Australia agrees at G20 to billions in loan guarantees to poor nations

Australia will stump up billions of dollars in loan guarantees for struggling nations after the G20 summit opened in London.

And bankers will be subjected to extraordinary limits on pay and bonuses in a bid to curb reckless stock market speculation.

The summit in London’s Docklands area also endorsed tough regulations for the finance industry, most of which already exist in Australia.

An international “college of regulators” would ensure countries were imposing strict conditions to prevent another collapse of markets such as the insurance industry caused by dodgy business practices.

And sources said the summit wanted a battle against protectionism, with the World Trade
Organisation to audit the openness of individual nations.

Full story in the Herald Sun HERE

The Government cannot even sort out it's priorities as the Water Storage Capacity in Victoria has reached CRITICAL levels, and it has been estimated that by the year 2012 there will be NO WATER in Victoria.

This is NOT a priority, as the Government indicated that it will outsource the building of a desalination plant (to a private company), and Victorians until then will be paying a price of 25% increase per annum in their water bill for the next 4 years.

Since the privatisation of Melbourne's Water Services there has been NO increase in infrastructure over the past 25 years, with an increase in population of 30%.