PM to change election date, Excess super contributions legislation passed: Midday roundup

Prime Minister Kevin Rudd has dumped Julia Gillard’s proposed September 14 election date and will either set the date earlier or later to maximise his chances of rebuilding public confidence in the Labor government.

Rudd has announced he will call the date at a time of his choosing.

Excess super contributions legislation passed

Key legislation changing excess superannuation contributions tax passed through the Senate today.

Lee White, chief executive officer of the Institute of Chartered Accountants Australia, said passing the bill was a win for commonsense.

“The existing excess contributions tax system unduly penalises individuals who, when trying to save for their retirement, make an inadvertent error in breaching their concessional contributions cap.

“The new legislation will allow individuals to rectify their mistake without facing an extreme penalty.”

Shares slightly higher

Australian shares are up slightly on open, following positive international economic data.

The S&P/ASX 200 benchmark was up 6.9 points to 4818.2, just after midday.

Industry sectors were largely trading well, with only minor gains and losses across the board.

The Dow Jones closed 0.77% higher yesterday, up 114.35 points to 15,024.49, following positive employment and home sales data.

The Australian dollar is currently trading at US92.38 cents.

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