THE NEWS WRAP: Woolworths CEO urges RBA to cut rates to spur consumer spending

The CEO of Woolworths has called on the Reserve Bank of Australia to cut interest rates to boost consumer confidence, ahead of an RBA meeting on the topic next week.

According to The Australian, Grant O’Brien said he expects the RBA to act to help spur consumer spending, with 10% of disposable income now being saved compared to 4% before the global financial crisis.

“Interest rates being pushed down can only help,” he said. “That can be helped by a positive message and interest rates coming down.”

Black market jobs rife, unions claim

Nearly one in four of all young Australians are working in insecure, cash-in-hand jobs, according to trade unions.

ACTU president Ged Kearney said that a national survey by the union group showed that a quarter of people aged between 18 and 30 were being paid off the books in the jobs black market.

An estimated 50% to 60% of black market jobs do not pay superannuation, annual leave, sick leave or penalty rates.

RBA ponders new-look notes

The Reserve Bank of Australia has said that it has commissioned three designers to come up with concepts for a new range of bank notes.

The RBA said it will spend around $9.3 million on the new notes, which won’t come into circulation for several years. It’s expected the new designs won’t be a radical departure from the current currency.

Overnight

The Dow Jones industrial was up 72.46 points, or 0.54%, to 13,485.97. The Australian dollar was up to 104.42 US cents.