An empirical investigation of the level effect in Australian interest rates

An extensive literature examines the dynamics of interest rates, with particular attention given to the positive relationship between interest-rate volatility and the level of interest rates—the so-called level effect. This paper examines the interaction between the estimated level effect and competing parameterisations of interest-rate volatility for the Australian yield curve. We adopt a new methodology that estimates elasticity in a multivariate setting that explicitly accommodates the correlations that exist between various yield factors. Results show that significant correlations exist between the residuals of yield factors and that such correlations do indeed impact on model estimates. Within the multivariate setting, the level of the short rate is shown to be a crucial determinant of the conditional volatility of all three yield factors. Measures of model fit suggest that, in addition to the usual level effect, the incorporation of GARCH effects and possible regime shifts is important

Required hours of practice for learner drivers : a comparison between two Australian jurisdictions

Problem: This study considers whether requiring learner drivers to complete a set number of hours while on a learner licence affects the amount of hours of supervised practice that they undertake. It compares the amount of practice that learners in Queensland and New South Wales report undertaking. At the time the study was conducted, learner drivers in New South Wales were required to complete 50 hours of supervised practice while those from Queensland were not. Method: Participants were approached outside driver licensing centres after they had just completed their practical driving test to obtain their provisional (intermediate) licence. Those agreeing to participate were interviewed over the phone later and asked a range of questions to obtain information including socio-demographic details and amount of supervised practice completed. Results: There was a significant difference in the amount of practice that learners reported undertaking. Participants from New South Wales reported completing a significantly greater amount of practice (M = 73.3 hours, sd = 29.12 hours) on their learner licence than those from Queensland (M = 64.1 hours, sd = 51.05 hours). However, the distribution of hours of practice among the Queensland participants was bimodal in nature. Participants from Queensland reported either completing much less or much more practice than the New South Wales average. Summary: While it appears that the requirement that learner drivers complete a set number of hours may increase the average amount of hours of practice obtained, it may also serve to discourage drivers from obtaining additional practice, over and above the required hours. Impact on Industry: The results of this study suggest that the implications of requiring learner drivers to complete a set number of hours of supervised practice are complex. In some cases, policy makers may inadvertently limit the amount of hours learners obtain to the mandated amount rather than encouraging them to obtain as much practice as possible.

Land use at privatized Australian airports : classification and analyses

In recent years the air transport industry has experienced unprecedented growth, driven by strong local and global economies. Whether this growth can continue in the face of anticipated oil crises; international economic forecasts and recent influenza outbreaks is yet to be seen. One thing is certain, airport owners and operators will continue to be faced with challenging environments in which to do business. In response, many airports recognize the value in diversifying their revenue streams through a variety of landside property developments within the airport boundary. In Australia it is the type and intended market of this development that is a point of contention between private airport corporations and their surrounding municipalities. The aim of this preliminary research is to identify and categorize on-airport development occurring at the twenty-two privatized Australian airports which are administered under the Airports Act [1996]. This new knowledge will assist airport and municipal planners in understanding the current extent and category of on-airport land use, allowing them to make better decisions when proposing development both within airport master plans and beyond the airport boundary in local town and municipal plans.

Australian media ethics regime and ethical risk management

Media organizations are simultaneously key elements of an effective democracy and, for the most part, commercial entities seeking success in the market. They play an essential role in the formation of public opinion and the influence on personal choices. Yet most of them are commercial enterprises seeking readers or viewers, advertising, favorable regulatory decisions for their media, and other assets. This creates some intrinsic difficulties and produces some sharp tensions within media ethics. In this article, we examine such tensions—in theory and practice. We then consider the feasibility of introducing an ethics regime to the media industry—a regime that would be effective in a deregulated environment in protecting public interest and social responsibility. In the article, we also outline a rationale and a methodology for the institutionalization of an acceptable and workable media ethics regime that aims to protect the integrity of the industry in a future of undoubtedly increasing commercial pressure.

The historical understandings : an overview

This chapter will explore some of the pioneering ideas about adolescence. It begins with origin of the word 'adolescence,' before probing into various perspectives related to the emergence of modern day adolescent. It then offers a look at the theoretical models of adolescence. Finally, it looks at the evolution of an adolescent in the school...

Romance and Reconciliation : The secret life of indigenous sexuality on Australian television drama

This article examines the representation of Indigenous sexuality on Australian television drama since the 1970s, suggesting the political importance of such representations. In 1976 Justine Saunders became the first regular Indigenous character on an Australian television drama series, as the hairdresser Rhonda Jackson in Number 96. She was presented as sexually attractive, but this was expressed through a rape scene after a party. Twenty five years later, Deborah Mailman starred in The Secret Life of Us, as Kelly, who is also presented as sexually attractive. But her character can be seen in many romantic relationships. The article explores changing representations that moved us from Number 96 to The Secret Life of Us, via The Flying Doctors and Heartland. It suggests that in representations of intimate and loving relationships on screen it has only recently become possible to see hopeful models for interaction between Indigenous and non-Indigenous Australians.

Just Relations : Indigenous families in Australian lifestyle media

This paper argues that the increasing visibility of Indigenous families in the mainstream Australian media over the past ten years has produced new opportunities for addressing national injustices of the Stolen Generations. It shows how, as certain celebrities like Ernie Dingo, Nova Peris and Cathy Freeman, have become popular household names, a concurrent public interest in their family backgrounds has grown. Descriptive accounts of relationships and shared histories – propelled by the expansion of the lifestyle television genre in this context – has enabled some stories of the ‘Stolen Generations’ to be seen as ‘ordinary’, and part of a broader sense of everyday Australian life for the first time. With the aid of recent sexual citizenship research, the article illustrates that such middle-class representations give voice to new embodiments of citizenship in the post-apology era, making Indigenous justice more subjectively interconnected with life in the white Australian public sphere.

'Black is beautiful', and Indigenous : Aboriginal authorship in Australian popular music

The ‘black is beautiful’ movement began in the United States in the early sixties, and changed mainstream attitudes towards the body, fashion and personal aesthetics, gaining African American people a new sense of pride in being – and being called – ‘black’. In Australia the movement also had implications for changing the political meanings of ‘black’ in white society. However, it is not until the last decade, through the global influence of Afro-American music, that a distinctly Indigenous sense of black sexiness has captured the attention of mainstream audiences. The article examines such recent developments, and suggests that, through the appropriation of Afro-American aesthetics and styles, Indigenous producers and performers have developed new forms of Indigenous public agency, demonstrating that black is beautiful, and Indigenous.

Between Two Worlds : Harry Reade, the Sydney waterfront and Cuban animation

Harry Reade (1927-1998) was an Australian waterside worker-artist who became involved with animation production through the Waterside Workers’ Federation Film Unit, in Sydney. During the early years of the Cuban Revolution, Reade contributed to Cuba’s social and cultural reform process by influencing the development of the educational sector of Cuban animation. This article examines the forces that shaped Reade and the ways in which he contributed to the use of animation as an agent of social change.

"Men at play : masculinities in Australian theater since the 1950s" -- By Jonathan Bollen, Adrian Kiernander and Bruce Parr

Adopting a thematic rather than chronological arrangement, this co-authored book surveys representations of men and masculinity in post-war Australian theater. Its searching and sophisticated analyses draw upon playscripts, critical records and archival material, including screen versions of stage productions. The study is organized around two distinct periods of Australian theater history: the 1950s to 1970, during which time a national theatremovement flourished, and the mid-1980s onward.Whilst some attention is given to different genres, discussion centers primarily on realist works from the mainstream. Several plays usually omitted from orthodox theater histories, such as Barry Pree’s A Fox in the Night (1959), are given detailed treatments.

An ecological assessment of secondary poisoning risk in the Australian sugarcane industry

Rodenticide use in agriculture can lead to the secondary poisoning of avian predators. Currently the Australian sugarcane industry has two rodenticides, Racumin® and Rattoff®, available for in-crop use but, like many agricultural industries, it lacks an ecologically-based method of determining the potential secondary poisoning risk the use of these rodenticides poses to avian predators. The material presented in this thesis addresses this by: a. determining where predator/prey interactions take place in sugar producing districts; b. quantifying the amount of rodenticide available to avian predators and the probability of encounter; and c. developing a stochastic model that allows secondary poisoning risk under various rodenticide application scenarios to be investigated. Results demonstrate that predator/prey interactions are highly constrained by environmental structure. Rodents used crops that provided high levels of canopy cover and therefore predator protection and poorly utilised open canopy areas. In contrast, raptors over-utilised areas with low canopy cover and low rodent densities, but which provided high accessibility to prey. Given this pattern of habitat use, and that industry baiting protocols preclude rodenticide application in open canopy crops, these results indicate that secondary poisoning can only occur if poisoned rodents leave closed canopy crops and become available for predation in open canopy areas. Results further demonstrate that after in-crop rodenticide application, only a small proportion of rodents available in open areas are poisoned and that these rodents carry low levels of toxicant. Coupled with the low level of rodenticide use in the sugar industry, the high toxic threshold raptors have to these toxicants and the low probability of encountering poisoned rodents, results indicate that the risk of secondary poisoning events occurring is minimal. A stochastic model was developed to investigate the effect of manipulating factors that might influence secondary poisoning hazard in a sugarcane agro-ecosystem. These simulations further suggest that in all but extreme scenarios, the risk of secondary poisoning is also minimal. Collectively, these studies demonstrate that secondary poisoning of avian predators associated with the use of the currently available rodenticides in Australian sugar producing districts is minimal. Further, the ecologically-based method of assessing secondary poisoning risk developed in this thesis has broader applications in other agricultural systems where rodenticide use may pose risks to avian predators.