Swan ignores calls for mini budget: Midday Roundup

Treasurer Wayne Swan has dismissed calls for a new mini budget, instead saying more savings will be found in the mid-year budget review.

The Opposition has been calling for a mini budget as it believes the Government won’t be able to deliver a surplus as promised next year.

“Savings are found in MYEFO generally as we go through that process and it’s happened before,” Swan said this morning in Canberra.

“It will happen in this MYEFO, and they’ll all be announced in due course.”

However, Opposition Leader Tony Abbott has said the Government needs a mini budget, and that “Parliament should not rise without the government facing up to its failures”.

The Opposition has also criticised the Government for assuming other nations would have an international carbon price system run by 2016, pointing out countries such as the United States have suggested a price won’t be ready by that time.

NBN names new chief operating officer

The National Broadband Network has named Ralph Steffens, former BT Group executive, as the organisation’s new chief operating officer.

Steffens formerly worked as BT’s managing director of service delivery.

The NBN says Steffen will oversee the construction of the network, along with planning for deployment, network operations and information technology.

iiNet buys TransACT for $60 million

iiNet has purchased Canberra firm TransACT for $60 million in a move that will add 40,000 customers to the company’s network.

Managing director Michael Malone said the deal will solidify the company’s position as the “new number two providers” of DSL access.

“iiNet’s acquisition of TransACT represents an attractive strategic opportunity to build scale
in the ACT market quickly and efficiently,” Malone said.

Shares flat after weak US lead

The Australian sharemarket has remained flat this morning after a weak lead from the United States last week where questions still remain over how the economy will be affected by ongoing debt negotiations in Europe.

The benchmark S&P/ASX200 index was down 23 points or 0.6% to 4154 at 12.00 AEST, while the Australian dollar remained at $US0.99c.

AMP shares rose 0.23% to $4.27, while Commonwealth Bank shares fell 0.46% to $47.51. ANZ shares lost 1.2% to $19.82, while NAB lost 0.9% to $23.25.

In the United States last week, the Dow Jones Industrial Average rose 25 points or 0.2% to 11,798.

Seek expects earnings growth in 2011-12

Seek says it expects higher profit growth in 2011-12, “so long as the unemployment rate does not exceed 6%”.

“We expect to continue to benefit from our leadership position and the structural migration of employment advertising from print to online,” chairman Robert Watson said in a statement.

“Despite global economic uncertainty, we expect the domestic employment business will continue to grow during 2012.”