THE NEWS WRAP: Mining boom could push interest rates higher as early as next month

Employers are pushing for changes to the Gillard government’s election pledge to not alter workplace relations.

Unions want to scrap tax breaks for thousands of independent contractors, in a move that would directly impact many small firms, the Australian Financial Review reports.

In other employment news, job prospects for university graduates have dipped. Graduate Careers Australia says there was a 2.8% drop in employment for postgraduates last year, although salaries rose 5.5%.

Rates set for a rise

The mining boom could push interest rates higher as early as next month, according to The Australian.

Businesses could face up to four further hikes next year as the Reserve Bank looks to stave off concerns over inflation in the Australian economy.

Entrepreneur questions NBN

Successsful dotcom entrepreneur Graeme Wood has questioned the need of the National Broadband Network, claiming that it would mainly be used for entertainment.

The Wotif founder said that a public debate was needed on the NBN, but also attacked the coalition for opposing the scheme altogether.

Overnight

The Australian dollar continued its seemingly unstoppable rise, breaking through the US 95 cent barrier to record its highest level since 2008 at US 95.64 cents.

On Wall Street, stocks edged up as the US Federal Bank indicated that it would take extra measures to stimulate the American economy.