Shadow Treasurer Joe Hockey has backed down from his call to tax trusts at the same rate as companies, just 24 hours after floating the proposal.
According to The Australian, Hockey retreated from his position after a confrontation with Coalition partners The Nationals. There are around 600,000 trusts in Australia, mainly used by small businesses as a way to lower their tax burden.
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Hackers access Dell customer information
Thousands of Australians have had their personal information stolen after hackers managed to access the email provider of technology giant Dell.
Dell Australia said that customer names and email addresses were “exposed” by hackers who entered the Epsilon email system. The company insisted, however, that credit card information wasn’t at risk.
Deadlock over US budget
The US Federal Government is due to shut down at midnight tonight unless last-ditch talks between Democrats and Republicans can produce an agreed budget.
Despite lengthy talks, a deal hasn’t been reached to fund the US government until the end of the fiscal year. The Democrats have accepted cuts of more than $US33 billion, but Republicans are pushing for more than $US60 billion in cuts to tackle the US’ massive deficit.
The Dow Jones industrial average slipped 17.26 points to 12,409.49. The Australian dollar hit a high of 105.09 US cents.