THE NEWS WRAP: ACTU calls for tax on “super profitable” businesses

The ACTU is calling for the Federal Government to introduce a new ‘super profits’ tax on Australia’s booming businesses, according to a report.

The Australian reports that the union group opposes Labor’s planned company tax cut and instead wants a tax of around 40 to 50% of the surplus of “super profitable” businesses.

The idea is set to go down like a lead balloon with business groups, which are already uneasy over the government’s mining and carbon taxes.

RBA chief grilled over note-printing scandal

Glenn Stevens, the governor of the Reserve Bank of Australia, has admitted he may have done things differently with hindsight of the note-printing scandal that has rocked the central bank.

Speaking to a parliamentary inquiry into the alleged corruption by two RBA subsidiaries, Note Printing Australia (NPA) and Securency International, Stevens said it would have been “prudent” to alert police much earlier to the scandal.

China growth forecast cut

China’s growth forecast has been lowered by the World Bank, which has predicted falling demand for its exports and declining investment growth.

The World Bank said it expects the Chinese economy to grow by 7.7% this year, down from its forecast of 8.2% in May.

Overnight

The Dow Jones Industrial Average was down 0.19% to 13583.65. The Australian dollar rose to US102.03 cents.