Business News

5 things you need to know today

1. ANZ CEO Shayne Elliott said that increased costs following the Hayne Royal Commission was a factor in the bank not passing on the Reserve Bank's full interest rate cut. "We have an obligation to be profitable and generate a decent return. If we don’t, then we don’t get capital to go out and raise deposits and lend money," Elliott told the AFR.

2. Labor's Treasury spokesman Jim Chalmers has told The Sydney Morning Herald that the party would consider changing its stance against the second stage of the Coalition's tax cut plan if they were brought forward to July. The $20 billion in tax cuts were originally planned to be introduced in 2022.

3. The Australian Dollar will sit at 69 US cents in three months time according to a Reuters poll of up to 45 analysts, down from a prediction of 71 US cents from a poll last month. The Aussie is currently trading at 69.76 US cents.

4. Trade talks between US and Mexican officials are expected to continue in Washington on Thursday night local time. A White House official told NBC News that "signficant progress" was being made in the negotiations.

5. Stocks on Wall Street closed higher on Thursday for the fourth consecutive day of gains for the major indexes. The Dow Jones rose 0.71% to 25,720.66, the S&P 500 gained 0.61% to 2,843.49 and the Nasdaq lifted 0.53% to 7,615.55. 

Published on: Friday, June 07, 2019

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