Business News

5 things you need to know today

1. As part of the Coalition's income tax cut package which passed the Senate in full yesterday, low and middle-income earners will receive a tax rebate of up to $1,080 from next week, more than double the previous maximum.

2. The S&P/ASX 200 closed up 0.49% to 6,718.00 points yesterday, edging closer to the record high of 6,851.50 reached in November 2007.

3. AustralianSuper, the largest super fund in Australia, has flagged the possibility of lower returns in the future after delivering a return of 8.67% in 2018/19. "Members need to temper their expectations of ongoing big returns... We know that at some point the fund will experience very low or even negative returns," chief investment officer Mark Delaney said according The Sydney Morning Herald.

4. Following a meeting between Donald Trump and Kim Jong Un last Sunday, North Korea's mission to the UN released a statement that said the US is "hell-bent on hostile acts" towards the country. North Korea said its statement was in response to a letter sent by the US to all UN member states calling for tougher sanctions before the two leaders met.

5. Wall Street was closed for Independence Day overnight. Donald Trump oversaw a parade in Washington DC involving military aircraft and tanks, dubbing it the 'Salute to America'.

Published on: Friday, July 05, 2019

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