THE NEWS WRAP: Australia moves into third place in Asia-Pacific’s super-rich list

Australia’s equity capital market is experiencing its most barren run in a decade, according to The Australian.

The newspaper cites Thomson Reuters figures that show that corporates have raised just $12.7 billion in funding so far this year, down from $60 billion this time last year – an 82% drop.

This is bad news for start-ups hopeful of securing venture capital funding, although bankers are hopeful the market will soon rebound.

ACCC warning on unfair deals

The competition and consumer watchdog has warned car rental firms over unfair deals. The ACCC said that it was taking a “proactive review” after a surge in complaints from consumers unhappy with their treatment from car hire companies.

Rich getting richer

Australia moves into third place in Asia-Pacific’s super-rich list, behind China and Japan. New figures show that the number of Australia’s high-net-worth individuals grew by 34% last year to 173,600.

Gerry Harvey experiences shrinkage

Gerry Harvey may be one of Australia’s leading entrepreneurs, but he’s no immune from wage shrinkage. The Harvey Norman founder’s salary dipped by 30% over the past year to a mere $738,000.

There was better news for his wife, and company CEO, Katie Page, who received a 50% bump in pay to $1.43 million.

Overnight

The Australian dollar continues to break records, edging up to US96.85 cents overnight.

Meanwhile, US consumer confidence is heading in the opposite direction to Australia’s, hitting a seven-month low.