Business News

5 things you need to know today

  • In Budget news, every Australian taxpayer will enjoy a tax cut this coming financial year, and every year after that for seven years under a detailed plan of rolling tax changes outlined in last night's budget. The ambitious plan, which culminates in year seven with the complete abolition of the 37¢ tax bracket involves three major phases, and will cost $140 billion over 10 years. 
  • Dodgy taxpayers will be made to pay for up to $2 billion in personal income tax cuts scored by workers in Tuesday's budget. From July, the Australian Tax Office will receive a $260 million funding boost to pursue taxpayers who over-claim on cars, uniforms, internet and other work-related expenses as part of a double-hit that will also see it empowered to reclaim unpaid tax debts. More than $130 million of that funding will go towards speeding up the work of the ATO's debt-collectors.

  • President Donald Trump has pulled the United States out of the Iran deal, one of the biggest foreign policy moves of his presidency and a decision that will have repercussions in every corner of the globe. After months of threatening that he would abandon what he called "the worst deal ever made", Trump confirmed the seemingly inevitable at 2pm on Tuesdday (Washington time). Trump said that the deal did not bring "calm or peace" adding that it never would either.
  • Nine countries were shed from the Eurovision Song Contest today, dramatically narrowing the field in the 63-year-old annual song competition and consolidating Australia's chances of securing a berth in this weekend's grand final. Just 10 of the final's 26 slots are up for grabs tonight; they were secured by Austria, Estonia, Cyprus, Lithuania, Israel, Czech Republic, Bulgaria, Albania, Finland and Ireland. Despite the intensity of the competition, Australia remains a favourite of almost every country, warmed welcomely behind the scenes.

  • Stocks on Wall Street have recovered from earlier losses as US President Donald Trump announced the United States would pull out of the Iran nuclear deal. Iran is a major producer in the OPEC oil cartel and renewed sanctions could impact its exports, potentially driving up oil prices. Crude oil prices were volatile in the lead-up to the announcement. In markets, the Dow Jones +0.01% at 24,360, S&P 500 -0.03% at 2,671 and the Nasdaq -0.02% at 7,266. Over to Europe, the FTSE -0.02% at 7,565, DAX -0.3% at 12,912, and the Euro Stoxx 50 -0.2% at 3,557.

Published on: Wednesday, May 09, 2018

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