Business News

5 things you need to know today

1. Shadow treasurer Chris Bowen has told the AFR that Labor needs to implement its proposed $200 billion in tax hikes as a "buffer" against the global economy. Bowen also told the AFR that he would implement all of the recommendations from the Hayne Royal Commission and would give more power to APRA to close super funds with poor performance.

2. Following a national holiday in the US on Monday, Wall Street stocks have started the week on a negative which saw the Dow Jones close 1.22% lower, the S&P 500 drop 1.78% and the Nasdaq down 1.91%.

3. Chinese President Xi Jinping has expressed his concern for slowing economic growth, and said in a speech that China needs to be alert to 'black swan' and 'grey rhino' events, Chinese expressions that refer to unexpected market incidents and ovious threats that are ignored, respectively.

4. Rafael Nadal will face 20-year-old Greek player Stefanos Tsitsipas in the semi-finals of the Australian Open, after Nadal defeated Frances Tiafoe last night.

5. Two Australians have received Oscar nominations for 2019: Tony McNamara in the Best Original Screenplay category and Fiona Crombie for Best Production Design, both for The Favourite.

Published on: Wednesday, January 23, 2019

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