THE NEWS WRAP: A Coalition victory would cost businesses $4.57 billion: Treasury

The first year of a Coalition government would cost Australian businesses $4.57 billion, according to a Treasury forecast.

The estimate, based on the Opposition’s publicly stated policies, would see businesses recoup money from a repeal of the mining and carbon taxes. However, they would lose out from a new paid parental leave levy, the loss of instant asset write-offs and other tax breaks.

In response, the Coalition has attacked the government for failing to guarantee a budget surplus next year.

Rudd calls for Asian language job quota

Australian employers should set aside jobs for students who can speak an Asian language, according to former Prime Minister Kevin Rudd.

Praising the government’s new strategy on how to engage with Asia, Rudd says that businesses also needed to step up and show that there was a “career path” for young people who learn an Asian language.

US election on a knife edge

The US presidential election remains too close to call just a day before polling, with both candidates making frantic last-minute appeals to the electorate in key battleground states.

Both incumbent Barack Obama and his Republican challenger Mitt Romney are concentrating their fire on Ohio, a state that will prove crucial in deciding which candidate reaches the 270 electoral college votes needed to win the election.

Most polls show Obama has a slight lead in most of the swing states, including Ohio, although the Republicans have maintained they are on course for victory.

Markets

The Dow Jones Industrial Average was down 139.46 points, or 1.05%, to 13,093.16 on Friday. The Australian dollar dipped to 103.39 US cents.