澳洲新闻 2009-07-01（在线收听）

The new financial year has ushered in a new industrial relations system. Under the new regulations, small businesses with a hundred employees or less are no longer exempt from unfair dismissal laws. There are several tax breaks too, the second highest bracket will be lowered from 40% to 38%, and the 30% tax bracket won’t kick in until someone is earning at least $35,000. But the government superannuation co-contribution rate has been cut from 150% to 100%.

New data shows that British economy has recorded its worst contraction in 51years. Official estimates that put the first quarter in negative territory have now been revised down to 2.4%. It’s also predicted that three million Britons will be out of work by the end of the year.

To the markets, US investors were spooked by falling consumer confidence. The Daw Jones shed nearly 1%. European market also lost ground. London’s FTSE closed 45 points weaker, and the DAX slumped more than 1.5%.

And checking the currencies, the Australian dollar is stronger against most of the majors and is buying 80.6 US cents.

And that’s ABC Business News.