The government is inching closer to passing its $144 billion multi-stage income tax cuts package, despite hitting a speed-bump in the Senate on Wednesday . Toys R Us and Babies R Us stores around the country will be shut down, after administrators failed to find a buyer for the business. 800 jobs will be cut. Telstra's chief executive, Andy Penn, insists customer service will not suffer as 8,000 jobs are cut from the telecommunications giant. Telstra says it will axe one in four of its executive and middle management jobs and consolidate its back-office operations as it cuts its workforce over the next three years to save $1 billion.
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