The Committee for Economic Development of Australia says there needs to be an urgent overhaul of the tax system to boost productivity. 

 

“We need a national productivity policy that covers not only tax reform, but also looks at things like infrastructure and education. I mean we are saying as well, but there needs to be a very careful examination as to whether subsidies for those industries are not contributing to Australia's economic well-being, should in fact continue into the future. But these are big picture issues. These are issues which the Commonwealth government needs to display some leadership on. "

 

Steve Martin there. 

 

To the markets. 

 

And the Dow has dropped 15 points. The Nasdaq has risen 6. The S&P 500 is steady. In London, the FTSE is 17 points lower. 

 

Look at commodity prices. 

 

West Texas Crude is trading at 93 US dollars a barrel. Tapis is at 114. Gold is worth 1311 US dollars an ounce. 

 

The Australian dollar is buying 95 US cents, 71 Euro cents and 59 pence sterling.