THE NEWS WRAP: small business advocates demand seat at the tax summit table

The post-election wash-up has continued, with small business advocates demanding a seat at the tax summit table. 

The review was a key demand of independent MP Rob Oakeshott prior to his decision to back the Labor government.

According to the Australian Financial Review, business groups have drawn-up a “wish list” for the summit, which includes cutting corporate tax, shifting fringe benefits from employers to employees and the abolishment of state levies such as payroll tax.

Broadband warning

Many small firms will be pleased to see that the National Broadband Network is set to roll out in the wake of Labor’s election victory, but the opposition has warned that rolling out the network to regional areas before the major cities will undermine the project.

Fairfax points out that city users will, in effect, subsidise more unprofitable rural users under the deal struck between Labor and the independents. 

Bank fees may be curbed

The election has handed greater influence to the Greens, which has spooked the banks. Start-ups’ despair at bank fees has been noted by the Greens, which has proposed to force banks to cap fees on savings accounts, ATM transactions and mortgages.

Overnight

The Australian dollar is buying US 91.74 US cents, the European FTSE went up 100 points and the Australian stock market is expected to have a strong morning session.