The Gillard Government is putting together Australia’s first mini-budget in two decades in order to ensure a surplus next year, according to reports.
The Australian Financial Review said that the Government was “quietly” putting together a plan that would slash spending, encouraging interest rate cuts, which in turn would restrain the surge of the Australian dollar and aid non-resource sector businesses.
Meanwhile, the US is spearheading a move to create a pan-Pacific free trade agreement that would encompass nine nations, including Australia.
Commonwealth Games set to boost Gold Coast tourism
The tourism sector in Queensland is set for a boost after the Gold Coast was selected to host the 2018 Commonwealth Games.
The event is expected to bring in $2 billion and create 30,000 jobs in and around the Gold Coast area, with 150,000 visitors from Australia and overseas set to descend upon the Games.
Facebook set for privacy revamp
Facebook is reportedly set to overhaul its privacy settings to allow people to opt in to any changes and revamp the way it uses personal information.
A Wall Street Journal report states that Facebook is to consent to a “privacy audit” by an independent organisation over the next 20 years.
Markets
The Dow Jones Industrial Average rose 259.36 points, or 2.18%, to 12,153.15 on Friday. The Australian dollar was up to 102.95 US cents.
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