THE NEWS WRAP: Senator Nick Xenophon says weekend penalty rates “killing” small business, urges reform

Workplace laws over penalty weekend rates of pay are “killing” small businesses and need to be changed, according to independent senator Nick Xenophon.

Xenophon has put forward his own bill to change the double-time weekend wages regime, which would apply only to firms with fewer than 20 employees.

Under the proposal, penalty rates would still apply, but only for employees that had worked 38 hours in seven days, or more than 10 hours in a day.

CEOs fret over Australian investment

CEOs of large multinationals are spooked by Australia’s carbon tax, rising labour costs and strong dollar, according to reports.

Both The Australian Financial Review and The Australian report this morning that a survey of more than 100 global CEOs found that 45% are less likely to invest in Australia because of the economic and political uncertainty.

ANZ class action suit starts

Australia’s biggest class action lawsuit is set to kick off today, with ANZ Bank under fire from customers over fees.

Law firm Maurice Blackburn is taking on the case on behalf of 170,000 bank customers who were charged for missing a credit card payment or becoming slightly overdrawn on their accounts.

Overnight

The Dow Jones Industrial Average ended up 2.71 points, or 0.02%, to 13,172.14. The Australian dollar slipped to US104.89 cents.