PRESS DIGEST-Australian General News - Oct 15

Compiled for Reuters by Media Monitors. Reuters has not verified these stories and does not vouch for their accuracy.

THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)

The Sydney Anglican diocese is preparing to reveal details of how it lost A$160 million in net assets during the global financial crisis. A high-risk gearing strategy, which delivered above-market gains in the five years leading up to 2007, backfired when the market crashed, resulting in a 60 percent slump in the diocese's investment portfolio. The total assets of the Diocesan Endowment Fund plunged from A$586 million to A$286 million in the year to December 2008, leading to savage job cuts and an overhaul of service delivery. Page 1.

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The foreign owner of one of Australia's largest coal-fired power stations has asked Climate Change Minister Penny Wong to pay it billions of dollars to close down the polluting assets, potentially leaving taxpayers to foot the bill. British group International Power (IPR.L) is lobbying the Victorian and Rudd governments to pay it to close down the Hazelwood power station in Victoria's Latrobe Valley rather than award it compensation under the proposed emissions trading scheme. The proposal, which would boost the competitiveness of alternative energy providers, would see the station phasing out production and reducing emissions. Page 1.

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The Rudd government has unveiled plans to reduce federal debt by A$60 billion and balance the budget as early as 2014, two years earlier than currently forecast. The move comes as a wave of positive economic data, including reduced unemployment and rising consumer confidence, has further raised hopes of a sustained economic recovery. Finance Minister Lindsay Tanner has written to ministers asking them to nominate spending cuts, paving the way for another round of tough fiscal reforms in the May budget. Page 1.

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The Productivity Commission is calling for an overhaul of the complex and inconsistent rules governing the not-for-profit sector. As part of the overhaul, not-for-profits (NFPs) would be required to sign up to a new national registrar which would confirm their tax-deductibility status and provide a centralised financial record of the sector. The draft report released yesterday also recommends that the Government explore ways to lift Australia's low rate of charity-giving by increasing awareness of the tax benefits of philanthropy. Page 3.

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THE AUSTRALIAN (www.theaustralian.news.com.au)

Prime Minister Kevin Rudd yesterday warned that organised crime syndicates were responsible for the vast majority of asylum-seeker boats reaching Australia. People-smugglers represented the "vilest form of people on the planet" and regional co-operation would be the key to eliminating them, Mr Rudd said. Australian authorities are believed to be currently tracking about six boats of asylum-seekers from Indonesia, Malaysia and Sri Lanka suspected to be on their way to the mainland. Page 1.

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A homosexual couple will appear before the Family Court in a bid to gain access to a three-year-old girl to whom they have no biological connection. In what is believed to be the first case of its kind before the court, the male couple have successfully argued that they are important people in the life of the girl. The girl's mother was, until last year, in a same-sex relationship with another woman who has a child conceived with one of the men. A family psychologist described the case, which will return to the Family Court in Brisbane next month, as complex. Page 1.

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The Rudd government has been accused of pilfering crisis accommodation intended for indigenous communities as it proceeds with its decision to send 81 demountables to Christmas Island detention centre. A spokesman for Immigration Minister Chris Evans yesterday dismissed opposition claims that the demountables were taken from indigenous housing allocations, saying it was part of the department's normal contingency plan. The demountables were originally used at Woomera and Baxter detention centres and had been in storage in Alice Springs since then, he said. Page 2.

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A biological test which diagnoses mental illnesses such as depression and schizophrenia has been developed by Australian researchers. In a world first, researchers at Monash University in Melbourne have invented an electrode that can detect changing brain patterns which are seen as bio-markers for mental illness. While the technology needs further testing, it could be widely available in five to 10 years, said researcher Jayashri Kulkarni, director of Monash University's Alfred Psychiatry Research Centre. Page 3.

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THE SYDNEY MORNING HERALD (www.smh.com.au)

Sydney barrister Gregory Curtin, in a letter which has been released on the Justinian website, has criticised the system of appointing Senior Counsel in New South Wales. A four-person selection committee is responsible for awarding silk to barristers in the state, who also take account of comments from a consultation group. Mr Curtin notes that in 2007 and 2008, members of the committee awarded silk to barristers from their own chambers at five times the rate of applicants from other chambers. Page 1.

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Australia Post retail outlets have pulled a number of popular Penguin classic novels from their shelves, amid concerns about their erotic content. Titles that were taken off the shelves include Lolita, The History of Sexuality and The Delta of Venus. Australia Post spokesman, Alex Twomey, said the books did not fit the company's brand and business. "Given that we serve all parts of the community, they're not the sort of thing we would normally have," he said. Page 3.

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A prominent historian has confirmed claims by Dutch naval architect Peter van Oossanen that architect Ben Lexcen had played only a small part in the design of the winged keel credited with Australia II's historic win of the America's Cup in 1993. The sailing fraternity, including Alan Bond, have jumped to the defence of Lexcen, the late Australian designer. Mr Bond said that Mr van Oossanen had been recruited to work on Lexcen's drawings of the famous keel. Page 3.

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THE AGE (www.theage.com.au) Opposition Leader Malcolm Turnbull faces the toughest month of his tumultuous leadership, as he presses for party room support for his amendments to the Rudd government's emissions trading scheme. The Nationals have agreed to support Mr Turnbull's efforts at negotiating with the Government, but have warned that they are heading to voting against the legislation. Nationals Senate leader, Barnaby Joyce, said the scheme was "a disaster for our nation, so at the end of the day we have to vote against this tax." Page 1.

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According to a study by The Alfred Hospital, the month of February is the worst month to go to hospital because the higher number of trainee doctors cause the number of errors to rise by 40 percent. The study, to be published in the British Medical Journal, found that the rate of injury rose more than five times in the first month of training. The study recommends that trainees receive adequate orientation and more supervision in the first few months of their medical career. Page 3.

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