THE NEWS WRAP: The Australian dollar is on track to reach parity with the US dollar

Business is facing a period of hard bargaining with unions pushing for pay increases above inflation rates and superannuation contributions above the statutory 9%.

Retailers and food producers are set to be those most affected by the unions’ demands, according to the Australian Financial Review.

Meanwhile, the superannuation industry has claimed that the number of people hit by the excess super contributions penalty will soar.

Clothing retailers want normal Christmas

All that clothing retailers want for Christmas is a ‘normal’ trading period, to negate the need for damaging discounting, according to The Australian.

Although retail figures in general have strengthened in recent months, clothing shops are struggling by comparison, the industry claims. 

Australian dollar close to US parity

The Australian dollar is on track to reach parity with the US dollar, surging through the US 96 cents barrier this morning.

The dollar is now at its highest level since July 2008, when it hit US 97.92 cents.

BlackPad set to launch

Businesses are expected to get their first peek at BlackBerry’s entry into the tablet market. The brand’s rival to Apple’s iPad has been dubbed ‘BlackPad’.