Unions are pushing for higher employer superannuation contributions, which, coupled with rising wage inflation, could significantly impact businesses.
The Australian Financial Review reports that the union movement wants the Labor Government to move more quickly to increase compulsory superannuation outlay from nine to 12% and has begun lobbying for large increases.
Banks wary of retailers and farmers
Firms in the retail and agricultural sectors could find it increasingly tough to secure loans due to banks’ reluctance to lend to them.
According to a Reserve Bank submission to small businesses’ access to finance, banks are already wary about lending to property firms and this caution is now turning to retailers and farmers.
Zuckerberg obtains restraining order
In a move that takes Facebook stalking to new levels, a man has been given a restraining order from approaching Mark Zuckerberg. The man, Pradeep Manukonda, has allegedly harassed the Facebook founder and his girlfriend, Priscilla Chan, for money.
The Dow Jones industrial average edged up 39.47 points to 12,201.10. The Australian dollar moved up slightly, to 101.63 US cents.