All Ordinaries 5082 -8

Big profits for RIO, not so for Suncorp who got caned [SMH, The Australian]

Suncorp and Fairfax are also cutting staff.

Also in the news, utter moron Andrew Fraser seems to think that the reserve bank should take on his suggestion to cut rates .5%.  After all, it's not like they're an entity designed to be independent from political inteference, no matter how much Fraser wants to pander to the Australian public. [SMH]

"The Reserve Bank has accomplished its job - inflation needed to be tackled - but the job is now done and it's time to relent and offer families some relief."