The major banks are set to come under renewed scrutiny from a senate inquiry, established to look at banking competition in Australia. The move follows shadow treasurer Joe Hockey’s call for tighter regulation of banks, a stance that has been supported by several small business lobby groups. ANZ CEO Mike Smith has called Hockey’s plans an “out-there set of proposals.”
Employers target IR laws
Employers are gearing up for a new campaign to repeal Labor’s changes to industrial relations. Businesses claim that the Fair Work laws have helped unions press for excessive wage claims and increase the threat of strike action.
Telstra targets tablet sales
Telstra has set a target of 750,000 sales by the end of next year of its T-Touch Tab tablet. The telco is attempting to take on Apple’s iPad with the tablet, which will be available for a knock-down price of $299.
The Australian dollar slipped further, to 97.83 US cents, while The Dow Jones Industrial Average dropped 20.36 points.