Business News

5 things you need to know today

1. Anthony Albanese has described the language used for Labor's tax policies as "terrible" and said that unions and employers "have a common interest" in an interview with The Australian. "The core of Labor’s agenda has been job creation and we need to do that in the context of a global economy that is vulnerable and a changing domestic economy that is going through transition," he said.

2. Jim Chalmers is expected to announce today whether he will also run for the Labor leadership against Anthony Albanese.

3. The Leader of the House of Commons, Andrea Leadsom, has resigned from British Prime Minister Theresa May's cabinet. In a letter to May, Leadsom said: "I do not believe that we will be a truly sovereign United Kingdom through the deal that is now proposed".

4. Treasurer Josh Frydenberg met with Reserve Bank governor Philip Lowe yesterday. Frydenberg said that it was time for a "pro-growth strategy" for the Australian economy due to the "headwinds both internationally and domestically"

5. The Dow Jones fell 0.39% to 25,776.61 on Wednesday, while the S&P 500 dropped 0.28% to 2,856.27 and the Nasdaq fell 0.45% to 7,750.84.

Published on: Thursday, May 23, 2019

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