Business News

5 things you need to know today

1. The S&P/ASX 200 closed up 1.74% to 6476.10 points on Monday, the second largest post-election increase in 26 years and the highest point for the index since December 2007.

2. Prime Minister Scott Morrison has told Sky News that his tax cut plan is "very unlikely" to be passed before June 30, as election writs need to be returned before Parliament can be recalled.

3. Chris Bowen has announced he will run for the Labor leadership. Yesterday, Tanya Plibersek announced she does not intend to run, while Jim Chalmers told Q&A that he is considering running.

4. Overnight, the Dow Jones fell 0.33% to 25,679.90, the S&P dropped 0.67% to 2,840.23 and the Nasdaq closed down 1.46% to 7,702.38.

5. Reserve Bank Governor Philip Lowe will deliver a speech this afternoon titled 'The Economic Outlook and Monetary Policy' which may give some indication of a forthcoming interest rate cut.

Published on: Tuesday, May 21, 2019

blog comments powered by Disqus

New on Switzer