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In The News

5 things you need to know today

  • Queensland Treasurer Curtis Pitt has said the Palaszczuk Labor government would still accept funding from the $5 billion Northern Australia Infrastructure Facility as long as it wasn't directed at Adani's controversial $16.5 billion Carmichael coal mine. The federal government created NAIF to help get big infrastructure projects off the ground, but the Palaszczuk government last Friday said it would veto any loan from NAIF for the   Adani mine and rail project.
  • In the ongoing citizenship saga, Federal Liberal MP John Alexander, whose father was British, has pledged to reveal whether he is a British citizen as quickly as possible, following verification of whether or not his father renounced his British citizenship. If he is a dual citizen the Turnbull government could be finishing the year facing another by-election and governing in a minority.
  • The big four banks racked up a record $31.5 billion in combined profits this year, but most of the lift in earnings (up from $29.6 billion last year) – about two thirds - was the result of fewer customers falling behind on their loans, with provisions for bad and doubtful debts falling to new historic lows, according to Ernst & Young figures.
  • The Reserve Bank has left its official cash rate on hold at a record low for the 15th consecutive month. RBA governor Philip Lowe said: "The Bank's forecasts for growth in the Australian economy are largely unchanged…The central forecast is for GDP growth to pick up and to average around 3 per cent over the next few years."
  • And the S&P/ASX 200 finally closed above the 6,000 mark yesterday – at 6014 – the first time it did so was in January of 2008.

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Published on: Wednesday, November 08, 2017


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