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5 things you need to know today

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Published on: Thursday, May 09, 2019

1. Prime Minister Scott Morrison has described the Labor party's plan to end franking credit refunds as as "heinous tax on Australians who have worked hard all of their lives" in the final leaders' debate of the election campaign.

2. The ACCC has opposed a proposed merger between TPG and Vodafone. The regulator said that the merger would have reduced compeition in the mobile sector and prevented TPG from becoming the country's fourth mobile network operator.

3. Shadow treasurer Chris Bowen is set to announce that Labor's plan to tax trust distributions by 30% will raise $7.7 billion over four years and $26.9 billion over a decade according to calculations by the Parliamentary Budget Office. 

4. US President Donald Trump has tweeted that Chinese trade officials, including Vice Premier Liu He, are heading to the US this week "to make a deal". 

5. On Wall Street, the Dow Jones closed 2.24 points higher to 25,967.33, while the S&P 500 fell 4.63 points or 0.16% to 2,879.42 and the Nasdaq dropped 20.44 points or 0.26% to 7,943.32.


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