Business in 90 Seconds
In this update: the latest in finance. Australia's current account deficit has narrowed sharply to $3.9 billion in the last few months of 2016. The Australian Workers' Union has written to Prime Minister Malcolm Turnbull urging him to ensure a portion of Australia's natural gas for domestic use.
Transcript
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HELLO ALICIA BARRY WITH THE TOP BUSINESS STORIES ON ABC NEWS...
AUSTRALIA'S CURRENT ACCOUNT DEFICIT HAS NARROWED SHARPLY TO THREE-POINT-NINE BILLION DOLLARS IN THE LAST FEW MONTHS OF 2016. THAT'S THE LOWEST LEVEL SINCE 2001 AND WELL DOWN ON THE 10-POINT-TWO BILLION DOLLARS RECORDED IN THE THIRD QUARTER. SOARING COMMODITY PRICES, RISING EXPORT VOLUMES AND A NARROWER NET INCOME DEFICIT HAVE HELPED NARROW THE DEFICIT IN THE PERIOD. AFTER THE DATA THE AUSTRALIAN DOLAR IS BUYING 76-POINT-EIGHT US CENTS.
THE AUSTRALIAN WORKERS UNION HAS WRITTEN TO PRIME MINISTER MALCOLM TURNBULL... URGING HIM TO ENSURE A PORTION OF AUSTRALIA'S NATURAL GAS FOR DOMESTIC USE. THE UNION SAYS THE BULK OF DOMESTICALLY PRODUCED GAS IS BEING SHIPPED TO KOREA, JAPAN AND CHINA... WHICH IS CREATING A SHORTAGE IN AUSTRALIA. A-W-U SAYS THESE EXPORT LEVELS ARE DRIVING UP DOMESTIC PRICES WHICH IS FORCING LOCAL BUSINESSES TO PAY SOME OF THE WORLD'S HIGHEST PRICES FOR GAS.
THE AUSTRALIAN SHARE MARKET IS PUSHING HIGHER. THE ALL ORDS IS UP POINT-FOUR PER CENT. SO IS THE ASX 200 INDEX. A HALF YEAR LOSS HAS SENT SPOTLESS SHARES FALLING. GOLD MINERS ARE TAKING A BEATING. WORLEY PARSONS HAS RALLIED ON NEWS ITS THE SUBJECT OF A TAKEOVER PROPOSAL BY DUBAI'S DAR GROUP.
