Business News

5 things you need to know today

  • With the Budget being announced tonight, details have emerged about what will actually be in it. Billions of dollars have been earmarked for roads and rail over the next decade with a small tax cut also hinted from July this year. There are signs the Government is also likely to announce a budget surplus for 2019-20, which is a year earlier than forecast. Find out at 7:30pm tonight!
  • Low and middle-income earners will get tax cuts worth up to $10.50 a week in tonight's budget, which will also include a major shake-up of the aged-care sector. While the measure will start on July 1, the tax break will come in the form of a bigger end-of-year tax rebate. Treasurer Scott Morrison is expected to announce the value of the offset will more than double to $1,000.

  • Westpac has lifted its half-year after-tax profit by 7% to $4.2 billion as it moves to hose down concerns about its home loans. The bank's preferred measure of cash profit is up by 6% at $4.25 billion. Westpac chief executive Brian Hartzer described it as a "clean" result in "challenging" conditions.

  • Donald Trump is set to announce whether the U.S will remain in the Iran nuclear accord at 2pm on Tuesday in Washington.  Trump has strongly hinted that he will withdraw from the agreement, and French President Emmanuel Macron said after meeting with Trump last month that he expects the US to exit the deal.

  • Stocks closed higher on Monday as technology shares posted a three-day winning streak. The Dow Jones ended 94.81 points higher at 24,357.32 after rising as much as 200 points, while the S&P 500 posted a gain of 0.4% to 2,672.63. The Nasdaq composite rose 0.8%to 7,265.21; it rose as much as 1.1%. Over to Europe, the FTSE finished 0.86% higher at 7567.14 and the German DAX 1.00% higher at 12948.14.

Published on: Tuesday, May 08, 2018

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