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Happy birthday AUD: how our Australian dollar was floated, 40 years ago this week

<p><em><a href="https://theconversation.com/profiles/selwyn-cornish-1297285">Selwyn Cornish</a>, <a href="https://theconversation.com/institutions/australian-national-university-877">Australian National University</a> and <a href="https://theconversation.com/profiles/john-hawkins-746285">John Hawkins</a>, <a href="https://theconversation.com/institutions/university-of-canberra-865"><em>University of Canberra</em></a></em></p> <p>These days, we take for granted that the value of the Australian dollar fluctuates against other currencies, changing thousands of times a day and at times jumping or falling quite a lot in the space of a week.</p> <p>But for most of Australia’s history, the value of the Australian dollar – and the earlier Australian pound – was “<a href="https://www.rba.gov.au/education/resources/explainers/exchange-rates-and-their-measurement.html#:%7E:text=exchange%20rate%20volatility.-,Pegged,or%20a%20basket%20of%20currencies.">pegged</a>” to either gold, pound sterling, the US dollar or to a value of a basket of currencies.</p> <p>The momentous decision to <a href="https://www.afr.com/policy/economy/the-long-road-that-led-to-the-floating-of-the-australian-dollar-20141121-11ra30">float</a> the dollar was taken on Friday December 9 1983 by the Hawke Labor Government, which was elected nine months earlier.</p> <p>As they approached the cabinet room at what is now Old Parliament House, Treasurer Paul Keating asked Reserve Bank Governor Bob Johnston to write him a letter to say the bank recommended floating.</p> <p>The letter, dated December 9, referred to the bank’s concern about the "volume of foreign exchange purchases and its belief that if these flows are to be brought under control we shall need to face up without delay either to less Reserve Bank participation in the exchange market or capital controls."</p> <p>By “less Reserve Bank participation”, Johnston meant a managed float; direct controls were to be considered “as a last resort”.</p> <p>The bank had long maintained a “<a href="https://www.afr.com/policy/economy/the-long-road-that-led-to-the-floating-of-the-australian-dollar-20141121-11ra30">war book</a>”, bearing the intriguing label “Secret Matter”, outlining the procedures to be followed in the event of a decision to float.</p> <p>An updated version was handed to the treasurer the day before the decision.</p> <p>The <a href="https://www.brookings.edu/articles/floating-exchange-rates-after-ten-years/">US</a> and the <a href="http://news.bbc.co.uk/onthisday/hi/dates/stories/june/23/newsid_2518000/2518927.stm">UK</a> floated their currencies in the early 1970s. Since the early 1980s the value of the dollar had been set via a “<a href="https://www.rba.gov.au/publications/bulletin/2018/dec/understanding-exchange-rates-and-why-they-are-important.html">crawling peg</a>” – meaning its value was pegged to other currencies each week, and later each day, by a committee of officials who announced the values at <a href="https://www.smh.com.au/entertainment/inside-the-floating-of-the-a-20131211-2z698.html">9.30 each morning</a>.</p> <p>If too much or too little money came into the country as a result of the rate the authorities had set, they adjusted it the next day, sometimes losing money to speculators who had bet they wouldn’t be able to hold the rate they had set.</p> <p>Keating had Johnston accompany him to the December 9 press conference instead of Treasury Secretary John Stone, who had argued against the float in the cabinet room, putting the case for direct controls on capital inflows instead.</p> <p>Johnston’s presence was meant to make clear that at least the central bank supported floating the dollar.</p> <h2>Speculators now speculate against themselves</h2> <p>Keating told the press conference the float meant the speculators would be “<a href="https://www.smh.com.au/business/banking-and-finance/from-the-archives-1983-the-australian-dollar-floats-free-20191206-p53hjq.html">speculating against themselves</a>”, rather than against the authorities.</p> <p>One banker quoted that night confessed to being “<a href="https://www.smh.com.au/business/banking-and-finance/from-the-archives-1983-the-australian-dollar-floats-free-20191206-p53hjq.html">absolutely staggered</a>”. “I’m not sure they know what they have done,” the banker said.</p> <p>The following Monday on ABC’s AM program, presenter <a href="https://www.abc.net.au/news/2003-12-08/20-years-since-dollar-floated/102568">Red Harrison</a> heralded “a brave new world for the Australian dollar”. He said, "from today the dollar must take its chance, subject to the supply and demand of the international marketplace, and there are suggestions that foreign exchange dealers expect a nervous start to trading when the first quotes are posted this morning."</p> <p>At the time, the Australian dollar was worth 90 US cents. At first it <a href="https://www.rba.gov.au/speeches/2013/sp-gov-211113.html">rose</a>, before settling back.</p> <p>Since then, the Australian dollar has fluctuated from a low of <a href="https://www.nma.gov.au/defining-moments/resources/australian-dollar-floated">47.75</a> US cents in April 2001 to a high of US$1.10 in July 2011.</p> <hr /> <p><iframe id="6ExL8" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/6ExL8/3/" width="100%" height="400px" frameborder="0"></iframe></p> <hr /> <h2>The long road to the float</h2> <p>The idea first took hold in Australia when Commonwealth Bank Governor <a href="https://www.rba.gov.au/publications/bulletin/2022/dec/hc-coombs-governor-of-australias-central-bank-1949-1968.html">“Nugget” Coombs</a> visited Canada in 1953, at a time when it was one of the few countries with a floating exchange rate.</p> <p>On his return, Coombs wrote the bank should consider Canada’s experience.</p> <p>A strong advocate from the mid-1960s was the bank’s economist <a href="https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1475-4932.1986.tb00915.x">Austin Holmes</a>. Among those he mentored at what by then was called the Reserve Bank were Bob Johnston, Don Sanders and John Phillips.</p> <p>All three were in the cabinet room when the decision was taken.</p> <h2>Backed by Cairns, opposed by Abbott</h2> <p>An unlikely advocate in the 1970s was the left-wing Labor treasurer <a href="https://treasury.gov.au/sites/default/files/2019-03/05Hawkins.pdf">Jim Cairns</a>.</p> <p>But asked in 1979 whether he was in favour of a float, the then Reserve Bank governor <a href="https://www.rba.gov.au/about-rba/history/governors/sir-harold-murray-knight.html">Harry Knight</a> responded by quoting Saint Augustine, saying “God make me pure, but not yet”. An oil shock was making markets turbulent at the time.</p> <p>In 1981, the Campbell inquiry into the Australian financial system delivered a landmark report to Treasurer John Howard, <a href="https://treasury.gov.au/publication/p1981-afs">recommending</a> a float. The idea was backed by neither the Treasury nor Prime Minister Malcolm Fraser.</p> <p>Two years later, Howard watched from opposition as Labor did what he could not.</p> <p>The Liberal Party generally backed Labor’s move, with one notable exception – the later prime minister, <a href="https://www.smh.com.au/national/tony-abbott-wrote-20-years-ago-floating-dollar-didnt-make-sense-20131206-2ywpm.html">Tony Abbott</a>, who in 1994 wrote that "changing the price of the dollar moment by moment in response to each transaction makes no more sense than altering the price of cornflakes every time a buyer takes a packet off the supermarket shelves."</p> <h2>A success by any measure</h2> <p>The floating exchange rate has served Australia well.</p> <p>When the Australian economy has slowed or contracted – in the early 1990s, the Asian financial crisis, the global financial crisis and in the COVID recession – the Australian dollar has fallen, making Australian exports cheaper in foreign markets.</p> <p>When mining booms have sucked money into the country, the Australian dollar has climbed, spreading the benefit and fighting inflation by increasing the buying power of Australian dollars.</p> <p>It’s why these days, hardly anyone wants to return to a <a href="https://www.rba.gov.au/education/resources/explainers/exchange-rates-and-their-measurement.html">pegged</a> rate.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/217548/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/selwyn-cornish-1297285">Selwyn Cornish</a>, Honorary Associate Professor, Research School of Economics, <a href="https://theconversation.com/institutions/australian-national-university-877">Australian National University</a> and <a href="https://theconversation.com/profiles/john-hawkins-746285">John Hawkins</a>, Senior Lecturer, Canberra School of Politics, Economics and Society, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a></em></p> <p><em>Image </em><em>credits: Getty Images</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/happy-birthday-aud-how-our-australian-dollar-was-floated-40-years-ago-this-week-217548">original article</a>.</em></p>

Money & Banking

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"It has been the hardest time": Ronan Keating speaks out after family tragedy

<p>Ronan Keating has broken his silence for the first time since the sudden death of his brother. </p> <p>The Irish musician and former Boyzone member said it has been the "hardest time" dealing with the sudden loss, after his older brother Ciaran was killed in a car crash in his native Ireland in July.</p> <p>On Saturday, Ronan addressed the tragedy for the first time, revealing how he and his family are dealing with their grief. </p> <p>He wrote on Instagram, "Just wanted to say thank you for the love and respect you have shown my family over the last 5 weeks. It has been the hardest time for us all, and everyone is trying to manage a life now without our brother (very hard to even type that 💔)." </p> <p>"Thank you for all your messages of support and also respecting our privacy during this time."</p> <p>Along with the caption, Ronan shared a series of snaps from South Africa, where the family are holidaying to get away from their busy life and take time to reckon with the tragedy. </p> <p>"There is no more fitting a place to heal, than in South Africa surrounded by Mother Nature and great people and our little bundles of joy Cooper and Coco, have kept us going constantly. Thank you god."</p> <p>"Back to work for me in another part of the world I love now… it all seems rather difficult to make sense of but trying my best. "</p> <p>"Take care of each other and from Storm, myself and all my family, thank you."</p> <p>The post was flooded with comments of well wishes and condolences, while fans encouraged Ronan and his family to take as much time out as they needed to heal.</p> <p>Just days after the post, Ronan shared a sweet tribute to his wife Storm, as the couple celebrated their eight year wedding anniversary while on their family getaway. </p> <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-permalink="https://www.instagram.com/reel/CwHDRkGpnbQ/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/reel/CwHDRkGpnbQ/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank" rel="noopener">A post shared by Ronan Keating (@rokeating)</a></p> </div> </blockquote> <p>Along with a heartwarming video of some of their best moments together, Ronan wrote, "Thank you for the absolute unwavering honesty and love. Without you I would be somewhere very dark. Your love is my compass."</p> <p>"Eight years married but a lifetime together. The memories the laughs the babies the family. It’s you and me love. Happy anniversary."</p> <p>"In this lifetime and everyone one that the universe gives after that I will find you. No two spirits were more connected."</p> <p><em>Image credits: Instagram </em></p>

Family & Pets

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Ronan Keating's emotional final tribute to his late brother

<p>Ronan Keating has performed an emotional rendition of his song <em>This Is Your Song</em> at his brother's funeral, before helping to carry him to his final resting place.</p> <p>The 46-year-old singer returned to his native Ireland after hearing that his older brother Ciaran had died in a tragic car crash at the age of 57.</p> <p>Ronan and his wife Storm were among many grieving family and friends who congregated at St Patrick's Church in Louisburgh, County Mayo, to pay their respects to Ciaran in an emotional funeral service. </p> <p>After helping to carry his brother's coffin into the church, Ronan sang <em>This Is Your Song</em> during the mass after telling mourners, "I shouldn't be singing it in these circumstances but we are and we will."</p> <p>The Irish singer said the ballad was written after their mother, Marie, died of cancer in 1998, with the touching song including the lyrics, "You were our friend, walk with you till the end, and one day we'll all sing along, 'cause this is your song."</p> <p>To hear Ronan's emotional performance, click <a href="https://www.dailymail.co.uk/news/article-12319513/Ronan-Keating-pallbearers-carrying-brothers-coffin-following-death-car-crash-star-expected-sing-todays-funeral-Ireland.html" target="_blank" rel="noopener">here</a>. </p> <p>During the ceremony, Ronan paid a tearful tribute to Ciaran's three children - Conall, Ruairi and Aisling - and said they had made their father "very proud".</p> <p>He told the congregation, "As a parent all you want to do is raise your children as best you can, Ciaran and Annemarie have done a spectacular job - three incredible human beings. Your strength over the past few days has been incredible and you've done your dad very proud."</p> <p>Ciaran, who has been described as a "hero" by his grieving family, died in a car crash in the rural county while he was travelling with his wife Annemarie to watch their 28-year-old son Ruairí play football.</p> <p><iframe title="YouTube video player" src="https://www.youtube.com/embed/CFtMbfN5gcY" width="560" height="315" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p> <p><em>Image credits: Getty Images </em></p>

Caring

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Hell hath no fury like a former PM – but it wasn’t always so

<p>In a <a href="https://www.youtube.com/watch?v=D5iCzCtPkxQ&t=269s">television interview</a> with Phillip Adams in 1999, Paul Keating remarked that he retained much influence on the international stage.</p> <p>"I still have most of the access […] throughout the world, in Asia in particular, that I had as prime minister."</p> <p>This was a calm and contented Keating, barely three years out of office but comfortable in the knowledge his voice continued to be heard in the right quarters.</p> <p>His <a href="https://www.youtube.com/watch?v=Z2lQvFTmMxU">recent appearance</a> at the National Press Club to talk about the AUKUS pact between Australia, Britain and the United States (under the auspices of which Australia is purchasing up to five nuclear-powered submarines for the princely sum of $368 billion) was mostly devoid of that quality. </p> <p>Keating called it the “worst deal in all history” and lampooned Prime Minister Anthony Albanese as the only “payer” of the pact. He was especially critical of Foreign Minister Penny Wong: “Running around the Pacific with a lei around your neck, handing out money, which is what Penny does, is not foreign policy”.</p> <p>There were important and sage policy points on offer, but there was something a little unseemly about the polemic, and even more so about his complaint the prime minister’s office <a href="https://theconversation.com/paul-keating-lashes-albanese-government-over-aukus-calling-it-labors-biggest-failure-since-ww1-201866">hadn’t heeded his advice</a>. Those cognisant of Labor’s history might have been reminded of former NSW Premier Jack Lang, at whose feet Keating learned much of his politics in the 1960s and 1970s, and whose trenchant criticism of the party earned him many enemies over the decades.</p> <p>It is easy to assume this kind of intervention is the natural corollary of losing power, egotism and what former Foreign Minister Gareth Evans called “<a href="https://www.abc.net.au/news/2016-03-16/barnes-relevance-deprivation-syndrome-has-struck-politics/7250046">relevance deprivation syndrome</a>”. In fact, the spectre of a disgruntled former prime minister speaking out against their own party is a relatively recent one, a product of Australia’s modern, personalised political culture.</p> <h2>Death and duty</h2> <p>In the 20th century, several of Australia’s leaders died before they could enjoy any kind of retirement in which to disrupt their successors. Alfred Deakin’s health declined rapidly in the years after he left office, preventing him from making significant contributions to public life in the years afterwards. Joe Lyons and John Curtin both died in office, as did Ben Chifley, while serving as opposition leader. Harold Holt disappeared at Cheviot Beach in December 1967.</p> <p>The survivors, it has to be said, were put to <a href="https://theconversation.com/even-in-the-political-afterlife-morrison-departs-from-the-norm-187346">good public use</a> after leaving office. Edmund Barton served the remainder of his days on the High Court, while George Reid and Andrew Fisher both went to London to serve as Australian High Commissioner. The former even took a seat in the British House of Commons in the final years of his life.</p> <p>Stanley Melbourne Bruce, who lost government and his own seat at the 1929 federal election, was returned to parliament in 1931 and served as a minister in Joe Lyons’ government, before emulating Reid and Fisher by serving as High Commissioner in London and going to the House of Lords. Depression-era prime minister James Scullin remained an MP for a further 18 years after losing power in 1931, reputedly offering much wise counsel to Curtin and Chifley throughout the 1940s.</p> <p>Former prime ministers were once a little more reticent about sparring with their successors in public, especially when it came to sensitive policy matters. Fisher despaired when his successor, Billy Hughes, campaigned for military conscription in 1916. But the former prime minister used his office as High Commissioner to abstain from commenting on the referendum, which failed.</p> <p>Robert Menzies was so disappointed with his Liberal successors, according to <a href="https://catalogue.nla.gov.au/Record/8040279">biographer Troy Bramston</a>, that he may not have even voted for the Liberal Party in 1972, preferring the Democratic Labor Party. </p> <p>But he would never have admitted this publicly. Instead, he used his post-prime ministerial public appearances to wax lyrical about the British Commonwealth and bemoan its declining relevance. </p> <p>Liberal Prime Minister Malcolm Fraser consulted Menzies periodically during the party elder’s final years.</p> <h2>Statesmen on the loose?</h2> <p>There is a longer history, though, of former prime ministerial interventions in debates about Australia’s strategic and defence policy. These were, after all, vital questions in the 20th century. </p> <p>When Bruce proposed in 1924 to build two new Commonwealth naval cruisers in Britain rather than Australia, his Nationalist predecessor Hughes was irate, and said so from the backbench. “Are we such spineless anaemic creatures”, he asked, “as to be incapable of bearing the great responsibilities which free government imposes upon us?”</p> <p>Hughes would play the role of provocateur again. In 1934, he published a short book called <a href="https://catalogue.nla.gov.au/Record/1825072">The Price of Peace</a>, in which he called for a more urgent approach to preparation for conflict in the Pacific. An updated version was reissued the following year under the title Australia and the War Today, but it was highly controversial. Hughes was now a minister in a government whose foreign policy toward aggressors depended on economic sanctions, which he had described in the book as “<a href="https://www.naa.gov.au/explore-collection/australias-prime-ministers/william-hughes/after-office">either an empty gesture or war</a>”. His resignation promptly followed.</p> <p>More recent interventions have taken defence policy and strategic complacency as their concern, too. A year before his death, Malcolm Fraser published a polemical book called Dangerous Allies (2014), in which he argued against Australia’s <a href="https://theconversation.com/book-review-dangerous-allies-by-malcolm-fraser-25995">bipartisan “strategic dependence”</a> on the United States.</p> <p>Speaking on <a href="https://www.youtube.com/watch?v=6sGk68dzsPU&t=15s">daytime television</a>, he warned that Australia’s partnership with the US could see it implicated in “major conflict” in the Pacific. He was, in this respect, equally critical of both major parties for what he perceived as subservience to American strategic interests.</p> <p>The AUKUS pact, in its short life, has served as the launching pad for ex-leaders other than Keating to launch powerful attacks on successors. When Scott Morrison announced the initial agreement in 2021, his predecessor Malcolm Turnbull used a <a href="https://www.malcolmturnbull.com.au/media/address-to-the-national-press-club-september-2021">press club broadcast</a> to argue Morrison had “not acted in good faith” in reneging on the existing submarine deal with France that he, Turnbull, had signed in 2016.</p> <p>Morrison, Turnbull fulminated, had “deceived” France. Australian voters saw the French president and their own prime minister’s immediate predecessor calling the incumbent a liar.</p> <h2>Fights, feuds and frustrated men</h2> <p>In recent decades, Australians have become inured to bitter and emotional feuds between their former leaders. There are several reasons for this trend, including the increasingly personalised nature of politics since the 1970s, high rates of leadership attrition, and the thirst of media providers for easy news stories that hinge on personal animosity and Shakespearean intrigue. </p> <p>A former leader criticising their own party is deemed the height of newsworthiness. John Howard and Julia Gillard have uniquely resisted the temptation. Howard had some <a href="https://theconversation.com/john-howard-calls-for-a-sense-of-balance-but-can-he-help-the-liberal-party-find-it-189059">stern words for his Liberal successors</a> last year in a book called A Sense of Balance, but the book appeared after the Morrison government had been defeated. Gillard, for her part, has been almost unfailingly measured and dignified in her public pronouncements since 2013. </p> <p>For those who did return to the fray of policy combat, the personal and the political were inseparable. For much of the 1980s, Gough Whitlam was anguished by the way Hawke government ministers treated his legacy. As Jenny Hocking has shown in her <a href="https://books.google.com.au/books/about/Gough_Whitlam.html?id=QhuSmQEACAAJ&redir_esc=y">biography of Whitlam</a>, Hawke and Whitlam clashed repeatedly as the Labor Party walked away from big 1970s initiatives such as free tertiary education, an ambitious Aboriginal land rights agenda and much else. When treasurer Keating joked about the “chasm” between Whitlam’s policy aspirations and his actual achievements, Whitlam returned serve by calling him a “<a href="https://trove.nla.gov.au/newspaper/article/122414425?searchTerm=Whitlam%20Hawke%20Keating">smart-arse</a>”.</p> <p>Where race relations and national identity have been concerned, the fall-outs between Australian ex-PMs have been that much more embittered. A great defender of refugees and asylum seekers, <a href="https://www.theage.com.au/national/fraser-lambasts-howard-government-20040508-gdxt5o.html">Fraser spoke publicly</a> about his abhorrence of the Howard government’s approach to border protection and mandatory offshore detention. When Tony Abbott took the leadership of the Liberal Party in December 2009 promising to “stop the boats”, <a href="https://www.abc.net.au/news/2010-05-26/fraser-quits-liberal-party/841616">Fraser resigned his life membership</a> in protest.</p> <p>Keating’s attack on the Labor Party is not unprecedented for a former prime minister, but it isn’t historically commonplace either. There is no doubt his criticisms have been heard, but their influence remains to be seen.</p> <p><em>Image credits: Getty Images</em></p> <p><em>This article originally appeared on <a href="https://theconversation.com/hell-hath-no-fury-like-a-former-pm-but-it-wasnt-always-so-204196" target="_blank" rel="noopener">The Conversation</a>. </em></p>

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Paul Keating claims King Charles wants Australia to become a republic

<p>Former Prime Minister Paul Keating has claimed King Charles would be happy for Australia to become a republic, and would willingly renounce his sovereignty over the country. </p> <p>Mr Keating, a staunch republican, claimed in a talk at the University of Sydney that the Royal Family would have been “glad” if Australia had voted to become a republic in the referendum in 1999.</p> <p>“I think the Royal Family would have been so glad for the referendum to have passed, to be honest,” Mr Keating said on Wednesday night.</p> <p>“I wouldn’t be at all surprised if King Charles III, the King of Australia, doesn’t volunteer ... to renounce his claim on Australia.</p> <p>“Look at the French. The French had a revolution for their republic. The Americans had a revolution for their republic. We couldn’t even pinch ours off Queen Elizabeth II — who didn’t want it. We couldn’t take the title, even if the monarch was happy to give it.</p> <p>“I think Australia has a very poor idea of itself. It doesn’t know what it is and what it should be. Yet the inheritance the gift of the continent is such a great gift.”</p> <p>Mr Keating also claimed he had a private conversation with Queen Elizabeth at Balmoral in 1993 about his hope for Australia to ditch the monarchy for good. </p> <p>He said he “would not involve” her family as he tried to remove her as head of state.</p> <p>In the referendum, Australia went on to vote in favour of remaining a constitutional monarchy.</p> <p>The former prime minister also said he had turned down an offer to spearhead the Australian Republic Movement’s efforts to replace the monarchy following the Queen’s death last month.</p> <p>He said, “If Australians have so little pride in themselves, so little pride that they are happy to be represented by the monarch of Great Britain, why would somebody like me want to shift their miserable view of themselves?”</p> <p>Support for the monarchy is thought to have increased in the wake of the Queen’s death, despite the perceived unpopularity of Charles in his first weeks as King.</p> <p><em>Image credits: Getty Images</em></p>

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"Worried sick": Ronan Keating's son Cooper rushed to hospital

<p>Ronan Keating and his wife Storm have been "worried sick" after their son was rushed to hospital this week. </p> <p>The former Boyzone member took to Instagram to share photos of 4-year-old Cooper in a hospital bed with an oxygen mask on. </p> <p><span>"Not the 24hrs I had imagined," he captioned his post. "But ya never know what life has in store."</span></p> <p><span><img style="width: 0px; height: 0px;" src="/nothing.jpg" alt="" data-udi="umb://media/5574dde3b455418aa749f97ea178fe45" /><img style="width: 500px; height: 281.25px;" src="https://oversixtydev.blob.core.windows.net/media/7844365/ronan.jpg" alt="" data-udi="umb://media/5574dde3b455418aa749f97ea178fe45" /></span></p> <p><em>Image credit: Instagram @rokeating</em></p> <p><span>"This little guy is an absolute Trooper," he added. "I'm blown away with his strength and charm." </span></p> <p><span>"Mum &amp; Dad are a mess worried sick and he takes it in his stride."</span></p> <p><span>Ronan went on to thank the dedicated staff at the Chelsea and Westminster Hospital who took care of Cooper. </span></p> <p><span>While it is unclear why Cooper was admitted to hospital, a flood of get well wishes came from his 421,000 Instagram followers.</span></p> <p><span>Ronan married his wife Storm in 2015 after they met on the set of the Australian version of <em>The X Factor</em> in 2010. </span></p> <p><span>Since their wedding, they have welcomed two children: son Cooper and one-year-old daughter Coco.</span></p> <p><span>Ronan also has three other children from his previous marriage to model Yvonne Connolly: Jack, 22, Missy, 20, and Ali, 15.</span></p> <p><em>Image credit: Getty Images</em></p>

Caring

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The Bob Hawke and Paul Keating interview that almost never happened

<p>Ray Martin has reminisced on a 1989 TV interview between former Prime Minister Bob Hawke and Treasurer Paul Keating that almost never happened.</p> <p>The two politicians sat down for their first TV interview together on the<span> </span><em>Midday Show </em>over 30 years ago during a period where the pair had been at the helm of the Australian government for seven years.</p> <p>Former host of the show, Ray Martin told<span> </span><a rel="noopener" href="https://www.nine.com.au/entertainment/latest/ray-martin-bob-hawke-paul-keating-midday-show-exclusive/1c578c45-1db6-4dec-af96-f2cdc151325c" target="_blank"><em>9 Entertainment</em></a><em> </em>that the legendary interview almost never happened.</p> <p>"They didn't want to be there. Bob Hawke's people talked him into it," Martin said.</p> <p>"On the day there was fog in Canberra and Keating rang up the producer and said he couldn't make it, that the fog was blocking the plane, so we got in touch with Hawke's office and he arranged for an RAF plane to fly him down so he couldn't get out of it."</p> <p>The interview had the entire nation talking.</p> <p>"We got enormous publicity. We saw two extraordinary, powerful political creatures who both wanted to be Prime Minister, but only one was and he wasn't going to step aside," Martin recalled.</p> <p><img style="width: 500px; height: 281.3573883161512px;" src="https://oversixtydev.blob.core.windows.net/media/7838860/the-midday-show-1.jpg" alt="" data-udi="umb://media/256a362f3b1b43838747020aac545396" /></p> <p>Soon after the episode went to air, a report revealed that Hawke and Keating had met with each other at Kirribilli House for a secret meeting 12 months prior.</p> <p>Together they had decided that Hawke would step aside after two years to allow Keating to move into the role of Prime Minister.</p> <p>However, the TV interview made it clear that Hawke no longer had that intention.</p> <p>"He was talking to me about staying for another four years, I didn't know that he had a deal that he was only going to stay for two years," Martin said.</p> <p>"When you look back now you can see Paul Keating was obviously miffed that here before a million people the boss was saying 'I'm not stepping aside'."</p> <p>Martin says Keating wasn't at all happy with how he came across in the in interview.</p> <p>"I'm not sure Paul Keating liked it or ever forgave us for it, but I think he bears grudges,” he recounted.</p> <p>“But Hawke would have moved on. Paul was a far more private character for a public figure."</p>

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Paul Keating rips into "greedy" Baby Boomers

<div class="post_body_wrapper"> <div class="post_body"> <div class="body_text "> <p>Former Prime Minister Paul Keating has decimated the greed of Baby Boomers, saying that his own generation would never ut up with the low wages, HECS debts and calls to raid their own super accounts for money in the current COVID-19 economy.</p> <p>He has warned that low income younger workers have been asked to raid their own super accounts to the tune of $40 billion, which is around the same amount that the Morrison Government has spent to date on massive stimulus measures such as JobKeeper.</p> <p>He made the statements in a briefing today organised by Industry Super that the legislated pay rise has already been factored into wage negotiations and must not be scrapped.</p> <p>“You cannot have a decent income in retirement without self provision. Otherwise, you would have people on the pension which is now what $23,000 or $540 a week?,’’ he said.</p> <p>“Take my generation, the Baby Boomers. They want everything yesterday and they want it doubled now. If there was no super they wouldn’t be wanting $23,000 they would be wanting $50,000 now.</p> <p>“You look at these young people, I mean a lot of them are on low wages, they carry the HECS charge around their neck before they start, they have trouble accommodating themselves</p> <p>“We are saying, ‘Oh, by the way you can look after the rest of us aged people.’ It’s just fanciful nonsense.”</p> <p>Mr Keating said that if workers failed to save enough super, more will be forced to survive off the aged pension.</p> <p>“Well. The thing is there’s no economic case for it not to go ahead. None. There’s a prejudicial case from some of these baby-faced Liberals,’’ he said.</p> <p>“These first term senators, a particular modest form of political life.”</p> <p>“Look, the thing is this. Anyone born in the 1970s, and I’ve got children born in the 1970s, will live now until 105 or 110,’’ he said.</p> <p>“In other words if they save for 40 years from say 25 to 65, they will be relying on the savings for a further 40 years. This cannot happen with a pool of funds of 9.5 per cent it’s not large enough to do that.</p> <p>“The argument for 12 is a very basic argument for adequacy. If we’ve got people living longer, what case is there possibly to not have 12 per cent?”</p> <p>Mr Keating said he took the Prime Minister at his word that he was "no plans" to scrap the super increase, but warned the Liberal Party has never supported super.</p> <p>“The Liberal Party has never liked mandatory superannuation. They’ve had to be dragged screaming,’’ he said.</p> <p>Former Labor frontbencher and ACTU secretary Greg Combet said the business of allowing workers to raid their super accounts of nearly $40 billion has been a disaster.</p> <p>“It’s been a free for all,’’ he said.</p> <p>“That money has gone into the banks. That to me is all wrong,” he said.</p> <p>“I just think it’s critical that on December 31 the early access scheme is terminated.”</p> </div> </div> </div>

Money & Banking

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John Howard remembers Bob Hawke: "Undoubtedly a very fine Prime Minister"

<p>Former and current Australian leaders have shared their memories of Bob Hawke following the former prime minister’s death on Thursday at the age of 89.</p> <p>Prime Minister Scott Morrison said Hawke was a “political legend” and Labor’s greatest prime minister.</p> <p>“Profoundly Australian, Bob Hawke was a conviction politician who became a political legend,” Morrison said in a statement. “We remember him for his unique capacity to speak to all Australians as one – from everyday battlers to business leaders.</p> <p>“It was his ability to connect with everyday Australians – with a word, with that larrikin wit, with that connection and an understanding of everyday Australian life – that we will most remember Bob Hawke.”</p> <p>Labor leader Bill Shorten paused his election campaign on Thursday evening to honour the party’s longest-serving prime minister. “The nation and Labor are in mourning,” said Shorten in a speech from Sydney. “We have lost a favourite son. Bob Hawke loved Australia and Australia loved Bob Hawke.”</p> <p>Julia Gillard, who was the prime minister from 2010 to 2013, remembered Hawke as an inspiration, a friend and “Australia’s greatest peacetime leader”. She said Hawke approached the end of his life with serenity. “When I last saw Bob, he was facing his own mortality with a sense of calm. He was ready and taking great comfort looking back on a life lived so well.”</p> <p>Another recent Labor leader, Kevin Rudd praised Hawke for his ability to unite the people of the country. “Bob Hawke was an Australian institution,” Rudd said. “He could connect with any Australian, workers, academics and business leaders alike. And when elected as Prime Minister, he was able to bring the country together like no other.”</p> <p>Former Labor leader Paul Keating, who served as Hawke’s treasurer before successfully challenging his leadership in 1991, said the legacy of their partnership was “the monumental foundations of modern Australia”.</p> <p>“With Bob Hawke's passing today, the great partnership I enjoyed with him passes too … But what remains and what will endure from that partnership are the monumental foundations of modern Australia,” Keating said in a statement.</p> <p>“The country is much the poorer for Bob Hawke’s passing.”</p> <p>Earlier this month, Keating and Hawke made their first <a rel="noopener" href="https://www.oversixty.com.au/finance/money-banking/a-dubious-proposition-even-for-him-bob-hawke-and-paul-keating-reunite-to-slam-pm-scott-morrison/" target="_blank">joint statement</a> in 28 years in support of Shorten’s run for the prime ministership.</p> <p>Former Liberal prime minister John Howard said while he and Hawke “clashed fiercely on many occasions”, the two enjoyed each other’s company outside of politics. “He was undoubtedly a very fine prime minister,” Howard told ABC Radio National on Friday.</p> <p>“He brought to the office of prime minister and also to the position of leader of the Labor Party a great deal of authority, and in politics, the greatest commodity a leader can have is authority.”</p> <p>Another former Liberal leader Tony Abbott agreed with Morrison’s statement that Hawke was Labor’s best prime minister, but his following swipe has raised eyebrows.</p> <p>“[Hawke’s] key achievements — financial deregulation, tariffs cuts, and the beginnings of privatisation — went against the Labor grain, as Labor’s more recent policy direction shows,” said Abbott. “You might also say he had a Labor heart, but a Liberal head.”</p> <blockquote class="twitter-tweet" data-lang="en"> <p dir="ltr">Statement on the death of The Hon Bob Hawke AC, GCL: <a href="https://t.co/M8fzbFlVTE">pic.twitter.com/M8fzbFlVTE</a></p> — Tony Abbott (@TonyAbbottMHR) <a href="https://twitter.com/TonyAbbottMHR/status/1128969163911811072?ref_src=twsrc%5Etfw">May 16, 2019</a></blockquote> <p>Abbott’s statement has been slammed as “tasteless” and “awful”. “A rare combination of thoughtless, tactless, heartless, clueless and tasteless,” <em>The Monthly</em>'s Richard Cooke posted on Twitter.</p>

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"A dubious proposition even for him": Bob Hawke and Paul Keating reunite to slam PM Scott Morrison

<p>Former Labor prime ministers Bob Hawke and Paul Keating have reunited to endorse Bill Shorten’s economic credentials and slam Prime Minister Scott Morrison for “the fallacious claim that Labor can’t manage the economy”.</p> <p>Ahead of the May 18 election, the two former Labor leaders made their first joint statement in 28 years to take credit for Labor’s role in driving Australia’s economic growth and reform.</p> <p>The last time Hawke and Keating shared a platform was in 1991, when Keating resigned as a Treasurer to challenge Hawke’s prime ministership.</p> <p>“It is a blatant denial of history for Scott Morrison to allege that the Labor Party cannot manage the economy when he knows the design and structure of the modern Australian economy was put in place exclusively by the Labor Party,” the two wrote in a piece published by the <a rel="noopener" href="https://www.smh.com.au/federal-election-2019/scott-morrison-is-flying-in-the-face-of-history-with-his-fallacious-claim-20190507-p51kts.html" target="_blank"><em>Sydney Morning Herald</em><span> </span>and<span> </span><em>The Ag</em>e</a> today.</p> <p>Citing the wage growths and structural reforms in the late 1980s and early to mid-1990s under their terms, Hawke and Keating wrote Morrison was arguing that “Labor can’t manage its own creation – a dubious proposition even for him.”</p> <p>This is the latest display of unity from Labor. In the party’s campaign launch on Sunday in Brisbane, former prime ministers Kevin Rudd and Julia Gillard were also spotted side-by-side as they set aside their personal feud to show support for Labor’s run along with Keating.</p> <p>Hawke sent a statement of support from Sydney in lieu of attending the event as he was too “frail” for air travel at the age of 89, <a rel="noopener" href="https://www.smh.com.au/federal-election-2019/bob-hawke-and-paul-keating-reunite-for-the-first-time-in-28-years-to-endorse-labor-s-economic-plan-20190507-p51kv2.html" target="_blank"><em>The Sydney Morning Herald</em></a> reported.</p> <p>During <a href="https://www.oversixty.com.au/news/news/he-deserves-a-lot-worse-scott-morrison-egged-at-election-campaign-by-protester/">a visit to Albury</a> on Tuesday, Morrison told the same publications that a vote for Labor would put unions in control of industrial laws. </p> <p>“I don’t want to see the Labor Party get to office where they tie businesses up with all sorts of union red tape and all sorts of the Greens’ green tape, which would just cost people jobs,” the PM said.</p> <p>Morrison also defended his government’s decision to cut or restrict pension to some Australians in his term. </p> <p>“The changes we made were progressive, the changes that we made were about fairness,” said Morrison.</p> <p>“The changes Bill Shorten wants to make are about neither of those things – they’re not reforms, they’re just tax grabs.”</p>

Money & Banking

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Paul Keating's shock tirade at Channel 9 during ABC interview

<p>Former prime minister Paul Keating has unleashed a scathing tirade against the shock Nine and Fairfax merger announced yesterday.</p> <p>Appearing on ABC’s <em>7.30</em> on Thursday night, Mr Keating slammed the Nine network’s plans to create a new national media giant, reiterating claims he had made in a statement released earlier on Thursday that Nine had the ethics of an alley cat and its pus will leak into Fairfax.</p> <p>When asked by host Elle Fanning why he had such a “dim view” of Nine, Mr Keating did not hold back.</p> <p>“It’s such a low brow outfit,” he said. “I have said chequebook journalism, foot in the door journalism. It’s a low brow show and it always has been, and people who have worked there have been happy to take the money working for a low brow outfit.”</p> <blockquote class="twitter-tweet" data-lang="en"> <p dir="ltr">Fmr PM Paul Keating tells <a href="https://twitter.com/hashtag/abc730?src=hash&amp;ref_src=twsrc%5Etfw">#abc730</a> that Nine is a “low-brow outfit” whose pus will leak into Fairfax. <a href="https://twitter.com/hashtag/auspol?src=hash&amp;ref_src=twsrc%5Etfw">#auspol</a> <a href="https://twitter.com/hashtag/FairfaxNine?src=hash&amp;ref_src=twsrc%5Etfw">#FairfaxNine</a> <a href="https://t.co/eyPaTIKstR">pic.twitter.com/eyPaTIKstR</a></p> — abc730 (@abc730) <a href="https://twitter.com/abc730/status/1022432205065216001?ref_src=twsrc%5Etfw">July 26, 2018</a></blockquote> <p>“I have fought more television and radio companies than anyone in the business, and my fight - a series of issues I have had with Nine were about one thing and one thing only: Kerry Packer trying to get hold of control of John Fairfax and sons,” he replied.</p> <p>“Because as Prime Minister I prevented Kerry Packer lifting his share of John Fairfax to 14.9 per cent control.</p> <p>“Kerry Packer had the Nine Network chase me in private life.</p> <p>“But I’m a big boy, I know how to punch. People said to me after a whole series of things on <em>60 Minutes</em>. They said, ‘Mr Keating, are you going to take Mr Packer to court for defamation?’ I said, ‘No, I have more expensive remedies in mind for Mr Packer’.</p> <p>“That was taking Fairfax from him which I had Brian Haradine (who was in the Senate) do in 1997 to 1998. In other words, I made sure he didn’t allow (John) Howard to get a majority to let Turnbull do what he did today.”</p> <p>Under the $4.2 billion deal, Nine Entertainment Co. Holdings Limited (Nine) and Fairfax Media Limited (Fairfax) will merge, with the new company to simply be called Nine.</p> <p>The deal is expected to be completed at the end of the year with the centuries old Fairfax name to disappear.</p>

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Former PM Paul Keating claims Prince Charles wants Australia to become a republic

<p>Tony Abbott has slammed former Labor Prime Minister Paul Keating for claiming that Prince Charles is in favour of Australia becoming a republic.</p> <p>In his opinion piece for <a href="https://myaccount.news.com.au/sites/theaustralian/subscribe.html?sourceCode=TAWEB_WRE170_a&amp;mode=premium&amp;dest=https%3A%2F%2Fwww.theaustralian.com.au%2Fnational-affairs%2Fprince-charles-wants-australia-to-become-a-republic-paul-keating%2Fnews-story%2Ffda1e212216b47e46027663260c7dadb%3Fnk%3D0b1586d548674b76a472aaa8eea19c60-1522713245&amp;memtype=anonymous&amp;v21=test&amp;v21suffix=test" target="_blank"><strong><em><span style="text-decoration: underline;">The Australian</span></em></strong></a>, Keating said he had “no doubt” the Prince of Wales believed Australia should be “free of the British monarchy” and “make its own way in the world”.</p> <p>“Why would he or any one of his family want to visit Australia pretending to be, or representing its aspirations as, its head of state?” he wrote.</p> <p>Abbott took to social media to criticise the article, which coincides with Prince Charles’ visit to Australia for the 2018 Commonwealth Games.</p> <p>“Prince Charles would just want to do his duty and he shouldn’t be verballed by an ex-PM,” Mr Abbott wrote on Twitter.</p> <p>Keating also claimed that Prince Charles’ stance on Australia becoming a republic did not lessen his sense of commitment to our nation.</p> <p>“He is a great friend of Australia — there is no doubt about that,” he wrote.</p> <p>When he was prime minister, Keating spoke of Australia’s constitutional future openly with Charles.</p> <p>Speaking to <em>The Sunday Times </em>in Britain, Keating said Prince Charles was “enlightened” but was treated poorly by the British press.</p> <p>“But more than that, he is an enlightened and conviction-driven person, too often deprecated by that blighted institution we know as the British press,” Mr Keating said.</p> <p>“His commitment to naturalism, to heritage, to science, to innovation and perhaps most importantly, to beauty, speaks volumes of his intellect and integrity.</p> <p>“Prince Charles will always be welcome in Australia — as the crown prince or as monarch of Great Britain. But the pretence of representing this country and all that it stands for is something he and we could well do without.”</p> <p>During Prince Charles’ 1994 tour of Australia, he said he welcomed debate about Australia becoming a republic.</p> <p>“It is the sign of a mature and self-confident nation to debate those issues and to use the democratic processes to re-examine the way in which you want to face the future,” Prince Charles said.</p> <p>When asked about those who want the change, he replied, “Perhaps they are right.”</p> <p>In January, conversation about Australia becoming a republic resurfaced after Prime Minister Malcolm Turnbull suggested using a postal survey to gauge the level of support for the move. </p> <p>Would you like to see Australia become a republic? Share your thoughts with us in the comments below. </p>

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Turns out Paul Keating’s 1980s superannuation argument had legs

<p>In a slowing economy, a counter-argument to the increase in compulsory super contributions is to leave it up to the individual. Many would still opt to save, but low-income earners, in particular, could decide they don’t want a higher retirement income at the cost of a lower standard of living while still working.</p> <p>Right before the National Reform Summit Paul Keating recently attacked the then former opposition leader John Howard for failing to back his proposal to increase compulsory super contributions to 15 per cent of salaries back when Keating was Labour PM.  </p> <p>Had Howard maintained the Coalition’s philosophical principles after beating Keating in 1996, he would have abolished compulsory contributions. Now, however, they are due to rise from 9.5 per cent to 12 per cent.</p> <p>Keating’s “reform” was actually a move away from the productivity reforms of the 1980s. Compulsory contributions diverted financial resources away from more efficient uses and boosted trading in existing assets instead of generating capital for productive new investment. The funds management industry was artificially expanded into the world’s fourth biggest in an economy that’s the 12th biggest – furthermore, a Reserve Bank of Australia study shows that super supplied almost none of the investment capital to expand the mining sector between 2003 and 2012.</p> <p>Compulsory contributions can also be argued to hurt reform by increasing the “dead weight” losses by stopping individuals from allocating their income in line with their preferences. If allowed to choose, some people may spend more of their salary to bring up a family, pay off a mortgage, etc.</p> <p>Annual compulsory and voluntary contributions to super exceed $125 billion. On a slowing economy, this compulsion has a significant impact on the potential demand of economy – especially given that wages aren’t rising as quickly as they used to.</p> <p>Part-time workers who earn $16,000 a year would $33 a week better off (or $1716pa) if employers paid their compulsory contributions as normal take-home pay after tax, instead of into super.</p> <p>Those on minimum wage of $35,160 a year would lift their disposable income by $53 a week. A salary of $70,000 would have $85 extra to spare, with further increases the higher the salary.</p> <p>What do you think? Are compulsory contributions necessary, or should it be left to the individual to decide?</p> <p><strong>Related links: </strong></p> <p><span style="text-decoration: underline;"><strong><em><a href="/finance/retirement-income/2015/10/what-is-life-cycle-super/">What is a life-cycle super product? And do you need one?</a></em></strong></span></p> <p><span style="text-decoration: underline;"><strong><em><a href="/finance/retirement-income/2015/09/calculate-money-for-retirement/">How to calculate the bank balance you’ll need to retire</a></em></strong></span></p> <p><span style="text-decoration: underline;"><strong><em><a href="/finance/retirement-income/2015/09/how-to-make-money-after-retirement/">3 great ways to make money after you retire</a></em></strong></span></p>

Retirement Income

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New book claims that Ronan Farrow couldn’t be Frank Sinatra’s biological son

<p>A new Frank Sinatra biography which will soon be released has brought forth evidence that rattles Mia Farrow’s claims that the crooner could be the father of her son, Ronan Farrow.</p> <p>According to the book, Sinatra: The Chairman, the second in its series by James Kaplan, Sinatra was impotent and couldn’t be Ronan’s father because he was indisposed as a result of stomach surgery at the time of Ronan’s conception.</p> <p>After collapsing on stage in New Jersey, doctors removed a portion of Sinatra’s intestines and, according to report, claimed he was suffering from acute diverticulitis.</p> <p>The biography claims that Sinatra spent the start of 1987 in Hawaii and Palm Springs, during which time “…Mia Farrow, then living in New York and in the midst of her 13-year relationship with Woody Allen, conceived [Ronan].”</p> <p>Ronan, born in December 1987, is legally the child of director Woody Allen. However, Mia Farrow, once married to Sinatra, brought forth controversy after responding, “Possibly” when asked by Vanity Fair if the singer could be the father of her son.</p> <p>Allen further fuelled rumours after telling The New York Times, “Is he my son or, as Mia suggests, Frank Sinatra's? Granted, he looks a lot like Frank with the blue eyes and facial features, but if so what does this say?”</p> <p><img width="500" height="250" src="https://oversixtydev.blob.core.windows.net/media/9875/o-ronan-farrow-facebook_500x250.jpg" alt="O -RONAN-FARROW-facebook" style="display: block; margin-left: auto; margin-right: auto;"/></p> <p><strong><img width="500" height="323" src="https://oversixtydev.blob.core.windows.net/media/9876/wenn20704781-620x400_500x323.jpg" alt="Wenn 20704781-620x 400" style="display: block; margin-left: auto; margin-right: auto;"/></strong></p> <p><strong>Related links:</strong></p> <p><span style="text-decoration: underline;"><strong><em><a href="/lifestyle/family/2015/09/retro-teenage-posters/">The best retro posters from the past</a></em></strong></span></p> <p><span style="text-decoration: underline;"><strong><em><a href="/lifestyle/family/2015/08/quotes-about-grandparents/">10 great quotes about being a grandparent</a></em></strong></span></p> <p><span style="text-decoration: underline;"><strong><a href="/lifestyle/family/2015/07/iconic-australian-ads/"><em>Old-school Aussie ads that you just have to watch</em></a></strong></span></p>

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