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5 things you need to know today

  • The Turnbull government's income tax cuts are poised to pass the Senate today, triggering months of pre-election warfare between Labor and the government over aspirational voters. TheSenate amended the legislation yesterday to scrap the third stage of the plan, which will give tax relief to high income earners from 2024. 

  • US President Donald Trump has backed down and abandoned his policy of separating immigrant families on the US-Mexico border, after images of children in cages sparked outrage at home and abroad. Mr Trump signed an executive order requiring that immigrant families be detained together when they are caught entering the country illegally for as long as their criminal proceedings take.

  • Thousands of Telstra employees are facing job losses as the company has announced an overhaul. elstra said it is targeting a further $1 billion in cost-cutting by the 2022 financial year, taking total cost reductions to $2.5 billion. The telco said there would be a net reduction of 8,000 employees and contractor positions.

  • Today is the winter solstice - the shortest day of the year, with the sun rising at 7:00am, and setting at 4:53pm.

  • It was a mixed bag on Wall Street overnight, as concerns about the US-China trade spat began to simmer. The Dow Jones index suffered its seventh straight day of losses, down 0.2% to 25,658. The Nasdaq hit a record high, gaining 0.7% to 7,782 and the S&P 500 rose 0.2% to 2,767. Over to Europe, the FTSE +0.3% at 7,627, DAX +0.1% at 12,695 and the Euro Stoxx 50 +0.1% at 3,440.

Published on: Thursday, June 21, 2018

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