"Please hold for your connection": Determining points of interconnection for open access broadband

One of the early decisions facing a regulator in the context of an open access Next Generation Access networks (NGA) is the location of the points of interconnection to that NGA. This decision is one which needs to take into account the scope of the natural monopoly associated with an NGA and the extent to which there is the potential for competitive supply of transmission services (or backhaul) from access seeker points of presence to the NGA. The Australian NGA is called the National Broadband Network (NBN). This paper starts with the research question, where are the optimum sites for points of interconnection to the Australian NBN?. The paper commences by describing the architecture of the Australian NBN and considering some of the issues which arise from the fact that it is designed to be ubiquitous. The paper considers the issues that need to be considered in determining the extent to which there is a natural monopoly in transmission services as well as the effects on outcomes that arise from the existing deployment of infrastructure associated with the delivery of digital subscriber line broadband services based on unbundled local loops and line sharing services. The paper then moves to consider the requirements for consideration in the Australian regulatory context. This is summarised by the phrase long-term interests of end-users and the paper considers the interpretation of this phrase in the context of decisions on the number and location of points of interconnection. There is a review of the nature and extent to which operators in Australia contributed to the deliberations of the Australian regulator in determining the location of points of interconnection. In turn the paper then describes the actual approach taken in respect of the Australian NBN and the rationale behind those decisions. The final part of the paper describes the decision that was taken along with the rationale. It also examines the subsequent positions taken by stakeholders in respect of the points of interconnection to the Australian NBN. --Next generation access network,national broadband network,natural monopoly,transmission,point of interconnection,GPON

Emerging resource flows for social entrepreneurship; theorizing social investment

In the UK and elsewhere, a ‘market’ in social investment has been developing rapidly over the last 10-15 years, yet there has not been an academic study of the phenomenon to date. This paper aims to address this important gap in social entrepreneurship research. Empirically, the aim of this paper is to outline the nature, scale, and forms of these financial flows. Theoretically, the aim is to conceptualize social investment and build an analytic model of its different orientations. The paper suggests three future scenarios for social investment that blend, in different combinations, instrumental and substantive rationalities and logics

Balancing competition and stability in Australian retail banking

The Australian Government initiated two major reviews in 2014: the Financial System Inquiry and the Competition Policy Review. These have highlighted policy trade-off between competition and financial stability. Since the global financial crisis, policymakers and economic researchers internationally have highlighted the need for prudential regulation while sidelining the importance of competition. The working paper argues that competition is still essential to consumer welfare and that the evidence does not support the position that ‘competition prejudices stability’ in financial services. Instead, there is division in the academic literature and the issues are far more complex than are often assumed. This working paper uses the rich and publicly available research to consider the balance between competition and stability in the Australian context. It concludes that the evidence is that competition supports stability and that a failure to prioritise competition increases the systemic importance of large financial firm

Competition in financial services

In the financial services sector, the failure of a single institution can have a compounding effect on the sector, and on national and global economies. In particular, there is systemic risk from inter-institution lending, and this effect is more complex in Australia due to the small number of major players. In retail banking in Australia, following a similar practice in most developed countries, if an unsecured creditor is a retail depositor, their deposit is insured by the government. That is, if a retail bank fails, the Federal Government will make the depositors whole. The regulatory system, particularly the prudential regulatory system, is designed to protect depositors’ and borrowers’ interests, and this protects the interest of the government. The effect is that regulatory policy on banking has prioritised stability in consideration of the sovereign risk associated with the risk of retail bank failure. However, this approach also creates a policy dilemma. The dilemma concerns the extent to which the retail banking sector can attain the benefits of the vigorous rivalry from effective and efficient competition, without unduly risking stability and the potential of a devastating call on the public purse. Specifically, in the context of effective and efficient competition, there is limited competitiveness in retail banking in Australia. This is reflected in the static state of market share between the four major banks, and very slow and marginal improvements gains even by strong second tier competitors. Furthermore, the retail banking sector’s capacity for product and service innovation is limited. Although the absence of vigorous rivalry is conducive to stability within the retail banking sector, it is likely to detract from the welfare of retail banking consumers. Furthermore, the level of innovation may not be as high as is feasible and barriers, including prudential regulatory barriers to entry or expansion, mean that the extent of rivalry is unlikely to change without some form of promotion of competition. The paper consequently makes a four-point recommendation for the removal of the ‘four pillars’ policy:  The four major banks are protected by an implicit government guarantee that impacts market operation with little observable benefit to consumers, and may be a source of consumer disutility.  The four pillars policy has prompted increased vertical integration within the sector, particularly in the area of mortgage products.  There are sufficient merger protections provided by Part IV of the Competition and Consumer Act 2010 (Cth).  Competition and contestability arise when there are reasonably low barriers to entry and exit from the sector. It is not clear that low barriers to entry exist in Australia, and evidence to support this view comes from the failure of international banks to gain a significant toehold in the retail banking sector in Australia. One deterrent to entry is the regulatory focus on the four pillars. The authors recognise that this position is at odds with the view of the Financial System Inquiry. However, the rationale in the report of the Inquiry was to prevent mergers, and the current competition law achieves this objective. The paper recommends two specific policies to promote competition in retail banking without the structural intervention that would otherwise be required to improve the intensity of competition in the retail banking sector:  Introduce bank account number portability. This would use ‘know your customer’ and central database systems in a similar form to those that have been used for mobile number portability in Australia for the last decade and a half.  Introduce customer access to data held by banks to allow third parties to compare bank offerings across all banks.  Significantly, these two recommendations are consistent with the productivity proposals issued by the UK Government in July 2015. The research paper also examines crowd equity funding as a disruptive force in the banking sector, and recommends that crowd equity funding be permitted with the following safeguards:  ASIC should take an active role in monitoring crowd equity funding and be willing to sue in case of fraudulent action.  Any intermediary online platform should have a financial services licence with limited duty of care.  There should be a cap for business raisings through crowd equity funding of $2 million in a 12-month period.  Crowd equity funding is a social phenomenon. Through its use of social media, it has attracted people who have previously never been interested in investing in companies. Instead of being feared, this interest should be nurtured through the promotion of investors’ financial education

White Noise

Abstract The paintings in White Noise are a response to temporal lighting conditions that occur at night. A discussion of sensory affect demonstrates how perception is inextricably connected to the body’s sensory capabilities such as sound and touch. By examining Maurice Merleau-Ponty’s theory of phenomenology and looking at Gestalt Psychology based experiments it is made clear that seeing whole and complete forms in the world is a product of embodied perceptual experience. I recall early experiences of being affected by light describing the optical illusion of the afterimage and then move into the everyday perceptions that inform my current painting practice. The painting studio process is examined as a beacon from which to reconcile the affecting nuances of observed lighting at night. I discuss the importance of allowing trial, error and patience to take place while making paintings to in turn seek out optimal colour relationships and shape interaction. By developing a specific painting vocabulary that responds to the colour, texture and sound associated with perceptual experiences I reconcile through the abstract process of painting how affecting experiences can be re-presented and reinvented onto the canvas

Submission for 2023-2030 Australian Cyber Security Strategy Discussion Paper

three main points are as follows: 1. Cyber security and cyber resilience require a shared national strategic vision, supported by laws, policies, advocacy, education, skills, training, and funding. The government is asking everyone – individuals, families, communities, regions, cities, businesses, not-for-profits, governments – to opt-in to that vision. To achieve national alignment and clarity, collaboration, communication, and cooperation will be the crucial mechanisms for success and managing complexity. This requires understanding what is already there (the full complexity of the existing legal and policy framework) before adding new components. 2 2. Cyber security, like many other complex fields,1 exists in shared regulatory space.2 Overlapping regulatory frameworks, functions and authority are normal in a complex field such as cyber security. Research in Australia and elsewhere demonstrates that the best strategy for mitigating the known harms, and harnessing the known benefits, of regulatory overlap is the use of enhanced coordination and cooperation tools. A new Cyber Security Act could achieve this by engaging directly with the coordination and cooperation challenges of multiple agencies, regulators, departments, and stakeholders. However, in enhancing cooperation and coordination, strong accountability and transparency mechanisms must be hardwired into the regulation. 3. New mechanisms for reform must aim to improve cyber security outcomes for society, the economy, and the national interest. A new Cyber Security Act and further amendments to the Security of Critical Infrastructure Act 2018 (Cth) (‘SOCI’) provide publicly scrutinised legislative solutions to the problems cyber security policy seeks to solve. While flexibility for government and businesses is important, government must carefully assess the kind of matters that can be decided in delegated legislation (eg, regulations, declarations, notices), or in co-regulatory and self-regulatory mechanisms (eg, codes of practice, guidelines, assessments, standards), and those which belong in the primary legislation due to: their importance to the operation of a legislative scheme; the need for certainty and clarity around obligations; and to support Australia’s underlying democratic values

Contextual behavioural coaching: An evidence-based model for supporting behaviour change

As coaching psychology finds its feet, demands for evidence-based approaches are increasing both from inside and outside of the industry. There is an opportunity in the many evidence-based interventions in other areas of applied psychology that are of direct relevance to coaching psychology. However, there may too be risks associated with unprincipled eclecticism. Existing approaches that are gaining popularity in the coaching field such as Dialectic Behavioural Therapy and Mindfulness enjoy close affiliation with Contextual Behavioral Science (CBS). In this article, we provide a brief overview of CBS as a coherent philosophical, scientific, and practice framework for empirically supported coaching work. We review its evidence base, and its direct applicability to coaching by describing CBS’s most explicitly linked intervention – Acceptance and Commitment Therapy/Training (ACT). We highlight key strengths of ACT including: its great flexibility in regard of the kinds of client change it can support; the variety of materials and exercises available; and, the varied modes of delivery through which it has been shown to work. The article lays out guiding principles and provides a brief illustrative case study of Contextual Behavioural Coaching