Business News

5 things you need to know today

1. AMP chairman David Murray, who headed the 2014 Financial Services Inquiry, said he did not support the recommendation from Graeme Samuel's capability review into APRA that it would focus on the performance of super funds. "The risk always in supervisory promises is that, if done wrongly, the promise is no longer that of the financial institution, but it becomes the promise of the government and hence the taxpayer," Murray said according to the AFR.

2. First State Super and VicSuper, the default funds for public servents in NSW and Victoria respectively, have commenced due diligence on a merger that would create the second larget profit-for-members fund with $120 billion under management, behind only AustralianSuper.

3. 17% of those surveyed as part of ME Bank's latest property sentiment report believe that house prices will fall over the next 12 months, down from 28% since the last survey in April.

4. President Donald Trump's proposed nominee to the Federal Reserve's Board of Governors, Judy Shelton, told the Washington Post that she supported a 50 basis point cut at the central bank's meeting next week. 

5. The Dow Jones gained 0.07% to 27,171.90 overnight, the S&P 500 rose 0.28% to 2,985.03 and the Nasdaq was up 0.71% to 8,204.14.

Published on: Tuesday, July 23, 2019

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