Business News

5 things you need to know today

  • The US Federal Reserve have lifted interest rates by 0.25%. The rate was lifted above Australia's official cash rate for the first time in 18 years and has outlined an optimistic Goldilocks-like outlook of stronger economic growth and low unemployment without inflation stirring too much. 

  • If you love online shopping then you may not love this. The Department of Home Affairs plans a new tax on parcels that are being posted to Australia. Australian shoppers will have to pay a $5 tax on every parcel posted from overseas under a federal government plan to cover skyrocketing security screening costs. Parcels containing purchases like clothing, makeup and books worth less than $1000 - which now represent 90% of deliveries entering Australia - would attract the new tax.
  • Facebook boss Mark Zuckerberg has broken his silence on Cambridge Analytica and admitted the social media network "made mistakes" in protecting users' data. Since the allegations were published at the weekend, the company has lost more than $US45 billion of its stock market value and analysts say its relationship with advertisers may be in trouble.
  • With the AFLW Grand Final coming up this weekend, Western Bulldogs will be without their skipper. Star forward, Katie Brennan will be watching her team from the bench after losing her appeal against a one-match ban for a sling tackle in the final quarter of their crucial game on Saturday. Brennan is suspended for the next two matches including the AFLWGF.
  • Wall Street ended lower overnight after the US Fed lifted US interest rates. In markets the Dow Jones finished lower 0.2% at 24,682, S&P 500  also 0.2% lower at 2,712 and the Nasdaq -0.3% at 7,345. Over to Europe, the FTSE +0.3%  at 7,039, the German DAX remained  flat at 12,309 and the Euro Stoxx 50 +0.5% at 3,401.

Published on: Thursday, March 22, 2018

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