Australian Oligopolistic petition-Free-Samples for Students

On 30 th May 2017, the Financial Review published an article by James Frost titled; â€Å"Treasurer attacks banks, pushes out levy due date.† This article is centered on Treasurer Scott Morrison’s speech wherein he criticized the Australian banking sector as an oligopoly whose continued operation has had detrimental financial disadvantages to all Australians. The Treasurer argued that the cheap funding costs, internal modelling benefits and dominant market share have placed the big four banks at an advantageous position thus enabling them squeeze petitors to the wall. The treasurer referred to the House of Representatives Economic mittee whose review of the big four banks concluded that the banking sector is an oligopoly with the major banks having significant pricing power. This concentration of market power in the sector is a systemic risk that continues to hurt the economic interests of the population at large. Mr. Morrison stated that the government was keen on altering the state of affairs and the planned introduction of the bank levy was a move towards improving petition in the banking sector, although concerns remain whether the levy costs will be passed on to customers. However, there were mixed reactions when it came to light that as per the draft legislation, the first payment had been pushed back to March 21 st .   While this push had been said to affect revenue collections, the Bankers Association Chief Executive Anna Bligh we ed the move to avoid â€Å"rushing a hastily designed policy.† Further concerns have been raised with respect to the draft legislation such as the likely tax grab effect on all accounts and the fact that the policy is not intended to apply to foreigners. Whereas neoclassical economists have elaborated what a petitive market entails, politics and business lobbying have made meaningless the idea of petition in Australia’s banking sector. Though the Australia Bankers Association argues that the banking market is petitive, of all the over 100 banks, societies and credit union operating in Australia, it is only four banks that control over 84 per cent of the mortgage market in Australia (The Australia Institute, 2017). The four banks have drawn benefit from the banking oligopoly that focuses on safe and high-margin mortgages (Janda, 2016). The banks managed to convince the regulatory body to allow them set aside lower sums of money to cover potential losses. This move allowed the banks to provide more mortgages without necessarily having to raise more capital from shareholders. As a result of this immense market dominance, it is argued that the big banks were abusing their market power. This dominance enabled them to enjoy record h igh profit margins for many financial years but scandals involving rigging of interest rates, poor financial advice and insurance frauds brought into question the exploitation and unaccountability that these banks have enjoyed for so long (Kaye and Westbrook, 2016). As of late 2016, there was a public outcry to alter the status quo to correct the financial systemic errors and it was agreed that reform had to be undertaken to cure the situation. Consequently, a parliamentary inquiry into the major banks was missioned with the objective of encouraging petition and monitoring the sector closely. The House Economics mittee made proposals thereafter to have reports filed to the government twice yearly and r mended the doing away with constraints in obtaining licenses. To ensure transparency in loan pricing, it was proposed that banks should be required to share with each other customer data. Further r mendations included the setting up of a Banking and Financial Sector Tribunal at the cost of the banks and that banks had to name executives responsible for major breaches a panied with a detailed explanation of the specifics of the breaches (Shapiro, 2016). In the 2017 budget, the Treasurer seems to have taken huge consideration of the need to introduce reforms to the banking sector. These reforms entail a bank levy in the form of tax targeting the major banks and the introduction of further measures that will promote petition and accountability in the banking system (Hawkins and Sanyal, 2017). From the foregoing discussion, it emerges that the major causes of the so-called systemic errors in the banking sector are as a result of lack of petition and transparency in the sector. The 2017 budget reforms are therefore a we ed move that should be zealously implemented to cure the defects in the banking sector. One r mendation to achieve this ou e is to address the concern that the banks may pass the tax costs to the customers. Although it has been assured that the tax does not apply to bank deposits or mortgages, it is r mendable that the Australian petition and Consumer mission should monitor closely to ensure the banks do not mislead customers in a bid to defeat the objectives of the reforms. Further, there is also need to address the unfair advantage that is enjoyed by the major banks due to the generally accepted assumption that in the event of a crisis, these big banks will most certainly receive government support. This perception endears these banks to financiers as opposed to their petitors. To ensure this inequity is removed from the picture, reforms should be adopted to provide for a criteria of ensuring that the small banks also receive monetary support from the government in the event of a crisis. This measure will lead to the realization of a fairly petitive market in terms of the neoclassical economic standards. The fact that Australia’s banking sector is an oligopoly is undisputed. It is mendable that the government is taking measures to address the disquiet that has been evoked by the unpleasant state of the sector. Politics aside, all stakeholders need to work together to ensure the proposed reforms are fully effected and that further measures as r mended above are taken to ensure   fair petition and transparency are upheld. This way, confidence and trust will be restored in the financial sector of the economy. The government should also focus on other sectors of the economy that are not petitive enough such as the energy sector Degotardi, M. (2012). petition in Banking. [Pdf] Available at: https://www2.deloitte /au/en/pages/ economics /articles petition-in-banking.html [Accessed 24 Aug. 2017]. Frost, J. (2017). Treasurer delays bank levy, pushes petition argument. [Online] Financial Review. Available at: https://www.afr /business/banking-and-finance/financial-services/bank-levy-bill-introduced-aims-to-aid petition-in-oligopoly-market-20170530-gwg7pv [Accessed 24 Aug. 2017]. Hawkins, P. and Sanyal, K. (2017). A levy on major banks and improving accountability for bank executives – Parliament of Australia. [Online] Aph.gov.au. Available at: https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/rp/BudgetReview201718/Banks [Accessed 24 Aug. 2017]. Janda, M. (2016). The banks are too big for the nation's good — here's why. [Online] ABC News. Available at: https://www.abc.net.au/news/2016-08-31/janda-aus-banks-are-too-big/7789830 [Accessed 24 Aug. 2017]. Kaye, B. and Westbrook, T. (2016). Australian watchdog says bank 'oligopoly' needs more reform. [Online] U.S. Available at: https://www.reuters /article/us-australia-banks-idUSKCN12E0F3 [Accessed 24 Aug. 2017]. Morrison, S. (2017). Building an accountable and petitive banking system | The Hon Scott Morrison MP. [Online] Sjm.ministers.treasury.gov.au. Available at: https://sjm.ministers.treasury.gov.au/media-release/044-2017/ [Accessed 24 Aug. 2017]. Shapiro, J. (2016). Bank oligopoly 'adverse' for consumers. [Online] Financial Review. Available at: https://www.afr /business/banking-and-finance/financial-services/bank-inquiry-report-targets-big-four-oligopoly-20161124-gswfb5 [Accessed 24 Aug. 2017]. The Australia Institute. (2017). Bank customers pay for oligopoly. [Online] Available at: https://www.tai.org.au/node/614 [Accessed 24 Aug. 2017] With a decade's experience in providing essay help,

Tourist Destination Assignment Example | Topics and Well Written Essays - 3000 words

Tourist Destination - Assignment Example Since the commencement of civilization, human beings have travelled from one place to the other. It was the basic necessities of life such as water, food, resources that acted as the early motivators of travelling. Nevertheless, the idea to travel for leisure and pleasure emerged after quite a few hundred years. One of the early travel guides, Guide to Greece was written by Pausanias during 170 A.D for the Roman tourists (PRM, n.d.). The surge in leisure travelling activities occurred due to the development of technology. Earlier travellers used to travel either by walking or rode domesticated animals. Slowly with the passage of time, the invention of different transportation mediums, improved road condition and stabilized government has played a critical role in the robust growth of this industry. With each new development of technology and infrastructure, the scope and opportunities of travelling has increased. In this assignment, a report will be produced on the tourist destinatio ns of the United Kingdom and it will be compared with the tourist destinations from Kenya. In addition, the report will evaluate some of the characteristics of the tourist destination of the UK and it will be evaluated and how these characteristics have an impact on the appeal to tourists. Furthermore, the study also proposes to analyse the issues that impacts the popularity of the tourist destinations. Last, the study seeks to discuss about the potential for responsible tourism to enhance the host community at worldwide destinations. On the basis of the findings of the discussion of the aforementioned points, the report will ultimately draw a conclusion to the study. Overview of the Global Tourism Industry The tourism industry is considered as one of the prime sectors in the global economy. It is often dubbed as the largest single industry. The tourism activity also acts as a major source of employment for a number of developing as well as developed countries and is a source of ear ning foreign exchanges. Often, tourism is referred to as a ‘double edged’ activity as it has both positive and negative impacts on the society and the environment. The positive contribution of tourism appears in the form of socioeconomic achievements, increased regional popularity and development of the infrastructure. However, along with that due to its fast and sometime uncontrollable growth it becomes the major cause of environment degradation, traditional cultures and loss of local identity. Moreover, although physical and biological resources are the factors that attracts the tourists but along with that the tension created by the tourism activities on the frail ecosystem aggravates and accelerates their depletion. Paradoxically, the success of the tourism industry of a country is directly proportional to the degradation of the environment. As far as the development of the national economy is concerned, tourism certainly constitutes opportunity for the economic dev elopment of a nation, overall growth of the country and economic diversification. The tourism industry constitutes around 5-6% of the global GNP (Gross National Product). According to reports of World Tourism Organization (WTO), it is currently the largest industry of the world with annual revenue of staggering $3 trillion dollars (biodiversity, 2012). The industry provides around 6 million jobs in the United States alone

Risk Appraisal and Remediation of Oil-contaminated systems Dissertation

Risk Appraisal and Remediation of Oil-contaminated systems - Dissertation Example The main purpose of the determination of both the risk posed to the receptors and the extent of that side was mainly achieved through background research and essential data collection, the development of a conceptual site model (CSM) describing the pollution linkages and the risk values calculated by using the RISC4 software. Through the conceptual site model and software used in the conduct of the research, a number of important results were found. For instance some of the high risk receptors of the various risks that were posed were found to include workers of the company on board the vessel that crashed against the Bligh Reef, the marine animals in areas of 5,500 square meters (14,000km2), the water within the area of 5,500 square meters (14,000km2) and air within 5,500 square meters around the spill. Again, the quantitative results turned out an average risk of 5.2E+02. Having identified the pollution linkage and the risk posed to receptors, one of the core objectives of the rese arch was then to identify remedial actions that are necessary in reducing the possible harm that receptors may receive. Out of the discussions, it became clear that a well coordinated risk assessment held the key in preventing the disaster. On the other hand, key factors like the fact that the Bligh Reef, which was the site of the disaster had a number of environmental conditions such as the presence of plant forest and high tidal activities, which were all sources of the accident. The fate of the crude oil, which includes the ability of the oil to evaporate and undergo volatilisation also accounted for the degree of harm that was caused because the air became highly polluted. Several pathways which included both active and passive pathways also made it possible for the hazard to reach receptors, which included human receptors and environmental receptors. In order to curtail the intensity of the harm that receptors may get from the spill the use of solidification as a remediation st rategy is suggested. This is because it helps in further spread of spilled oil to nearby sources. For all future oil transportation, it is recommended that a technology based risk assessment models such as RISC 4 be used to get a better idea of the levels of risks that exists so that appropriate remedial measures will be taken in relation to the identified risks. Keywords — Risk assessment, fate, receptors, contaminants, transport pathway, oil spill, RISC 4 Table of Contents Introduction 6 Historical Background 6 Natural Environment of Prince William Sound 9 METHODOLOGY 17 Sources of Information 17 The present study was conducted following the qualitative research approach. Subsequently, a lot of secondary data were collected for analysis under the methodology section of the paper. By secondary data, reference is being made to the fact that the data collected made use of existing data on the Exxon Valdez Oil Spill. This was necessary to do because the data collected did not h ave immediate access to primary data from the disaster grounds where first hand data collection could be collected. Noting the need to ensure a high quality paper that could be trusted as reliable and valid, the data collected ensured that only authentic academic sources of information were used. These included information from academic journal, books from the National Geographic Library and of course, internationally approved statistical websites. 17 Model used for Data

Early christians Essay Example | Topics and Well Written Essays - 250 words

Early christians - Essay Example The creation of Islamic territories through the expansion of the Arab Empire enhanced the rapid spread of the Islam globally (Goddard, 1995). The region spoke a single language with the Arab missionaries enhancing the spread of both the Arab language and the culture, Sufis who were among the main missionaries in the religion interacted with the local population thereby teaching them about the faith. The spread of the Ottoman Empire coupled with the infusion of Islam in economic activities enhanced the rapid spread of the religion. In short, Islam spread rapidly since it occurred holistically. The spread of the Arab empire introduced new economic systems in the region. As the people engaged in trading, they traded the Islamic values. Such was not the case with Christianity. Christianity coexisted with secular states and remained limited to particular dictates of the faith. Furthermore, some dictates of the religion subjected the people to exploitation thereby causing major resistance to the spread of the faith and later enhanced the formation of the

Should Public Schools Offer Single Sex Instruction Essay

Should Public Schools Offer Single Sex Instruction - Essay Example However, such efforts were futile until in 2001 following re-authorization of the Elementary and Secondary Education Act of 1965 (ESEA).  This re-authorization of the ESEA came in the form of the No Child Left  Behind (NCLB) ACT of 2001 (Bixler, 2005). The purpose of the NCLB was to elevate achievement and bridge gaps in achievement. Table of Contents Abstract 1 Table of Contents 2 Introduction 2 The Controversy 3 The Case for Single Gender Instruction 5 The Case against Single Gender Instruction 7 Conclusion 9 Introduction Gender prejudice in education is a menacing predicament that causes only the minority of individuals to confront it or take notice. The losers of this prejudice have been educated to be passive and silent, and are consequently reluctant to stand up and confront the unjust treatment they received. Educators are by and large ignorant of their own prejudiced instructional conduct because they are merely instructing how they were educated, and the delicate gender discrimination found in instructional materials are frequently overlooked (Davis, 2002). Boys and girls today are getting unequal and separate educations as a result of the gender socialization that occurs in schools. Unless educators are enlightened over gender-role socialization, as well as the prejudiced messages they are inadvertently imparting to their students daily, and until educators are presented with the resources and methods requisite to abolish gender bias in their schools and classrooms, girls will go on with receiving an unbalanced education (Sultana, Lazim, & Sohaimi, 2011). This paper posits to investigate whether public schools should offer single-sex instruction with a focus on supporting single-sex instruction. The Controversy The U.S. Department of Education in March 2004, published review regulations that were intended to govern the operation of the single-sex schools or classes. The regulations stipulated that: a) Coeducational schools that would operate singl e-sex classes should present  an underlying principle for the classes. b) They were obliged to offer either single-sex classes for the unattended gender or coeducational classes in the same subject matter at the same school. c) They were obliged to perform  periodic reviews to establish if the environment still rendered the single-sex classes necessary. Several studies exhibit that the momentum for single gender instruction in both contexts affected the curriculum, pedagogy, and organization in each school, as well as the educators’ ideologies concerning gender. Ultimately, the politics around the legislation, as well as the resource interest of school and district administration, and the absence of institutional support for the gender-based reform merged to structure the downfall of the majority of the single gender schools. In the present day, perhaps increasingly aggressively than before, the public schools are beleaguered for apparently failing to enforce academic rig or. These schools are also under pressure for allegedly contributing to the moribund societal, moral values. In rejoinder to these issues, several policy makers have pressed for the development of school choice in the public school structure. In recent times, the choice proponents have embraced single gender ins

Second Amendment Rights Essay Example | Topics and Well Written Essays - 1000 words

Second Amendment Rights - Essay Example tatement of the Second Amendment of Right to Bear Arms could be considered both general and quite unstable as to saying who is allowed and is not allowed to own a gun. Apparently, the word â€Å"militia† in the context of the released law does not only refer to the federal officials but to anyone who has been trained to handle a gun. In some cases, the explanation of a â€Å"militia† even refers to a community of â€Å"reserved soldiers†.1 These reserved soldiers are members of the community considered as individuals who are ready to fight for the country in case emergency national needs require them to be a part of the country’s defence. 2This is of course a matter of serious consideration; however, noting who these reserves may be has not been specifically stated in the law created about gun ownership guidelines. Apparently, the unstated guideline as to who exactly are plainly allowed to own a gun around the 49 states of America made the Second Amendment rather debatable. Believably, it is through this particular loop hole in this particular law that the owners of guns who are less responsible are able to live away from the seriousness of what they have done despite the fact that somehow, they may have created certain differential analogy of the second amendment giving them quite an easier option of running away from the punishment that they ought to receive in connection with the law in concern. As an upper tier law, the second amendment of rights in the United States gave an allowable bearing upon those who have their own guns as a measure of self defence and response to possible national security threats.3 Although the law allowed even ordinary people to own their arms, they must still be able to register their possessions in an agreeable matter written on paper that they are to use the guns only when necessary such as situations when their safety is under threat or if the national security commission ordered them to be a part of the civilian soldiers as

Statements of Financial Accounting Standards (SFAS) 116 and 117; Assignment

Statements of Financial Accounting Standards (SFAS) 116 and 117; sample Executive Summary - Assignment Example The first has permanent restrictions whereby the donor avails funds to the beneficiary for a particular use only. The second imposes temporary restriction that limits the use of the resource for specific purpose and time. As long as the recipient meets the specified condition they are free to use the available resources without further limitations. Finally, the standard may be unrestricted thus allowing the recipient to use the donor’s resources to satisfy their needs unconditionally (McCarthy et al., 2012). On the other hand, SFAS 117 illustrates how non-for-profit organizations should account for their donations in the financial statements (McCarthy et al., 2012). The standard stipulates three financial statements that can be used by not-for-profit organizations to report their financial information. They include, â€Å"statement of financial position, statement of cash flows and statement of activities† (McCarthy et al., 2012). In the statement of activities income and expenditures focus on the entire organization and individual