Business News

5 things you need to know today

  • NSW will receive the largest share of federal funding to spend on easing congestion on choked city roads, with a new $1 billion fund to be spread across the states over nine years. In the first year of the urban congestion fund, NSW will get $16 million, doubling to $32 million by the third year of the program. Victoria will receive $13 million, increasing to $26 million by the third year, and Queensland will get $20 million by 2020-21 the Budget has revealed.

  • Bill Shorten is set to ramp up his attack on the Government's tax cuts in his reply speech he is set to give this morning in Canberra. Political debate has been intensifying over the Coalition's plan to restructure the tax system, which was the centrepiece of Treasurer Scott Morrison's third budget. Mr Shorten is expected to use tonight's speech to outline a different way to reduce the tax burden on Australians.

  • US President Donald Trump is preparing to impose new sanctions on Iran as early as next week, to ensure it does not develop nuclear weapons. Spokeswoman for the White House Sarah Sanders said that they "are 100% committed to making sure that Iran does not have nuclear weapons". Trump says he is open to negotiating a new deal with Iran, but has said they are going to make either a really good deal for the world or there will be no deal at all. 

  • Sydney's run of record warmth will come to a sudden halt tomorrow with the first of two blasts of Antarctic chill passing over the city within days. An intense cut-off low, spawned by circumpolar winds, will bring heavy falls to southern parts of Australia along with a sharp drop in temperatures. Sydney's April and the first four months of the year were the hottest on record for those periods, according to Bureau of Meteorology temperature records going back to 1859. Come Friday, though, the mercury will struggle to reach 17 degrees even without the wind chill. The day will be the coolest, on current forecasts, since last November.

  • Australian shares are set to follow Wall Street higher, as surging oil prices boosted US energy stocks. Brent crude oil surged by more than 3 per cent overnight to $US77.35 a barrel, its highest price in more than three years. The Dow Jones lifted 182 points, or 0.75%, higher at 24,543. The S&P 500 and Nasdaq surged by 1%  each at 2,698 and 7,340 respectively. In Europe, the FTSE +1.3% at 7,663. The German DAX +0.2% at 12,943 and the  Euro Stoxx 50 +0.3% at 3,570.

Published on: Thursday, May 10, 2018

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