EASILY the biggest story of the week – at least for the ABC, “The Guardian” and the international media – was the stunning revelation of massive tax avoidance and money laundering in the Panama Papers. More than 14,000 politicians, dictators, criminals, billionaires and celebrities, including 800 Australians, had chosen to hide their wealth via the Panama law firm Mossack Fonseca.

The Fairfax media seems to have been shut out of the story, which came from a whistleblower in the law firm. But in the fallout, the Icelandic Prime Minister was forced to resign and the British PM David Cameron was under pressure as a beneficiary. Even BHP Billiton was named as a client.

President Obama said “trillions of dollars” were being lost to the taxman worldwide. “The problem is that a lot of this stuff is legal, not illegal,” he said. And there’s the rub. With our Coalition government in an election campaign where tax has taken centre stage, the effect could be profound.

THE Turnbull administration is suddenly looking vulnerable. Malcolm’s popularity figures are falling; last week’s public opinion polls had Labor inching ahead. And Leader Bill Shorten showed neat political footwork in calling for a Royal Commission into the banking industry.

LOCALLY, the once impregnable Barr Government copped serious flak from its ventures into commercial development via the massive Manuka make-over and the light rail initiative.

The respected Grattan Institute questioned the light rail business case. And while the links between Labor figures and the Manuka proposal might be above board, in politics perception is everything. And it doesn’t look good.

SPEAKING of rail travel, the prospect of a 64-minute ride to Sydney in the very fast train mooted by Planning Minister Mick Gentleman would revolutionise Canberra’s development. The heritage brigade would bust their (steam) boilers at the prospect; but we’ve heard it so many times before. Former Nationals leader John Anderson couldn’t have put it better: The Feds, he said, should either pony up $1 billion or kill the whole thing now. “People are fed up with this half-pregnant stuff.”

SPARE a thought for those poor, desperate Canberra bar owners, crushed by heartless Shane Rattenbury’s decision to call “last drinks” at 3am! And all because the Royal Australasian College of Physicians wants to reduce the “undeniable and substantial” harm caused by alcohol. And the victims of late-night sucker punch attacks would certainly agree.

But apart from that, how could he!

ON the other hand, there was a strong move from The Med Shed’s Matthew Holmes for a medicinal cannabis dispensary. He said “a large number of pain, nausea and seizure sufferers” were forced to break the law to find relief in the soothing balm of marijuana.

Well, maybe so. They’re not exactly crowding Canberra’s magistrates’ courts. But it would at least be a small step towards a more rational drug policy.

FINALLY, tough times for our women’s cricket team getting pipped by the West Indies in the T20 world cup final. Their very modest pay rise from Cricket Australia might have helped morale a little but, like our other women athletes, the Southern Stars aren’t about to call Mossack Fonseca to hide their riches from the taxman.

robert@robertmacklin.com