THE NEWS WRAP: Mining boom set to end in two years: Report

Australia’s mining boom will end in just two years, with the Federal Government set to struggle to get the budget back to surplus this year, a new report has predicted.

Deloitte Access Economics Business Outlook said that mining was still driving the Australian economy but warned: ”The strong bit of Australia’s two-speed economy won’t stay strong for more than another two years or so”.

The report also said that a budget surplus will be hard to deliver this year, but also pointed to the bright side – the nation’s economy is strong and has set a world record of 21 years without a recession. 

Murdoch quits UK newspaper role

Speculation is rife that media mogul Rupert Murdoch is set to sell his British newspaper group, after he stepped down as a director of the boards overseeing The Sun, The Times and Sunday Times titles.

The move follows News Corporation’s decision last month to split itself into two – an entertainment division and a far less profitable publishing division.

Super rich hide away $21 trillion

Tax loopholes have allowed the world’s super rich to hide an astonishing $21 trillion in offshore havens, according to a new report.

James Henry, a former McKinsey chief economist, estimated that the sum has leaked from economies around the world to offshore accounts in countries such as Switzerland and the Cayman Islands.

Markets

The Dow Jones Industrial Average fell 120.79 points, or 0.93%, to 12,822.57 on Friday. The Australian dollar edged down to US103.60 cents.