Business News

5 things you need to know today

1. Jane Hume, the Assistant Minister for Superannuation and Financial Services, has told The Sydney Morning Herald that the Coalition will overhaul the superannuation system by 2021, beginning with making super insurance opt-in for Australians under 25 as well as implementing other recommendations from the Productivity Commission that could leave some workers $500,000 richer.

2. On the first sitting day of the Senate next week, Finance Minister ­Mathias Cormann is set to put forward a motion that would see the Senate sit until the Coalition's tax cut legislation is passed.

3. The Coalition rejected calls from Labor to bring forward the implementation of stage two of its three-stage income tax cut plan and split the third stage to be debated later.

4. Investors have withdrawn almost $3 billion from active fund managers according to Morningstar data cited by the AFR, while $2.9 billion has been invested into passively managed Australian share funds in the first five months of 2019.

5. With Donald Trump and Xi Jinping scheduled to meet at the G20 summit in Osaka later this week, the Dow Jones was relatively flat with a 0.03% increase to 26,727.54. The S&P 500 closed down 0.17% to 2,945.35 and the Nasdaq fell 0.32% to 8,005.70. 

Published on: Tuesday, June 25, 2019

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