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6 things you need to know today

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Published on: Tuesday, March 13, 2018

  • More than one million shareholders, including self-funded retirees who pay little or no tax, would lose cash refunds for excess dividend imputation credits under a proposed crackdown by Labor that would reap an estimated $59 billion in revenue over the next decade. Bill Shorten has opened a new front in his class-war tax grab on the wealthy, with a pledge to axe cash refunds for excess imputation tax credits claimed by super funds, which are estimated to balloon to almost $60 billion over the next 10 years.
  • A $500 billion pool of home loans potentially underpinned by fake customer information  will be front and centre as the banking royal commission begins this week. Witnesses from National Australia Bank and Commonwealth Bank of Australia itself and its wholly owned Aussie Home Loans division will be hauled before the royal commission to answer questions about the sale of mortgages by in-house and external home loan brokers.

  •  A Bangladeshi airliner crashed on Monday after making an unexpected turn in cloudy weather as it came in to land at the airport in Nepal's capital, killing at least 50 people, officials said. There were 71 people on board the US-Bangla Airlines plane arriving from Dhaka when it clipped the fence at Kathmandu and burst into flames. Those aboard included 33 Nepali passengers, with 32 from Bangladesh, one from China and one from the Maldives.

  • After being set 101 for victory, South Africa reeled in the Australians to win the second test at Port Elizabeth by six wickets to level the four-match series at 1-1.
  • China has completed the aerodynamics design of a Mars probe now being testing ahead of a planned launch in 2020. The rare details about China's progress in its Mars mission were revealed  during China's annual parliamentary sitting by a researcher with the 11th Institute of the China Aerospace Science and Technology Group.
  • Australian shares are expected to start the day flat, as concerns about imported metal tariffs and the potential for a trade war continue to drag down Wall Street. To markets, the Dow Jones -0.6% at 25,179, S&P 500 -0.1% at 2,783 and the Nasdaq +0.4% at 7,588. Over to Europe, the FTSE -0.1% at 7,215, the German DAX +0.6% at 12,418, and the Euro Stoxx 50 +0.3% at 3,430.

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