Business News

5 things you need to know today

1. APRA will implement a traffic light style rating of super funds when it publicly releases its performance assessments of individuals funds for the first time later this year. The AFR reported that funds would receive either a red, amber or green rating for at least four measures: net returns, fees and costs, insurance and 'sustainability'.

2. A report by Infrastructure Australia has found that the $200 billion committed to infrastructure projects over the next five years needs to continue into the future to ensure living standards do not drop. The report found that road congestion will cost the economy almost $39 billion by 2031 without additional funding, more than double the current cost of $19 billion.

3. Wall Street has again started the week lower, with the Dow Jones dropping 1.48% on Monday to 25,897.71, the S&P 500 falling 1.22% to 2,883.09 and the Nasdaq down 1.20% to 7,863.41.

4. Argentina's peso dropped by as much as 30% on Monday after current President Mauricio Macri was defeated by Alberto Fernández beat in a primary election by a 15.5 percentage point margin. The peso eventually closed 15% lower at 53.5 per US dollar.

5. Morgan Stanley said it expects two more successive cuts to US interest rates in September and October this year, before four cuts in 2020 that will bring rates close to zero.

Published on: Tuesday, August 13, 2019

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