Business News

5 things you need to know today

  1. It is understood Federal Opposition Leader Bill Shorten will be asked to reverse his decision on company tax cuts at shadow cabinet today. Earlier this week Shorten caused much concern among the business community when he said he would repeal corporate tax cuts for businesses with a turnover of between $10 million and $50 million.Sources have told the ABC shadow cabinet needs to reverse the earlier decision either in part or in full (read Peter Switzer's article here).
  2. The local bourse is on track to finish the 2018 financial year with a gain of more than 8%, it’s second financial year of rises. In 2017-17 the S&P/ASX 200 rose 9.3% and trading for this financial year finishes today. BHP, CSL and Macquarie Group have been the biggest contributors to the index’s gain, while Telstra, CBA and AMP have been the biggest detractors.
  3. US gross domestic product (GDP) increased at a 2% annual rate in the January-March period, the Commerce Department said in its third estimate of first-quarter GDP. That was slower than the 2.2% estimate it reported last month. The downgrade to first-quarter growth reflected weaker consumer spending and a smaller inventory accumulation than the government had estimated last month.
  4. Around 90% of financial advice on setting up a self-managed super fund (SMSF) did not comply with relevant laws, a review by the Australian Securities and Investments Commission (ASIC) released yesterday found.  ASIC said it reviewed 250 client files randomly selected based on Australian Taxation Office (ATO) data and assessed compliance with the Corporations Act’s ‘best interests’ duty and related obligations. In 91% of files reviewed the adviser did not comply with Corporations Act’s ‘best interests’ duty and related obligations.
  5. In Overnight markets, the Dow Jones rose 0.4% to 24,216, the S&P 500 was up 0.6% at 2,716, and the Nasdaq rose 0.8% to 7,504. In Europe the FTSE lost 0.1% to 7,615, and the German DAX fell 1.4% to finish at 12,177.

 

Published on: Friday, June 29, 2018

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