Victoria is the most business-friendly jurisdiction in Australia, according to the Business Council of Australia, surpassing the Federal Government itself.
The Government, criticised for a “disappointing downward performance” in terms of regulation, came in second position, with NSW placed third. ACT was the bottom-ranked jurisdiction.
Tax avoidance rules to be scrutinised
Bill Shorten, the federal assistant treasurer, is to launch a wide-ranging review of anti-avoidance measures contained in income tax laws. Shorten wants to “consolidate, streamline and improve” the operation of the rules.
Mining boom set to last
The boom in the resources sector could last another 20 years, according to the Reserve Bank. The prediction came following the announcement of more than $130 billion in firm commitments for the sector.
The Australian dollar edged slightly closer to parity with its US counterpart, rising to 98.77 US cents. The Down Jones Industrial Average gained 180.88 points.