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In The News

6 things you need to know today

  • Prime Minister Malcolm Turnbull has flagged the possibility of income tax cuts for middle-income earners during a speech to the Business Council of Australia last night. "I am actively working with the Treasurer and my Cabinet colleagues to ease the burden on middle-income Australians, while also meeting our commitment to return the budget to surplus," Turnbull said. "Our marginal tax rates are high, bracket creep is a constant challenge that needs to be addressed," he said. (See Peter Switzer's analysis today.)
  • Perpetual chief executive Geoff Lloyd yesterday announced that he would leave the company - finishing up in June next year – after 5 years in the role.  A successor is yet to be named.  "As we started to build the company strategy for the coming three to five years, I felt I wouldn't be able to commit over the long term and so now is an important time to hand over the leadership of Perpetual," he said in a statement. 
  • Investment platform provider Netwealth has made a very successful debut on the stock market with its shares – issued at $3.70 in the float – closing at $5.32 on its first day of trading yesterday. That’s a gain of 43.78% and equals a market capitalisation of over $1.26 billion. Family, including founders Michael Heine, his brother Leslie Heine and Michael's son Matt Heine, retain 63.6% of the company.
  • Also yesterday the two boards of Macquarie Atlas Roads announced they would internalise management and sever ties with Macquarie Group. Macquarie Asset Management has picked up more than $300 million in base and performance fees over the past eight years from the arrangement and its departure is expected to cut the costs of administering the assets by half to about $15 million.
  • Pressure for a commission of inquiry into the banking sector is growing, with Nationals senator Barry O'Sullivan warning he might have the numbers to push his private members bill through Parliament. Senator O'Sullivan says that up to four of his colleagues are willing to cross the floor to bring on this debate.
  • In the US overnight, the Dow Jones rose 0.3% to 23,430, the S&P 500 was up 0.1% at 2,582, and the Nasdaq also rose 0.1% to 6,791. In Europe, the FTSE 100 was up 0.1% at 7,389, and the German DAX finished up 0.5% at 13,059. At 8:15am (AEDT) the ASX SPI 200 futures was up 0.4% at 5,983.


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Published on: Tuesday, November 21, 2017

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