21 October 2020
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REUTERS/Loren Elliott

5 things you need to know today

Switzer Daily
24 September 2020

1. Westpac will pay a $1.3bn fine, which is the biggest fine in Australian corporate history, settling an AUSTRAC case that highlighted 23 million legal breaches. Some breaches included failing to report international transactions and insufficient monitoring of suspicious transactions.

2. The ASX had its best day in two months yesterday, with the S&P/ASX 200 rising 2.4% to 5,923.90.

3. Former Australian Prime Minister, Paul Keating, released a statement about the "indolence" of the Reserve Bank of Australia. Mr Keating wrote: "the Reserve Bank is way behind the curve in supporting the government in its budgetary funding measures." Treasurer Josh Frydenberg told Sky News this was "an extraordinary, unnecessary attack from Paul Keating. We value the independence of the Reserve Bank."

4. Tech stocks on the Nasdaq dived yesterday, with Tesla falling 10.3%, Apple down 4.2%, Netflix down 4.2%, Amazon.com down 4.1%, Alphabet falling 3.5% and Facebook dropping 2.3%.

5. The Dow fell 1.92% to 26,763.13 yesterday. The S&P 500 was down 2.37% to 3,236.92 and the Nasdaq was hit hardest, falling 3.02% to 10,632.98.

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