THE NEWS WRAP: Swan says nothing off limits at Tax Forum

 Treasurer Wayne Swan has said that no topic is off limits, even GST or the mining tax, at this week’s Tax Forum, which kicks off tomorrow.

 

Swan said that “nothing is taboo” when the Canberra summit, which involves more than 200 business, union and academic representatives, gets underway.

 

The forum is set to feature a number of proposals, including a call from large businesses to reform the Australian Tax Office and a push from the steel and tourism sectors for tax breaks.

 

 

Aldi flags expansion target

 

Supermarket chain Aldi is set to ramp up its presence in Australia by opening as many as 30 stores over the next year.

 

The German company is to invest $183 million in new stores, in an attempt to challenge the market dominance of Coles and Woolworths. 

 

 

Greece to slash budget

 

Greece’s government has accepted large budget cuts, including the dismissal of hundreds of thousands of public sector workers, in the latest move to stem the European debt crisis.

 

The plan aims to satisfy creditors and release the next €8 billion tranche to Greece. Last week, the German government agreed to increase its aid package to Greece to help prevent the economic instability spreading to global markets. 

 

 

Markets

 

The Dow Jones Industrial Average was down 240.6 points, or 2.2%, to 10,913.38 on Friday’s trade. The Australian dollar was down to 96.66 US cents.

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