Business News

5 things you need to know today

1. Treasurer Josh Frydenberg has dismissed calls from Labor for the introduction of additional fiscal stimulus to the economy. In an interview with The Australian, Frydenberg said that Labor was "talking up stimulus and at the same time saying how important surpluses are to the economy".

2. Prime Minister Scott Morrison's expenditure review committee is considering multiple options for a change to the deeming rate, with an update due within a week according to a report by The Sydney Morning Herald.

3. The Coalition needs fulfil its plan to deliver a budget surplus to maintain Australia's AAA credit rating according to S&P Global Ratings director Anthony Walker, who told the AFR that infrastructure spending by the states is currently holding back a return to surplus.

4. Following the leak of memos from Britain's ambassador to the US that described his administration as "uniquely dysfunctional", Donald Trump has criticised Theresa May on Twitter for her handling of Brexit. "What a mess she and her representatives have created," Trump said, and added in a subsequent tweet: "The good news for the wonderful United Kingdom is that they will soon have a new Prime Minister."

5. As the trading week kicked off in the US, the major indexes fell. The Dow Jones closed down 0.43% to 26,806.14, the S&P 500 dropped 0.48% to 2,975.95 and the Nasdaq fell 0.78% to 8,098.38.

Published on: Tuesday, July 09, 2019

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