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5 things you need to know today

1. The Coalition is close to forming majority government following the Federal election on the weekend. The Australian Electoral Commission currently has the Coalition leading in 77 seats and Labor in 68 seats, with a two-party-preferred count of 50.88% to 49.12%.

2. Bill Shorten quit as Labor leader following the party's loss, and yesterday Anthony Albanese confirmed his intentions to run in a leadership contest. Tanya Plibersek is set to announce her plan to run today, while Chris Bowen reportedly may also run.

3. Josh Frydenberg has described the Coalition's $158 billion income tax cut plan as the "priority piece of legislation" for the government, with Scott Morrison planning to reconvene parliament next month to pass the first stage of the plan.

4. The major benchmarks on Wall Street fell on Friday. For the week, the Dow Jones was down 0.7%, the S&P 500 was 0.8% lower and the Nasdaq dropped 1.3%.

5. Sportsbet has confirmed it lost at least $3 million after the betting agency paid out $1.3 million in bets for a Labor win on Thursday. 

Published on: Monday, May 20, 2019

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