Business News

5 things you need to know today

  • Investors are bracing for a share market reaction after the Commonwealth Bank (CBA) admitted it breached Australia's money laundering and counter-terrorism regulations and indicated more charges could be brought against it.  AUSTRAC accused the CBA of failing to flag more than 53,000 transactions which exceeded a $10,000 limit and passed through its smart ATMs between November 2012 and September 2015.
  • The NSW budget surplus forecast for this financial year has leapt to $3.3 billion despite a spike in first home buyers taking advantage of tax breaks delivering a hit to stamp duty revenue. The half-yearly budget review to be unveiled by NSW Treasurer Dominic Perrottet on Thursday will show the expected surplus for 2017-18 has risen by $600 million since June.  The increase from 2.7 billion to 3.3 billion is due to a shift in the timing of agency expenditure which has lead to a reduction in expenses this financial year. 
  • The Australian dollar is expected to drop to at least US68 cents within the next year-and-a-half if the nations economy contuinues to remain stuck in the 'slow' lane. According to Westpac's forecast, which factors in a continued rebound for foreign economies including the US, UK and Canada, as they are likely to announce rate hikes over the next year.
  •  Members of the Federal Open Market Committee raised its GDP estimate from 2.1% in September to 2.5%. However the committee did not mention why it expected growth to accelerate.
  • Overnight, the Dow Jones index, rose 0.3% to 24,585, the S&P 500 fell 0.05% at 2,662, and the Nasdaq was up 0.2% at 6,875. In Europe, the FTSE was down 0.05% to 7,496, the German DAX was down 0.4% at 13,125. The ASX SPI 200 finished up 0.1% at 6,021.

Published on: Thursday, December 14, 2017

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