THE NEWS WRAP: Former Victorian commissioner gets nod as first federal small business commissioner

Mark Brennan has been named the first federal small business commissioner, according to a report.

The Australian Financial Review said that that Brennan was chosen following his stint as the first state-based small business commissioner in Victoria. He spent seven years in the role after being appointed by Steve Bracks’ Labor government.

Nine strikes debt deal

The Nine Network has seemingly staved off administration with an eleventh hour deal with a selection of US investors.

The broadcaster has reportedly struck a deal where two US hedge funds and Goldman Sachs take a stake in the business in return for easing its huge $3.3 billion debt.

RBA releases minutes

A worsening economy and labour market prompted the Reserve Bank of Australia to cut interest rates earlier this month, according to its minutes.

Explaining its decision to cut rates to 3.25%, the minutes stated: “Members concluded that the current assessment of the inflation outlook provided scope to adjust policy in response to the softer growth outlook.”