Business News

5 things you need to know today

1. Income tax paid by high income earners is expected to "vastly outstrip" wage growth if the Coalition's tax cut plan is not passed in full, analysis by the AFR has shown. Using the example of an individual earning $180,000 in 2008-09, there would be a 58% increase in wage growth compared to a 76% increase in income tax liability. 

2. The CSIRO's Australian National Outlook has put forward two potential scenarios of what Australia will be like in 2060. It suggests a 'slow decline' would occur if there is "no action on the most significant economic, social and environmental challenges", with GDP growth of 2.1% on average and 40% higher wages, compared to the alternative 'outlook vision' of 2.8% GDP growth and 90% higher wages "if these challenges are tackled head on".

3. Over 7% of people surveyed by the Victorian government reported they were working in the gig economy across more than 100 digital platforms like Airtasker, Uber and Deliveroo.

4. The Dow Jones and S&P 500 have both begun the week with gains of around 0.09% to 26,112.53 and 2,889.67, respectively. The Nasdaq rose by 0.62% to 7,845.02.

5. Vocus chief executive Kevin Russell has dismissed claims that AGL Energy withdrew its $3 billion takeover bid due to the state of the company's operations, telling The Australian: "I don’t want to speculate on why AGL, or EQT for that matter, didn’t proceed with a bid but it certainly won’t be the books."

Published on: Tuesday, June 18, 2019

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