Business News

5 things you need to know today

1. The Australian Prudential Regulation Authority said on Wedensday that while it supported all of the recommendations by Graeme Samuel’s review, the introduction of Commonwealth Bank-style prudential inquiries would be "dependent on overall resourcing" and the ability to veto the appointment of directors and senior executives would be introduce the potential for "moral hazard and administrative burden".

2. A government spokesperson told the AFR there is only a chance that the recommendations made by the Hayne royal commission will be legislated by the end of the year. 40 of the 76 recommendations from the royal commission require legislation.

3. Housing Minister Michael Sukkar has encouraged first-home buyers to enter the property market now before the introduction of the First Home Loan Deposit Scheme next year. "If you’ve got an opportunity to get a foot in the market before then you should take it, given I think the market is starting to improve," Sukkar told The Australian

4. In her last major speech as the British Prime Minister, Theresa May said she was "deeply disappointed" she was not able to deliver Brexit. Commenting on the current political landscape, May also said that "an inability to combine principles with pragmatism and make a compromise when required seems to have driven our whole political discourse down the wrong path".

5. With mixed results coming out of the US earnings season, the Dow Jones closed down 0.42% to 27,219.85 on Wednesday, the S&P 500 fell back below 3,000 points and closed down 0.65% to 2,984.42 and the Nasdaq dropped 0.46% to 8,185.21.

Published on: Thursday, July 18, 2019

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