Federal Treasurer Wayne Swan has officially closed the October Tax Forum after announced the government would not conduct inquiries into issues raised by participants.

However, Mr Swan pledged the formation of a business tax working group to report back in six months on what reforms should be made to the corporate tax system.

Mr Swan announced another review, to be headed by two state treasurers, to investigate how state taxes can be harmonised. The review will be chaired by Queensland’s Treasurer Andrew Fraser and NSW’s Mike Baird.

Resourcestocks magazine has published its 2011 World Risk Survey, finding that Western Australia shares first place with South Australia and Novia Scotia in the Australian States and Canadian Provinces survey.

The Australian Bureau of Statistics (ABS) has released data showing a lift in retail sales for a second consecutive month.

The Reserve Bank of Australia (RBA) has announced its decision to leave the cash rate unchanged at 4.75 per cent.

Australian exporters have recorded a trade surplus of $3.1 billion n August – the second highest on record – as well as experiencing the highest exports to Asia on record.

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