NEWS WRAP: Inflation dip eases pressure for rate rise

A surprise dip in inflation could prove to be a pre-Christmas boost for retailers, with the Reserve Bank less likely to hike interest rates next month. Underlying inflation for the year to September dropped to a five-year low of 2.4%. The dip eases the pressure on the RBA to increase interest rates before Christmas.

Unfair dismissal cases soar

Claims by employees under unfair dismissal laws have more than doubled in the past two years, the annual report of Fair Work Australia has shown. The rise, to more than 13,000 applications dealing with termination in the past year, of which almost 10,000 were unfair dismissal cases, follows the Labor government’s expansion of the national unfair dismissal rules.

Murdoch and Packer set to team up

Australia’s two most prominent media mogul families could be set to join forces again, with Lachlan Murdoch reportedly keen on joining James Packer in taking a stake in the Ten Network. The Daily Telegraph reports that Murdoch wants to take up to a half of Packer’s stake in the broadcaster.

Overnight

The Australian dollar tumbled far from its recent highs against the US dollar, down to 97.2 cents. The Down Jones Industrial Average dropped 43.18 points.