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OzCar
OzCar was a special purpose vehicle (or trust) established by the Australian government to provide financing for car loans after GE Money Motor Solutions and GMAC abandoned the Australian market during a financial crisis A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and man .... Its establishment was announced in a media release on 5 December 2008 and it was legally established as a trust on 2 January 2009, although it was not activated until 1 September 2009. Its enabling legislation ''Car Dealership Financing Guarantee Appropriation Act 2009'' received assent on 6 July 2009 and ceased on 4 April 2012 after repeal by the ''Financial Framework Legislation Amendment Act (No. 1) 2012''. OzCar became involved in the OzCar affair in Australian politics. References Politics of Australia Fi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
OzCar Affair
Utegate (also known as the OzCar affair) refers to a 2009 controversy in Australian federal politics, revolving around allegations made by then Federal Leader of the Opposition and Liberal leader, Malcolm Turnbull, that the Prime Minister, Kevin Rudd, and/or the Treasurer, Wayne Swan, had acted improperly on behalf of a Queensland car dealer who was seeking financial assistance from a government agency called OzCar, and that they had misled Parliament. Central to this claim was evidence by Treasury official Godwin Grech before a Senate inquiry in June 2009 that a Prime Ministerial adviser had emailed him asking for preferential treatment for the dealer. When the email's text became known, the Prime Minister labelled the email a forgery, and a subsequent police investigation confirmed that the email was never sent. On 4 August 2009, Grech admitted to forging the email. The Auditor-General was also ordered to conduct an investigation. It found no evidence of corruption by th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Special Purpose Vehicle
A special-purpose entity (SPE; or, in Europe and India, special-purpose vehicle/SPV; or, in some cases in each EU jurisdiction, FVC, financial vehicle corporation) is a legal entity (usually a limited company of some type or, sometimes, a limited partnership) created to fulfill narrow, specific or temporary objectives. SPEs are typically used by companies to isolate the firm from financial risk. A formal definition is "The Special Purpose Entity is a fenced organization having limited predefined purposes and a legal personality". Normally a company will transfer assets to the SPE for management or use the SPE to finance a large project thereby achieving a narrow set of goals without putting the entire firm at risk. SPEs are also commonly used in complex financings to separate different layers of equity infusion. Commonly created and registered in tax havens, SPEs allow tax avoidance strategies unavailable in the home district. Round-tripping is one such strategy. In addition, th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Government
The Australian Government, also known as the Commonwealth Government, is the national government of Australia, a federal parliamentary constitutional monarchy. Like other Westminster-style systems of government, the Australian Government is made up of three branches: the executive (the prime minister, the ministers, and government departments), the legislative (the Parliament of Australia), and the judicial. The legislative branch, the federal Parliament, is made up of two chambers: the House of Representatives (lower house) and Senate (upper house). The House of Representatives has 151 members, each representing an individual electoral district of about 165,000 people. The Senate has 76 members: twelve from each of the six states and two each from Australia's internal territories, the Australian Capital Territory and Northern Territory. The Australian monarch, currently King Charles III, is represented by the governor-general. The Australian Government in its exec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Crisis Of 2007–08
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of financial economics bridges the two). Finance activities take place in financial systems at various scopes, thus the field can be roughly divided into personal, corporate, and public finance. In a financial system, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities. A broad range of subfields within finance exist due to its wide scope. Asset, money, risk and investment management aim to maximize value and minimize volatility. Financial analysis is viability, stability, and profitab ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Politics Of Australia
The politics of Australia take place within the framework of a federal parliamentary constitutional monarchy. Australia has maintained a stable liberal democratic political system under its Constitution, one of the world's oldest, since Federation in 1901. Australia is the world's sixth oldest continuous democracy and largely operates as a two-party system in which voting is compulsory. Australia is also a federation, where power is divided between the federal government and the states and territories. The federal government is separated into three branches: File:Au_gov_chart.svg, center, 640px, Structure of the Government of Australia, alt=A high level diagram of the structure of the Government of Australia, the three branches, legislative, executive, and judicial. rect 575 6 1175 56 Constitution of Australia rect 575 191 1175 241 Governor General of Australia rect 125 341 425 391 Legislative Branch rect 725 341 1025 391 Executive Branch rect 1325 341 1625 391 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
