The Gillard Government is putting together Australia’s first mini-budget in two decades in order to ensure a surplus next year, according to reports.
The Australian Financial Review said that the Government was “quietly” putting together a plan that would slash spending, encouraging interest rate cuts, which in turn would restrain the surge of the Australian dollar and aid non-resource sector businesses.
Meanwhile, the US is spearheading a move to create a pan-Pacific free trade agreement that would encompass nine nations, including Australia.
Commonwealth Games set to boost Gold Coast tourism
The tourism sector in Queensland is set for a boost after the Gold Coast was selected to host the 2018 Commonwealth Games.
The event is expected to bring in $2 billion and create 30,000 jobs in and around the Gold Coast area, with 150,000 visitors from Australia and overseas set to descend upon the Games.
Facebook set for privacy revamp
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Facebook is reportedly set to overhaul its privacy settings to allow people to opt in to any changes and revamp the way it uses personal information.
A Wall Street Journal report states that Facebook is to consent to a “privacy audit” by an independent organisation over the next 20 years.
The Dow Jones Industrial Average rose 259.36 points, or 2.18%, to 12,153.15 on Friday. The Australian dollar was up to 102.95 US cents.