Author: Michael West
Flogging the nation’s company database to a monopoly private operator must be one of the zanier ideas to have been hatched in Canberra but that is precisely what is now being plotted by our elected representatives. The plan is well advanced. Treasury is moving to the final stage of the tender process to privatise the database of the Australian Securities & Investments Commission (ASIC). “Final bids are to be evaluated in September,” a source told michaelwest.com.au. “There are a small number of indicative bidders now”. Already, the charges levied by ASIC for this supposedly public information are believed to...Read More
Global accounting giant PricewaterhouseCoopers (PwC) had won its most illustrious mandate yet, the first ever external audit of the finances of the Vatican, until its work was suddenly put on ice four months ago. It was a “blow for financial transparency” cried the International Catholic News Weekly: “The work of PwC would have been the first of its kind and was going to provide a complete picture of Holy See finances, including a valuation of assets. But in April the firm’s work was unilaterally suspended exposing a power struggle between Australian Cardinal George Pell – who the Pope appointed...Read More
The supermarket giants are stringing out their suppliers by signing them up to “pay-on-scan” terms where the payment period begins, not when the goods are received at the warehouse, but weeks later when they are scanned at the check-out. Traditionally, the invoice period for grocery payment begins on delivery, when the goods actually change hands that is. Under pay-on-scan however, the invoice period begins at the point of sale to the supermarket customer when it is scanned at the check-out. Both Coles and Woolworths confirmed this week they had deployed pay-on-scan terms, or “consignment trading”. The secretive Aldi declined...Read More
New Michael West Podcast
Created by PodcastOne, this 3 part series looks into how Australia has gone from one of the cheapest countries in the world for energy to one of the most expensive, and reveals just what has happened with our gas and electricity supply and why we are on the verge of an energy crisis.
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