1. The AFR reports that today will be "the worst day for Australian shares this year" due to the effect of the coronavirus on the economy, with Josh Frydenberg telling Insiders yesterday that "events outside of our control" like the coronavirus outbreak and the bushfire emergency "are going to have a significant impact on the Australian economy".
2. Barnaby Joyce has announced he will run for the leadership of the National Party if a spill occurs in the wake of deputy leader Bridget McKenzie's resignation yesterday due to the 'sports rorts' affair.
3. The Australian Council of Social Service said that an increase in compulsory super contributions from 9.5% to 12% would have a negative impact on low income earners, with the groups CEO Cassandra Goldie writing in the AFR that the current system "paid too little heed to the needs of people struggling on low incomes during working life".
4. The Labor party is ahead of the Coalition 52-48% in the two-party-preferred vote from the latest Newspoll published by The Australian. Since the first Newspoll of the year on January 12, the Coalition has fallen two points in the primary vote while Labor has fallen one point.
5. The Dow Jones fell 2.53% to 28,256.03 and the S&P 500 fell 2.12% to 3,225.52 last week, the biggest weekly decline since August. The Nasdaq was down 1.76% for the week to 9,150.91.
If you liked this article you'll love the Switzer Report, our newsletter and website for trustees of self-managed super funds. Click here for a FREE trial and to hear more of Peter’s expert commentary and advice.