THE NEWS WRAP: Complaints to the ACCC about carbon tax rip-offs ease off

The number of complaints about carbon tax-related price claims by businesses is starting to fall, according to the consumer watchdog.

 

The Australian Competition and Consumer Commission said the number of complaints it has received has fallen from an average of 63 per day in the first 10 days to about 45 a day.

 

The ACCC gets around 900 complaints a day on a range of matters, making carbon tax claims a small component of consumer ire.

 

Business frets over petrol supply

 

Businesses and consumers could be hit at the petrol bowser following Caltex’s decision to shut down its Sydney oil refinery.

 

Analysts have warned that the closure increases Australia’s reliance on imported oil, leaving the country’s businesses and consumers more vulnerable to supply risks and price volatility.

 

Facebook posts first loss

 

Facebook has reported a loss in its first released results since its stock market float, with the tech giant losing $157 million in the second quarter.

 

The figures compare with a $240 million profit from the same quarter last year. Costs in the quarter rose by 295% to $1.93 billion, driven by staff share schemes.

 

Overnight

 

The Dow Jones Industrial Average was up 211.88 points, or 1.7%, to 12,887.93. The Australian dollar was up to US103.97 cents. 

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