THE NEWS WRAP: The RBA to reveal whether it will raise interest rates today

The Reserve Bank will reveal whether it will raise interest rates today, but many analysts believe it is a done deal. 

The RBA is expected to up rates by 25 basis points, despite the concerns of some small businesses over continued weakness in the economy. Even though the official rate rise will come into force today, many small firms have already been hit by higher rates by their banks.

Abbott faces IR pressure

He may have run on an election platform of WorkChoices being “dead, buried and cremated” but Tony Abbott is coming under pressure from his party to change his stance on industrial relations.

Liberal MPs are reportedly unhappy that Abbott dropping plans to exempt small businesses from unfair dismissal laws for three years.

Financial planning fees spiral

Budding entrepreneurs who use financial planners are increasingly out of pocket, with annual fees trebling, according to The Australian Financial Review.

Financial advice is typically being changed at percentage-based fees as high as 1.5% of assets under management, in addition to one-off charges of $1,000 to $5,000.

Overnight

The Australian dollar slipped to US96.60 cents overnight, but a leading economist has stated that it has broken out of a trading ‘triangle’ and is now capable of reaching parity with the US dollar.