Business News

5 things you need to know today

1. The Coalition's income tax cut package is set to be passed by the Senate today with independent Senator Jacqui Lambie and the Centre Alliance announcing their support. Lambie had previously called on the government to forgive Tasmania's $157 million social housing debt to gain her support.

2. Labor is still planning to fight the tax cut package, with Opposition Leader Anthony Albanese saying that "Labor will be pursuing our amendments before the Senate, because they represent good economic policy."

3. Michael Sukkar, the Assistant Treasurer and Minister for Housing, will call on the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority to review restrictions on bank lending, telling the AFR that "We want to get credit flowing".

4. The S&P 500 has closed at a record high for the third consecutive day, gaining 0.77% to 2,995.82. The Dow Jones and Nasdaq also closed at record highs, up 0.93% to 26,966.00 and 0.75% to 8,170.23, respectively. US markets will be closed on Thursday local time for Independence Day.

5. Property industry confidence improved following the federal election according to the latest quarterly ANZ/Property Council Survey, ending a year-long downward trend. "This strong sentiment bounce is driven by some welcome post-election policy certainty out of Canberra and will be an encouraging sign for the RBA and national policy makers," Property Council Chief Executive Ken Morrison said.

Published on: Thursday, July 04, 2019

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