Business News

6 things you need to know today

  • A Productivity Commission proposal that would separate super from the workplace relations system entirely, would see that employers and unions have no influence over the $600 billion default superannuation system. An expert panel would be empowered to select the 10 best performing no-frills super products to act as defaults after the commission found the super savings of millions are languishing in underperforming funds, dragging down retirement balances by as much as $635,000 - the equivalent of 13 years pay.

  • Jack Cowin, the billionaire owner of Hungry Jacks and chairman of Domino's Pizza, has raed against contract food delivery companies and called on the government to launch an investigation into their practices. Mr Cowin argues that pay and conditions should be standardised and that operations using workers as "contractors" should pay workers the award rate.

  • More than $3 billion in value was wiped from energy stocks on Monday as oil prices fell on news that OPEC intends to lift global production levels. OPEC and Russia are expected to announce next month whether they will boost production in order to reduce potential global oil shortages, which will hopefully cool the oil price that has climbed above $US80 over the last month.

  • Australia's struggling bricks and mortar retailers are facing further upheaval with online retailer eBay announcing a new membership delivery service for internet shoppers. eBay Plus, which will be active from mid-June, is aimed at stimulating online shopping in Australia.

  • Why is Sydney so smoky today? The Rural Fire Service has been taking advantage of dry weather to carry out hazard reduction burns around Sydney. The RFS said this reduced the risk of fire to hundreds of homes. The air quality has been listed as poor-hazardous and can be particularly dangerous for children, those with heart and lung disease and the elderly. Reducing activity is advised for everyone else.

  • In markets, the Dow Jones finished 0.24% lower at 24753.09, the S&P500 also finished 0.24% lower at 2721.33 and the Nasdaq remained flat at 7433.85. Over to Europe, the German DAX finished 0.58% lower at 12863.46 and the FTSE closed 0.18% higher at 7730.28.

Published on: Tuesday, May 29, 2018

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