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THE NEWS WRAP: Australians in favour of a super tax on bank profits

By Oliver Milman
Wednesday, 15 December 2010

The Australian public are in favour of a super tax on bank profits in the wake of Wayne Swan’s proposed reforms of the sector. An Australian Institute poll found that 81% of respondents want a super tax to be on the agenda at next year’s tax summit.

 

Meanwhile, Aussie Home Loans founder John Symond has labelled Swan’s plan to create a ‘fifth pillar’ in banking “a joke”. Symond said that mutuals lacked the infrastructure, technology and clout to provide customers a choice other than the ‘big four’ banks.

 

Floods hit rural exports

 

Heavy rains have hit rural exporters hard, with $1.2 billion wiped off projected revenues in the last three months. The wheat sector has been particularly damaged by the rain and flooding that has hit the eastern seaboard.

 

LinkedIn reveals resume cliches

 

Job seekers using LinkedIn to find work are deploying tired clichés in order to attract employers. The professional networking site revealed the most common phrases used on online resumes. In Australia, ‘extensive experience’ was the most popular term, followed by ‘motivated team player’.

 

Overnight

 

The Australian dollar was within a whisker of parity with the US dollar again, reaching 99.9 US cents. The Dow Jones industrial average rose 75.08 points to 11,503.64. 

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