Business News

5 things you need to know today

1. The Reserve Bank will hand down its latest interest rate decision at 2:30pm today. Analysis by Macquarie Bank indicates that NAB would be the most affected major bank by further rate cuts in 2019, with a forecasted 3.8% reduction in net profit this financial year and 8.6% next financial year.

2. Shopping centre landlords are calling on the Reserve Bank to keep interest rates on hold according to the AFR, which quoted Shopping Centres Australasia CEO Anthony Mellowes: "The RBA only has a few more interest rate cuts it can use so maybe its better to wait and see more of the effect from the election and the last month's rate cut."

3. Senator Stirling Griff has said that his Centre Alliance party is close to reaching a deal with Scott Morrison to pass the Coalition's income tax cut package, telling the ABC: "We just need to cross the t’s, dot the i’s to ensure that the money given is not taken away with increased energy costs."

4. The new US ambassador to Australia, Arthur Culvahouse, has told The Australian that the US has "immense confidence" in Australia's standing in the Pacific, and that Australia "can and should play a great power leadership role in the region".

5. The S&P 500 reached a record close of 2,964.33 points, up 0.77% following the G20 summit over the weekend. The Dow Jones rose 0.44% to 26,717.43 and the Nasdaq gained 1.06% to 8,091.16.

Published on: Tuesday, July 02, 2019

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