Business News

5 things you need to know today

  • The NAB business conditions index rose from 14.1 points to 14.3 points in September. The business confidence index rose from 5.4 points to 7.4 points. The rolling annual average business conditions index was at a 9-year high of 13 points and the measure of business profitability rose from 14.8 points to a 9½-year high of 16.9 points.
  • It is understood the Turnbull government will amend its Banking Executive Accountability Regime (BEAR) to allow bankers to challenge in the courts penalties imposed by the Australian Prudential Regulation Authority (APRA) under its expanded powers. ANZ Banking Group chairman David Gonski helped broker the deal on behalf of the banking sector with Treasurer Scott Morrison.
  • The New South Wales Government is set to introduce legislation into State Parliament forcing retailers to put a three-year minimum on gift card expiry dates. Retailers keep an estimated $60 million a year across New South Wales as a result of expired gift cards which can have an expiry date of as little as three months.
  • The Australian Taxation Office figures show that in 2014–15, large corporate groups reported $1.5 trillion in gross income and paid about $41 billion in tax. The Australian Taxation Office estimates that after audit activity, the net income tax gap for this group is $2.5 billion in 2014-15 or 5.8% of tax payable. The agency said the gap primarily reflects differences in the interpretation of complex areas of tax law.
  • Overnight in the US the Dow Jones finished up 69.61 points at 22,830.68, as the NASDAQ gained 7.52 points to 6587.25, and the S&P 500 rose 5.91 points to 2550.64. In Europe, the FTSE 100 rose 30.38 points to 7538.27, as the German DAX finished down 27.15 points at 12949.25.

Published on: Wednesday, October 11, 2017

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