Business News

5 things you need to know today

1. Following a recommendation by the Hayne Royal Commission for mortgage broker commissions to be paid by customers up-front, Reserve Bank governor Philip Lowe told the National Press Club that he believes "the government is right to be cautious about going the full way and making the borrower pay".

2. The Australian dollar slipped by 0.8% immediately following Philip Lowe's speech yesterday, and is currently buying 71.17 US cents after falling further overnight.

3. President Donald Trump has called for unity in his second State of the Union speech, and said that "Victory is not winning for our party. Victory is winning for our country". While he did not declare a national emergency to fund his border wall, Trump did state: "I'll get it built".

4. The Dow Jones had a minor fall following Trump's speech and closed down 0.08%, while the S&P 500 dropped 0.22% and the Nasdaq was down 0.36%.

5. Wild weather hit parts of Victoria last night including large hailstones and heavy rainfall. A home in the Melbourne suburb of Preston caught on fire after being struck by lightning, while the town of Meredith in western Victoria received more than a month's worth of rain.

Published on: Thursday, February 07, 2019

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