We never said we would increase GST: PM

Malcolm Turnbull insists no decision has been made to increase the GST and he is not convinced it's the way to go anyway. The prime minister says people may think such a decision had been made because of Opposition Leader Bill Shorten's scare campaign "through the green grocery aisles of Australia". "We had not," he told ABC Television on Sunday.

  • Liberals at war with selves on GST: Bowen AAP - 3 hours ago
    Liberals at war with selves on GST: Bowen

    Shadow treasurer Chris Bowen says the Liberal Party is at war with itself over a possible increase to the GST. Prime Minister Malcolm Turnbull says he's yet to be convinced that raising the GST rate to 15 per cent is the way to deliver tax reform, but Mr Bowen insists that such an increase is in the DNA of the Liberal party. "We know that's what Malcolm Turnbull and (Treasurer) Scott Morrison really want to do.

  • Turnbull remains unconvinced by GST move AAP - 5 hours ago
    Turnbull remains unconvinced by GST move

    Malcolm Turnbull remains unconvinced that an increase in the GST is the way to go in the government's tax reform package. The prime minister says an increase in the GST from 10 per cent to 15 per cent would raise just over $30 billion, which would be used to compensate people on low income and welfare while reducing personal income tax. "So you've got the negative of the GST increase versus the positive of cutting personal income tax," Mr Turnbull told ABC television on Sunday.

  • Earnings season cranks up for Aus market AAP - 6 hours ago
    Earnings season cranks up for Aus market

    Earnings reports from big-name companies will likely shape the Australian share market this week as Chinese New Year sidelines Asian markets. The local market closed slightly lower on Friday as gains by the big miners failed to fully offset weakness in financial and retail stocks. The tired finish to the Australian market's week preceded plunging technology shares in the US after poor results from data company Tableau Software and networking platform LinkedIn and a tepid US jobs report.

  • Cabinet to have final say on tax reform:PM AAP - 8 hours ago
    Cabinet to have final say on tax reform:PM

    Prime Minister Malcolm Turnbull says he's yet to be persuaded that increasing the GST should be part of the tax reform package. He says he's not convinced it would stimulate jobs and growth and unless ...

  • We gave rolled-gold GST promise: senator AAP - 10 hours ago

    Senator Ian Macdonald says he is one of the few members of parliament who was around when the 10 per cent GST was introduced in 2000. Prime Minister Malcolm Turnbull last week appeared to cast doubt that his government would go ahead with a change in the GST as part of its tax reform package. Cabinet Secretary Arthur Sinodinos is saying "nothing is inevitable".

  • Air Berlin pilots agree to 2016 pay cuts AAP - 11 hours ago

    Managers and pilots of Air Berlin have agreed to pay cuts as the struggling German airline tries to rein in costs with a new restructuring program. About 80 managers will see their remuneration slashed by between 5 and 10 per cent this year, and the pilots will also make a contribution to the latest cost cutting effort, a spokesman said.

  • Oil sales from Iran exceed 300k barrels AAP - 23 hours ago
    Oil sales from Iran exceed 300k barrels

    Iranian Oil Minister Bijan Zanganeh says Iran's crude oil sales to Europe after the lifting of international sanctions on Tehran have already reached above 300,000 barrels, according to the ministry's news agency. Iran's oil exports, which had peaked at more than three million barrels per day (bpd) in 2011, fell to a little more than one million bpd after tougher sanctions were imposed in 2012 because of its nuclear program. After the rubber-stamping of the nuclear deal with world powers last year, however, Tehran has ordered a 500,000 bpd increase in oil output.

  • Obama claims victory after employment rise AAP - Sat, Feb 6, 2016 8:48 PM NZDT
    Obama claims victory after employment rise

    President Barack Obama says Americans should feel good about the economy after the latest jobs report showed the US unemployment rate at an eight-year low of 4.9 per cent. Obama, in his eighth and final year in office, on Friday made a relatively rare and unexpected appearance in the White House briefing room to talk about how the economy had recovered under his watch. "We have recovered from the worst economic crisis since the 1930s, the worst in my lifetime and the lifetime of most of the people in this room," Obama said, noting the unemployment rate was 10 per cent in 2009, when he took office.

  • Ten companies control politics: Dastyari AAP - Sat, Feb 6, 2016 6:46 PM NZDT
    Ten companies control politics: Dastyari

    Labor senator Sam Dastyari has hit out at ten top Australian companies, accusing them of hijacking democratic debate with their interests and agendas. In a speech to a politics in the pub event in Canberra ...

  • LinkedIn shares plunge almost 44% in US AAP - Sat, Feb 6, 2016 1:52 PM NZDT
    LinkedIn shares plunge almost 44% in US

    Investors have given LinkedIn a poor job review in the form of a dramatic sell-off that wiped out nearly $US10 billion ($A13.92 billion) in the professional networking service's market value after it issued ...

  • Tas cleans up at national tourism awards AAP - Sat, Feb 6, 2016 12:48 PM NZDT
    Tas cleans up at national tourism awards

    Apple Isle tourism operators have won more medals at the national tourism awards than any other state in the country. Tasmanian operators claimed seven golds, nine silvers and three bronzes at the Qantas ...

  • Three missing after SAfrica mine collapse AAP - Sat, Feb 6, 2016 12:26 PM NZDT
    Three missing after SAfrica mine collapse

    Almost 90 miners have been rescued and three other workers are missing after a cave-in at a gold mine in the northeast of South Africa, mine owner Vantage Goldfields says. The collapse at the mine's main entrance on Friday trapped 87 workers underground, all of whom were rescued, the small, Australia-based gold producer said in a statement, but three others who had been working on the surface at the time could not be accounted for. Work at the mine was suspended pending investigation on what caused the collapse, Vantage said.

  • Twitter 'suspends 125,000 terror accounts' AAP - Sat, Feb 6, 2016 11:57 AM NZDT
    Twitter 'suspends 125,000 terror accounts'

    Twitter Inc says it has shut down more than 125,000 terrorism-related accounts since the middle of 2015, most of them linked to the Islamic State group in Iraq and Syria. Twitter has said it takes down accounts only when they are reported by other users, but the company said in a blog post on Friday it had increased the size of teams monitoring and responding to reports and had decreased its response time "significantly". When accounts are reported, Twitter said it looked at ones that were similar and used spam-fighting tools to identify other violent accounts, which it said had resulted in more suspensions.

  • Texas jury orders Apple to pay $US626m AAP - Fri, Feb 5, 2016 10:42 PM NZDT
    Texas jury orders Apple to pay $US626m

    A US federal jury in East Texas has ordered Apple to pay $US625.6 million ($A870.76 million) after finding that Apple services like FaceTime and iMessage infringed on technology patents held by Nevada patent-holding company VirnetX. VirnetX had previously won a $US368 million verdict against Apple on similar claims in 2012. While an attorney for VirnetX praised the verdict, Apple vowed to appeal and said the case shows a need for patent-system reform.

  • Toyota's quarterly profit up 5% AAP - Fri, Feb 5, 2016 9:51 PM NZDT
    Toyota's quarterly profit up 5%

    Toyota's quarterly profit rose nearly five per cent as sales expanded, especially in the US, prompting the Japanese automaker to raise its full year earnings forecast. Toyota Motor Corp., the number 1 ...

New Zealand Markets

Company Finances

  • Subway: Review finds 'serious' complaint about Jared Fogle Associated Press - Sun, Sep 13, 2015 1:30 AM NZST
    Subway: Review finds 'serious' complaint about Jared Fogle

    The Subway restaurant chain said it received a "serious" complaint about Jared Fogle when he was the company's spokesman but that the complaint did not imply any criminal sexual activity. The ...

  • Holden keeps 100 design jobs in Australia AAP - Sun, Sep 13, 2015 1:06 AM NZST
    Holden keeps 100 design jobs in Australia

    Holden will keep more than 100 design jobs and add 18 new positions after manufacturing ends in Australia in 2017. The powertrain engineering and development team will stay in Australia after General Motors reversed a decision to send the jobs overseas. "More than 100 additional Holden engineering staff will continue to apply their skills and talents to local and global vehicle programs," managing director Mark Bernhard said on Saturday.

  • Fiat Chrysler recalls 1.7M trucks for air bag, weld troubles Associated Press - Fri, Sep 11, 2015 6:18 AM NZST
    Fiat Chrysler recalls 1.7M trucks for air bag, weld troubles

    Fiat Chrysler is recalling more than 1.7 million trucks to fix problems with air bags and welds in the steering system. The biggest of three recalls announced Thursday covers 1.35 million Ram 1500, 2500 ...

  • McDonald's to switch to cage-free eggs over next decade Associated Press - Thu, Sep 10, 2015 9:12 AM NZST
    McDonald's to switch to cage-free eggs over next decade

    McDonald's says it will switch to cage-free eggs in the U.S. and Canada over the next decade, marking the latest push under CEO Steve Easterbrook to try and reinvent the Big Mac maker as a "modern, ...

  • Survey shows big gaps in knowledge about auto safety tech Associated Press - Wed, Sep 9, 2015 9:24 AM NZST
    Survey shows big gaps in knowledge about auto safety tech

    Adaptive cruise control has been an option on some cars for almost a decade. But in a recent national survey, 65 percent of U.S. drivers didn't know what it was. The survey, by the University of Iowa Public ...

  • Toyota invests $71m in driverless cars AAP - Sat, Sep 5, 2015 8:10 PM NZST
    Toyota invests $71m in driverless cars

    Toyota is investing $US50 million ($A71 million) with Stanford University and the Massachusetts Institute of Technology in the hope of gaining an edge in an accelerating race to phase out human drivers. The financial commitment announced on Friday by the Japanese carmaker will be made over the next five years at joint research centres located in Silicon Valley and another technology hub in Cambridge, Massachusetts. Toyota has hired robotics expert Gill Pratt to oversee research aimed at developing artificial intelligence and other innovations that will enable future car models to navigate the roads without people doing all the steering and stopping.

  • Harley riders rumble into Milwaukee for rally, bike show Associated Press - Sat, Sep 5, 2015 12:06 PM NZST
    Harley riders rumble into Milwaukee for rally, bike show

    Gearheads converged on the Harley-Davidson Museum on Friday to show off, talk shop and get started on a weekend motorcycle rally and custom bike show. Tents outside the museum featured T-shirts, trinkets ...

  • Toyota to invest $50M in car-tech research at Stanford, MIT Associated Press - Sat, Sep 5, 2015 7:36 AM NZST
    Toyota to invest $50M in car-tech research at Stanford, MIT

    Toyota is investing $50 million with Stanford University and the Massachusetts Institute of Technology in hopes of gaining an edge in an accelerating race to phase out human drivers. The financial commitment ...

  • From eggs to trees, USDA promotional programs controversial Associated Press - Sat, Sep 5, 2015 6:37 AM NZST
    From eggs to trees, USDA promotional programs controversial

    The slogans are familiar: "The Incredible Edible Egg," ''Pork: The Other White Meat," and "Got Milk?" They've all been part of promotional campaigns overseen by the Agriculture ...

  • Recalls this week: windshield deicer, bicycles Associated Press - Sat, Sep 5, 2015 5:00 AM NZST
    Recalls this week: windshield deicer, bicycles

    More than 4 million bottles of windshield deicer and frost reducer are being recalled because the trigger assembly can be removed by children, posing a risk of poisoning. Other recalled consumer products ...