THE NEWS WRAP: Wayne Swan wants fifth pillar

Federal Treasurer Wayne Swan says he is keen to see “a new pillar” in the banking system to aid competition. Swan wants credit unions, building societies and wealth management firms to provide choice to consumers and businesses outside the ‘big four’ banks.

However, the Australian Bankers Association has warned that any excessive regulation placed on the banks would be “potentially dangerous” for businesses.

DJs brings Boxing Day sale online

In a sign of consumer dollars shifting online, David Jones has announced that it will be holding its famous Boxing Day sales on the internet this year.

While bricks and mortar stores will be open, the retailer will provide all of its bargains available online in a bid to head off the threat of sites such as eBay.

Government faces low-paid test case

The federal government is facing a new test case for low-paid workers. The case before Fair Work Australia could impact employers in the childcare, security and cleaning industries. Unions hope to establish sector-wide bargaining for low-paid workers.

The markets

The Australian dollar opened strongly this morning, up to 98.74 US cents from Friday’s close of 98.46 US cents. Trading was volatile over the weekend as China attempted to combat its soaring inflation.