Business News

5 things you need to know today

1. A rate cut by the Reserve Bank next week is expected to contribute to a 'quadruple whammy' that will see house prices stop falling sooner according to AMP Capital chief economist Shane Oliver. APRA's proposed removal of the 7% interest rate test by banks, the Coalition's First Home Loan Deposit Scheme and Labor's defeat that stopped negative gearing and capital gains tax changes also contributed.

2. Commonwealth Bank's Matt Comyn will today give his first major speech as CEO about how the bank will be "embracing a new mindset" by reducing fees and "owning mistakes and fixing them faster", the AFR reported.

3. Anthony Albanese will head to Queensland today after he was elected Opposition Leader unopposed yesterday.

4. UK Labour Leader Jeremy Corbyn has said he will support a referendum on any future Brexit deal. "It is clear that the deadlock in parliament can now only be broken by the issue going back to the people through a general election or a public vote," Corbyn said.

5. The 2019 Financial Review Rich List, which lists the richest 200 Australians, has seen the cut off to appear on the list increase to its highest level ever of $472 million. The combined wealth of those on the list increased from $282.7 billion last year to $341.8 billion.

Published on: Tuesday, May 28, 2019

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