THE NEWS WRAP: Work harder or living standards will drop, Treasury Secretary warns

Australians will need to work harder to avoid a drop in living standards, the Treasury Secretary has warned.

Martin Parkinson said the economy could not rely on the mining boom to prosper and that living standards could fall if productivity didn’t improve. 

Executive pay under the microscope

Executive pay has come under further scrutiny, with the Australian Securities and Investments Commission urging businesses to provide better information on bosses’ remuneration.

The corporate watchdog says listed companies need a “more effective” disclosure system for investors, following a review of 60 remuneration reports.

$30m package to help beef industry

The Federal Government has unveiled a $30 million package to assist those impacted by the freeze of live animal exports to Indonesia.

The money will be distributed to graziers, truckers and others who rely on the beef industry for their livelihoods. Three weeks ago, the government froze live exports to Indonesia after revelations of shocking abuse of cattle at abattoirs in the country.  

Overnight

The Dow Jones was up 152.39 points to 12,413.81 today. The Australian dollar rose to 107.50 US cents.