THE NEWS WRAP: Rudd to announce cut to GST red tape
Kevin Rudd is set to announce a plan that will see 1.35 million small businesses only have to lodge GST returns once a year, in a speech to be delivered later today.
Currently, businesses earning less than $2 million in annual turnover are able to report their expenses just once a year, with the new proposal raising that threshold to $20 million.
“We must reduce red tape and compliance costs so small business owners and operators can focus on running their businesses, which will allow them to grow and create new jobs," Rudd will say.
"Reducing the GST compliance burden on small businesses is another way Labor is building jobs for the future."
Coal lobby group disbands as the commodities boom runs out of steam
Coal industry lobby group Australian Coal Association has announced it is disbanding, with the industry to be represented by an expanded Minerals Council of Australia, as the industry cuts costs in response to falling commodities prices.
MCA chairman Andrew Michelmore and ACA chairman Ross Williams announced the move in a joint statement.
"The decision to integrate the two organisations has been taken by member companies to ensure the industry is well positioned for the future," the joint statement says.
"The move will enhance the minerals industry's representation through a strong and united voice for the minerals sector on national policy.”
Major Fairfax shareholder raises revenue concerns
Fairfax’s second largest shareholder, investment firm Allan Gray, has raised concerns media giant’s revenues are in free-fall after the media giant posted a full-year net loss of $16.4 million.
Allan Gray controls 11% of the company, second only to Gina Rinehart's Hancock Prospecting which owns 14.99%.
"I think they're doing a good job on the cost, in getting that down, but the revenues are continuing to fall and that will be a problem for them eventually," Allan Gray managing director Simon Marais says.
"They can't keep cutting costs at that rate. I think they have no choice. They have to cut, but my concern is that the revenue won't come back to moderate those declines.”
The Dow Jones Industrial Average is up to 14963.74. The Aussie dollar is up to US90.16 cents.