THE NEWS WRAP: Julia Gillard unveils plan to tackle the skills shortage

Julia Gillard has unveiled a plan to tackle the skills shortage suffered by many Australian businesses by getting two million Australians back into the full-time workforce.

The Prime Minister said that the resources industry had driven Australia’s economic growth, but it had exacerbated a skills shortage in other sectors. The Federal Government will target Australians who are under employed or not in the labour market in an attempt to get them into full-time work.

Cyclone Yasi set to hit Queensland

Queensland residents and businesses are preparing themselves for another battering, with the huge cyclone Yasi set to hit the state’s north coast within days.

With insurers still facing claims from the recent Queensland floods, industry analysts have predicted that the cyclone could result in higher premiums for policyholders.

Gap logo executive departs

The executive behind Gap’s disastrous rebranding exercise has left the company. Marka Hansen, president of the clothing giant’s North American division, will leave this week after a 24-year stint at the business.

Hansen oversaw the introduction of a new Gap logo that was widely derided in the media. She initially defended the rebrand, but within days Gap had reverted back to the original in an embarrassing backpedal. 

Overnight

The Dow Jones industrial average rose 137.52 points to 12,029.45. The Australian dollar soared above parity again, to 101.25 US cents.