Business News

6 things you need to know today

  • Australian tax officials are examining how to end the abuse of work expenses, with dodgy claims made by millions of Australians robbing the budget of at least $2.5 billion a year - more than the cost of multinational tax avoidance.The ATO previously announced it would target tax deductions on cars, travel, clothing, and mobile phones. It has now set its sights set on the "other" category, which includes internet and phone bills. The total value of expense claims approved by the ATO has now ballooned to $8 billion each year.
  • More than two million Australian cars are set to be recalled after it was found that faulty Takata airbag inflators contain a defect that can cause them to explode and propel shrapnel intp drivers and passengers. The Federal Government is expected today to announce the compulsory recall of all cars affected.
  • Overnight in the US, the new chair of the US Federal Reserve Jerome Powell made his first public statements before Congress, taking an optimistic view of the economy. His positive outlook was enough for some investors to suggest there may be an additional rate rise this year. The Dow Jones finished 0.7% lower at 25,530 the S&P 500 also lower, 0.9%at 2,756, and the Nasdaq 0.9% lower at 7,355. Over to Europe, the FTSE -0.1% at 7,272, the German DAX -0.3% at 12,491, Euro Stoxx 50 -0.25% at 3,455.
  • Canterbury Bulldogs coach Steve Folkes has passed away suddenly after coaching the Bulldogs for 11 seasons, including the 2004 premiership season. Folkes played 245 games for the Bulldogs before retiring in 1991. He suffered a heart attack during a bike ride.
  • Furniture and electronics retailer Harvey Norman's half-year net profit has fallen 19.3% to $207.7 million. In the six months to December 31, Harvey Norman's EBITDA was $377.8 million, down 12.2 per cent on the same period a year ago.
  • Virgin Australia has posted a $4.4 million profit for the half year to December. Underlying profit before tax of was up 142% to $102.5 million, the airline’s highest in ten years. Following the news, Virgin has said it has “no current intention” to delist but will instead do a share buyback aimed at tens of thousands of small shareholders.


Published on: Wednesday, February 28, 2018

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