Business News

5 things you need to know today

1. Anthony Albanese said that "vested interests" played a role in Labor's election defeat, echoing comments from Bill Shorten yesterday. Albanese told The Today Show that the party also has to "accept our responsibility that some of the policies that we put forward clearly didn’t connect with enough people".

2. Industrial Relations Minister Christian Porter said that the Fair Work Commission's minimum wage increase, combined with the Coalition's tax cuts, would "ease cost of living pressures and lift the living standards of all low-paid workers in Australia".

3. James Packer has sold close to half his stake in Crown, reducing his holding from 46.1% to 26%, in a deal worth $1.8 billion.

4. The Dow Jones rose 0.17% to 25,169.88, the S&P 500 gained 0.21% to 2,788.86 and the Nasdaq increased 0.27% to 7,567.72.

5. Uber has reported a US$1 billion ($1.45 billion) loss for the first quarter of 2019 after the company listed on the New York Stock Exchange earlier this month.

Published on: Friday, May 31, 2019

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