Today's gains back up a 1.5 per cent rise for the Australian market on Friday.

However, as has been the trend recently, the volume of shares being traded has been relatively low.

CMC Markets chief market strategist Michael McCarthy says the northern summer typically brings a lower level of activity on global financial markets.

He says it usually also means less volatility in financial markets, but even the London Olympics do not seem to be enough to distract shaky investors.

"Certainly in the northern hemisphere summer we generally see lower volumes in the market and often it leads to lower volatility as well," Mr McCarthy observed.

"I suspect a lot of people in Europe are very disappointed they're not able to enjoy their summer this year, or to get to the Olympics, and I suspect for markets it will be business as usual despite the global sporting fest."

The Australian dollar has also benefitted against the greenback, climbing as high as 104.97 US cents early this morning, before settling to trade around 104.6 US cents.

However, Michael McCarthy expects the currency's current levels to be its high-water mark.

http://www.abc.net.au/news/2012-07-30/shares-rise-on-euro-optimism/4163598

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I love the way many economists talk shit in metaphors that could be used to describe the weather...

BACKSTABBING, branch stacking and backroom deals were once the domain of the NSW Labor Right. But throw in illegal tape recordings and ballot rigging and you have the Liberal Party's new-look political playbook.
A highly embarrassing secret recording of the conversation of two Liberal Party figures, one a staffer for a state MP, has sparked a flurry of legal letters and an internal inquiry by head office.
The recording reveals the extent of the backroom machinations in which endorsements for friends and relatives to be elected to local council are given in return for larger political favours such as backing certain candidates for Parliament and the state executive.
Separately, the Herald has learnt that ballot rigging has reached the highest levels of the party's political machine.

Read more: http://www.smh.com.au/nsw/backroom-deals-and-ballot-rigging--welcome-to-the-nsw-liberals-20120729-236i2.html#ixzz226WNo5ZX

Queensland Premier Campbell Newman says voters are thankful for his decision to slash thousands of public sector jobs.

Mr Newman has given thousands of State Government employees their marching orders and says many more will go as he tries to cut costs and stop Queensland becoming "the Spain of Australian states".

Queensland unions have announced a state-wide strike to protest against the cuts on September 12 - the day after the State Government hands down its first budget.

But Mr Newman has told ABC Local Radio voters understand the reasoning behind the cuts.

"I talk to my MPs and I talk to people in the community. I spent a lot of time out and about in Ashgrove, my electorate, at the weekend, talking to people," he said.

"And you know what? I didn't have one single person come up to me and express concern about this.

"Yes, we're getting sort of orchestrated email campaign documents or letters from the union operatives."

http://www.abc.net.au/news/2012-08-02/newman-says-voters-grateful-for-job-cuts/4171762?WT.svl=news1

Yes... People are happy loosing their job... in wonderland... People are tired of being Oompa-Loompas... in the chocolate factory... And now being on the dole unable to pay their bills but smelling the daisies... Lovely... Arr... And those naughty union "operatives"... More like spies in the Willy Wonka Newman factory...

Queensland Premier Campbell Newman has accused public servants of undermining government efforts to bring the budget under control.

Mr Newman says the government is trying to work through where cuts can be made and then communicating that information.

He says leaks from the public service are making the task more difficult.

"Frankly my Ministers can't even ask for a briefing on options without somebody then to inappropriately to leak it," Mr Newman said.

"That's why we are now moving on at speed - we will be sorting this out."

http://www.abc.net.au/news/2012-08-03/newman-berates-bureaucrats-for-budget-cut-leaks/4174930

Get a life, Newman... People have to protect their patch of whatever they are doing... You're at war against the geezers of the public service and they fight back... The bastards...

A multi-billion-dollar contract to build new trains for Queensland was flawed from the start, leaving all 75 new trains not complying with disability access laws, an inquiry has found.

• NGR project suffered an "evolution of failures right throughout", Mr Forde found
• Rectification work on the trains will cost $335.7m and take until 2024
• All of the rail inquiry's 24 recommendations were accepted by the Government

Retired District Court judge Michael Forde conducted the inquiry into the procurement of the 75 trains, and their failure to comply. 

Mr Forde found the initial design, signed off by the Newman Government in 2013, broke the law, but was still approved for construction. 

The $4.4 billion New Generation Rollingstock (NGR) project was manufactured India by a consortium led by the company, Bombardier. 

But the NGR trains failed disability access tests, including having space for wheelchairs to move into the aisle. 

Mr Forde found the delivery of the trains was doomed "from day one" and problems were known "when the contract was signed".

He found an "evolution of failures right throughout" the process, which began under the Bligh government and continued under the Newman government. 

The project began in 2008, but the first train was not delivered until 2017.

Read more:

https://www.abc.net.au/news/2018-12-10/queensland-rail-inquiry-new-trained-failed-from-day-one-forde/

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