Yahoo Finance Yahoo Finance morning wrap for Monday
Good morning.
Here’s what you need to know today in Australia and beyond to kick-start the week:
ASX: The Australian share market is expected to open lower.
The SPI200 futures contract was down 12 points, or 0.18 per cent, at 6,678.0 at 0700 AEST, suggesting a fall at the start of trade for the benchmark S&P/ASX200 on Monday.
Wall Street fell on Friday, with the Dow Jones Industrial Average closing down 0.16 per cent, the S&P 500 down 0.18 per cent and the tech-heavy Nasdaq Composite down 0.10 per cent.
The Aussie dollar is buying 69.78 US cents from 70.17 US cents on Friday.
By now you’ve caught wind that we’ll be getting the tax cuts Prime Minister Scott Morrison promised in the federal budget earlier this year that passed through the Senate into law last Thursday.
But how are Aussies feeling about it? This is what you said on Twitter.
Morrison is on the record as saying 'none' re - there will be no cuts to services, etc despite the analysis by The Grattan Institute - at least $40b trimmed per year to pay for tax cuts. Make no mistake -services WILL be cut. https://t.co/lJBImb05tE
— ShiannonCorcoran (@ShiannonC) July 6, 2019
The ATO is warning Australians not to lodge tax returns too early. Don’t worry – you’ll get your tax return, even if you have lodged already – but it’s generally better to delay lodging until mid- or even late-August as third parties such as banks and private health insurers take a little while to pre-fill your information to the ATO.
On the topic of tax cuts, the term ‘bracket creep’ is being thrown around quite a bit. So what is it? If you’re not entirely sure, you’re not alone: our Yahoo Finance reporter Anastasia Santoreneos delivers a quick and handy breakdown.
Pocket money: To give or not to give? It’s a question that splits Aussie parents. Reporter Lucy Dean did some digging to uncover all the different stances parents have on petty cash for kids, whether or not they should be attached to chores, how much kids should get, and how parents can teach children the value of money.
Speaking of pocket money... Should senators and MPs be able to pocket unused allowances as income? Former senator Derryn Hinch doesn’t think so, but politicians have rejected Hinch’s suggestion.
We all have our own ways of measuring our success in life. At age 63, what does Bill Gates do? For starters, it’s quite different to what he did in his 20s.
And finally, if you solve this 1991 NSW murder case, you could score yourself $1 million. You just have to, well, solve a murder case. NSW detectives are hoping that a hefty reward will help catch those responsible for murdering Penny Hill in central west NSW nearly three decades ago.
Have a great week ahead.
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