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5 things you need to know today

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Published on: Monday, July 01, 2019

1. The Coalition is expected to finalise negotiations with Senate crossbenchers this week to pass its income tax cut legislation as parliament resumes. Centre Alliance senators Rex Patrick and Stirling Griff are expected to meet with Mathias Cormann today.

2. Scott Morrison told The Australian that he expects Labor will allow the legislation to pass the lower house tomorrow, and that to not allow it to pass in the Senate would be "an act of belligerent arrogance". The PM also highlighted the Coalition's other plans for the new Parliament in an interview with the AFR, including industrial relations reform, open banking legislation and the introduciton of a digital payments platform economy-wide.

3. Donald Trump has become the first sitting US president to visit North Korea, meeting with Kim Jong Un in the Demilitarized Zone between North and South Korea. "Stood on the soil of North Korea, an important statement for all, and a great honor!" Trump said on Twitter.

4. All economists surveyed in the AFR's latest quarterly economists' survey expect that the Reserve Bank will cut interest rates at least once more this year, with the majority anticipating two cuts for the rest of 2019.

5. The Dow Jones rose by 7.2% last month, the highest June gain in over 80 years, while the S&P 500 rose 6.9% for the best June performance for the index since 1955 according to CNBC


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