Business News

5 things you need to know today

1. The Reserve Bank has laid some blame for low interest rates on Australia's ageing population according to a report by the AFR, which said that internal research from the RBA estimates interest rates will be 4 percentage points lower by 2050 than 100 years earlier. "The need to fund consumption in retirement creates a precautionary saving motive for workers," RBA economists said.

2. Home new loan approvals in July rose by 3.9% according to data from the Australian Bureau of Statistics, the biggest increase in almost five years.

3. The Queen approved legislation that would prevent a no-deal Brexit from taking place on October 31, however Prime Minister Boris Johnson said he "will not ask for another delay" and told parliament that he "will go to Brussels on October 17th and negotiate our departure on the 31st of October - hopefully with a deal but without one if necessary". 

4. The Labor Party is expected to dump some of the controversial policies that it brought to the last election, with frontbencher Mark Butler saying that the party's tax and climate change policies should be examined as part of a "deep, broad and ruthlessly unsparing" review.

5. The Dow Jones rose 0.14% to 26,835.51 at the start of the trading week on Wall Street, while the S&P 500 close just below neutral with a 0.01% fall to 2,978.43 and the Nasdaq dropped 0.19% to 8,087.44.

Published on: Tuesday, September 10, 2019

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