Business News

5 things you need to know today

1. Reserve Bank goveror Philip Lowe said in a speech yesterday that "if demand growth is not sufficient, the Board is prepared to provide additional support by easing monetary policy further". Lowe also argued that low interest rates would not create a property bubble, noting that there had been "a significant tightening in lending standards".

2. Treasurer Josh Frydenberg is expected to instruct Parliament's Standing Committee on Economics to question a wider range of financial services providers at least once a year according to the AFR. The committee has been questioning the chief executives of the big four banks since 2016.

3. The European Central Bank has indicated that an interest rate cut may be on the cards in the future, and said that rates would remain "at their present or lower levels" for at least the next 12 months. ECB president Mario Draghi said that the economic outlook "is getting worse and worse and it is getting worse and worse in manufacturing and getting worse and worse in countries where manufacturing is very important

4. The Australian Competition and Consumer Commission is expected to hand down its final report on the behaviour of major technology companies including Facebook, Google and Amazon. The federal government will reportedly consider the ACCC's recommendations over the coming months.

5. The major Wall Street indexes closed down on Thursday, with the Dow Jones falling 0.47% to 27,140.98, the S&P 500 dropping 0.53% to 3,003.67 and the Nasdaq closed down 1.00% to 8,238.54.

Published on: Friday, July 26, 2019

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