Business News

5 things you need to know today

1. Treasurer Josh Frydenberg has told the AFR he is currently assessing the Statement on the Conduct of Monetary Policy, an agreement between the federal government and the Reserve Bank that sets the target inflation band of 2-3%. "I will be signing an agreement in due course, but am currently taking advice from Treasury, after which I will have a discussion with the governor," Frydenberg told the AFR.

2. The ASX All Ords reached a record-high close yesterday after gaining 49.9 points or 0.73% during the session to 6,862.4. The previous record-high close was 6853.6 on November 1, 2007.

3. Melbourne was the only capital city where apartment prices increased during the June quarter with the median price up 2.0% according to the Domain House Price Report. The median house price increased by 0.3% in Melbourne, 0.7% in Hobart and 1.5% in Canberra, and was down in all over capitals.

4. Boris Johnson has undertaken an overhaul of his cabinet after becoming the UK's Prime Minister. 17 senior ministers who served under Theresa May have resigned or been sacked.

5. While the Dow Jones closed down 0.29% to 27,269.97 after disappointing results led to falls for Boeing and Caterpillar, the S&P 500 was up 0.47% to a new record of 3,019.56 and the Nasdaq gained 0.85% to 8,321.50

Published on: Thursday, July 25, 2019

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