Are the financial services external complaints resolution schemes subject to judicial review?

In Australia seven schemes (apart from the Superannuation Complaints Tribunal) provide alternative dispute resolution services for complaints brought by consumers against financial services industry members. Recently the Supreme Court of New South Wales held that the decisions of one scheme were amenable to judicial review at the suit of a financial services provider member and the Supreme Court of Victoria has since taken a similar approach. This article examines the juristic basis for such a challenge and contends that judicial review is not available, either at common law or under statutory provisions. This is particularly the case since Financial Industry Complaints Service Ltd v Deakin Financial Services Pty Ltd (2006) 157 FCR 229; 60 ACSR 372 decided that the jurisdiction of a scheme is derived from a contract made with its members. The article goes on to contend that the schemes are required to give procedural fairness and that equitable remedies are available if that duty is breached.

Theories of Mathematics Education : Seeking New Frontiers

This inaugural book in the new series Advances in Mathematics Education is the most up to date, comprehensive and avant garde treatment of Theories of Mathematics Education which use two highly acclaimed ZDM special issues on theories of mathematics education (issue 6/2005 and issue 1/2006), as a point of departure. Historically grounded in the Theories of Mathematics Education (TME group) revived by the book editors at the 29th Annual PME meeting in Melbourne and using the unique style of preface-chapter-commentary, this volume consist of contributions from leading thinkers in mathematics education who have worked on theory building. This book is as much summative and synthetic as well as forward-looking by highlighting theories from psychology, philosophy and social sciences that continue to influence theory building. In addition a significant portion of the book includes newer developments in areas within mathematics education such as complexity theory, neurosciences, modeling, critical theory, feminist theory, social justice theory and networking theories. The 19 parts, 17 prefaces and 23 commentaries synergize the efforts of over 50 contributing authors scattered across the globe that are active in the ongoing work on theory development in mathematics education.

Surveying theories and philosophies of mathematics education

Any theory of thinking or teaching or learning rests on an underlying philosophy of knowledge. Mathematics education is situated at the nexus of two fields of inquiry, namely mathematics and education. However, numerous other disciplines interact with these two fields which compound the complexity of developing theories that define mathematics education. We first address the issue of clarifying a philosophy of mathematics education before attempting to answer whether theories of mathematics education are constructible? In doing so we draw on the foundational writings of Lincoln and Guba (1994), in which they clearly posit that any discipline within education, in our case mathematics education, needs to clarify for itself the following questions: (1) What is reality? Or what is the nature of the world around us? (2) How do we go about knowing the world around us? [the methodological question, which presents possibilities to various disciplines to develop methodological paradigms] and, (3) How can we be certain in the “truth” of what we know? [the epistemological question]

Politicizing mathematics education : has politics gone too far? Or not far enough?

In this chapter we tackle increasingly sensitive questions in mathematics education, those that have polarized the community into distinct schools of thought as well as impacted reform efforts.

Thai students' engagement with cooperative learning in mathematics classrooms

Over the past decade, Thai schools have been encouraged by the Thai Ministry of Education to introduce more student-centred pedagogies such as cooperative learning into their classrooms (Carter, 2006). However, prior research has indicated that the implementation of cooperative learning into Thai schools has been confounded by cultural traditions endemic within Thai schools (Deveney, 2005). The purpose of the study was to investigate how 32 Grade 3 and 32 Grade 4 students enrolled in a Thai school engaged with cooperative learning in mathematics classrooms after they had been taught cooperative learning strategies and skills. These strategies and skills were derived from a conceptual framework that was the outcome of an analysis and synthesis of social learning, behaviourist and socio-cognitive theories found in the research literature. The intervention began with a two week program during which the students were introduced to and engaged in practicing a set of cooperative learning strategies and skills (3 times a week). Then during the next four weeks (3 times a week), these cooperative learning strategies and skills were applied in the contexts of two units of mathematics lessons. A survey of student attitudes with respect to their engagement in cooperative learning was conducted at the conclusion of the six-week intervention. The results from the analysis of the survey data were triangulated with the results derived from the analysis of data from classroom observations and teacher interviews. The analysis of data identified four complementary processes that need to be considered by Thai teachers attempting to implement cooperative learning into their mathematics classrooms. The paper concludes with a set of criteria derived from the results of the study to guide Thai teachers intending to implement cooperative learning strategies and skills in their classrooms.

Disclosing disclosure : new challenges for financial communicators

Stockmarket regulators in Australia, Canada and the United States have all issued recent challenges to listed companies on their disclosure practices, questioning in many cases what has been long standing practice. Financial public relations counsellors are constantly called up to advise on the communication consequences of difference disclosure strategies. This paper will explore the challenges, faced by a group of financial communicators within seven Australia listed companies, in setting and enacting disclosure polices for the organisations. It will identify hey issues involved in communicating within a regulated environment, as well as address the implications of new technology for future practice.

Financial incentives and advanced construction procurement systems

Construction clients often use financial incentives to encourage stakeholder motivation and commitment to voluntary higher-order project goals. Despite the increased use of financial incentives, there is little literature addressing means of optimizing outcomes. Using a case study methodology, the examination of a successful Australian construction project demonstrates the features of a positively geared procurement approach that promotes the effectiveness of financial incentives. The research results show that if the incentive system is perceived to be fair and is applied to reward exceptional performance, and not to manipulate, then contractors are more likely to be positively motivated.

Preliminary review of over-regulation in Australian financial services

This article examines a preliminary review and the limited evidence of over-regulation in Australian financial services. The 1997 Wallis Report and the CLERP 6 paper resulted in the amendments to Ch 7 of the Corporations Act 2001 (Cth) by the Financial Services Reform Act. Nearly a decade later the system based upon 'one-size fits all' dual track regime and a consistent licensing regime has greatly increased the costs of compliance. In the area of enforcement there has not been a dramatic change to the effective techniques applied by ASIC over other agencies such as APRA. In particular there are clear economic arguments, as well as international experiences which state that a single financial services regulator is more effective than the multi-layered approach adopted in Australia. Finally, in the superannuation area of financial services, which is worth A$800 billion there is unnecessary dual licensing and duplicated regulation with little evidence of any consumer-member benefit but at a much greater cost

Incorporating sustainability measures in life-cycle financial decision making for highway construction

Public awareness and the nature of highway construction works demand that sustainability measures are first on the development agenda. However, in the current economic climate, individual volition and enthusiasm for such high capital investments do not present as strong cases for decision making as the financial pictures of pursuing sustainability. Some stakeholders consider sustainability to be extra work that costs additional money. Though, stakeholders realised its importance in infrastructure development. They are keen to identify the available alternatives and financial implications on a lifecycle basis. Highway infrastructure development is a complex rocess which requires expertise and tools to evaluate investment options, such as environmentally sustainable features for road and highway development. Life-cycle cost analysis (LCCA) is a valuable approach for investment decision making for construction works. However, LCCA applications in highway development are still limited. Current models, for example focus on economic issues alone and do not deal with sustainability factors, which are more difficult to quantify and encapsulate in estimation modules. This paper reports the research which identifies sustainability related factors in highway construction projects, in quantitative and qualitative forms of a multi-criteria analysis. These factors are then incorporated into past and proven LCCA models to produce a new long term decision support model. The research via questionnaire, model building, analytical hierarchy processes (AHP) and case studies have identified, evaluated and then processed highway sustainability related cost elements. These cost elements need to be verified by industry before being integrated for further development of the model. Then the Australian construction industry will have a practical tool to evaluate investment decisions which provide an optimum balance between financial viability and sustainability deliverables.

Measuring performance of municipal real estate : softening the impact of financial crisis to local governments

Asset management in local government is an emerging discipline and over a decade has become a crucial aspect towards a more efficient and effective organisation. One crucial feature in the public asset management is performance measurement toward the public real estates. This measurement critically at the important component of public wealth and seeks to apply a standard of economic efficiency and effective organisational management especially in such global financial crisis condition. This paper aims to identify global economic crisis effect and proposes alternative solution for local governments to softening the impact of the crisis to the local governments organisation. This study found that the most suitable solution for local government to solve the global economic crisis in Indonesia is application of performance measurement in its asset management. Thus, it is important to develop performance measurement system in local government asset management process. This study provides suggestions from published documents and literatures. The paper also discusses the elements of public real estate performance measurement. The measurement of performance has become an essential component of the strategic thinking of assets owners and managers. Without having a formal measurement system for performance, it is difficult to plan, control and improve local government real estate management system. A close look at best practices in public sectors reveals that in most cases these practices were transferred from private sector reals estate management under the direction of real estate experts retained by government. One of the most significant advances in government property performance measurement resulted from recognition that the methodology used by private sector, non real estate corporations for managing their real property offered a valuable prototype for local governments. In general, there are two approaches most frequently used to measure performance of public organisations. Those are subjective and objective measures. Finally, findings from this study provides useful input for the local government policy makers, scholars and asset management practitioners to establish a public real estate performance measurement system toward more efficient and effective local governments in managing their assets as well as increasing public services quality in order to soften the impact of global financial crisis.

Students as decoders of graphics in mathematics

This paper reports on students’ ability to decode mathematical graphics. The findings were: (a) some items showed an insignificant improvement over time; (b) success involves identifying critical perceptual elements in the graphic and incorporating these elements into a solution strategy; and (c) the optimal strategy capitalises on how information is encoded in the graphic. Implications include a need for teachers to be proactive in supporting students’ to develop their graphical knowledge and an awareness that knowledge varies substantially across students.