New citizenship test

There are a number of changes being made to the citizenship test. The key changes are:                                                                                                   

• the test questions will be rewritten in plain English
• the test will not contain any mandatory questions
• the current pass mark will increase from 60 per cent to 75 per cent
• the test will be based on the Pledge of Commitment that new Australians make when becoming citizens.

The new citizenship test is planned to begin in late September 2009. The revised citizenship test resource book, which will contain all the information needed to prepare for the test, will be available from late August 2009.

You will be able to sit the new citizenship test in the same locations as with the current test including all 13 department offices, 30 Medicare offices and 4 Centrelink offices across Australia.

Will the new test be easier?

No. The test will continue to assess whether clients have an adequate knowledge of Australia and of the responsibilities and privileges of citizenship and possess a basic level of English.

Will the test only be in English?

Yes. The government is committed to the citizenship test being delivered in plain English.

If I have already passed a test will I have to sit another one if there are any changes?

No. You will not have to sit another test if you have already passed a test.

Can I make a booking to sit the new test now?

No. Appointments for the new test will not be available until the revised resource book is released in late August 2009.

Can I get a copy of the new test questions?

No. As with the current test questions, the new test questions will be confidential. However, practice questions will be available in the revised resource book and on this website.

Will assistance to complete the test still be available?

Yes. If you have difficulty reading or are unable to operate a computer you will be able to request help from a Department of Immigration and Citizenship (DIAC) officer during a standard 45 minute test. The department officer will be able to assist you by reading aloud the test questions and answers or by operating the computer. Please ensure you request assistance at the time you make your test booking.

Source  :  http://www.citizenship.gov.au/test/changes/

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The Rudd Government to tighten rules for margin lending

THE Rudd Government will give the $21 billion margin lending industry three weeks to digest a proposed overhaul of the regulatory and legislative regime.
The Minister for Corporate Law Nick Sherry will today release a draft copy of the legislation with a view to introducing it into parliament next month.

The legislation includes new national laws to regulate margin lending under a standard national regime, reports The Australian.

Margin lending is not currently regulated in Australia and is considered to have been one of the main destroyers of investor wealth as the stockmarket collapsed last year.

It cost some investors their homes as their margin lending accounts blew up, triggering margin calls many couldn’t afford to pay.

Mr Sherry said yesterday taking out equity on a family home was a key area of interest to the Government.

“One area where we have had a high level of concern has been where people have been advised to take equity out of their family home and then to use this debt to leverage into buying shares through a margin loan.

“This double-debt trap, with a home as security, is of serious concern,” he said.

“Under our new responsible margin lending laws the lender will be required to assess a person’s true loan-to-value ratio

“This means the lender can no longer assume the money brought to the table is not itself debt, a major new improvement” that would reduce the risk of people losing their homes.

Properly geared margin lending, backed by full disclosure, had a place, but the Rudd Government would not tolerate ordinary Australians being misled into grossly inappropriate margin loans that could cost a family everything they owned, including their home, he said.

Under the new laws, lenders will be regulated by the Australian Securities and Investments Commission and be required to hold an Australian Financial Services Licence, be members of low-cost external dispute bodies, clearly disclose fees and commissions before lending, and lend under a tailored margin-lending-specific set of responsible lending obligations.

Between June last year and December 30, the number of margin calls received by 205,000 Australians with margin loans increased 458 per cent, as the share market dropped 40 per cent.

http://www.news.com.au/perthnow/money/story/0,26926,25441887-5015860,00.html

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