THE NEWS WRAP: Pressure mounts on Gillard to set up national business tax system

Small business groups are putting increasing pressure on the Gillard government to set up a national tax regime.

Lobbyists want the government to force the states to abolish taxes such as payroll tax and stamp duties on insurance and commercial property.

The Australian Financial Review reports that the campaign is being waged against a backdrop of a wide gap between the highest and lowest-taxing states.

Small miners faring well

Small resource companies raised more capital in September than any other month this year. More than $650 million was raised last month due to favourable conditions in the energy and mining sectors, reports the Australian Financial Review.

Luck of the Irish not with Harvey Norman

Harvey Norman may be able to shrug off the determined challenge of Kogan at home, but the electronic retailer’s Irish operation is undoubtedly suffering.

The chain’s 16 Irish and Northern Irish stores, hit by fears over a ‘double dip’ recession, lost $42.6 million last year. Harvey Norman’s Irish business has only posted a profit once since 2003.

Markets

US stocks closed on a high note, with the Dow Jones Industrial average up 41.63 points. The Australian dollar remained strong, with one economist predicting that it will soon find parity with the US dollar.