Workplace relations minister Bill Shorten has come under immediate pressure from business lobbyists to reform the Fair Work Act, following yesterday’s Federal Government cabinet reshuffle.
The Australian Industry Group said that the act needs to change to boost productivity, while The Australian Retailers Association called for further wage flexibility.
Bank disputes soar
Disputes between banks and borrowers leapt by nearly 30% in the last financial year, new figures have shown.
Financial Ombudsman Service said that it handled more than 30,000 disputes in the year to June 30, with the financial industry paying $3.6 billion in compensation to customers. The rise has been attributed to a series of natural disasters and rising interest rates.
Jobs biography is Amazon’s bestseller
A biography of late entrepreneur Steve Jobs has been named by Amazon as its best-selling title of the year.
The Walter Isaacson-penned book, which was released shortly before the Apple co-founder’s death, beat Bossypants by Tina Fey and A Stolen Life by Jaycee Dugard to the sales top spot.
The Dow Jones industrial average fell by 233.41 points, or 1.92%, at 11,950.85. The Australian dollar dropped back down to 100.70 US cents.