Jesus Christ - the Centre of Our Faith REALITY the Scriptural Image the Popular View That the Australian Economy Is So Strong GDP
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THE GREEK AUSTRALIAN The oldest circulating Greek newspaper outside Greece email: VEMA [email protected] MARCH 2005 Tel. (02) 9559 7022 Fax: (02) 9559 7033 In this issue... Our Primate’s View FACTIONALISM AND FAVOURITISM IN THE CHURCH PAGE 5/23 THE AUSTRALIAN ECONOMY MYTHS AND WINDOWS TO ORTHODOXY: Jesus Christ - The Centre of our Faith REALITY The Scriptural Image The popular view that the Australian economy is so strong GDP. the Reserve Bank of Australia (RBA) will have to raise MYTH: Domestic demand is strong and needs to be restrained by of Christ interest rates again soon is based on series of ideas that higher interest rates. may be little more than plausible myths. REALITY: Growth in real private sector spending - the part most PAGES 8/26-9/27 responsive to interest rates - slowed to an annualised rate of 3.4 Here they are, one by one, each with a more realistic alternative: per cent through the second half of last year, hardly a breakneck MYTH: Data showing GDP growth virtually stopped late last pace compared with the 4.7 per cent average of the past decade. year underestimates the strength of the economy. Other indicators MYTH: If growth has slowed it is because of shortages of indus- are strong, suggesting GDP will be revised up. trial capacity and skilled labour. The RBA doubts the GDP figures, governor Ian Macfarlane and REALITY: Underinvestment in skills and industrial capacity is a assistant governor Malcolm Edey recently noting consumer and problem, but the present gap between moderate growth in spend- business sentiment, borrowing by businesses, profits and share ing and stalling output growth is better explained by the exchange prices at levels “normally associated” with rapid growth. rate. REALITY: The Australian Bureau of Statistics’ (ABS) figures The surging Australian dollar has driven import prices down are right. sharply. Capacity constraints or not, this means spending is being Perceptions, sentiment and share market investors are often siphoned off to foreign producers. The latest NAB survey shows wrong. This is precisely why we have the ABS. capacity utilisation rates actually eased in both January and Feb- In any case, other indicators like National Australia Bank (NAB) ruary. and Bun & Bradstreet business surveys suggest the economy has MYTH: The rise in the terms of trade means a massive boost to indeed weakened. domestic spending power. MYTH: Figures showing retail turnover has stalled underestimate REALITY: Higher export prices and lower import prices have 25th Anniversary consumer spending. lifted the purchasing power of Australia’s GDP, measured by REALITY: Again, the ABS is right. “real gross domestic income”. Even so, it only grew by a so-so 3.5 of Greek Welfare Lulls in consumer spending typically follow slowdowns in hous- per cent through 2004, slowing to a dawdling 2.2 per cent rate ing activity with a delay of about a year. through the second half. Centre The NAB’s February survey showed weakness in several sectors MYTH: A fall in business inventories in the December quarter including retailing, attributed by NAB chief economist Alan Oster proves capacity constraints are preventing businesses from keep- in Adelaide to “the lagged wealth effects of slower growth in house prices.” ing up with spending. MYTH: Figures show strong employment and weak GDP REALITY: Capacity constraints facing raw materials exporters PAGES 10/28, 11/29, 16/34 growth. They can’t both be right. are well-known, but have little to do with domestic spending. REALITY: This is a normal and frequent feature of the business When businesses notice slower sales they rein in their inventories, cycle as employment responds with a lag (delay) to changes in a normal feature of the business cycle that deepens every down- output. These apparent anomalies are almost invariably resolved turn. And inventories still grew faster than GDP last year, so the by slower employment growth, and not by upward revisions to effect has barely started. AAP Win tickets to the Royal Easter Show HOW? TURN TO PAGE 6/24 Three cheers uro Funeral Service for Eëëçíéêü Ïéêïãåíåéáêü Ãñáöåßï Ôåëåôþí Hugh Gilchrist Tel: (02) 9747 6604 PAGE 14/32 Available 24 hrs 114543 MARCH 2005 2/20 TO BHMA The Greek Australian VEMA Famous Greek treasures visit Australia for the first time One of the world’s most fa- death in 1824 during a battle for of the Museum currently open in mous collections of Greek Greek independence inspired Athens, and more planned for treasures, the magnificent Be- greater European support for the the future. naki collection from Athens, Greek cause. After the Powerhouse Museum, will visit Australia for the first The Benaki collection was the exhibition will tour two fur- time. The exhibition will open founded by the Benaki family ther cities in Australia. Greek first at the Sydney Power- (mid 19th to mid 20th centuries) treasures will be exhibited at the house Museum on 5 May be- in Alexandria, Egypt, then part Immigration Museum in Mel- fore touring other State muse- of the Greek Diaspora. The col- bourne from 5 October 2005 to ums. lection was principally formed 31 January 2006 and then at the by Anthony Benaki who was a Western Australian Museum in Greek treasures: from the true patriot and whose love of Perth from February to June Benaki Museum in Athens at the Greece is reflected by the exten- 2006. Powerhouse will feature over sive and diverse range of General admission is $10 for Head of Herakles with lion-skin, 160 treasures from the collection objects. In 1931 the family’s adults, $5 for children, $6 con- limestone, about 500 BC. on loan from the Benaki Mu- collection became the Benaki cession and $25 for families. seum in Athens. The objects Museum and it continues to Powerhouse Museum members, Senior Card holders and pen- span an incredible eight thou- thrive today with three branches children under 5 years, NSW sioners are admitted free. sand years - from 6,000 BC to the early 19th century Greek CHAPLIN RECEIVES OSCAR War of Independence. Byzantine Choir to sing at inter faith concert April 10, 1972 The Benaki collection is one of the most extensive of its kind in Last year, the Byzantine Choir participated in a standing. As part of his first visit to the United the world, spanning eight mil- highly successful three-denominational choral “The Council attempts to use whatever means is States in 20 years, British film pioneer lennia of Greek history and pre- concert held at the University of Sydney by the available to it to emphasise the need to foster Charlie Chaplin accepts an honorary historic times. The collection il- NSW Council of Christians and Jews. respect for the Other. While this is more conven- Academy Award for his "incalculable" lustrates the vibrancy of Greek On April 3 the Choir will again presented the tionally articulated in debate and discussion, the contribution to the art of filmmaking. domestic, political and artistic music of the Psalms in a concert at Temple opportunity to find expression through musical Chaplin, once America's most success- life and the rich creativity of this Emanuel Woollahra alongside a Jewish choir interpretation of what is sacred to different ful movie star and director, had left the early culture. and musical groups from Chirst Church St. denominations is one which will appeal to a country under a storm of controversy in From figurines, ceramics, Laurence and St. Francis of Assisi in Padding- wide audience”, he said. 1952. embroidered textiles, gold jew- ton. The Concert, entitled “Psalms in Four Great Cantor Tolz, who is overseeing the compilation ellery and Coptic-period toys, to Traditions”, has been arranged by Temple of the program for each of the choirs stressed Byzantine painted icons and Emanuel Cantor and Musical director, Joseph that seating in the Temple Hall is limited and SALK ANNOUNCES POLIO VACCINE metal ware, architectural frag- Tolz. Council president, Rabbi Jeffrey Cohen urged bookings to be made as early as possible March 26, 1953 ments, ornate weapons, water- stated that the medium of music is probably one to ensure reserved seating. The Music of the colours and oil paintings, the of the strongest to underscore the ethos of inter Psalms concert will take place at Temple objects are truly diverse and denominational dialogue and mutual under- Emanuel, 7 Ocean Street, Woollahra. On March 26, 1953, American medical exquisite. researcher Dr. Jonas Salk announces on a “The highlights of the exhibi- national radio show that he has successfully tion are many,” said Paul Don- tested a vaccine against poliomyelitis, the virus nelly, Curator, Decorative Arts that causes the crippling disease of polio. In and Design, Powerhouse Mu- 1952-an epidemic year for polio-there were seum. 58,000 new cases reported in the United States, “The exhibition’s extensive and more than 3,000 died from the disease. chronological span and dazzling For promising eventually to eradicate the variety of media is an unrivalled disease, which is known as "infant paralysis" opportunity for Australian audi- because it mainly affects children, Dr. Salk ences to marvel over the creative was celebrated as the great doctor-benefactor riches that this beautiful region of his time. has inspired. “Such a range of Greek mater- PRESIDENT REAGAN SHOT ial has never before been seen in March 30, 1981 a single exhibition in Australia.” Some of the earliest objects in- On March 30, 1981, President Ronald clude beautiful marble sculp- Reagan is shot in the chest outside a tures (circ 2500 BC), known as Washington, D.C., hotel by a deranged drifter Cycladic idols, from the Cycla- named John Hinckley Jr.