Business News

5 things you need to know today

1. Prime Minister Scott Morrison has called the election date for May 18 after visiting the Governor-General earlier this morning.

2. Labor is planning to schedule Parliament to sit in June to pass its proposed tax changes if it wins the election. These include tax cuts for low and middle income earners, and an increase for the top tax rate to 49%.

3. The US Federal Reserve has again indicated that interest rates are likely to remain on hold for the rest of 2019. In the minutes from its March monetary policy meeting released overnight, the Fed said: "A majority of participants expected that the evolution of the economic outlook and risks to the outlook would likely warrant leaving the target range unchanged for the remainder of the year." 

4. The Dow Jones rose 0.03%, the S&P 500 gained 0.35% and the Nasdaq lifted 0.69% overnight.

5. European Union leaders have reportedly agreed to a Brexit delay until October 31, with a review slated for June.

Published on: Thursday, April 11, 2019

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