THE NEWS WRAP: Labor unveils “Fair Go for Farmers” policy

Federal Agriculture Minister Joel Fitzgibbon has unveiled a new policy, dubbed “Fair Go for Farmers”, which it claims will see Coles and Woolworths sign contracts with producers that will provide farmers with better business protection.

“This plan from federal Labor will help ensure farmers and consumers get a fair go and aren’t being ripped off,” Fitzgibbon says.

“We will implement a set of common sense measures that support farmers and help them get on with what they do best – producing food for Australians and our export markets.

“Farmers make a massive contribution to our economy and are caretakers of vast areas of the country. They should be able to focus on improving their farm efficiency and profitability, not be tied up with complex and protracted contract negotiations.”

Figures show increase in company collapses as mining boom ends

The Australian Securities and Investments Commission has revealed new figures showing the number of companies in administration reached 900 during June.

The figures, analysed in a new report by FTI Consulting, show the end of the mining boom has created conditions in some sectors as difficult as those seen at the start of the GFC.

“It is the first time 900 or more companies entered external administration over five consecutive months,” FTI Consulting says.

“So far in 2013, 5321 companies have entered external administration, a record for the first six months of a year.”

Oil price jumps over the Syrian stand-off

Oil prices have jumped to their highest levels in 18 months as a stand-off continued over the alleged use of chemical weapons by the Syrian government, raising concerns over Middle Eastern oil supplies.

In New York, the benchmark contract WTI crude for October delivery jumped to $US109.01, the highest level since February 2012.

Meanwhile in London, the price of Brent North Sea oil jumped to $US114.36.

Overnight

The Dow Jones Industrial Average is down to 14776.13. The Aussie dollar is up to US89.79 cents.