(Australian PM) Rudd and Obama in 'meeting of the minds'

Source: Sydney Morning Herald



The US President Barack Obama has raised expectations that Australian troops would be needed in Afghanistan for "several years" more. Following a 70-minute "meeting of the minds" with the Prime Minister Kevin Rudd in the Oval Office this morning, Mr Obama said he understood the frustration in Australia and elsewhere with the war. "The American people, just like the Australian people, are always frustrated with the need to send our young men and women overseas for extended periods of time," Mr Obama said.

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The global economic crisis dominated discussions and Mr Obama said he and Mr Rudd were at one with regard to what needed to be done. The president envisaged a world-wide jobs boom in clean energy technology as one way to restore employment and the economy once the crisis was sorted out. He said all nations would be challenged "in finding new areas of economic growth that I think are going to be necessary to replace some of the financial shenanigans that have taken place over the past couple of years", he said.

Mr Obama described today's get-together as "a meeting of the minds" and said it reaffirmed one of the world's closest alliances. Mr Rudd has described his visit as a new and important chapter in the relationship. He again expressed gratitude that the United States was again showing global leadership on the economy and climate change.

Mr Obama told reporters he is keen to visit Australia again. While saying farewell to Mr Rudd, the US President was asked whether he wanted to visit down under. "I would love to visit Australia,'' he said. "Of course, I have been to Australia many times. I love the Australian people.''



Read more: http://www.smh.com.au/world/rudd-and-obama-in-meeting-of-the-minds-20090325-9987.html

Of all the G-20 nations, Rudd's labor government has implemented the boldest and most effective measures to deal with the financial crisis and ward off a deepening recession.

Australian government to curb executive payouts

The Federal Government will introduce new laws to curb excessive executive payouts, Treasurer Wayne Swan says. Under the change flagged by the Treasurer, shareholder approval will be required for termination payouts of more than one year's base pay.

"It is very important that we ensure executive pay is in step with good governance ... and meets decent community standards,'' he told reporters. Mr Swan said in some instances the size of golden handshakes was "obscene". "The Government will curb golden handshakes in the form of excessive termination payments," he said.

Superannuation Minister Nick Sherry cited the example of former Pacific Brands chief executive Paul Moore, who received a bonus $3.5 million retirement payment when he stood down halfway through the 2008 financial year despite the company floundering. Pac Brands came into the spotlight again last month when it announced it would axe 1850 workers. It was revealed new CEO Sue Morphet had her pay lifted to $1.86 million from $685,775 during the same period the company was considering the sackings.

"What we've seen in the last decade ... is the retirement gold watch replaced by a truckload of gold bullion," Senator Sherry said. Mr Swan said that, under the former Howard government, termination payments could be up to seven times a director's annual pay before there was any shareholder approval.

"Shareholder approval will now be required for a termination payment exceeding one year's base pay,'' he said. "I say this to executives that are listening to or watching this announcement - the Government does expect you to do the right thing by the community and the country, and particularly given our circumstances at the moment."

The Government has also referred the broader issue of executive remuneration to the Productivity Commission, which will provide a final report within nine months.

More: http://business.smh.com.au/business/swan-to-curb-obscene-salaries-20090318-91lr.html

Barack Obama warns troops will be in Afghanistan for years

BARACK Obama has warned the war in Afghanistan will continue for years, vowing the free world must not back down in the face of "vicious killers".


And the US President has also promised to end the “shenanigans” in the finance sector that triggered the global recession and to regulate to return to a state of responsible economic growth.


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But he said that despite the mounting death toll in the seven-year-old war, the involvement of the US and its Allies had failed to eliminate the threat of terrorism from Al-Qaida and its affiliates.

“I think the American and the Australian people also recognise that in order for us to keep our homelands safe, in order to maintain our way of life in order to ensure order on the international scene, that we can't allow vicious killers to have their way,” Mr Obama told reporters in the Oval Office.

“We're going to do what's required to ensure that does not happen.”

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http://www.theaustralian.news.com.au/story/0,25197,25239303-5013871,00.html