THE NEWS WRAP: Productivity Commission backs carbon tax

The Productivity Commission has backed Labor’s push for a carbon price, finding it the most cost-effective way of reducing emissions.

According to the commission, which released its findings on the tax yesterday, Australia is in the middle range of countries tackling climate change, along with the United States and China.

Aussies at ease with mortgage debt

Australians are among the most indebted people in the world, according to a new survey, but are also the most comfortable carrying high levels of debt.

The survey, by mortgage insurer Genworth, reveals 39% of Australians use more than half of their income to service debt, while more than a third said they were comfortable borrowing more than 80% of the value of the property when purchasing a house.

Telstra-NBN deal slowed by Coalition concerns

Intense debate over what would happen if the NBN was scrapped, in the event of a Coalition election win, have been causing delays in the NBN Co.’s deal with Telstra.

The Coalition has insisted it will radically revise the NBN if it defeats Labor in an election, prompting the NBN Co. and Telstra to draft several wipe out clauses.

Overnight

Rising commodity prices, and a return of risk appetite, helped the Australian dollar open over a third of a US cent higher this morning.

At 7am, the dollar was trading at US106.28 cents, up from US105.89 cents.