1. Change to default super

In its analysis of last night’s Federal Budget, Colonial First State reported a change in default super accounts. To help members avoid paying additional fees for multiple super accounts, employers will no longer create default super accounts for a new employee. By July 2021, MySuper products will need to do an annual performance test and notify members each year if their fund underperformed. The Government will also release an online comparison tool called YourSuper that will help members compare the fees and returns for super funds.

2. Two additional payments for age pension and welfare recipients

Age pension and welfare recipients currently receiving certain eligible income support payments and concession cards will receive two additional payments of $250, to be paid in December 2020 and March 2021.

3. Granny flat arrangements exempted from CGT

The Government will provide a targeted capital gains tax exemption for granny flat arrangements where an older or disabled person who may not be able to continue living an independent lifestyle would like to move closer to a relation. The measure could be in place as early as 1 July 2021. 

4. Home care package improvements

The Government aims to lessen waiting times for Home Care Packages by increasing funding for 23,000 additional home care packages across all package levels. In addition, improvements will be made to navigating the aged care system including classifying the care needs of older Australians through one unified system.

5. US stocks drop after Trump stops stimulus talks

After trading higher earlier in the session, stocks fell on Wall Street following Donald Trump's announcement that Coronavirus stimulus negotiations with Democrats would be halted. "I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business," Trump tweeted.

The Dow Jones was down 375.88 or 1.34% points to 27,772.76, the S&P 500 fell 47.68 points or 1.40% to 3,360.95 and the Nasdaq dropped 177.88 points or 1.57% to 11,154.60.