up to 60° was explored) and so a 50° orientation was identified as the preferred angle for this design concept.

Mixing and drying mud and ash at Tully Mill

Disposal of mud and ash, particularly in wet weather conditions, is a significant expense for mills. This paper reports on part of a process to pelletise mud and ash, aimed at making mud and ash more attractive to growers across entire mill districts. The full process and the re-constituting and centrifuging rotary vacuum filter mud part of the process were described in two papers to the 2011 conference. The component described in this paper involves aspects of mixing mud and ash with subsequent drying using boiler exit gas. The mud material needs to mix easily with boiler ash and the mixture has to feed easily into and be pneumatically conveyed by a flue gas dryer. The performance of a pilot flue gas dryer for drying mud and ash was evaluated. The mud and ash mixture was found to dry much faster than final bagasse, provided the mud and ash material was broken up into individual particles. A previously developed computer model of bagasse drying was updated to take into account the smaller particle size of the mud and ash mixture. This upgraded model predicted the performance of the pilot flue gas dryer well.

Decision support for the safe design and operation of unmanned aircraft systems

Unmanned Aircraft Systems (UAS) describe a diverse range of aircraft that are operated without a human pilot on-board. Unmanned aircraft range from small rotorcraft, which can fit in the palm of your hand, through to fixed wing aircraft comparable in size to that of a commercial passenger jet. The absence of a pilot on-board allows these aircraft to be developed with unique performance capabilities facilitating a wide range of applications in surveillance, environmental management, agriculture, defence, and search and rescue. However, regulations relating to the safe design and operation of UAS first need to be developed before the many potential benefits from these applications can be realised. According to the International Civil Aviation Organization (ICAO), a Risk Management Process (RMP) should support all civil aviation policy and rulemaking activities (ICAO 2009). The RMP is described in International standard, ISO 31000:2009 (ISO, 2009a). This standard is intentionally generic and high-level, providing limited guidance on how it can be effectively applied to complex socio-technical decision problems such as the development of regulations for UAS. Through the application of principles and tools drawn from systems philosophy and systems engineering, this thesis explores how the RMP can be effectively applied to support the development of safety regulations for UAS. A sound systems-theoretic foundation for the RMP is presented in this thesis. Using the case-study scenario of a UAS operation over an inhabited area and through the novel application of principles drawn from general systems modelling philosophy, a consolidated framework of the definitions of the concepts of: safe, risk and hazard is made. The framework is novel in that it facilitates the representation of broader subjective factors in an assessment of the safety of a system; describes the issues associated with the specification of a system-boundary; makes explicit the hierarchical nature of the relationship between the concepts and the subsequent constraints that exist between them; and can be evaluated using a range of analytic or deliberative modelling techniques. Following the general sequence of the RMP, the thesis explores the issues associated with the quantified specification of safety criteria for UAS. A novel risk analysis tool is presented. In contrast to existing risk tools, the analysis tool presented in this thesis quantifiably characterises both the societal and individual risk of UAS operations as a function of the flight path of the aircraft. A novel structuring of the risk evaluation and risk treatment decision processes is then proposed. The structuring is achieved through the application of the Decision Support Problem Technique; a modelling approach that has been previously used to effectively model complex engineering design processes and to support decision-making in relation to airspace design. The final contribution made by this thesis is in the development of an airworthiness regulatory framework for civil UAS. A novel "airworthiness certification matrix" is proposed as a basis for the definition of UAS "Part 21" regulations. The outcome airworthiness certification matrix provides a flexible, systematic and justifiable method for promulgating airworthiness regulations for UAS. In addition, an approach for deriving "Part 1309" regulations for UAS is presented. In contrast to existing approaches, the approach presented in this thesis facilitates a traceable and objective tailoring of system-level reliability requirements across the diverse range of UAS operations. The significance of the research contained in this thesis is clearly demonstrated by its practical real world outcomes. Industry regulatory development groups and the Civil Aviation Safety Authority have endorsed the proposed airworthiness certification matrix. The risk models have also been used to support research undertaken by the Australian Department of Defence. Ultimately, it is hoped that the outcomes from this research will play a significant part in the shaping of regulations for civil UAS, here in Australia and around the world.

Outrageous! Moral Panics in Austalia

What was Cronulla about? What really prompted 5,000 people to take the beach to bash people of 'Middle Eastern' appearance? When Macquarie Fields exploded into flames as Molotov cocktails were hurled at police, was it just a car crash that provoked the residents? Why did the Indigenous community on Palm Island react so violently to Mulrunji's death in custody? In this detailed examination of case studies, a distinguished group of experts demystifies the social processes of moral panic in Australia. Seventeen chapters explore not only the salience of the notion of moral panic in contemporary Australia, but also the relevance of moral panics in Australian history, the impact of new communication technologies and the demonisation of social categories, such as cultural minorities. Set as a text for university students, this book is a fascinating read for all those who want to go behind the hysteria, the headlines and the sound bites

Accounting : building business skills [4th Ed.]

"The text is unique in the way it balances a "user" and "preparer" perspective and integrates real financial information to illustrate business decision choices and how decisions are made using accounting information. The pedagogical approach presented in the text has been tried and tested over many years, and provides a constructive framework for students to learn fundamental accounting concepts and processes. Through the use of real company information and financial statements students will quickly appreciate the use of accounting information. The textbook clearly outlines to students how to account for typical business transactions and prepare financial statements - such as a balance sheet, income statement, and statement of cash flows - that communicate the financing, operating, and investing activities of a business. Whether a student is required to study one accounting subject, as part of a wider business degree, or undertake a major study of accounting the text builds a strong conceptual understanding of accounting and will develop skills that can be applied to an accounting and business environment. The integral role of financial statements for decision making is also emphasised in this text and is reinforced throughout by the Decision Toolkit in each chapter. Students are provided with an extensive set of tools necessary to make business decisions based on financial information." -- publisher website

Rise of the eco warriors

A group of passionate and naïve young people leave their known worlds behind to spend 100 days in the jungles of Borneo. Their mission is to confront one of the great global challenges of our time, saving rainforests and giving hope to endangered orangutans. Their task is enormous and the odds are against them. Jojo, an orphaned baby orangutan, is entrusted in their care and they must find a way to return her to her forest home. To do this, they need to build an orangutan rehabilitation centre and find ways to help the local communities protect their forest. Under the guidance of their mentor Dr Willie Smits, they introduce an innovative satellite monitoring system called Earthwatchers and enlist the help of school students around the world. The system is put to the test when the bulldozers move in and threaten the future of a nearby community living in a traditional longhouse. This is a story about what it takes it be an eco-warrior, an individual willing to step up and take action to avert a global catastrophe taking place before our eyes. The eco-warriors represent a new generation, ready to face what is happening on our planet and willing to do something, no matter how small, to build a more humane and balanced world. For them, every individual matters, every action counts. - Written by Cathy Henkel

Ignition delay of bio-fuels in a common-rail compression ignition engine

The utility of a novel technique for determining the ignition delay in a compression ignition engine has been shown. This method utilises statistical modelling in the Bayesian paradigm to accurately resolve the start of combustion from a band-pass in-cylinder pressure signal. Applied to neat diesel and six biofuels, including four fractionations of palm oil of varying carbon chain length and degree of unsaturation, the relationships between ignition delay, cetane number and oxygen content have been explored. It is noted that the expected negative relationship between ignition delay and cetane number held, as did the positive relationship between ignition delay and oxygen content. The degree of unsaturation was also identified as a potential factor influencing the ignition delay.