Business News

5 things you need to know today

1. Treasurer Josh Frydenberg has predicted "soft" economic growth figures in the National Accounts due to be released tomorrow. "With the election falling in the middle of the June quarter and the ongoing impact of trade tensions abroad and devastating floods and drought at home we are expecting soft June quarter results on Wednesday," Frydenberg said according to the AFR.

2. The Reserve Bank will hand down its latest interest rate decision at 2:30pm today, with four of the 34 economists surveyed by Bloomberg predicting a cut.

3. British Prime Minister Boris Johnson has threatened to call a snap election on October 14 if MPs pass legislation that would prevent a no-deal Brexit from taking place on October 31. "We’re leaving on the 31st of October, no ifs or buts. We will not accept any attempts to go back on our promises," Johnson said.

4. The Australian reported that Australia's 20 largest publicly listed companies have not changed auditors for an average of 22.4 years, beyond the 20 year maximum tenure permitted in Europe. Of the 20 companies, Woodside Petroleum has retained its auditor the longest, employing Ernst & Young for 65 years.

5. Westpac has announced its support of APRA's 'traffic light' assessment of super funds due to be released later this year, which will give a green, amber or red rating for funds on the criteria of investment returns, fees, sustainability and insurance.  The AFR quoted Melinda Howes, general manager of superannuation at Westpac-owned BT Financial Group, as saying: "I think in 12 months’ time we’ll be looking at a very different picture of who the good funds are and which funds have the scale to survive."

Published on: Tuesday, September 03, 2019

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