NEWS WRAP: ACCC seeks new laws on price fixing

The Australian Competition and Consumer Commission is pushing for a new law to prohibit price fixing across a range of industries. Businesses ranging from petrol retailers to banks would be pursued by the ACCC if suspected of price collusion. The competition watchdog has written to the Federal Treasury asking for a new law in the area.

Brumby pursues business vote

Victorian premier John Brumby has continued to court the business vote ahead of the state election, promising a $194m boost for vocational training. The pledge followed yesterday’s announcement that Brumby would cut payroll tax for firms if re-elected.

Rain fails to dampen Cup

More than 100,000 are expected to attend a rain-affected Melbourne Cup today, giving a multi-million dollar boost to the Victorian economy. Bookmakers are reporting a 20% increasing in betting for this year’s race.

Overnight

The Australian dollar was down to 98.49 US cents, while the Down Jones Industrial Average dipped by 1.14 points.