1. A new law reform to be presented to the NSW Treasurer this week discusses the elimination of stamp duty, replacing it with annual land tax.

2. Australia has been invited to attend the postponed G7 summit by President Trump. The US President said the countries in the current format of the G7 were "outdated" and announced he wanted to invite Australia, Russia, South Korea and India to the rescheduled meeting in September.

3. NSW Premier Gladys Berijiklian has scrapped her government's $810 million upgrade of ANZ stadium and divert the funding toward job creation in NSW.

4. PwC has conducted an analysis forecasting the economy to remain in deficit until 2039. The federal budget was prepared to release a small surplus this financial year, which COVID-19 derailed. If economic reforms are not introduced, Australia's debt would not fall until 2056, according to PwC.

5. The Dow fell 0.069% to 25,383.11 on Friday. The S&P 500 was up 0.48% to 3,044.31 and Nasdaq was up 1.29% to 9,489.87.