THE NEWS WRAP: Interest rates set to remain steady

With the nation still in governmental limbo, the needs of small businesses have been thrust to the forefront in a last-ditch attempt to secure the votes of independent MPs.

It’s anticipated that the trio of independents will make their decision to back either Labor or the Coalition later on today.

The Council of Small Business Organisations of Australia (COSBOA) has added its voice to those attempting to sway the independents, claiming that Labor is in the thrall of large companies and unions, risking damage to small firms. 

The Coalition has also played the financial card, promising a $200 million scheme to cut taxes in the bush if elected, the Australian Financial Review reports. https://afr.com/p/national/coalition_offers_tax_breaks_for_JPnQybhJEALGn5Ufruhx0M

Interest rates set to remain steady

The Reserve Bank will meet in Adelaide today and start-ups will be relieved to hear that most analysts are expecting interest rates to remain steady for the fourth straight month at 4.5%.

Bank merger urged

The mooted merger between Bank of Queensland and Bendigo Bank has been backed by a fund manager with stakes in both banks, according to The Australian. Start-ups concerned over the lack of competition in the small business banking sector will be keeping a close eye on this one.

Sickies on the rise

The GFC not only hit companies’ bottom lines, it also instigated a wave of workplace absenteeism, according to a new report. Australians took an average of 9.9 sick days last year, costing employers an average of $375 a day.

Overnight

The Australian dollar edged up against the US dollar, opening at US 91.74 cents after closing at US 91.69 cents.