Business News

5 things you need to know today

  • The Turnbull government's personal income tax plan will cost $24 billion a year by the end of the decade, in what will be the largest income tax cut in Australian history. The costings by the independent Parliamentary Budget Office commissioned by the Greens, will be latched onto by the Greens and Labor as Treasury faces a Senate committee grilling on Wednesday over the 10-year, $144 billion plan.
  • The ACCC has formally laid criminal cartel charges against the ANZ, Citigroup, Deutsche Bank and six senior executives. The charges include ANZ's global head of treasury Rick Moscati and Citigroup's former country head for Australia, Stephen Roberts. The charges relate to the sale of $2.5 billion ANZ shares to institutional investors in August 2015.

  • A member of the Bali Nine convicted drug smugglers, Tan Duc Thanh Nguyen, has died in Indonesia. Nguyen, 34, was given a life sentence after being arrested for trying to smuggle heroin through Bali in 2005. It has been confirmed that he died in a hospital from stomach cancer. 

  • Some apartment owners in New South Wales could be banned from renting out their properties on Airbnb, after the State Government reached a compromise position on laws governing short-term holiday rentals. Strata owners corporations will be given the power to pass by-laws that prevent short-term letting in their block if the host does not live in the unit they are letting out. It targets investors who buy up apartments to put on Airbnb, but allows owner-occupiers to continue renting spare rooms or entire units while they are not at home.

  • In markets, the Dow Jones closed 0.06% lower at 24799.98, the S&P 500 finished 0.07% higher at 2749.80 and the Nasdaq also finished higher, +0.41% at 7637.86. Over to Europe, the FTSE finished 0.70% lower at 7686.80, the German DAX closed 0.13% higher at 12787.13 and the Euro Stoxx 600 -0.31% at 386.89.

Published on: Wednesday, June 06, 2018

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