THE NEWS WRAP: Abbott unveils plans to “retain and improve” the Fair Work Act

Opposition Leader Tony Abbott has ruled out a major overhaul of Australia’s industrial relations system until after the 2016 election, opting instead to “retain and extend” the Gillard government’s existing Fair Work Act

Key changes under Abbott’s proposed reforms include tightening controls on union right of entry rules, increased scope for workers to opt for individual flexible arrangements, new powers for the Australian Building and Construction Commission and the creation of a registered organisations commission overseeing trade unions.

“The only people with anything to worry about from this policy are dodgy union officials and their supporters,” Abbott says.

AMP financial services boss warns against further super changes

AMP’s managing director of financial services, Craig Dunn, has warned politicians on both sides of politics to stop tinkering with the superannuation system, in an address to shareholders at the company’s annual general meeting.

“It is time to blow the whistle on further changes to superannuation and, as investment returns recover, to begin rebuilding the community’s confidence in superannuation by reminding Australian families just how much value superannuation can really deliver,” Dunn says.

Cricket Australia sues Nine over television rights deal

Cricket Australia has lodged the writ in the Supreme Court of Victoria against Nine after negotiations over a $350 million television rights deal broke down.

In recent bidding for television rights for the sport, Ten bid $350 million, with Nine having the rights to match any competing bid.

However, while Nine is keen to broadcast international cricket and the Twenty20 Big Bash League, talks broke down over its refusal to televise other domestic television matches.

“When you have been partners for more than 30 years, you have to be backed into a corner to take such dramatic action as a law suit. Talks broke down, and this was the only course available,” a source close to the negotiations told Fairfax.

Overnight

The Dow Jones Industrial Average is down 0.2% to 15082.6. The Aussie dollar is down to US100.8 cents.