THE NEWS WRAP: GST review reportedly on the cards after next election

A comprehensive review of GST looks to be on the cards after the next federal election whatever the poll’s outcome, with both Labor and the Coalition reportedly agreeing to analyse the tax.

According to The Australian Financial Review, independent MP Rob Oakeshott has been promised by both major sides of politics that a review of GST will follow next year’s election.

Both Oakeshott and fellow independent MP Tony Windsor have called for a review of GST, as well as middle-class and business welfare.

New business/union forum mooted

A new forum is being set up by the Federal Government to include business and union groups on discussions about major economic policies.

Tony Shepherd, head of the Business Council of Australia, and Dave Oliver from the Australian Council of Trade Unions have been asked to set up the National Economic Reform Panel.

It’s hoped that the group will be able to work together on major reforms without the clashes between business and unions that have been witnessed as recently as this week.

Australia looks to bolster Indonesia trade links

Australia is looking to strengthen its trade, investment and economic ties with Indonesia, in a move that could see Indonesian workers fill skills shortages in Australian workplaces.

According to The Australian Financial Review, Trade Minister Craig Emerson is to raise the proposals at the East Asian Summit, which is currently taking place in Cambodia.

Business groups have backed such a proposal in the past, although union groups are broadly against the importing of overseas workers.

Overnight

The Dow Jones Industrial Average rose by 207 points, or 1.65%, to 12,795.96. The Australian dollar was up to US104.09 cents.