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The Australian chief executive officer (CEO) enjoys unprecedented status and rewards. Growing uneasiness in the business communities, however, prompts a re-evaluation of the value of executive remuneration. Research on director and executive remuneration in the country's top 350 companies reveals a growth of CEOS earning over $1 mil.

Many Australian politicians are determined to put an end to the sex industry even though these businesses are legal and produce revenues of $1.6 billion each year. Lack of uniform laws and the difficulty of obtaining planning permits hamper sex industry expansion. The sex industry defends itself against criticism with arguments that its customers represent middle Australia.

Corporate Australia is still hopeful that the Asian currency crisis will end by second half of 1998, but figures show that corporate earnings were at their lowest in six years. Some economists fear that the strong Australian economy will be adversely affected and the impact is already apparent in some parts of the country. Australian wool and tourism industries have been the hardest hit.

The Sigma pharmaceuticals Ltd. acquisition of SmithKline Beecham's manufacturing site, as well as its pharmaceutical product range, signals a 90% increase in the size of Sigma's manufacturing operations. Implications of the prices for Australian prescription pharmaceuticals as set by the Pharmaceutical Benefits Scheme are also discussed.

This article presents information on the car components industry in Australia and its preparations for change. Relevant points include the trend toward modularity, or the production of whole sections or modules of cars by suppliers, and globalization as suppliers are expected to provide parts to wherever in the world they are needed, and the transfer to suppliers of many of the functions formerly carried out by vehicle manufacturers.

This article describes possible plans by Australia's Rock Building Society ('The Rock') to drop the phrase 'building society' from its name in recognition of its having become a community bank in all but name. Relevant points include the long history of the building society type of financial institution in Australia, the dwindling number of such institutions in modern Australia, and the regulatory reality that has deprived the term 'building society' of any real meaning.

The Australian gold industry in the late 1990s faces difficult times. Gold prices have fallen to the extent this it is mining and production expenses are greater than revenue from selling the mineral. It is difficult to attract investors to the industry. Australia remains the third largest producer of gold, however, behind the US and South Africa.

Insolvency experts see themselves as corporate doctors poised on saving their corporate customers from insolvency. They focus on restructuring companies rather than seeking liquidation. Often it provides creditors with better returns then they would have if the company ceased doing business. The key to voluntary administration is preventing creditors from making claims so the company can investigate if it can trade itself out of their problems.

The deregulation of the advertising industry has resulted in companies merging, acquiring, diversifying, divesting, and restructuring their operations. It has also resulted in more clients demanding more for less and receiving it. Industry experts contend that soon larger firms will get bigger, while smaller ones will either merge with other firms or go out of business.

Anti-Semitic attitudes persist in Australian business culture. Tape-recorded telephone conversations reveal a series of offensive remarks about Jewish mining magnate Joseph Gutnick and the Jewish community at a stockbroking firm. Some critics argue the tapes are harmless forms of banter with no serious social significance.

Telstra faces an uncertain future as plans for its privatization failed by the vote of Queensland Senator Mal Colston. Telstra's privatization is seen by many as a conflict of interest by the government and the communications industry regulator who is the majority owner. There is also the question of the impact of Telstra's privatization on its competitors.

Australian investors are pursuing a strategy of selectivity and caution. They are afraid the Asian financial crisis may spread and threaten other economies across Asia and Australia. The National Australia Bank's business survey indicates that for 1998-99, Gross Domestic Product (GDP) will go from 2.5% to 1.75%. Investment Bank also predicts the Australian GDP will go as low as 2%.

The petroleum retailing industry in Australia has warned the federal government that unless it is deregulated, it may have to close down refineries, cut down the number of service stations, and consider its future in Australia. However, the John Howard government seems to be in no hurry to implement any promises it had made.

The Franchising Policy Council, an agency formed in March, 1998, will propose legislation to regulate the franchise business. The Franchise Council of Australia, however, feels that they have not been sufficiently consulted on the particular details of the code.

The Australian government is under pressure to lift the big four bank merger ban. National Australia Bank (NAB) believes it needs to acquire one of its fellow majors to compete globally. However, the Australian government believes there must be evidence of more competitive banking sector before it lifts the ban. A Standard & Poor's report released in March 1998 showed that while big banks recorded profit increases in 1997, smaller banks saw profit declines.

In Australia, electronic transactions accounted for about 9 million payments per day in 1998. Consumers are putting more of their regular transactions, such as gas, electric and telephone bills on credit cards. And credit card companies are encouraging their use by rewarding customers with 'loyalty' incentives. Smart cards will further alienate consumers from cash by their ability to store monetary value electronically.

Australian supermarkets are following a trend of US chains to cater to customer convenience. New supermarkets will be organized by food or feature departments, such as a health shop or party shop, and feature sensory environments similar to specialty stores. Ready-to-heat meals, dubbed home replacement meals, are another trend. In addition, food retailers will utilize electronic shopping for in-home convenience.

The Asian economic slowdown is threatening the Australian economy, and businesses remain cautious about the duration of the problem. However, there are still plenty of investments that are profitable. Real estate and exotic investments such as wine and cars can still prosper. Australian economists contend that they are more vulnerable since 25% of the country's Gross Domestic Product (GDP) depends on exports from Asia and that causes concern.

The unexpected ascension of director Ian Burgess to deputy chairman instead of CEO Hugh Morgan underscores a trend for more careful corporate governance in Australia, in the wake of disastrous share price drops in firms such as BHP, Burns Philp, and Coles Myer after CEOs became chairmen. Ironically, Morgan has presided over a successful reorganization and the firm's overall outlook is strong.

Major changes to Ford's marketing policy in Australia are reported. The company is encouraging dealers to become involved in a 'retail joint venture', mere shareholders in the larger business.

Wine was Southcorp's largest profit earner in 1999 with $137.2 million before interest and tax, yet Chief Executive Officer Graham Kraehe says that he is not convinced that Southcorp should only produce wine or that it is in the best interest of the shareholders to do so.

Australian business executives are increasingly looking for overseas employment. Managers are increasingly experiencing international prominence, and find that work in other parts of the world advances their careers.