6 December 2019
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AP Photo/Alex Brandon

5 things you need to know today

Switzer Daily
1 November 2019

1. Josh Frydenberg will direct ASIC to waive responsible lending standards for small businesses, many of which use their homes as security for loans, the AFR reported. "We can't have small business loans caught up in responsible lending obligations," Frydenberg told the AFR.

2. Chinese officials are reportedly casting doubt on a long-term trade deal with the US according to Bloomberg, which said that officials were "concerned about President Donald Trump’s impulsive nature and the risk he may back out of even the limited deal both sides say they want to sign in the coming weeks".

3. Trump later tweeted that "China and the USA are working on selecting a new site for signing of Phase One of Trade Agreement, about 60% of total deal" following the cancellation of the Apec summit in Chile where Xi Jinping and Donald Trump were expected to meet.

4. The interim report from the aged care royal commission was released yesterday and urged for urgent reform to the industry, with commissioners Richard Tracey and Lynelle Briggs writing that "The neglect that we have found in this royal commission to date is far from the best that can be done. Rather, it is a sad and shocking system that diminishes Australia as a nation".

5. Wall Street stocks were down for the last day of the month, with the Dow Jones dropping 0.52% to 27,046.23, the S&P 500 falling from its record high with a drop of 0.30% and the Nasdaq declining 0.14% to 8,292.36.

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