The channels of monetary policy triggered by central bank actions and statements in the Australian equity market

Owing to the discrete disclosure practices of the Reserve Bank of Australia, this paper provides new evidence on the channels of monetary policy triggered by central bank actions (monetary policy announcements) and statements (explanatory minutes releases), in the Australian equity market. Both monetary policy announcements and explanatory minutes releases are shown to have a significant and comparable impact on the returns and volatility of the Australian equity market. Further, distinct from US and European studies that find strong evidence of the interest rate, bank loan and balance sheet channels and no evidence of the exchange rate channel following central bank actions, this paper finds that monetary policy impacts the Australian equity market via the exchange rate, interest rate and bank loan channels of monetary policy, with only weak evidence of the balance sheet channel of monetary policy. These channels are found to be operating irrespective of the trigger (monetary policy announcements or explanatory minutes releases), though results are somewhat weaker when examining the explanatory minutes releases. These results have important implications for central bank officials and financial market participants alike: by confirming a comparable avenue to affect monetary policy; and providing an explication of its impact on the Australian equity market.

Corporate philanthropy, reputation risk management and shareholder value: A study of Australian corporate giving

This study examines the role of corporate philanthropy in the management of reputation risk and shareholder value of the top 100 ASX listed Australian firms for the three years 2011-2013. The results of this study demonstrate the business case for corporate philanthropy and hence encourage corporate philanthropy by showing increasing firms’ investment in corporate giving as a percentage of profit before tax, increases the likelihood of an increase in shareholder value. However, the proviso is that firms must also manage their reputation risk at the same time. There is a negative association between corporate giving and shareholder value (Tobin’s Q) which is mitigated by firms’ management of reputation. The economic significance of this result is that for every cent in the dollar the firm spends on corporate giving, Tobin’s Q will decrease by 0.413%. In contrast, if the firm increase their reputation by 1 point then Tobin’s Q will increase by 0.267%. Consequently, the interaction of corporate giving and reputation risk management is positively associated with shareholder value. These results are robust while controlling for potential endogeneity and reverse causality. This paper assists both academics and practitioners by demonstrating that the benefits of corporate philanthropy extend beyond a gesture to improve reputation or an attempt to increase financial performance, to a direct collaboration between all the factors where the benefits far outweigh the costs.

Artificial Habitats for Fisheries Enhancement in the Australian Region

This paper outlines developments over about 20 years in the construction of and ecological research on artificial reefs, fish aggregation devices (FAD's), and other artificial habitats designed to enhance fish populations and fisheries in the Australian region (including New Zealand and Papua New Guinea). Work was initially carried out on multicomponent reefs using a variety of waste materials, as well as some specially constructed concrete and steel structures. Later studies concentrated on single-component reefs, again mainly using waste materials. Although no definitive conclusions were reached on the relative effectiveness of the different materials used, waste motor vehicle tires and derelict ships were generally judged to be the best all-around materials for single-component reef construction in sheltered estuarine and offshore marine environments, respectively, in this region. FAD's comprising polyvinylchloride pipe sparbuoys (or in some areas polyurethane foam floats) attached to railroad car wheel anchors by polyethylene rope and chain, and supporting attractor drapes of synthetic mesh webbing, also provedtobegenerallysuccessfulin thisarea. Overall conclusions for the Australian region include the predominant use of waste materials in artificial reef construction, which has been primarily aimed at recreational fisheries enhancement; the successful use of FAD's for both recreational and commercial fisheries enhancement; the need for further and better planned research into and monitoring of the effectiveness of both of these enhancement methods; and the need for future research into the effectiveness of unfished "artificial habitat reserves" in enhancing fisheries production from surrounding fished areas.

Maori octopus (Octopus maorum) bycatch and southern rock lobster (Jasus edwardsii) mortality in the South Australian lobster fishery

Octopuses are commonly taken as bycatch in many trap fisheries for spiny lobsters (Decapoda: Palinuridae) and can cause significant levels of within-trap lobster mortality. This article describes spatiotemporal patterns for Maori octopus (Octopus maorum) catch rates and rock lobster (Jasus edwardsii) mortality rates and examines factors that are associated with within-trap lobster mortality in the South Australian rock lobster fishery (SARLF). Since 1983, between 38,000 and 119,000 octopuses per annum have been taken in SARLF traps. Catch rates have fluctuated between 2.2 and 6.2 octopus/100 trap-lifts each day. There is no evidence to suggest that catch rates have declined or that this level of bycatch is unsustainable. Over the last five years, approximately 240,000 lobsters per annum have been killed in traps, representing ~4% of the total catch. Field studies show that over 98% of within-trap lobster mortality is attributable to octopus predation. Lobster mortality rates are positively correlated with the catch rates of octopus. The highest octopus catch rates and lobster mortality rates are recorded during summer and in the more productive southern zone of the fishery. In the southern zone, within-trap lobster mortality rates have increased in recent years, apparently in response to the increase in the number of lobsters in traps and the resultant increase in the probability of octopus encountering traps containing one or more lobsters. Lobster mortality rates are also positively correlated with soak-times in the southern zone fishery and with lobster size. Minimizing trap soak-times is one method currently available for reducing lobster mortality rates. More significant reductions in the rates of within-trap lobster mortality may require a change in the design of lobster traps.

Fish recolonization in temperate Australian rockpools: a quantitative experimental approach

Understanding recolonization processes of intertidal fish assemblages is integral for predicting the consequences of significant natural or anthropogenic impacts on the intertidal zone. Recolonization of experimentally defaunated intertidal rockpools by fishes at Bass Point, New South Wales (NSW), Australia, was assessed quantitatively by using one long-term and two short-term studies. Rockpools of similar size and position at four sites within the intertidal zone were repeatedly defaunated of their fish fauna after one week, one month, and three months during two shortterm studies in spring and autumn (5 months each), and every six months for the long-term study (12 months). Fish assemblages were highly resilient to experimental perturbations—recolonizing to initial fish assemblage structure within 1−3 months. This recolonization was primarily due to subadults (30−40 mm TL) and adults (>40 mm TL) moving in from adjacent rockpools and presumably to abundant species competing for access to vacant habitat. The main recolonizers were those species found in highest numbers in initial samples, such as Bathygobius cocosensis, Enneapterygius rufopileus, and Girella elevata. Defaunation did not affect the size composition of fishes, except during autumn and winter when juveniles (<30 mm TL) recruited to rockpools. It appears that Bass Point rockpool fish assemblages are largely controlled by postrecruitment density-dependent mechanisms that indicate that recolonization may be driven by deterministic mechanisms.

Development of lobster traps: preliminary experiments with three new designs of rectangular, Australian pot and ink-well traps

Result of experimental lobster fishing with three new designs, namely rectangular, Australian pot and ink-well traps at Muttam, Kadiapatnam, Colachal, Enayam and Vizhinjam, south-west coast of India during 1979-80 are reported. Preliminary studies show that Australian pot and rectangular traps as more efficient to the ink-well type.

[1H,15N] N.M.R. Kinetic Studies of Reactions of cis- and trans-[PtCl2(15NH3)(c-C6H1115NH2)] with Guanosine 5'-Monophosphate

cis-[PtCl2(15NH3)(c-C6H11NH2)] is an active metabolite of the oral platinum(IV) anticancer drug cis,trans,cis-[PtCl2(CH3CO2)2(NH2)(c-C6H11NH2)]. Since it is likely that guanine bases on DNA are targets for this drug, we have analysed the kinetics of reaction of this platinum(II) metabolite with guanosine 5′-monophosphate (5′-GMP) at 310 K, pH 7, using [1H, 15N] n.m.r. methods. Reactions of the trans isomer are reported for comparison. The reactions proceed via aquated intermediates, and, for the cis isomer, the rates of aquation and substitution of H2O by 5′-GMP are 2-5 times faster trans to the amine ligand (c-C6H11NH2) compared to trans to NH3 for both the first and second steps. For the trans complex, the first aquation step is c. 3 times faster than for the cis complex, as expected from the higher trans influence of Cl¯, whereas the rate of the second aquation step (trans to N7 of 5′-GMP) is comparable to that trans to NH3. These findings have implications for the courses of reactions with DNA.

AUSTRALIA’S STRATEGIC CULTURE: An investigation of the concept of strategic culture and its application to the Australian case

The notion that each state in the international system approaches matters of war and peace somewhat differently because they each possess a unique strategic culture is not a new or obscure one – but it nevertheless remains controversial. While some scholars dismiss the utility or practicality of examining states’ cultures when seeking to explain or predict those states’ patterns of strategic decision-making, even amongst those who accept that we should pay attention to cultural differences between states when carrying out strategic analysis there remains a frustratingly eclectic range of offerings from scholars regarding how best to do so. In short, significant uncertainty remains regarding both whether strategic culture should be used as an analytical tool and, if it is so utilized, how one should go about doing so. This thesis therefore explores the concept of strategic culture in great detail, both theoretical and empirical. The opening three chapters examine why the more traditional rationalist/materialistic theories should not exclusively dominate strategic analysis, then the various existing strategic cultural offerings are considered and critiqued and, finally, a new conceptual model for strategic cultural analysis is proposed which draws from the hitherto largely neglected psychological and sociological literature. Both of these fields, it is submitted in Chapter 3, have spent more time and effort developing ways of understanding and analyzing culture than the field of IR has to date, and therefore the models and methods debated and developed in these fields should, it is argued, be ‘imported’ into IR to drive further strategic cultural research. The thesis then moves in the following six chapters to consider Australia’s strategic culture. The purpose of this part of the thesis is two-fold: first, it illustrates how the model offered in Chapter 3 works and, by implication, suggests how scholars may go about applying it to other cases. Second, and perhaps more importantly, the latter six chapters explore the twists and turns of Australia’s substantive strategic decision-making over the course of the last century or more, thereby explaining how Australia’s strategic history can be understood from a cultural perspective.

A potent novel antimicrobial peptide related to caerin 1.12 from the skin secretion of the Australian frog, Litoria aurea

Skin secretions from Australian frogs of the genus Litoria have been extensively studied for many years and are known to contain a large array of antimicrobial peptides that often bear their specific names — caerins (L. caerulea), aureins (L. aurea), citropins (L. citropa) and maculatins (L. genimaculata) — and each group displays distinct primary structural attributes. During a systematic transcriptome cloning study using a cDNA library derived from skin secretion of L. aurea, a series of identical clones were identified that encoded a novel 25-mer antimicrobial peptide that displayed 92% structural identity with caerin 1.12 from L. caerulea, differing in amino acid sequence at only two positions — Arg for Gly at position 7 and Leu amide for Ser amide at the C-terminus. The novel peptide had conserved Pro residues at positions 15 and 19 that flank a flexible hinge region which previous studies have suggested are important for effective orientation of the two alpha-helices within the bacterial membrane resulting in lysis of cells. As the two substitutions in the novel peptide serve to increase both positive charge and hydrophobicity, we synthesised a replicate and determined its minimal inhibitory concentration (MIC) against Gram positive Staphylococcus aureus and Gram negative Escherichia coli. The MICs for these organisms were 3 µM and 4 µM, respectively, indicating a high potency and haemolysis was

Translating ‘gaytown’: the collision of global and local in bringing Australian queer play Bison to Belfast.

Sydney playwright Lachlan Philpott’s Bison (2000/2009) is immersed in a sweaty, summery Antipodean scene of bronzed and toned bodies. It is located in the flora and fauna of gum trees and biting ants. Yet, despite this, it could be argued that at its heart it is not a specifically Australian site, but an all-too translatable scene that seems to be played out in gay clubs, bars, chatrooms and saunas around the Western world: men repeating patterns, looking for sex or love; checking out bodies, craving perfection; avoiding, and occasionally seeking, disease. At least, that was my assumption when I decided to direct the play in Belfast, Northern Ireland, in 2009. Philpott came to Belfast to workshop the play with the actors and, as a group, we restructured the play and tried to find a way to ‘de-Australianise’ it without necessarily placing it in a new geographical place - Northern Ireland - through linguistic clues in the text. As Philpott put it: ‘Let’s not make this play about Belfast or Sydney or London or anywhere because it is not a fair reflection of these scenes. Maybe we should just identify the generic elements of this world and then make Bison a play that reflects gaytown – because the rituals are all the same in Western society’. The experience of doing the play in Belfast made clear, however, that ideas of a global gay identity/experience –though highly marketed – fail to account for the vastly different situations of embodied gay experience. And the Northern Irish gay experience, while it has imported the usual ‘generic’ tropes of gayness, sits within a specific cultural context in which the farsighted legislation on equality for gays (imposed by either London or the EU) vastly outstrips wider societal thinking. For many in Northern Ireland, erstwhile MP Iris Robinson’s comments about homosexuality being an ‘abomination’ were a reason to support her, rather than to reject her. For me, the comments were the catalyst to doing Bison in Belfast.

Shared Pseudomonas aeruginosa genotypes are common in Australian cystic fibrosis centres

Recent molecular-typing studies suggest cross-infection as one of the potential acquisition pathways for Pseudomonas aeruginosa in patients with cystic fibrosis (CF). In Australia, there is only limited evidence of unrelated patients sharing indistinguishable P. aeruginosa strains. We therefore examined the point-prevalence, distribution, diversity and clinical impact of P. aeruginosa strains in Australian CF patients nationally. 983 patients attending 18 Australian CF centres provided 2887 sputum P. aeruginosa isolates for genotyping by enterobacterial repetitive intergenic consensus-PCR assays with confirmation by multilocus sequence typing. Demographic and clinical details were recorded for each participant. Overall, 610 (62%) patients harboured at least one of 38 shared genotypes. Most shared strains were in small patient clusters from a limited number of centres. However, the two predominant genotypes, AUST-01 and AUST-02, were widely dispersed, being detected in 220 (22%) and 173 (18%) patients attending 17 and 16 centres, respectively. AUST-01 was associated with significantly greater treatment requirements than unique P. aeruginosa strains. Multiple clusters of shared P. aeruginosa strains are common in Australian CF centres. At least one of the predominant and widespread genotypes is associated with increased healthcare utilisation. Longitudinal studies are now needed to determine the infection control implications of these findings.

Genomovar diversity amongst Burkholderia cepacia complex isolates from an Australian adult cystic fibrosis unit

In this study, a combination of recA-based PCR assays and 16S rDNA restriction fragment length polymorphism (RFLP) analysis was used to determine the genomovar diversity of clinical Burkholderia cepacia complex isolates. Twenty-eight isolates were prospectively collected from patients attending a large Australian adult cystic fibrosis (CF) unit, 22 isolates were referred from other Australian CF units and a further eight isolates originated from patients without CF. The 28 prospectively collected isolates were distributed amongst the following genomovars: Burkholderia cepacia genomovar I (28.6%), Burkholderia multivorans (21.4%), Burkholderia cepacia genomovar III (39.3%), Burkholderia vietnamiensis(3.6%) and Burkholderia ambifaria (7.1%). The results of this study highlight the usefulness of 16S rDNA RFLP typing for the identification of other Burkholderia spp. and non-fermenting gram-negative bacteria.

Starting antidepressant use: a qualitative synthesis of UK and Australian data

Objective To explore people's experiences of starting antidepressant treatment. Design Qualitative interpretive approach combining thematic analysis with constant comparison. Relevant coding reports from the original studies (generated using NVivo) relating to initial experiences of antidepressants were explored in further detail, focusing on the ways in which participants discussed their experiences of taking or being prescribed an antidepressant for the first time. Participants 108 men and women aged 22–84 who had taken antidepressants for depression. Setting Respondents recruited throughout the UK during 2003–2004 and 2008 and 2012–2013 and in Australia during 2010–2011. Results People expressed a wide range of feelings about initiating antidepressant use. People's attitudes towards starting antidepressant use were shaped by stereotypes and stigmas related to perceived drug dependency and potentially extreme side effects. Anxieties were expressed about starting use, and about how long the antidepressant might begin to take effect, how much it might help or hinder them, and about what to expect in the initial weeks. People worried about the possibility of experiencing adverse effects and implications for their senses of self. Where people felt they had not been given sufficient time during their consultation information or support to take the medicines, the uncertainty could be particularly unsettling and impact on their ongoing views on and use of antidepressants as a viable treatment option. Conclusions Our paper is the first to explore in-depth patient existential concerns about start of antidepressant use using multicountry data. People need additional support when they make decisions about starting antidepressants. Health professionals can use our findings to better understand and explore with patients’ their concerns before their patients start antidepressants. These insights are key to supporting patients, many of whom feel intimidated by the prospect of taking antidepressants, especially during the uncertain first few weeks of treatment.