“It's different for a white child. That's just the reality of this country.”
— New York Mayor Bill de Blasio, on interacting with police officers in the U.S.
Home: Financial System check-up
THE GIST. The Murray Inquiry into Australia's financial system released its Final Report on Sunday. This was an election promise from Joe Hockey, which he made sure to mention in the first sentence of his media release.
WHO CARES. The point of the Inquiry was to figure out how and if the Australian economy is going to be properly funded going forward, which is kind of a big deal. You can ignore things like 'mortgage risk' and 'superannuation-fund performance' when the going is good, but if things take a turn for the worse (remember the GFC?) then you'll probably be getting intimate with the concepts.
THE GOOD. Generally speaking, the financial system has performed well over the last couple of decades. Two examples: most observers recognise that Australia's relative economic strength through the GFC-era is partly due to how well we regulate our banks, and our superannuation scheme is big by international standards.
THE BAD. The Report found a bunch of weaknesses too: the tax system is distortionary; we're vulnerable to financial shocks; superannuation is not efficient; unfair consumer outcomes are prevalent; and we're missing the benefits competition and innovation. *Gulp*.
WHAT'S NEXT. The Report made 44 recommendations. The next step for the government is to "consult with industry and stakeholders". Given that it received 6,500 submissions after the Interim Report, that could take a while.
Abroad: Gitmo check-out
THE GIST. Six men held at the Guantanamo Bay detention centre in Cuba have been 're-settled' in Uruguay. The Obama administration has described the move as "a major milestone in our efforts to close the facility."
REMIND ME. The Gitmo prison was established by George Bush and Co. in 2002 to hold 'enemy combatants' captured in the War on Terror. 779 men have been held there over the last 12 years. The horrible conditions, use of 'enhanced interrogation' (torture) at the prison, and lack of legal due process for inmates have given the place a notorious reputation. Even the U.S. Marine who oversaw its construction said it should have been shut down years ago.
WAIT, THAT'S STILL A THING? It is, even though Barack Obama promised to close the place down back in 2008. He gave it a shot after getting elected, but the Senate vetoed the move by blocking the funds required to transfer the prisoners elsewhere. Other efforts have been frustrated by the Senate a couple of times since. Obama's critics (from the left) say that keeping Gitmo running has basically been a political decision of the administration. A decision supported by 70% of Americans.
GOING FORWARD. There are 136 detainees still at Gitmo, 67 of whom have been approved for transfer. The US government just needs to find other countries willing to take them.
Small-talk
Guns and selfies. Victoria Police are warning gun owners of the dangers of flaunting their firearms on social media - the wisdom of which had previously gone un-questioned. According to the cops, criminals are trawling Facebook and Instagram for guns to steal, having apparently decided that people with deadly weapons make great targets. Crime 2.0.
Rights of Chimpanzee. They don't have any, according to a New York court. The case was brought by the 'Nonhuman Rights Project' on behalf of Tommy the chimpanzee, whom the group says is unlawfully imprisoned by his 'owner'. The judge said chimps aren't capable of bearing rights or duties, and aren't legally responsible for their actions. In related news, the next Planet of the Apes movie is set to be a court-room drama.
Sick burn, Tones. Tony Abbott called David 'Kochie' Koch the wrong name twice in an interview on Sunrise. Either it was a panic-induced memory lapse, or Tones was attempting to pull off some kind of alpha-male dominance-move. Here's hoping it was the latter: taking Kochie down a few pegs is exactly the kind of leadership we need from the PM's office right now.
