It looks better in Austrialia than in the US, where only 20% of the largest companies have a y2k project. But how will Australia survive in 2000 if Asia and the US aren't compliant? The problerm is systemic.
Corporate directors still do not think the problem is very large. Most of them refuse to spend more than $40,000 to fix it.
In short, apathy reigns in Australia's top management. Yet Australia is widely regarded as being further along than most countries when it comes to y2k.
The story appeared in the SYDNEY MORNING HERALD (Dec. 18).
On the allocation of resources necessary to complete a y2k repair project, see the
California White Paper.
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With only 24 months until the year 2000, more than half of Australian companies are yet to start treating the bug that threatens to shut down computer systems across the country. . . .
The AICD survey, from a sample of 2000 directors, showed only one-third thought that the millennium bug was a serious threat to their business. . . .
Those most at risk are the large corporations with turnover of more than $1 billion.
These companies are considering spending more than $10 million each to ensure year 2000 compliance, according to the survey.
Commonwealth Bank stated in its last annual report that $100 million had been set aside as compliance costs, to be spent by June 1998.
More than half of those surveyed were not willing to spend more than $40,000 to remove the bug. . . .
Only 8 per cent of company directors surveyed by AICD/KPMG have taken legal advice on potential claims if their company fails to meet the millennium test.