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The 2016 Defence White Paper contains plans for the most ambitious expansion and modernisation of the Australian Defence Force since at least the Menzies build-up in the early 1960s. To back up the plan, the government has committed to a decade of explicit funding guidance, which will see defence spending reach 2 per cent of Gross Domestic Product in 2020- 21 and rise to 2.2 per cent in 2026-27. The plan and its funding are not assured. Past defence funding commitments have tended to be unreliable, and future governments may struggle to balance a rising defence budget against competing demands to retire debt, reduce taxes and maintain government services in other areas. At the same time, the rapid increase in investment--especially in naval platforms to be built locally--will test the capacity of the Department of Defence and local industry to deliver capability on schedule, especially given the ongoing extensive, yet untested, reforms to the Department's processes and workforce. [ABSTRACT FROM AUTHOR]

This paper analyses the composition, distribution, and history of school funding in Australia through a spatial lens (Soja 2010). We explore multi-scalar school funding policy through three layers of economic maldistribution. We sketch the funding disparities between the three school sectors (public, Catholic, and independent) exposing a spatial injustice in policies of school choice; the spatial and economic maldistribution between state jurisdictions; and the economic maldistribution within state public systems, including the ability of their school communities to contribute funds. Spatial injustice is uncovered in economic maldistribution within and across these policy layers, adding nuance to existing school funding debates. The Australian case is relevant to international explorations of school funding as an example of 'unjust practice' in the hierarchies between schools across sectors, between jurisdictions, and within systems of public [ABSTRACT FROM AUTHOR]

This paper presents research that analyses the relative importance of carbon markets to sustainable waste management projects in Australia. It identifies that a large proportion of carbon credits issued have been generated by landfill to electricity projects, which effectively rely on the continuation of landfilling practices. More ambition is needed to realise the potential of circular solutions that reduce, recover and utilise waste before disposal. The research also shows that, through modelling the financial performance of two theoretical waste to energy projects that would result in diversion of waste from landfill, simultaneous use of revenue support mechanisms (carbon markets and renewable energy certificate programs), cost of capital support programs (like concessional finance) and avoided landfilling levies in the deployment of waste management projects can be justified. The paper illustrates the significant contribution carbon revenues can make to project additionality at the investment-decision stage, adding between 2–10% to ex-ante estimates of pre-tax equity returns. This shows that a project's additionality is not invalidated in cases where it accesses more than one support mechanism. There are many policy and practice applications for these findings in Australia and globally. They include within ongoing international efforts to define modalities for the new Article 6.4 mechanism under the Paris Agreement, reforms to how developing countries access to climate finance (including, but not limited to, the Bridgetown Initiative 2.0 (The Bridgetown Initiative 2.0: https://www.un.org/sustainabledevelopment/blog/2023/04/press-release-with-clock-ticking-for-the-sdgs-un-chief-and-barbados-prime-minister-call-for-urgent-action-to-transform-broken-global-financial-system/)); and through the domestic policies and mechanisms countries adopt so they are fit-for-purpose to support implementation of Nationally Determined Contributions (NDC). Highlights: • Almost 90% of carbon credits from projects in Australian waste sector use landfill gas. • Carbon revenues can lift pre-tax ex ante equity returns for waste projects by 2–10%. • Scaled-up use of markets can lead to higher penetration of circular resource recovery. • Additionality can exist notwithstanding simultaneous use of incentive mechanisms. • Multiple revenue streams can provide hedge in volatile energy and carbon markets. [ABSTRACT FROM AUTHOR]

The article reports on the importance of ensuring that the establishment of marine protected area (MPA) networks does not result in the creation of additional unmanaged MPAs or paper parks, according to Commonwealth Fisheries Association's (CFA) chief executive officer Trixi Madon in Australia. It says that Madon emphasized the need to address funding inequities to avoid unmanaged reserves. It notes that she cites the need to identify the factors impacting the fishing industry and communities.

The 1988 Dawkins reforms were designed, at least in part, to encourage public universities to organize themselves as if they were corporate enterprises, in order to create a more efficient and competitive sector that was less reliant on government funding. This paper assesses whether successive policy changes since the 1988 Dawkins reforms have achieved these efficiency, competition, and funding objectives. It does so by examining their financial performance over time, applying the techniques employed by investment analysts in the private sector to assess the performance of market participants. It demonstrates that the policy changes have reduced efficiency and competitiveness, and weakened the financial position of a number of universities. It provides empirical support for previous research highlighting the significant structural and regulatory constraints on the creation of a competitive market in higher education. Furthermore, it demonstrates that 35 years of policy change have merely reinforced pre-existing market positions and that, even before the impact of the COVID pandemic is considered, the financial position of the sector has been weakened as a result of the changes. [ABSTRACT FROM AUTHOR]

Purpose – Prior research has investigated legitimation strategies in corporate annual reports in the for-profit sector. The purpose of this paper is to investigate this phenomenon in an NGO environment. It investigates Australian overseas aid agencies’ responses to criticism of the relief effort following the Indian Ocean tsunami in 2004. It aims to determine whether voluntary annual report disclosures were reflective of impression management and/or of the discharge of functional accountability. Design/methodology/approach – The paper applies content analysis to compare the structure and content of the annual reports of 19 Australian overseas aid agencies before and after the Indian Ocean tsunami. Findings – Results suggest voluntary disclosure in annual reports significantly increased post-tsunami and was more consistent with impression management activity rather than functional accountability suggesting a response to the legitimacy challenge. The use of impression management tactics differed with agency size, with larger agencies using ingratiation in order to appear more attractive while smaller ones promoted their particular achievements. Originality/value – This paper makes a contribution by extending prior impression management and legitimacy literature to an NGO environment. It has implications for the development of these theories as it looks at organisations where the stakeholders are different from the for-profit sector and profits are not the main concern. It raises issues about the concept of accountability in the NGO sector, and how the nature of organisation reporting is changing to address the challenges of a sector where access to funds is highly competitive. [ABSTRACT FROM AUTHOR]

In this paper, we investigate whether a firm's Corporate Social Responsibility initiatives could affect its financial performance. We specifically investigate the firm's capital allocation efficiency as a moderating channel affecting their performance. We employ a comprehensive sample of Australian and New Zealand stock exchange-listed firms consisting of 3324 firm-year observations for the period 2004–2017. We do not find that the firm's capital allocation efficiency is negatively affected by the overall CSR scores or its two main components, namely the environmental or social dimensions. However, our empirical analysis exposes a challenging result for the firms in that we find strong evidence that extremely costly environmental CSR initiatives or policies (e.g., emission reduction, employee health and safety improvements, clean energy products) could reduce the firm's investment efficiency. Hence, firms need to follow a balancing act when contemplating CSR plans and investing in them. While investors appreciate moderate levels of investment in CSRs, they penalize those firms that invest excessively in such initiatives. [ABSTRACT FROM AUTHOR]

This paper reflects on the importance of study groups in contributing to a positive postgraduate experience and explores specific concepts, such as 'disappearing behaviours' in contrasting the 'official' languages of universities with the beneficial behaviours found through study groups. Additionally the paper advocates the systematic inclusion of strategies such as study groups in the postgraduate experience. Funding arrangements and research frameworks for higher education in Australia focus on student progress and completion, as well as comparison of research quality within and between universities. As a result, there is a significant emphasis on timely completion of postgraduate degrees. This paper posits that there is an apparent contradiction between the indicators of success in this area, such as completion rates and annual progress reports and the positive contribution that study groups can make to the doctoral student experience. [ABSTRACT FROM AUTHOR]

This paper draws upon findings from a secondary analysis of suspected financial abuse cases in files of the Guardianship and Administration Tribunal in Queensland, Australia. The paper explores the association between formal and semi-formal asset management arrangements and suspected financial abuse cases. The role of families as formal asset managers is also considered. [ABSTRACT FROM AUTHOR]

This paper updates earlier estimates that show the existence of a range of equilibrium rates of unemployment in Australia. Within the range of equilibria framework, the paper goes on to test the effectiveness of incomes policies, enterprise bargaining and inflation-target based monetary policy for influencing the rate of inflation in Australia in the period 1965 to 2001. Incomes policies, especially the Accord, and enterprise bargaining are shown to have caused permanent reductions in the rate of inflation. The inflation-target based monetary policy is shown to be associated with, but is not shown to have caused, a reduced impact on inflation of changes in the level of activity. [ABSTRACT FROM AUTHOR]

In a recent paper, Giugale and Korobow (2000) present evidence that suggests that the time required by output to return to trend following a financial shock is faster under a flexible exchange rate regime than under a fixed exchange rate. In this paper, we use vector autoregression models to measure the persistence properties of output for a number of countries in the Asia–Pacific region. Our results suggest that output persistence is not uniquely related to a country's choice of exchange rate regime. The two countries in our sample with the least persistent output following a financial shock are Australia, where the exchange rate is fully flexible, and Hong Kong, where it is rigidly fixed via a currency board. [ABSTRACT FROM AUTHOR]

Recently, Fausten and Brooks offered (what they refer to as) an 'impressionistic view' of the temporal evolution of Australia's balancing item, which is a measure of the accuracy of the balance of payments accounts. They claim that the balancing item 'has been increasing in magnitude and volatility, violating with increasing frequency internationally agreed acceptability criteria for smallness'. In the present paper it is shown that Fausten and Brooks' results derive from data that incorporates excessively a dynamically asymmetric concentration of revisions and is therefore unsuitable for statistical analysis. This paper develops, and empirically evaluates, a model of the process of revisions of balance of payments data. This model illustrates that dynamically inconsistent time series of the balancing item, such as that employed by Fausten and Brooks, are bound to generate an artificial impression that it follows an 'explosive' time trend. Subsequently, it is illustrated that when alternative, dynamically consistent editions of the balancing item data for the same period as that examined by Fausten and Brooks are employed, their results are reversed. Indeed, the findings here contradict diametrically the conclusions of these authors by suggesting that the decline in the frequency of balancing item 'violations' observed in the latter portion of the relevant time period is unparalleled in the history of the balance of payments accounts. [ABSTRACT FROM AUTHOR]

Superannuation funds (SFs) offer pension programmes in Australia. Generally, employers must pay money in to an SF account in the name of their employees and employees have the freedom to select an SF of their choice. In this paper, we determine how efficiently SFs manage disbursements (costs, fees and expenses) and risk in generating returns to investors from 2017 to 2019. We introduce two measures (disbursement utilization and risk utilization) under the data envelopment analysis (DEA) methodological framework to compare disbursements and risk management performance in relation to overall management performance. The average disbursements utilization is 0.26 and risk utilization is 0.94. On average, more than 80% reduction in disbursements is required to gain disbursement efficiency whereas the average risk reduction required to gain risk-efficiency is less than 20%. No individual SF is disbursement efficient in all five sampled years. Generally, SFs manage disbursements poorly compared to risk in return generation. Variation in fees charged by managed funds is an industry-wide concern. Therefore, how funds manage disbursements is an important consideration for investors. The evidence highlights SF managers the need to pay attention to disbursements management in their pursuit of excellence in overall fund management performance. [ABSTRACT FROM AUTHOR]

Purpose -- Direct costs of Australian Real Estate Investment Trust (A-REIT) initial public offerings (IPOs) were last reported in the literature using data to 2004. Much has occurred since then. The purpose of this paper is to introduce and include the A-REIT IPOs over the last ten years and examine the cost and the factors influencing the percentage underwriting and percentage total direct costs by A-REITs IPOs. The study also investigates specifically whether the utilization of an underwriter (who guarantees the success of the capital raising) rather than a stockbroker (who does not guarantee such success) costs significantly more. Design/methodology/approach -- The study examines 87 A-REIT IPOs from January 1994 until December 2013. An OLS regression is performed to identify significant influencing factors on percentage underwriting costs and percentage total direct capital raising costs. Findings -- The study finds that larger capital raisings and those with large investor or institutional involvement identified in the prospectus are significant in reducing underwriting costs. The study does not find that underwritten IPOs are significantly more expensive (or cheaper) than those not underwritten. Additionally, the size of the issue, whether the firm offers stapled securities (is internally managed) and has higher net asset to issue price characteristics reduces the total cost of underwritten IPOs. Practical implications -- The paper provides information to new A-REIT issuers, underwriters and advisors broadly on new issue costs and on factors influencing the IPO issue costs. Originality/value -- The study is the first to examine the costs of A-REIT IPO capital raising data in the years prior to and following the recent global financial crisis period. Paper type Research paper [ABSTRACT FROM AUTHOR]

Developer paid charges or contributions are a commonly used infrastructure funding mechanism for local governments. However, developers claim that these costs are merely passed on to home buyers, with adverse effects to housing affordability. Despite a plethora of government reports and industry advocacy, there remains no empirical evidence in Australia to confirm or quantify this passing on effect to home buyers and hence no data for which governments to base policy decision upon. This paper examines the question of who really pays for urban infrastructure and the impact of infrastructure charges on housing affordability. It presents the findings of a number of international empirical studies that provide evidence that infrastructure charges do increase house prices. Based on international findings, and in the absence of any Australian research, then these findings suggest that if the international findings are transferrable, then there is empirical evidence to support the proposition that developer paid infrastructure charges are a significant contributor to increasing house prices. [ABSTRACT FROM AUTHOR]

This paper investigates the dynamic relationships between research and development (R&D) expenditure and productivity growth in Australian broadacre agriculture using aggregate time series data for the period 1953 to 2009. The results show a cointegrating relationship between R&D and productivity growth and a unidirectional causality from R&D to TFP (total factor productivity) growth in Australian broadacre agriculture. Using the dynamic properties of the model, data from beyond the sample period are analysed by employing the variance decomposition and the impulse response function. The findings reveal that R&D can be readily linked to the variation in productivity growth beyond the sample period. Furthermore, the forecasting results indicate that a significant out-of-sample relationship exists between public R&D and productivity in broadacre agriculture. [ABSTRACT FROM AUTHOR]

Contemporary Australian public policy has come to rely increasingly on technical reports produced by commercial consultants in contrast to the traditional approach, which employed disinterested public servants to generate the specialist information required to inform decision makers. This approach is fraught with problems, not least the fact that 'hired guns' have strong incentives to create the 'answers' sought by their employers. By way of a 'cautionary tale', this paper examines the empirical evidence adduced in favour of radical amalgamation of Tasmanian local authorities in Local Government Structural Reform in Tasmania, produced by Deloitte Access Economics (DAE) (2011), and commissioned by the Property Council of Tasmania. In particular, the paper provides a critical analysis of the econometric modelling undertaken in the DAE (2011) Report. We find that if the DAE model is re-estimated - employing alternative functional forms - then the empirical evidence in support of Tasmania council merges evaporates. [ABSTRACT FROM AUTHOR]

In Australia, debates around school funding tend to focus on comparisons of funding between school systems and what this means for equity. In this paper, while we look at school-level funding between systems, our emphasis is on private funding in public schools with a particular emphasis on the relationship between private funding and ICSEA. Using data provided by the Australian Curriculum, Assessment and Reporting Authority, we present a series of analyses that document the current funding arrangements of Australian schools. In particular, we focus on how private income and parental contributions are mediated by sector (Government, Catholic and Independent), system (States and Territories) and educational advantage. These analyses show that government schools are generating notable private funding per student with the majority coming from parental fees, charges and other contributions. We further demonstrate that these private contributions advantage may exacerbate inequalities within public systems across Australia. [ABSTRACT FROM AUTHOR]

This paper discusses the limitations of many fiscal and related methods of encouraging increases in R&D as a tool for establishing research priorities. It suggests that any 'national' rather than industry-specific approach is likely to be ineffective in stimulating the R&D needed for the development of all industries. This is particularly the case in countries such as Australia and New Zealand where many decisions about R&D investments are made overseas, in the headquarters of the multinational firms that dominate most sectors of the economy. Instead, the paper suggests that an industry development approach currently being used in Australia, the Action Agenda approach, be modified to include a broader range of players, notably the public sector R&D community and an industry's 'users', to think about and establish R&D priorities which will underpin progress in the industry as a whole rather than being restricted to individual firms. The proposal rests on the results of AEGIS empirical research (surveys and interviews) into the dynamics of innovation in different 'product systems' (broader than sectors) in Australia which indicates the broad range of players that need to be included both in the analysis of innovation and in policies for stimulating the research which can assist innovation. [ABSTRACT FROM AUTHOR]

This paper explores the relationship between the Australian real estate and equity market between 1980 and 1999. The results from this study show three specific outcomes that extend the current literature on real estate finance. First, it is shown that structural shifts in stock and property markets can lead to the emergence of an unstable linear relationship between these markets. That is, full-sample results support bi-directional Granger causality between equity and real estate returns, whereas when sub-samples are chosen that account for structural shifts the results generally show that changes within stock market prices influence real estate market returns, but not vice versa. Second, the results also indicate that non-linear causality tests show a strong unidirectional relationship running from the stock market to the real estate market. Finally, from this empirical evidence a trading strategy is developed which offers superior performance when compared to adopting a passive strategy for investing in Australian securitized property. These results appear to have important implications for managing property assets in the funds management industry and also for the pricing efficiency within the Australian property market. [ABSTRACT FROM AUTHOR]

This paper analyses the Australian economy in the post-war period. The analysis examines stationarity and cointegrating relationship among output, interest rate and money. The analysis shows that Australia has had a stable cointegrating relationship among output, interest rate and money during the post-war period although the country deregulated its financial sector in the 1980's. Australia's money demand function fails to reject the hypothesis that the interest elasticity of money demand is 0.5. In addition, one specification of the country's money demand function fails to reject the hypothesis that the income elasticity of money demand is unity. The specification is the Vector Error Correction Model that includes real output, real balances, an interest rate, and a deregulation dummy variable, with the lag length of three. [ABSTRACT FROM AUTHOR]

This paper examines anomalies in the accounting procedures for the treatment of seigniorage on the Australian note and coin issue. It explains how the substitution of coins for notes leads to the unexpected result of reducing the budget deficit [ABSTRACT FROM AUTHOR]

The Australian income support system is often characterised as one of the most selective in the Western industrialised world. This paper examines the sense in which the Australian system is selective, and discusses the distinction between selectivity and targeting in income support pro-visions. Developments in social security outlays and recipient numbers over the last two decades are compared with those occurring since 1983, in order that the nature and impact of recent policies introduced to increase targeting can be identified. The analysis indicates that increases in recipient numbers have been the dominant factor underlying the past growth in social security expenditure. The distinction between selectivity and targeting of income support provisions is then explained with reference to the concepts of eligibility and entitlement. A framework is developed to illustrate how recent policies have restrained the growth in social security recipient numbers by policies which have increased income support targeting. These moves have not always produced a consistently more selective system of income support, an issue which is explored with the use of an index of the degree of selectivity of social security expenditures developed specifically for this purpose. [ABSTRACT FROM AUTHOR]

Purpose – The aim of this paper is to examine the influence of gender culture and gender subtext on the career trajectories of women. It examines the organization as an arena in which underlying cultural processes maintain gender distinctions and barriers, thereby limiting the efficacy of policies specifically designed to increase the number of women at senior levels. Design/methodology/approach – This paper draws on the findings of a qualitative case study of the perceptions of women's career trajectories in an Australian financial services organization. by examining the gender subtexts of organizational documentation we analyse the impact of gender culture, specifically the gender structure of the organization, gender identities of women managers and gender symbolism in organizational texts. Findings – The findings highlight the way an organization's gender culture legitimate continuing gender distinctions and impose pressure on women to comply with masculine behavioral norms, while accepting gender distinctions and arrangements that reproduce inequalities. Research limitations/implications – The findings illustrate that despite the case study organization being awarded for "best practice" in gender equity, the masculine gender culture of the organization indicates that systemic change to support the advancement of women is still strongly needed. Given that this case study is used as an illustrative example, future research should be mindful of the uniqueness of this particular context. Originality/value – These findings provide insights into the way the goals of equity legislation, policies and programs can be undermined by the distinct gender culture of an organization. [ABSTRACT FROM AUTHOR]

This paper seeks to explain why the policy history of school funding in regard to Australian Catholic Education looks and sounds the way it does today through the production of a genealogy of the subject. The questions addressed are, first, why has the funding of Catholic schools in Australia become an occluded historical site since the 1970s, despite the controversy in which popular accounts of the funding of Australian schools is mired, and when its prevalence so completely dominated the discourses of Australian education in the prior century? Second, has funding policy discourse been defined and contained and what basis is there for contesting such discourse in light of events since that period of time? Third, which or whose policy version triumphs and becomes the accepted policy process and which other policy approaches are obliterated in this process? The theoretical perspective adopted in this paper draws from both postmodern critiques and cultural theories of historical construction, as framed within Foucauldian Studies. [ABSTRACT FROM AUTHOR]

Throughout 2006, Commissioner Terence Cole QC conducted an inquiry into the involvement of Australian companies in the United Nations' Oil-for-Food Programme in Iraq. The inquiry generated headlines about sanctions-busting behaviour on the part of AWB Limited and whether or not government ministers knew or should have known what was happening during the life of the Programme from 1996 to 2003. An element of the scandal that has received little attention is whether AWB Limited's behaviour was actually that extraordinary, given its status as a private company whose obligation to its shareholders was to maximise profits and which, had it not complied with the Iraqi government's demands to bypass the sanctions regime, could have cost the company a very important market. Drawing on the sanctions literature, this paper examines an essential problem at the heart of sanctions implementation; namely, that while states sign on to these international obligations, it is private companies and individuals that generally bear their cost. The paper considers legislative changes prompted by Commissioner Cole's Report but emphasises their limitations. A key and persistent difficulty for Australia and other states is that enforcing their international obligations depends on the goodwill and integrity of private actors. [ABSTRACT FROM AUTHOR]

This paper discusses the higher education sector's role in a knowledge‐based economy though research training, that is, doctoral education. It also examines how a Faculty of Education supports its doctoral candidates in their endeavours to become ‘knowledge producers’. Two themes are explored: one is Australia's limited investment in education by international standards; and the other is the research training needs and circumstances of doctoral candidates who are located in professional and workplace contexts. The paper discusses the role of online support and a Doctoral Studies in Education (DSE) online seminar program to support primarily off‐campus, part‐time mid‐career professionals. These are typical of many of Australia's doctoral candidates. E‐learning is examined as part of a comprehensive support and research training strategy for doctoral candidates studying at a distance. We discuss the sorts of opportunities and experiences our candidates receive and the extent to which they are readied to work effectively in a knowledge‐based economy. [ABSTRACT FROM AUTHOR]

This paper examines the relationship between exchange rates and investment in Australian manufacturing between 1988 and 2001. The effects of exchange rates on investment are found to vary positively with the export share of sales and negatively with the share of imported inputs into production, with lower price-over-cost mark-ups increasing the response. For Australian manufacturing, a 10 per cent real appreciation of the Australian dollar leads to an average 8.0 per cent decrease in total investment through the export share channel, and an average 3.8 per cent increase through the imported input share channel, with most of the response occurring through investment in equipment, plant and machinery. [ABSTRACT FROM AUTHOR]

The principal objective in this paper is to examine the nature and significance of financial slack in a longitudinal panel of 871 small and medium-sized enterprises (SMEW) in the Australian manufacturing sector over the period 1995-96 to 1997-98. Financial slack is conceived as a joint condition of high liquidity and unused debt capacity. The desire to build financial slack can have profound effects on the investment and financing behaviour of a business, as well as significantly changing its risk profile. Approximately 15 per cent of SMEW in the panel are found to be holding financial slack in any one year of the study. The demographic profiles, performance profiles, investment behaviour and financing behaviour of the businesses holding financial slack are examined in some detail, and are compared with those of the balance of the sample. The outcomes of the inquiry are found to be difficult to explain within a strictly financial paradigm. However, a strategic management perspective suggests some linkages between owner-manager strategic objectives, such as independence and realising lifestyle aspirations, and the incidence of financial slack. The likely implications of these findings for SME scholarship and policy-making are discussed. [ABSTRACT FROM AUTHOR]

The non-profit welfare sector in Australia is dominated by several large organisations which are predominantly older, faith-based, welfare agencies. The success of these agencies is in part due to their ability to diversify funding sources in response to current economic and political environments. This paper analyses the changing funding mix of two of these organisations. The analysis finds some variability in the composition of funding sources over time. However, we also find that to some extent the agencies smooth out variations from one source with other sources of funding. The agencies do not appear to be able to raise funds in a counter-cyclical manner. [ABSTRACT FROM AUTHOR]

In the present paper we examine the setting of offer prices for Australian industrial initial public offers (IPOs) by fixed price offers. Our investigation focuses on the associations between offer prices and both market prices and accounting based measures of intrinsic value. Fixed-price offers are less likely to be influenced by the canvassing of market demand when compared to the US setting, where book-builds are typically used. We conclude that while Australian industrial IPOs are underpriced, they are not systematically undervalued. Contrary to research undertaken by Purnanandam and Swaminathan in the US book-build setting, we do not conclude that Australian IPOs are systematically overvalued. As part of our analysis, we develop an empirical model of offer prices based on interviews with several leading Australian stockbrokers involved in setting them. Finally, using the ratio of offer price to intrinsic value measure, we find some evidence that undervaluation is positively related to underpricing. [ABSTRACT FROM AUTHOR]

This paper discusses how the Australian Bureau of Statistics (ABS) compiled its series of experimental price indexes for financial services. It discusses how the ABS calculated both the weight, and the estimates of changes in price, for interest margins, fees and charges, and indirect taxes. It also discusses some of the more difficult issues which the ABS encountered during development. [ABSTRACT FROM AUTHOR]

In an evolving business environment characterised by globalisation and a challenging competitive paradigm, it is imperative for strategic management processes to focus on the financial perspectives of value and risk in intellectual capital to create sustainability in long-term value. This paper presents the key issues pertaining to the strategic management of value and risk in intellectual capital and presents some hypotheses for a strategic management framework based on identified underlying value-drivers, which in turn helps to focus and address the issue of risk management more adequately. The pervasive value-drivers in three intellectual capital-intensive sectors in Australia are identified from an analysis of case studies, then specified and extrapolated to provide implications for the strategic management of value and risk in the knowledge-based firms. The strategic management implications of these value-drivers are discussed and explained. [ABSTRACT FROM AUTHOR]

This paper describes accrual output based budgeting (AOBB) systems and examines their adoption in Australia. An analysis of claims made about AOBB systems by central agency reformers is set out, and the conclusion offered that these claims are fundamentally rhetorical in their characteristics. These rhetorical claims are contrasted against a critical analysis which suggests that despite the claims made by reformist elements in favour of the adoption of these systems, the structural and empirical elements of AOBB systems as implemented in Australia raise considerable doubts as to whether suggested benefits will be realised in practice. [ABSTRACT FROM AUTHOR]

This paper examines whether the cross sectional variation in Australian share prices is partially explained by measures of firm size and ownership characteristics in a manner that is consistent with firms behaving in accordance with Merton’s (1987) model of capital market equilibrium with incomplete information. Based on a sample of firms whose shares were traded on the ASX during 1995, we show that firms largely owned by less wealthy shareholders tend to have low stock prices, although this relation is not linear. In addition, larger, better–known, firms tend to have higher stock prices. These findings are consistent with prior evidence from US markets, and suggest the existence of a shareholder clientele effect in Australia that is related to the share price of the underlying firm. [ABSTRACT FROM AUTHOR]

It has been argued that infrastructure unevenness rigidifies into more lasting structures of socio-economic and political privilege and advantage. This paper focuses on telecommunication infrastructure as the backbone of the fast-growing digital economy, and raises important questions about the early National Broadband Network (NBN) rollout in Australia. The paper asks whether there was any case of pork barrelling in the selection of early release sites that enjoyed a regional competitive advantage against other localities that had to wait several years to receive the infrastructure. The answer to this question then leads to a second question about the degree to which voting in the early NBN release sites has swung following the infrastructure rollout. In order to answer these questions the paper examines the voting patterns in the earlier NBN release sites versus all electorates in the Federal elections in 2007–2013 using the data available via Australian Electoral Commission. Findings show trends of politically targeted funding, followed by vote swing in the very next election. [ABSTRACT FROM AUTHOR]

In recent years policy makers and social scientists have devoted considerable attention to wellbeing, a concept that refers to people’s capacity to live healthy, creative and fulfilling lives. Two conceptual approaches dominate wellbeing research. The objective approach examines the objective components of a good life. The subjective approach examines people’s subjective evaluations of their lives. In the objective approach how subjective wellbeing relates to objective wellbeing is not a relevant research question. The subjective approach does investigate how objective wellbeing relates to subjective wellbeing, but has focused primarily on one objective wellbeing indicator, income, rather than the comprehensive indicator set implied by the objective approach. This paper attempts to contribute by examining relationships between a comprehensive set of objective wellbeing measures and subjective wellbeing, and by linking wellbeing research to inequality research by also investigating how subjective and objective wellbeing relate to class, gender, age and ethnicity. We use three waves of a representative state-level household panel study from Queensland, Australia, undertaken from 2008 to 2010, to investigate how objective measures of wellbeing are socially distributed by gender, class, age, and ethnicity. We also examine relationships between objective wellbeing and overall life satisfaction, providing one of the first longitudinal analyses linking objective wellbeing with subjective evaluations. Objective aspects of wellbeing are unequally distributed by gender, age, class and ethnicity and are strongly associated with life satisfaction. Moreover, associations between gender, ethnicity, class and life satisfaction persist after controlling for objective wellbeing, suggesting that mechanisms in addition to objective wellbeing link structural dimensions of inequality to life satisfaction. [ABSTRACT FROM AUTHOR]

While the evidence on time-varying systematic risk of US assets is well documented in the literature, little work has been conducted in the Australian equity market. This paper intends to fill this gap in the literature by employing an alternative testing procedure to those used in previous studies. Moreover, a new methodology of determining the p-value of a test statistic is applied. The results of our study suggest that there is evidence of time-varying systematic risk for both individual assets and portfolios in Australia. [ABSTRACT FROM AUTHOR]

This paper discusses the distribution of wealth derived from the Australian Survey of Consumer Finances and Expenditures, 1966-68, carried out jointly by Macquarie University and the University of Queensland. It analyzes the composition of net worth, assets, and liabilities by socio demographic characteristics and over time. [ABSTRACT FROM AUTHOR]

This paper investigates the presence of the interaction of investment and financing decisions in Australian firms. Using simultaneous equations incorporating the variables of investment, dividend, and new debt issue, interactive effects are found for two sub-periods. [ABSTRACT FROM AUTHOR]

Graduates with well-developed capabilities in finance are invaluable to our society and in increasing demand. Universities face the challenge of designing finance programmes to develop these capabilities and the essential knowledge that underpins them. Our research responds to this challenge by identifying threshold concepts that are central to the mastery of finance and by exploring their potential for informing curriculum design and pedagogical practices to improve student outcomes. In this paper, we report the results of an online survey of finance academics at multiple institutions in Australia, Canada, New Zealand, South Africa and the United Kingdom. The outcomes of our research are recommendations for threshold concepts in finance endorsed by quantitative evidence, as well as a model of the finance curriculum incorporating finance, modelling and statistics threshold concepts. In addition, we draw conclusions about the application of threshold concept theory supported by both quantitative and qualitative evidence. Our methodology and findings have general relevance to the application of threshold concept theory as a means to investigate and inform curriculum design and delivery in higher education. [ABSTRACT FROM PUBLISHER]

In the State of Victoria, Australia, there was an identified need for a validated instrument to measure the satisfaction of people receiving palliative care. The process of gaining sector-wide cooperation to collect satisfaction data across many settings and models of care had been a challenge for many years. This was finally achieved in 2007, particularly when driven by the requirement that funding was contingent on meeting the Victorian Government's key performance indicators in relation to satisfaction. What has emerged is the ability to report to government and the sector, to compare and contrast service satisfaction and these data being used to enable improved care provision. This paper outlines the process of developing and validating the Palliative Care Satisfaction Instrument (VPCSI). Continued annual use of the instrument enables ongoing collection of benchmark data for subgroups, confirmation of core components and other psychometric consolidation measures. [ABSTRACT FROM AUTHOR]