THE NEWS WRAP: Government claims super changes won’t impact 98% of workers

The federal government is moving to persuade workers that proposed changes to superannuation won’t impact 98% of employees, amidst growing internal and external concerns over the proposed reforms.

 

Cabinet ministers have moved to limit the impact of any changes to people earning over $240,000 per year in order to make the superannuation system ‘sustainable’, although the claims have been criticised by industry groups.

 

“We have to have a conversation about sustainability in the future, with an ageing population that lives longer. But today, on all the figures, we have a sustainable system. So that means we don’t need a knee-jerk, crisis policy,” said Association of Superannuation Funds of Australia chief executive Pauline Vamos.

 

Fairfax Media to announce restructure, further cuts

 

Fairfax Media is looking at further restructuring and management cuts this week, as part of a plan to transition from print to online.

 

The cuts come against the backdrop of a weak advertising market, with revenues for the six weeks to early February down nearly 10% year-on-year.

 

Fairfax is reporting that a Fairfax spokesperson declined to comment about any possible changes.

 

Billabong bidders believed to have dropped bid prices

 

Billabong has called a trading halt in its shares amidst growing speculation two rival takeover bids have dropped their price to as low as 80 cents per share, down from an initial proposal of $1.10.

 

Analysts say without a successful bid the company might need to raise $100 million in capital to fix its ‘stretched’ balance sheet.

 

“Discussions in relation to these proposals remain incomplete and the company expects to make an announcement as and when discussions are complete,” the company said.

 

Overnight

 

The Dow Jones Industrial Average is up 0.6% to 14,662. The Aussie dollar is down to US104.47 cents.

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