Federal finance minister Penny Wong has played down the possibility of tax reform proposals put forward by business groups being adopted by the government.
Speaking ahead of next week’s Tax Forum she said there will be no change to the level of GST despite the Australian Industry Group calling for an increase to allow for the removal of inefficient state taxes.
Wong also dismissed calls from the Greens to include gold in the mining tax and proposals put forward by doctors to raise the tax on wine.
Forrest High Court ruling set for today
The High Court could rule today on whether mining magnate Andrew Forrest is to face a ban from sitting on boards for several years.
Forrest is appealing against a deceptive and misleading conduct finding over his dealings with Chinese investors.
If he loses the appeal he could be hit by a three- to seven-year ban from sitting on the board of any Australian company.
Amazon unveils Kindle Fire
Amazon has unveiled the Kindle Fire, a $200 tablet that aims to challenge the market dominance of Apple’s iPad.
The Fire, which will launch on November 15, uses Google’s Android platform and unlike the iPad it can be backed up wirelessly.
The Dow Jones Industrial Average dropped 179.79 points or 1.6% to 11,010.90. The Australian dollar slipped to 97.97 US cents.