Business News

5 things you need to know today

1. Some Coalition MPs have spoken out against the planned super guarantee increase from 9.5% to 12% by 2025 according to a report by The Australian, which quoted MP Andrew Hastie as saying he'd prefer it if "people have more of their own money to pay down their existing debt such as their mortgage and ease the cost of living now."

2. Kenneth Hayne said he backed all the recommendations from Graeme Samuel's capability review into APRA, and told the AFR that the contents of the review were "entirely consistent" with what he wrote in his own royal commission final report.

3. The federal government has criticised Labor's calls to increase Newstart by as much as $75 a week. "Our focus will always be to get people off welfare and into work. Taxpayers expect nothing less. The Morrison government strongly believes that the best form of welfare is a job," Employment Minister Michaelia Cash said according to the AFR. Treasury estimates suggest the increase would cost $12.5 billion over the next four years.

4. Analysis by Ernst & Young published by The Sydney Morning Herald indicates that there are 462,000 more Australians looking for work than there are job vacancies. 

5. The US quarterly earnings season is ramping up, with around a third of the components of the Dow Jones and S&P 500 due to report this week according to Market Watch.

Published on: Monday, July 22, 2019

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