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Published on: Tuesday, August 07, 2018

·      US President Donald Trump says he will fully enforce the sanctions being reimposed on Iran as a result of the US withdrawal from a 2015 nuclear deal. Measures targeting Iran's automotive sector as well as its trade in gold and other key metals will take effect from on Tuesday. Trump has also threatened "severe consequences" for those who continue to trade with Iran. Iranian President Hassan Rouhani called the act "psychological warfare".

·      Do you understand superannuation jargon? The confusing terminology used by some superfunds has come under heat as the Banking Royal Commission focuses on the major funds. With terms like MKBS (MLC Masterkey Business Super), MKPS (the MLC Masterkey Personal Super), ASFs (adviser service fees) and PSFs (plan service fees), James Thomson’s line in the AFR “OMG, I have NFI as to WTF is going on here” might make a lot more sense to some.

·      Australia’s population will today hit the 25 million mark, according to the ABS, three decades sooner than the government had predicted in 2005. That’s been attributed to high rates of immigration and positive birth rates. Australia is now growing faster than New Zealand, Canada and the USA.

·      Supervisors from corporate watchdog ASIC will be “embedded” inside Australia’s five biggest financial institutions – Commonwealth Bank, NAB, Westpac, ANZ and AMP Capital – under a $70m plan to improve monitoring of their governance and compliance. ASIC says it will also set up a taskforce to identify failings inside of large listed companies.

·      Malcolm Turnbull has defended the government’s newly-announced drought assistance package, despite criticism from drought affected farmers, who say the $12,000 cash payments are insufficient. The total drought relief from the federal government will cost taxpayers $576 million dollars. Turnbull said in an interview on ABC Monday night that the package was “very substantial.”


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