Business News

5 things you need to know today

1. Reducing electricity and gas prices will be key to the Coalition's $158 billion in income tax cuts being passed according to a report by The Australian, which said that Centre Alliance senator Rex Patrick and One Nation leader Pauline Hanson were both concerned that the benefits of tax cuts could be wiped out by higher electricity and gas costs, as well as other living expenses. 

2. Over 80% of the interest rates of savings accounts and 44% of the interest rates of term accounts are below the headline rate of inflation according to analysis published by the AFR.

3. Donald Trump has said that China willl make a deal with the US "because they’re going to have to" in an interview with CNBC. The President also said criticised the Federal Reserve, and said it had "made a big mistake" after it "raised interest rates far too fast".

4. Trump also announced over the weekend that plans to impose a 5% tariff on imports from Mexico had been suspended indefinitely. He tweeted that "some things not mentioned in yesterday press release, one in particular, were agreed upon" and that more details would be released at a later date.

5. While the Australian market was closed on Monday for the Queen's Birthday public holiday, stocks on Wall Street began the week higher. The Dow Jones rose 0.30% to 26,062.68, the S&P 500 gained 0.47% to 2.886.73 and the Nasdaq lifted 1.05% to 7,823.17.

Published on: Tuesday, June 11, 2019

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