The retail sector needs to concentrate on improving customer service in order to maximise on the pre-Christmas spending rush, KPMG says.

During December, retailers need to bring in twice as much revenue compared to other months of the year. NBR reported yesterday that the Christmas season would not rocket the retail market back into shape but would bring in more modest takings.

The Australian stock exchange opens today with a total ban on short selling.

The surprise move was announced last night, after a less restrictive ban on “naked” short selling – shorting without actually owning the shares – was revealed on Friday.

Now, “covered” short selling – in which traders borrow shares to short – is included too.

ASIC has followed in the footsteps of regulators in the US and the UK, which moved late last week to ban short sales in financial stocks.