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5 things you need to know today

1. Scott Morrison has announced a "comprehensive audit" of international organisations that Australia has a significant role in, such as the United Nations, World Trade Organisation and the International Monetary Fund. "We should avoid any reflex towards a negative globalism that coercively seeks to impose a mandate from an often ill-defined borderless global community. And worse still, an unaccountable internationalist bureaucracy," Morrison said.

2. The PM come out on top of the AFR's Power List for 2019, writing that "Australia’s 30th Prime Minister is at the height of his authority and stands well clear from the pack as Australia’s most powerful person". Rounding out the top 5 are Josh Frydenberg, Gladys Berejiklian, Philip Lowe and Anthony Albanese.

3. Following criticism from Josh Frydenberg and Scott Morrison about the failure of banks to pass on interest rate cuts in full, the AFR reported that "leading superannuation investors and analysts" are warning against this political pressure. "It's all well and good bashing banks, but there are a whole bunch of Australian superannuants relying on bank dividends to sustain their retirements," UniSuper chief investment officer John Pearce told the AFR.

4. Wall Street stocks rebounded on Thursday after two days of losses. The Dow Jones moved up 0.47% to 26,201.04, the S&P 500 lifted 0.80% to 2,910.63 and the Nasdaq gained 1.12% to 7,828.26.

5. The ASX is set to follow the lead set by Wall Street, with futures up around 0.5%. The Australian noted that almost $80 billion was wiped off the Australian market in the past two days.

Published on: Friday, October 04, 2019

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