THE NEWS WRAP: Retailers frazzled by Click Frenzy site crash

Click Frenzy, Australia’s first online mass discounting event, has seen a surge in early consumer interest, with the site crashing shortly after its launch last night.

The 24-hour promotion, which kicked off at 7pm last night, aims to recreate the US’s successful Cyber Monday sales bonanza with hugely discounted items for sale.

A host of retailers, including Myer and Dick Smith, have signed up to the event, with initial interest causing Click Frenzy’s website, along with some of the retailers’, to temporarily crash.

GST review ruled out by Gillard and Abbott

Prime Minister Julia Gillard and Opposition Leader Tony Abbott have both distanced themselves from a review of the GST regime after the next federal election.

Independent MP Rob Oakeshott claimed that both leaders had promised him a review of GST, along with middle-class and business welfare.

However, Gillard and Abbott have moved quickly to quash the idea, with both saying they do not want to increase the GST.

ACCC launches action against Harvey Norman franchisees

The Australian Competition and Consumer Commission has launched legal action against 11 Harvey Norman franchisees, claiming that they misled consumers.

The consumer watchdog’s Federal Court action claims that the franchisees did not honour warranties, refused to provide refunds or replacements for certain items and insisted that customers pay for repairs.

Overnight

The Dow Jones Industrial Average was down 7.45 points, or 0.06%, to 12,788.51. The Australian dollar was up to US104.14 cents.