NEWS WRAP: Conroy says NBN business case will become apparent soon

The wrangling over the National Broadband Network has stepped up a notch, with communications minister Stephen Conroy hailing a new report that backed the scheme.

The NBN was backed by the Ai Group report, with Conroy saying that the business case for the initiative will be made in the coming weeks. He said the NBN will deliver a “step-change” in the way businesses operate.

However, the Business Council of Australia has said that “alternative” options may need to be considered following an independent review.

Warning over slowed immigration

The political consensus on slowing immigration could increase skills shortages and push up interest rates, according to a new report. Access Economics forecasts that there will be a total migrant shortfall of 100,000 over the next four years.

Richard Branson appoints advisory council

He may be the world’s foremost entrepreneur, but even Sir Richard Branson needs a bit of advice once in a while. The Virgin founder has appointed a committee of six business heavyweights to provide “general strategic, geographic and industry advice”.

Overnight

The Australian dollar moved closer to parity with its US counterpart once again, hitting a high of 99.74 cents overnight. Analysts expect the Australian dollar to stay above 90 cents into 2011.