THE NEWS WRAP: Australia shifts Spain as world’s 12th biggest economy

Australia is set to overtake debt-stricken Spain to become the world’s 12^th largest economy, following the release of the latest GDP figures.

The Bureau of Statistics said that Australia’s economy grew by 0.6% in the June quarter, or 3.7% in the year to June.

According to Bloomberg, Australia’s $US1.379 trillion GDP will overtake Spain’s $US1.386 trillion GDP this quarter.

Corporate tax cut mooted

The corporate tax rate should be cut as part of an overhaul of the tax system to make Australia more competitive, according to Manufacturing Australia chairman Dick Warburton.

Warburton told The Australian: “A lower tax rate would save businesses money but there is also the opportunity to offset it by getting rid of some of the inefficient taxes like the land taxes, the insurances taxes, some of the state government taxes.”

Australia in top 10 global net rankings

Australia has been ranked the eighth best country in the world in terms of access and impact of the internet by Sir Tim Berners-Lee’s World Wide Web Foundation.

Web inventor Berners-Lee’s foundation compiled the top 10 based on freedom of information, education, political and economic impact of the internet.

Sweden topped the list, followed by the US and the UK.

Overnight

The Dow Jones Industrial Average closed at 13,047.48, adding 11.54 points, or 0.09%. The Australian dollar was up to US101.89 cents.