THE NEWS WRAP: Australian CEO turnover rate hits record level
The turnover rate of Australia’s top CEOs has hit record levels since the GFC, with one in four leaders of our largest businesses reportedly losing their jobs last year.
According to The Australian Financial Review, 23% of ASX 200 bosses left their positions last year, compared to a global average of 14.2%.
“It's a very high churn rate,” Varya Davidson, Booz & Co partner, told the AFR.
“Australian CEOs are in one of the highest risk positions when you look at chief executives anywhere in the world.”
Leveson report recommends a new media watchdog
The eagerly-awaited Leveson report into the UK media has been released, with a recommendation that a new independent watchdog oversees the press.
This body, according to the report, should be underpinned by statutory legislation, although British Prime Minister David Cameron has rejected the idea, citing concerns about press freedom.
Mining sector set to scale back
While the mining boom isn’t quite over, resource companies are set to scale down some activity in the coming year, according to new figures.
The Australian Bureau of Statistics said that businesses across the country spent 2.8% more on buildings and equipment in the September quarter than in the previous three months.
However, the mining sector, which has been driving the gains, is set to wind back its investment during the months ahead
The Dow Jones industrial average rose 106.98 points, or 0.83%, to 12,985.11. The Australian dollar edged down to 104.62 US cents.