THE NEWS WRAP: No return to WorkChoices, Abbott says

Federal Opposition Leader Tony Abbott has distanced himself from comments made by John Howard and reiterated that he would not look to reintroduce WorkChoices to Australian workplaces.

The Australian Financial Review reports that a speech by Howard, in which he called for a return to individual contracts, was welcomed by members of Abbott’s Coalition team.

However, the Opposition Leader said that there was “no going back to the past” in terms of industrial relations.

Billabong unveils recovery plan

Troubled surfwear firm Billabong is to slash several of its brands and close stores in a bid to return it to financial health, in a new plan unveiled by its CEO.

Launa Inman said she was aiming to grow earnings to $210 million by 2015 with the plan, which will see 82 stores close, a rejig of Billabong’s supply chain and the jettisoning of some of its brands.

The plan follows Billabong’s announcement that it had lost $275.65 million in the 2011-12 financial year.

Aussie workers OK with office romance: Survey

Around seven in 10 Australian workers think it’s acceptable for two colleagues to have a relationship – as long as they don’t work directly with each other, according to a new survey.

The wide-ranging poll on office etiquette also found that two-thirds of those polled found mobile ringtones distracting and just 12% thought that bringing children into the workplace was acceptable.

Overnight

The Dow Jones Industrial Average was down 33.22 points, or 0.25%, to 13,124.75. The Australian dollar fell to US103.71 cents.