The official interest rate has been cut to 1 per cent. Yet, pensioners are still being 'deemed' to earn 1.75 per cent on the first $51,800 and 3.25 per cent on the balance of their capital. "It's not possible to earn 3.25 per cent on your money in the bank" most say. Well, providing you are a pensioner (to qualify) and not a self funded retiree, you can. There are two financial institutions - Teachers Mutual Bank and UniBank - that do match the deeming rates on deposits. Are these banks safe? Well, yes. Both are "Authorised Deposit Taking Institutions (ADIs)" Thus, you have an Australian Government guarantee up to $250,000. Please note: Teachers Mutual Bank and UniBank operate under the one principal ADI licence...Teachers Mutual Bank Limited. Therefore, the Government Deposit Guarantee is limited to a total of $250k (per account holder) deposited. Thus for total protection, you would deposit $250k with one bank or $125k with each bank. Seek the advice of your accountant or financial advisor before proceeding.
Peter Murch, Kingscote
Dear Premier. I bet you cannot go for more than 60 seconds without taking in oxygen. You also cannot go for more than a few days without drinking water. And you certainly cannot last more than 3 weeks tops without food. All of these things come from nature and only from nature!
So when you promote shonky business deals and cheap land grabs such as the AWC proposal in Flinders Chase wilderness, you are actually going against your own basic needs and against the needs of all thinking beings (not to mention the permanent damage you will do to all other life forms in that same wilderness area). Come to your senses and abolish this unpleasant grab for fat profits at the expense of our wilderness.
You do not own it. It belongs to all beings and it is your sacred trust as Premier to protect our national parks for that which they offer naturally to all.
And make no mistake...once AWC has damaged this wilderness there will be no going back.
Steve Morvell, former parks ranger, Halls Gap Vic.
CO2 - Friend or Foe?
The editor ran out of space to print my whole letter. This is the missing piece: The ocean dissolves it's own volume of CO2 at 14 degrees C. At a temperature of 10 degrees C the sea water can absorb 19 per cent more CO2 and at 18 degrees C it absorbs 12 per cent less than it's own volume. So putting this altogether we see a cycle happening in our climate. Pre 1942 oceans heated up and the CO2 level in the atmosphere rose to 452ppm in 1942. In the 1950s the oceans cooled and reabsorbed CO2 from the atmosphere to bring the CO2 concentration down to 370ppm in 1970.
Then as we know the oceans heated up in the 70s and 80s and the CO2 rose to 400ppm by 2004. Since 1998 the temperature has stayed about the same but scientists have observed that the cycle of sunspots are declining and there will be dramatic cooling over the next two decades so we can reasonably assume that the CO2 in the atmosphere will decline to about 370 ppm by 2035.