THE NEWS WRAP: New visas ushered in to allow resources sector to hire foreign skilled workers

The Federal Government is set to introduce a new visa to allow the resources sector to hire foreign skilled workers, according to The Australian Financial Review.

The Government is also planning to overhaul training requirements for the industry, cutting four-year apprenticeships to 18 months.

Wages grow, but not fast enough

Wages in Australia grew in September at the fastest rate in a year, up 3.5% on the corresponding 2009 quarter. Accommodation, finance and retail were among the strongest sectors for wage growth, according to ABS figures.

However, the rate of growth is still below the Reserve Bank’s benchmark of 4.5%. 

Banks warn government against regulation

The barbs have continued to be exchanged between the Government and the big banks, with Julia Gillard saying she is “uncomfortable” with high levels of executive pay in the sector.

Meanwhile, Ralph Norris, the $16 million-a-year CEO of Commonwealth Bank, has defended his salary and warned politicians not to hit banks with extra regulation.

Overnight

The Australian dollar rose slightLY, to 98.05 US cents while the Dow Jones Industrial Average edged down slightly.