PRESS DIGEST-Australian General News - Aug 3

PRESS DIGEST-Australian General News - Aug 3 Tue, Aug 02 17:02 PM EDT Compiled for Reuters by Media Monitors. Reuters has not verified these stories and does not vouch for their accuracy. THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com) --The Reserve Bank of Australia's board yesterday maintained the official interest rate at 4.75 percent, despite concerns about rising inflation. Governor Glenn Stevens said it was "prudent" to maintain the current rate due to the international uncertainty caused by sovereign debt crises in Europe and the United States. The central bank will release its latest growth and inflation forecasts later this week. Page 1. --The Federal Government is considering implementing a ban on stockbroker commissions, part of a wider move to ban commissions within the financial services sector. The Government believes the current system of commissions enables advisers to boost their commissions by encouraging clients to buy and sell more frequently. The Government is expected to release its Future of Financial Advice reforms legislation in coming weeks. Page 1. --Barrick Gold , the world's largest gold mining company, yesterday said it expects the Federal Government's carbon tax to increase gold production costs at its Australian mines by A$12 an ounce. Barrick Australia Pacific president Gary Halverson told the Diggers & Dealers mining conference in Kalgoorlie yesterday that "as long as the taxes and changes are predictable, we appreciate that governments have to look at the longer term structure and policy." Page 1. --Major mining companies BHP Billiton and Rio Tinto are resisting an attempt by the West Australian government to raise an extra A$2 billion a year from increased iron ore royalties. The state government announced the increase in its May budget, but the changes have yet to be agreed to by mining companies, which are understood to be seeking concessions from the government in return for their acquiescence. Page 3. Surfwear company Mambo yesterday dropped a legal challenge against an application by Malcolm Mabo, son of native title campaigner Eddie Mabo, to register his last name as the brand for clothing venture that will promote indigenous art and employment. Mambo dropped its opposition following a teleconference between the parties, with the surfwear company to re-release its 1992 "100% Mabo" T-shirt that commemorated the High Court native title decision, donating proceeds to Mr Mabo's new venture. Page 3. Obviously the problem with the theory of crown ownership is that it ignored the fact that Australia was actually inhabited prior to its colonial days. In 1992 the Mabo case overturned this colonial theory when the High Court of Australia granted the island people of Torres Strait native title over their traditional lands. The impact of this case was to recognise that the original inhabitants of the Australian continent did hold the land prior to the British arriving and continue to hold native title.