I'm not trying to make a logo just an illustration. You say that all of the tops and bottoms bar should continue , for example : at M , you think that the top bar will look more attractive if is joined...
first impressions: 1. take the text off its arc path and have it sitting parallel to the other text. it upsets the balance of the piece 2. tidy up the logo itself, (unless its the compression algorithm) make the logo symmetrical! (through a vertical plane). The line between the 2nd and 3rd quadrant is crooked as is the line separating the 3rd and 4th and the larger text doesn't seem horizontal . Guides and rulers are an invaluable tool!
Be careful using text aliasing also.
BTW what software are you using?
edit: sorry about the above! there is a positive: the colour is good! gold for bendigo is always good.
edit: just checked the text with a ruler in photoshop and the reason your text look crooked is because its antialiased (optical illusion), probly because you used jpg compression (dont), use gif or png formats for this type of logo on the web. Your logo is definitely off (possibly compression?):
i woul dlose the tag if possible. if not, like cjoe said, run it parallel under neath the block text or as a underline under the whole logo. top and bottom justify the text so that it make aligns with the top/bottom of the graphic.
I like the graphic and colors. just a few tweaks and you'll be golden!