PRESS DIGEST-Australian General News - Nov 12

THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)

--The Rees Government in New South Wales (NSW) has announced an additional A$3.6 billion in taxes, and spending cuts totalling A$3.3 billion over the next four years. The measures, unveiled as part of the mini-budget presented by Treasurer Eric Roozendaal yesterday, are aimed at dealing with declining revenues caused by the global economic crisis. Mr Roozendaal, who produced a A$917 million deficit with the mini-budget, also lowered the state's growth forecasts to just 1.25 percent this year. Page 1.

--Australia and New Zealand ANZ.AX (ANZ) Banking Group chairman Charles Goode will not seek re-election at the annual general meeting next month, and will be replaced by an external candidate in the next 12 to 14 months. It is understood the ANZ board has already selected a replacement for Mr Goode, who has been in the position since 1995. Mr Goode has been under pressure since ANZ was hit with problems including losses in non-customer related trading divisions and the Opes Prime fiasco. Page 1.

--Deputy Prime Minister Julia Gillard has invited expressions of interest for collapsed childcare centre operator ABC Learning Centres (ABS.AX: Quote, Profile, Research, Stock Buzz). Ms Gillard on Monday approved a process to look into the viability of each of the 1040 centres in order to "create opportunities for not-for-profit and for-profit entities to operate local childcare centres." Not-for-profit organisations including Try Youth and Community Services and KU Children's Services are understood to have expressed interest in acquiring some of the ABC Learning centres. Page 3.

--Australia's A$85 billion tourism industry has urged Prime Minister Kevin Rudd and other senior Government figures to set an example by "taking some personal leave over Christmas and the New Year" to help boost declining tourist numbers. In a recent letter to the Government, Australian Tourism & Export Council managing director Matt Hingerty predicted a 30 percent fall in forward bookings for the first half of 2009 because of the economic slowdown. Page 3.

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