THE NEWS WRAP: Government looks to introduce more competition in the telco sector

Small businesses may have been reprieved from an interest rate rise at the Reserve Bank’s last meeting, but analysts are expecting a rate hike on Melbourne Cup Day, November 2.

 

Minutes released from the RBA’s October meeting, where it surprisingly froze rates at 4.5%, reveal that the Board felt that it can’t “wait indefinitely” to up rates.

 

Telecom reform back on the cards

 

The government is looking to revive its attempts to introduce more competition in the telecommunications sector.

 

Stephen Conroy, the communications minister, has warned that a failure to increase competition in the industry will lead to a cost and time blow-out for the National Broadband Network.

 

Packer takes Ten stake

 

James Packer, part of one of Australia’s leading entrepreneurial dynasties, is set to re-enter the TV industry after acquiring a 16% stake in Ten, according to The Australian.

 

The newspaper reports that Packer is offering $1.50 per share for the TV network and will seek board representation at the company.

 

Overnight

 

The Australian dollar fell away from Friday’s high of parity with the US dollar, dropping to US96.63 cents. 

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