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5 things you need to know today

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Published on: Tuesday, May 14, 2019

1. Prime Minister Scott Morrison said the $500 million First Home Loan Deposit Scheme could be expanded beyond an annual cap of 10,000 loans if there is greater demand. Morrison did not consult his cabinet before announcing the scheme over the weekend. 

2. China announced it will raise tariffs on US$60 billion worth of US goods to as high as 25% from 5-10% in retaliation to a tariff increase on Chinese goods by the US last week.

3. Stocks plunged on Wall Street overnight, with the Dow Jones sinking 2.38% to 25,324.99, the S&P 500 falling 2.41% to 2,811.87 and the Nasdaq dropping 3.41% to 7,647.02.

4. Analysis of Newspoll published by The Australian shows that Labor is ahead in the two-party-preferred vote in Victoria, South Australia and Western Australia while the Coalition is ahead in New South Wales. The two parties are split 50-50 in Queensland.

5. The Australian dollar has fallen to its lowest level since January 2016 and was trading at US69.43 cents at 8:55am AEST.


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