THE NEWS WRAP: Virgin Mobile follows NAB’s lead by asking customers to ‘hang up’ on rivals

Virgin Mobile has followed the lead of NAB by urging rivals’ customers to ‘hang up’ on their current providers.

Richard Branson’s mobile company has offered customers $100 in credit if they bring their own handset and switch before the end of March.

The move comes as new research shows that nearly half of Australian consumers are unhappy with their mobile phone deal.

Earlier this week NAB made a similar play for customers of its banking rivals. In a social media marketing ploy launched on Valentine’s Day the bank urged people to “break up” with their provider, offering $700 towards paying mortgage exit fees. 

Online retail inquiry kicks off

The Productivity Commission has begun its inquiry into the $250 billion retail sector, with preliminary findings to be published in August.

The commission will look at the impact of e-commerce on Australia’s retailers following a high profile campaign by retail giants Harvey Norman and Myer to lower the $1000 GST threshold on overseas online purchases. 

ACT wins Murdoch tax fight

Rupert Murdoch’s News Corporation has been forced to pay $77 million to the ACT government after an investigation uncovered a tax avoidance scheme.

A four-year investigation by Treasury Commissioner for ACT Revenue Graeme Dowell found that News had used a complex web of companies in Australia and overseas to avoid paying tax.

News has disputed the ruling, claiming the attempt to claim the money is an ”improper exercise”. 

Overnight

The Dow Jones industrial average dropped 34.59 points to 12,233.60. The Australian dollar dipped below parity, falling to 99.59 US cents.