THE NEWS WRAP: MP Rob Oakeshott calls for NBN rethink

Opposition leader Tony Abbott has says that employers should have more “freedom” to strike their own workplace agreements with staff, in his strongest comments yet on amending the industrial relations regime.

Abbott played down the prospect of a return to Work Choices, but said that changes needed to be made to Labor’s workplace laws.

Business groups have welcomed Abbott’s stance after complaining that the Government’s Fair Work laws were hampering employers by imposing a rigid and confusing system upon them.

Oakeshott calls for NBN rethink

Key independent MP Rob Oakeshott has called for the Government to tackle misconceptions about the National Broadband Network, following a committee report.

Oakeshott, who is chairman of the committee, says that the public needed to be aware that the NBN won’t be an entirely government-run network.

“The end product will, more than likely, be a privately owned and operated wholesale platform, with a return on revenue through engagement with retail providers as the platform is built, and then opportunity for a significant private sale once the NBN is complete,”

Mr Oakeshott says.

Cash Converters deal scuppered

Cash Converters has seen its share price slump by 40% after a US company pulled out of a deal to take a larger stake in the business.

EZCorp scrapped plans to take a further 20% in the payday loan company, citing Federal Government proposals to impose stricter rules on micro-lenders.

Overnight

The Dow Jones Industrial Average rose to 11,613.53 points, putting it in positive territory for 2011. The Australian dollar was also up, to 107.01 US cents.