Business News

5 things you need to know today

1. At a meeting in Melbourne yesterday, Reserve Bank governor Philip Lowe told Treasurer Josh Frydenberg that "I agree 100 per cent with you that the Australian economy is growing and the fundamentals are strong." 

2. AustralianSuper CEO Ian Silk has dismissed research by the Grattan Institute that suggests a lift in the super guarantee from 9.5% to 12% would leave Australian workers $30,000 worse off over their lifetime. "The super nay-sayers have been rejected since the 1980s and we now have a super system that is regarded as one of the best in the world for workers and retirees," Silk said in a letter to the AFR.

3. The Dow Jones rose above 27,000 points for the first time ever overnight, closing 0.85% higher on 27,088.08. The S&P 500 is sitting just under 3,000 points after gaining 0.23%, while the Nasdaq fell 0.08% to 8,196.04.

4. Former US vice president and Democratic presidential candidate Joe Biden has criticised President Donald Trump's foreign policy and called for a stronger alliance with Australia and Asian nations. "We need to look for opportunities for strength and domestic cooperation with friends beyond North America and Europe. Reaching to our partners in Asia, including Japan, South Korea, Australia, India, to fortify our collective capabilities," Biden said in a speech.

5. Federal Reserve Chairman Jerome Powell has told the Senate Banking Committee that the US economy is in "a very good place" and that the Fed wants to "use our tools to keep it there". "It is very important that this expansion continue as long as possible," Powell said.

Published on: Friday, July 12, 2019

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