IR laws not working as planned: Howard

Prime Minister John Howard says the Government's industrial relations (IR) laws have not worked the way he intended them to, but the new 'fairness test' for Australian Workplace Agreements (AWAs) will fix the problem.

The Government is spending about $5 million for just over a week of TV advertising to explain the new test.

Mr Howard says he knows the public has been nervous about the way the laws have worked until now.

"Whatever might be the debate about what was in people's minds 15 months ago, what matters is in the Government's mind now," he said.

"Can I just say that it was never intentional that it should become the norm that penalty rates and overtime loadings should be traded off without proper compensation.

"The fairness test will guarantee in a very simple way that will not occur."

Mr Howard has defended the TV ads, saying there is nothing political about them.

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Gus: If I remember correctly, the previous honcho for Whips and Bloodstones, former Minister Kevin Andrews was preparing a few more splinters-under-workers-nails adjustments and some delicate tweaking to the IR laws that would turn workers into squashed cockroaches — their true position..."consume and die running..." Whack, whack....

And I suspect, for good reasons, once the election is over, the present "trust me" fanfaroning of Rattus Accomodatus would soon turn into a blood bath... Although we all know (to use the Johnnee linguistic gymnastic), insects like cockroaches have greenish unpiped blood and workers have no blood at all naturally... So there.

PM's dining room to get $540,000 reno

A Senate Estimates hearing has been told a planned renovation of the Prime Minister's dining room in his Canberra office is likely to cost more than $500,000.

Under questioning from the Labor Senator John Faulkner, Parliamentary Services officials revealed the estimate of building costs is $475,000, plus $65,000 for architects.

The officials told the hearing several meetings have been held on the issue, one of which was attended by the Prime Minister's wife, Janette Howard.

Senator Faulkner says the estimated cost is an outrage and more than the cost of a fancy family home.

"$475,000 and of course the Prime Minister would want it covered up," he said.

Costello hoses down offshore Future Fund fears

Federal Treasurer Peter Costello says he sees no problem with a foreign financial institution handling the banking requirements of Australia's $51 billion Future Fund.

Earlier this month the Future Fund announced it had selected the Chicago-based Northern Trust Corporation as its global custodian.

The Finance Sector Union's national secretary Paul Schroder says Australia will miss out on about $30 million in fees and possibly 100 jobs.

But Mr Costello says it does not mean the Future Fund is managed offshore.

"When you say manage, they don't manage it. What they provide [is in partnership] with an Australian bank. The Australian leg is banking services. They don't manage, it the guardians manage it," he said.

"If they give the best service for the best price, and partner with the best Australian bank, and the tender has been done with all due process, which I believe it to be, and they give the best value for money - of course it's the right decision," he said.

A six-member board of guardians was set up to managed the Future Fund.

Liberal backbencher Don Randall says he would have preferred that an Australian bank was chosen.

"I get annoyed for example when I ring up a bank with my Diners Club card and get an Indian voice somewhere in Bangalore - that annoys me as much as I'm sure this is going to annoy others," he said.

"I think Australian jobs for Australians in Australia."

Mr Schroder told ABC radio's AM program that about $30 million in fees and possibly 100 jobs will be lost to Australia.

"It is absolutely ridiculous to think that Australia's Future Fund will be offshored," he said.

Howard's water use shrinks by nearly 25pc

Prime Minister John Howard has led by example and reduced his water use around the home.

During a Senate estimates committee hearing in Canberra, it has been revealed water consumption at Mr Howard's Sydney home, Kirribilli House, has fallen by 24 per cent over the past financial year.

Water use at his Canberra residence, the Lodge, has been reduced by 22 per cent.

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 Howard has been downsizing... on all fronts, including popularity... 

Howard should have retired: pollTuesday May 22 17:00 AEST

By ninemsn staff and wires

The majority of Australians think Prime Minister John Howard should have retired by now, a poll for The Bulletin has found.

The Ipsos poll found 53 per cent of Australians thought Mr Howard should have vacated the Lodge and that 55 per cent felt they were no better off despite 11 years of economic growth.

Labor links Future Fund bank to Enron collapse

Federal Labor says the American financial institution hired by the Future Fund is linked to the Enron pension fund collapse in the US.

Earlier this month the Chicago-based Northern Trust Corporation won a competitive tender process bidding alongside Australian banks to manage the Future Fund's banking requirements.

The decision has caused concern among the Federal Government backbench and unions.

Labor Senator Nick Sherry has told a Senate Committee that Northern Trust was the Enron superannuation fund's trustee and was alleged to have breached a duty of care.

The Enron collapse cost employees more than $1 billion.