The Federal Government is set to reveal a $3 billion surplus for 2012-13 later today, despite a $10 billion revenue slump. The higher dollar is expected to impact upon revenues, with the government under pressure to meet its own election spending commitments.
Bank legislation could be problematic
Political pressure on banks to end alleged collusion over rates could lead to less competition in the market, lawyers have warned. The Australian reports that experts believe it will be “very difficult” to frame legislation that cracks down on the banks while allowing them to remain competitive.
AOL and Yahoo in partnership talks
AOL and Yahoo are reportedly in talks to form a partnership that would challenge the market dominance of Google. The two firms have previously discussed a merger but it’s thought that they are now looking at a formal partnership to tackle Google.
The Australian dollar remained above parity with its US counterpart, holding steady at US101.41 cents. The Dow Jones Industrial Average lost 41.10 points.