Business News

5 things you need to know today

•          The government is today unveiling its plans to overhaul the GST income system for the states in a bid to improve fairer funding. The Federal Government says it will ensure that by 2022, no state receives less than 70 cents per person per dollar of GST. The government will have to tip in $7 billion extra to ensure no state is worse off. The new plans come after a year-long review by the government's main independent economic advisor, the Productivity Commission.

          An Australian businessman and former Rio Tinto executive Stern Hu has been released from prison in China. The former head of Rio Tinto's China iron ore business, was released from a Shanghai prison, after serving eight years in jail following a 2010 conviction for corruption and stealing commercial secrets. Hu was one of four defendants arrested by China and subsequently fired by Rio.

          There’s growing concern from analysts that there could be a full-blown trade war on the cards. Saxo Bank’s chief economist said the global economy is entering one of the most dangerous periods since the fall of the Berlin Wall, while a lead economist at Oxford Economics said a trade could cost the global economy $US800 billion.

          The Federal Government has handed global IT giant IBM a $1 billion dollar deal to help it deliver its digital agenda. The five-year deal will see IBM’s hardware, software and cloud solutions rolled into major government agencies, including the Australian Taxation Office (ATO), the Department of Human Services (DHS), the Department of Home Affairs (DHA), and the Department of Defence (DOD).

          Woolworths has signed a 15-year wholesale fuel supply agreement with Caltex Australia, but it will continue to pursue an initial public offering or sale of the petrol station business. The deal comes two weeks after BP axed a proposal to buy Woolworths’s petrol stations after regulators indicated they would oppose the deal.



Published on: Thursday, July 05, 2018

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