Treasurer Wayne Swan announced plans to curb tax concessions for wealthy Australians saving for their retirement amid government efforts to plug a budget deficit and make the A$1.5 trillion ($1.6 trillion) pension system more sustainable.
Australia’s former Prime Minister Kevin Rudd is twice as popular with voters as incumbent Julia Gillard six months ahead of an election, according to an opinion poll that may stir more talk of a leadership challenge.
Australian Financial Services Minister Bill Shorten said rules on foreign ownership in ASX Ltd ., the country’s main exchange operator, didn’t sink Singapore Exchange Ltd. ’s bid and they don’t need revision.
Australian Financial Services Minister Bill Shorten said he understands the issues that impact ASX Ltd. trading yesterday were with the authentication process and connectivity. He made the comments on ABC radio.
Australian Assistant Treasurer Bill Shorten urged companies to donate to flood-devastated Queensland state as Australia & New Zealand Banking Group Ltd. estimated rebuilding may cost as much as $A20 billion ($19.8 billion).
Australia’s Governor General Quentin Bryce has been advised by the solicitor general that her family link with a Labor Party powerbroker doesn’t pose a conflict of interest in her role of appointing the next government.