Business News

5 things you need to know today

1. Scott Morrison will today use his first major domestic speech since last month's election to argue that government red tape on businesses investing needs to be removed to "provoke the much needed ‘animal spirits’ in our economy", the AFR reported.

2. The PM will also continue putting pressure on Labor to support the Coalition's $158 billion income tax cut package, and said that Australians could use their tax cuts of up to $1,080 to help refuel the economy.

3. Richard Thaler and Eugene Fama, two winners of the Nobel Prize for Economics, have described Australia's superannuation system as complex with a "mind-boggling" range of investment options in an interview with The Australian.

4. Australian retail has the weakest businesses conditions of any sector of the economy according to a report by the Reserve Bank. The Australian reported that net margins for food retailers have fallen from just above 7% a decade ago to below 5% while non-retail net margins have almost halved to 4%.

5. While falling slightly on Friday, the major indexes all ended the week stronger, with the Dow Jones up 2.41%, the S&P 500 climbing 2.20% and the Nasdaq gaining 3.02%.

Published on: Monday, June 24, 2019

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