Business News

5 things you need to know today

1. Following the Reserve Bank's decision to cut interest rates to 1%, ANZ announced it would pass on the cut in full, the only big four bank to do so.

2. RBA governor Philip Lowe said that further cuts could be on the way if the jobless rate does not improve. "Given the circumstances, the board is prepared to adjust interest rates again if needed to get us closer to full employment and achieve the inflation target," Lowe said.

3. NAB Group Chief Executive Officer Phil Chronican said yesterday that lower interest rates were not the only factor in stimulating the economy. "I don't think it is as important as identifying what the other factors that will drive economic growth are," Chronican said, while highlighting the importance of income tax cuts and other factors. 

4. The Coalition's income tax cut plan has passed the House of Representatives, with Labor choosing not to vote against the package. Labor's amendments, including bringing forward the second stage of tax cuts and removing the third stage that would be implemented in 2024-25, were not successful, with the opposition now planning to make amendments in the Senate.

5. The S&P 500 has again reached a record-high close after gaining 0.29% to 2,973.01, while the Dow Jones rose 0.26% to 26,786.68 and the Nasdaq 0.22% to 8,109.09.

Published on: Wednesday, July 03, 2019

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