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5 things you need to know today

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Published on: Friday, May 10, 2019

1. The Labor Party expects it will deliver a budget surplus of 1% of GDP in the 2022-23 financial year (about $23 billion) compared to the Coalition's forecasted surplus of 0.4% of GDP (about $9.2 billion) according to policy costings set to be released today, the AFR reported.

2. Prime Minister Scott Morrison has commited to cutting wholesale electricity prices by 25% by the end of 2021 according to a report by The Daily Telegraph. Meanwhile, Labor said it is planning to spend $1 billion to acquire land along a potential high-speed train route between Melbourne and Brisbane via Sydney and Canberra.

3. Trade negotiators from the United States and China, including US Trade Representative Robert Lighthizer and Chinese Vice Premier Liu He, are meeting in Washington ahead of an increase in tariffs from 10% to 25% on $200 billion worth of Chinese goods set to come into force at midnight local time.

4. Stocks on Wall Street fell again overnight ahead of the tariff increase. The Dow Jones was down 138.97 points or 0.54% to 25,828.36, the S&P 500 fell 8.7 points or 0.30% to 2,870.72 and the Nasdaq dropped 32.73 points or 0.41% to 7,910.59.

5. The Reserve Bank has confirmed that it has been aware of a spelling error in the 'micro-text' of the new $50 note, where the last 'i' in 'responsibility' is missing, since December last year. The word is misspelt on 46 million notes currently in circulation, with 400 million notes printed in total with the error. 


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