The business community has demanded that Labor pass the Coalition’s tax
cuts and end confusion threatening to cost employers tens of millions
of dollars, reports The Age.
Payroll companies, accountants and employers are warning of huge red
tape costs triggered by the uncertainly, with the end of the financial
year now just five and a half weeks away.

Federal Treasury took
the first step towards putting flesh on the bones of Peter Costello’s
budget announcement of a Future Fund Late last week by calling a tender
for the asset consultancy that will help develop its investment
mandate. The tender, which will close on June 14, provides some
indication of the speed with which the Government is moving, says Stephen Bartholomeusz in the Smage.
The urgency may have something to do with the prospect that the
structure of the fund could have implications for T3, the final
selldown of the Government’s remaining 50.1 per cent stake in Telstra.

Directors
and senior executives caught engaging in anti-competitive conduct will
lose their legal protection and be forced to pay fines of up to
$500,000 – plus their own legal costs – under changes to competition
laws, reports the Fin Review. Also in the AFR,
the WA resources boom is fuelling a property boom which shows little
sign of slowing down – WA has the best performing real estate market in
Australia across all sectors.

New York property tycoon Donald Trump has unveiled plans for an online university to pass on his business expertise, reports The Australian.
To be called “Trump University,” the virtual institution of higher
learning offers no degree and will be chaired by Trump himself. The
online courses, costing $US300 ($395) and supplemented by CDs, DVDs and
textbooks, will focus on marketing, real estate, negotiation and
communication.

On Wall Street, Google shares ran up more than 5%
to $US255.45, a fresh high since the company went public in August last
year at $US85, on speculation the company will be added to the S&P
500 Index. The surge drove the Nasdaq to a two-month high as U.S.
stocks extended their rally into a second week. Market Watch has a full
report here.