Shorten dismisses double dissolution threat, invitco snatched up by software designer: Midday roundup

Opposition Leader Bill Shorten has dismissed Prime Minister Tony Abbott’s threat to call an early election over the looming budget deadlock.

Shorten said Abbott was not brave enough to call a double dissolution election if the Senate blocked changes to the budget because voters will desert him.

Labor, the Greens and crossbenchers have attacked plans for a $7 GP co-payment, cuts to health and educational spending, as well as changes to the indexation of pensions.

Software designer to buy Aussie start-up

Cloud accounting software designer Intuit has agreed to buy Australian startup invitco.

invitco, launched in 2011, streamlines account processes via cloud-based data extraction.

“This successful young company, together with Intuit’s strong brand and 30+ years of experience solving problems for small businesses and accountants, will provide a compelling cloud platform solution to the accounting fraternity and their customers,” Intuit vice president and Asia-Pacific managing director Brad Paterson said in a statement.

Shares down on open

Shares fell on Wall Street on Wednesday and the Aussie share market has this morning followed suit.

“Softer leads overnight from our international peers look set to dampen momentum in the local share market at the open,” said CMC Markets sales trader Niall King.

“In the US, markets have to tip-toed into unchartered territory in recent sessions but sustained moves higher appear to have been hampered by mixed economic data prompting a bout of profit taking with indices at record level,” said King.

The S&P/ASX200 benchmark was down -0.3 points to 5496.2at 11.45am EEDT. On Wednesday, the Dow Jones closed 101. 47 points lower, down by 0.61% to 16614.0.