THE NEWS WRAP: Fletcher Jones placed into administration
Retail chain Fletcher Jones has been placed into administration, raising doubts over the 93-year-old brand’s future.
The business, which has 45 stores across Australia, will continue to trade while its fate is decided. Fletcher Jones’ predicament follows a year of retail collapses, including Ed Hardy, Borders and Satch.
Swan urges borrowers to ditch the big four banks
Borrowers should take their home loans from the big banks to smaller industry players, according to Treasurer Wayne Swan.
None of the “big four” – ANZ, Westpac, NAB or the Commonwealth Bank – have passed on the Reserve Bank’s 25 basis point cut, prompting Swan to call for people to consider shifting to another lender.
Economic growth beats expectations
The Australian economy grew faster than expected in the last quarter, fuelled by the construction and mining industries, new figures have revealed.
According to the Australian Bureau of Statistics, GDP rose by 1% in the three months to September, above the 0.8% expected by economists.
The Dow Jones industrial average rose 3.25 points, or less than 0.1%, to 12,153.38. The Australian dollar was up to 102.78 US cents.