Business News

5 things you need to know today

1. Debt for Australia's states and territories is expected to more than double from $81 billion this financial year to over $184 billion by 2023 according to analysis by The Australian.

2. The Labor party is reportedly still considering opposing stage three of the Coalition's income tax cuts that are due to come into effect in 2024. The AFR reported that Labor would potentially be opposing $137 billion in tax cuts that are already legislated or due to be in the future.

3. In the ongoing trade negotiations between the US and China, Donald Trump tweeted that he "had a very good telephone conversation" with Xi Jinping on Tuesday. "We will be having an extended meeting next week at the G-20 in Japan. Our respective teams will begin talks prior to our meeting," Trump tweeted.

4. The Dow Jones was up 1.35% to 26,465.54 following Trump's tweet, while the S&P 500 rose 0.97% to 2,917.75 and the Nasdaq gained 1.39% to 7,953.88

5. The White House reportedly explored whether it could legally demote US Federal Reserve Chairman Jerome Powell in February according to a Bloomberg report. Ahead of the Fed's latest interest rate announcement, Donald Trump responded to questions from reporters about whether Powell should be demoted with: "Let’s see what he does."

Published on: Wednesday, June 19, 2019

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