THE NEWS WRAP: Labor rejects live cattle export ban

Treasurer Wayne Swan has predicted that the latest economic growth data will underline how well the Australian economy has fared compared to other industrialised nations.

 

Economists from AMP, the Commonwealth Bank and Westpac predict growth of between one and 1.3% in the September quarter.

 

Labor rejects live cattle export ban

 

Labor has decided to back the live cattle export trade at its national conference, despite an attempt by some backbenchers to phase it out.

 

Melissa Parke, the MP for Fremantle, proposed that the trade be scrapped over the course of four years, claiming that the move would boost the number of jobs within Australia. However, the motion was rejected by 215 votes to 173.

 

Eurozone flawed, admits chief architect

 

One of the chief architects of the single European currency has admitted that the debt-plagued Eurozone was flawed from the very start.

 

Jacques Delors said that a lack of centralised power to handle economic matters allowed some countries to run up huge debts.

 

Markets

 

The Dow Jones industrial average fell by 0.01% to 12,019.4 on Friday. The Australian dollar was down slightly to 102.23 US cents

 

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