I would like to provide your readers and NAB shareholders with some information on an exciting new product from NAB. A product that has been tailored for the low income earner and one in which they can spend to their hearts content – AND NEVER HAVE TO PAY A SINGLE CENT BACK. Yes you heard right. Free money! It works like this: NAB’s new product, a Visa debit card, is a card which works like a credit card but can only be used if the customer has cash in their savings account. At least is was meant to be set up that way. For example: if you had $200 in your Visa debit card account you could buy a plane ticket online or do grocery shopping. In fact you can purchase anything you like wherever Visa accepts payments. But there is a glitch in NAB’s systems and it would appear that customers don’t actually need any money in their account to use the card – and boy is news spreading like wildfire amongst the craftier people out there. After just a couple of weeks hundreds of these account holders have worked this out and have gone on massive shopping sprees with some customers spending upwards of $30,000 each. Funny? But wait there’s more. As most of these customers are only getting Centrelink payments and because the accounts are technically a savings account NAB is legally not allowed to list these as defaults. NAB can collect on these accounts but only if the customer agrees to pay. Once again, legally, customers on Centrelink payments who have a debt with a bank are entitled to repay 10% of their payment each fortnight – they get to keep 90% of their payments. The customers could agree to repay $30,000 over 25 years interest free – or they could just open up a new account at another bank and inform Centrelink of the change. Middle management was informed but it turned out that that manager kept this information to themself for two weeks. It became apparent they had not informed their colleagues purely by chance. In just a few weeks NAB has lost $250,000 with this new product, but you won’t hear the customers who have benefited from this monumental cock up complaining. They are having the time of their life no doubt, not to mention a very Merry Christmas.

The South Australian State Emergency Services Minister Carmel Zollo has been told by Premier Mike Rann (currently on leave) and acting Premier Kevin Foley to have Country Fire Services chief Euan Ferguson’s resignation on their desk before close of business Friday. This has come about after the Coronial inquiry into the Eyre Peninsula Fires which was handed down this week. The Premier’s office is looking for a scalp quickly ahead of a class action being conducted by Peter Humphries. The class action papers were originally seeking $20 million in damages but this has now been increased to $230 million (over 5 times the CFS’s annual budget). Back room negotiations have been pushed by Foley who is clearly very worried over the effect this will have as the government is its own insurer. The number of people on Eyre Peninsula (9 dead, 40,000 head of cattle and sheep, over 100 homes and nearly 1 million Ha burnt out) wanting to get onto the class action after the Coroner’s findings were delivered has skyrocketed and there is every indication that other legal action against the CFS/government will happen. The Premier’s office is looking for something to pacify people and it looks as if Ferguson’s head will be the thing they hope does that. (To be fair, after reading the report, he’s lucky if he just gets away with resignation).

Julie Bishop is having trouble coming to terms with being in opposition. Her website STILL describes her as Minister for Education, Science and Training.

The National Capital Authority is preparing for cuts promised by Labor in each of the past three elections but will now become a reality. Office space is up for lease, no new staff appointments and a fire sale of diposable assets. The national capital looks set to become just another large country town.

The dates announced for analog cutoff do nothing in assisting the purchasing of digital set top boxes. Even the hold up of the Channel A and B license allocation is due to the ACMA determining whom out of the bidders has the best plan of placing community television on the spectrum. Well from my perspective and invested interest, along with foreign investors waiting in the wings, the better plan is sitting on the desk of the Minister, ACCC and the ACMA waiting for their consideration of having foreign ownership in the management and development of these new digital television services. If Australia’s public are expected to purchase a digital set top box, it’s going to take a lot more than just the broadcasts of mainstream television to convince them, but the launching of the Channel A and B spectrum as soon as possible and any special promotions provided to senior citizens in the take up of digital set top boxes. P.S. it has been truly interesting since the announcement of Channel A and B how media has been speculating on who will get the license, but I know of the companies and investors outside of Australia who are also part of this bidding process and have the plans to bring in innovative, interactive and engaging channels, along with increasing the media job availability across the nation to over 2,000+ positions. If not our concept for the channels, then it will be a great lost and use of the remaining free-to-air digital channels. I’m keeping my fingers crossed on this one. Can the federal government make the right choice? We will see.

We were sitting in the Qantas Club lounge at Brisbane airport at about 10am on Monday. An announcement on the PA: A test of an alarm system in the domestic terminal would take place. Then nothing. No alarms, horns, sirens, anything. About half an hour later, the PA thanked us, and the test was over. So did the test find out that the alarms don’t work, at least in the Qantas Lounge?

Foxtel has already removed CNBC from its platform even before the Sky News Business Channel starts airing on 2 January…