The differential impact of monetary policy announcements and explanatory minutes releases on the Australian interest rate futures market

Unlike US and Continental European jurisdictions, Australian monetary policy announcements are not followed promptly by projections materials or comprehensive summaries that explain the decision process. This information is disclosed 2 weeks later when the explanatory minutes of the Reserve Bank board meeting are released. This paper is the first study to exploit the features of the Australian monetary policy environment in order to examine the differential impact of monetary policy announcements and explanatory statements on the Australian interest rate futures market. We find that both monetary policy announcements and explanatory minutes releases have a significant impact on the implied yield and volatility of Australian interest rate futures contracts. When the differential impact of these announcements is examined using the full sample, no statistically significant difference is found. However, when the sample is partitioned based on stable periods and the Global Financial Crisis, a differential impact is evident. Further, contrary to the findings of Kim and Nguyen (2008), Lu et al. (2009), and Smales (2012a), the response along the yield curve, is found to be indifferent between the short and medium terms.

Area-wide releases and evaluation of the parasitoid Eretmocerus hayati(Hymenoptera:Aphelinidae) for silverleaf whitefly control

Silverleaf whitefly (SLW), Bemisia tabaci biotype B, is a major horticultural pest that costs Queensland vegetable growers millions of dollars in lost production and control measures each year. In the Bowen and Burdekin districts of North Queensland, the major cultivated SLW host crops are tomatoes, melons, green beans, pumpkins, eggplants, and cucumbers, which cover a total production area of approximately 6500 ha. Eretmocerus hayati, an effective SLW parasitoid, was imported into Australia by CSIRO in 2002 and released from quarantine in 2004. In 2006, DAFF established a mass-rearing unit for E. hayati at Bowen Research Station to provide E. hayati for release on vegetable farms within its SLW integrated pest management research program. A total of 1.3 million E. hayati were released over three seasons on 34 vegetable farms in the Bowen and Burdekin districts (October 2006 to December 2008). Post-release samplings were conducted across the release area over this time period with parasitism levels recorded in tomatoes, melons, beans, eggplants, pumpkins, and various SLW weed hosts. Sample data show that E. hayati established at most release sites as well as some non-release sites, indicating natural spread. Overall results from these three years of evaluation clearly demonstrated that E hayati releases played a significant role in SLW control. In most crops sampled, E hayati exerted between 30 and 80% parasitism. Even in regularly sprayed crops, such as tomato and eggplant, E. hayati was able to achieve an overall average parasitism of 45%.