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We provide evidence on the frequency and size of payouts by Australian firms, and test whether the life-cycle theory explains Australian corporate payout policies. Regular dividends remain the most popular mechanism for distributing cash to shareholders, despite a slight decline in the proportion of dividend payers since the relaxation of buyback regulations in 1998. Off-market share buybacks return the largest amount of cash to shareholders. Dividend paying firms are larger, more profitable and have less growth options that nondividend paying firms. Consistent with the life-cycle theory, we observe a highly significant relation between the decision to pay regular dividends and the proportion of shareholders' equity that is earned rather than contributed. [ABSTRACT FROM AUTHOR]

Five years into the 21st century and consumer debt levels in Australia are still escalating. Simultaneously, there is concern that an increasing number of consumers may be unable to meet their future financial commitments and also mounting alarm at the relative ease with which the majority of consumers can access additional credit facilities. At the same time, credit providers are avidly seeking greater profits by enticing consumers to borrow more and more. Against this background, the issue of corporate social responsibility (CSR) in the Australian consumer credit industry is discussed. The application of strategic stakeholder management theory to the activities of a specific class of lender – banks – is then discussed. The aim is to better understand why the contemporary demands of CSR will not lead banks to undertake a more vigilant approach to consumer lending advocated by consumer groups who, witnessing the impact of the growing level of consumer indebtedness on a number of consumers, are calling for more responsible lending practices. The opportunity to contribute to debate aimed at alleviating the risk of growing consumer indebtedness is highlighted. The paper concludes with an acknowledgement that, without intervention, factors such as competition in the free market for consumer credit, the demands of shareholders for profits, and consumers’ own folly in demanding immediate gratification and readily accepting additional credit as a means of financing their consumption, ensure that consumer debt levels will continue to rise. [ABSTRACT FROM AUTHOR]

Government's intrinsic role in sustaining a vi- able gambling industry, and its significant revenue stake in industry profitability, can make the public effectively shareholders in the industry. An important social cost of gambling is the potential for corruption of democratic processes through close industry and government links. Government can increase gambling revenues by expanding the tax base, rather than by raising tax rates. Gambling tax rates have fallen in recent decades, while revenues have increased dramatically. This paper analyses the forces encouraging governments to give excessive priority to protecting gambling revenues. It finds gambling taxation is regressive, and increasingly so as access widens, 'Children, madmen and fools' are significant to the market The transition to a goods and services tax, along with the recent inquiry by the Productivity Commission into gambling, provides an opportunity for gambling policy to be made in a coherent social and economic framework, rather than as ad hoc and short-term solutions to State governments' revenue problems. Such an outcome rests on the Commonwealth government playing a leadership role. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to make a quantitative comparative analysis of differences between Australian financial reporting practices and U.S. GAAP. The empirical data consist of Form 20-F filings for thirteen Australian incorporated companies for the period 1985-93. Based on prior research, there is a test of the hypothesis that U.S. GAAP is more conservative than Australian financial reporting practice. The results of the empirical analysis offer little support for this hypothesis in the context of the reporting of profit. However, the hypothesis is supported for the reporting of shareholders' equity. The most frequent and material differences in profits relate to asset measurement, equity consolidation and accounting for intangible assets. Generalizations relating to differences in shareholders' equity are more difficult to make. [ABSTRACT FROM AUTHOR]