THE NEWS WRAP: Tinkler tumbles as Atlassian pair shoot to the top of BRW Young Rich List

Mike Cannon-Brookes and Scott Farquhar, founders of tech success story Atlassian, have toppled miner Nathan Tinkler to head BRW’s Young Rich List.

The list, which ranks the wealth of Australian entrepreneurs aged under 40, placed the duo top with a combined fortune of $480 million, up from $360 million in 2011.

Tinkler, who is estimated to have spent $300 million on his horse racing interests, saw his fortune drop from $1.13 billion last year to just $400 million.

GST crackdown set to hit businesses

The Federal Government is set to crack down on GST revenues in a bid to recoup hundreds of millions of dollars in revenue lost to state and territory budgets.

The move is set to limit businesses’ ability to claim a refund on overpaid GST, even when it is done in error. A reported $500 million has previously been refunded to businesses in GST refunds.

IMF chief: Women may not ‘have it all’

Christine Lagarde, the head of the International Monetary Fund, has warned that women shouldn’t expect to be able to juggle a career with family life without “failures.”

Lagarde, the first woman to hold the IMF top job, told NBC in the US: “I think you can in a way have it all as long as you can afford to be patient.”

“But you cannot have it all at the same time. You must accept there will be failures.”

Overnight

The Dow Jones Industrial Average was down 44.04 points, or 0.33%, to 13,413.51. The Australian dollar moved up to US103.67 cents.