THE NEWS WRAP: Business Council of Australia chief calls for major reforms and cuts to public service

The head of the Business Council of Australia has called for government bureaucracy to be radically reformed, claiming that Australian firms are unable to plan for the long term because they are “second guessed” by public servants.

Jennifer Westacott said that a “culture of reticence” and a bloated public sector had undermined decision-making and hampered businesses’ attempts to give advice to the government.

Westacott added that there should be a full audit of the public service to work out how many jobs should be cut from it.

China economy like Usain Bolt: Swan

China’s economy is much like sprint star Usain Bolt and Australian businesses should not fret over any recent slowdown, according to Federal Treasurer Wayne Swan.

In a speech set to be delivered in Sydney today, Swan will point out that China’s economy has grown by 40% since 2008 and a recent scaling back is nothing to be concerned about.

“It’s like Usain Bolt easing off a bit at the end of the 100 metres because he’s 10 metres in front and has already smashed the world record,” Swan will say.

Apple hit by mapping woe

Apple has come under fire from some users over its new mapping tool, on the day that its new iPhone 5 is set to hit stores in Australia.

According to the BBC, there have been numerous complaints made about the Apple maps, including missing and badly positioned towns and poor search results. In June, Apple announced that it would drop Google Maps from its hardware in favour of its own mapping system.

Overnight

The Dow Jones Industrial Average rose 19.20 points, or 0.1%, to 13,597.16. The Australian dollar dipped to US104.08 cents.