10 things you need to know this morning in Australia

Treasurer Josh Frydenberg smiles after delivering the budget in the House of Representatives on April 02.

Good morning!

1. Small businesses were given a welcome tax cut by Treasurer Josh Frydenberg when he announced his budget on Tuesday. The treasurer, who hailed small businesses as “the engine-room” of the economy, cut small business tax from 27.5% to 25% by 2021-22. The cut will benefit all companies with an annual turnover of less than $50 million.

2. The budget also included a tax offset for Australians earning up to $126,000 a year. If you earn between $48,000 and $90,000, you will receive $1080 from the government as a lump sum payment in this year’s tax return.

3. The Morrison government also pledged to invest $19.5 million over four years to expand Australia’s domestic space industry. It wants to help triple the size of the Australian space sector. Here’s a list of all the winners and losers of last night’s budget.

4. New Zealand parliament has voted overwhelmingly in favour of new gun laws. The vote comes after last month’s Christchurch mosque attack, which left 50 people dead and dozens more injured.

5. Australian online retail sales have suddenly fallen. The monthly decline in February was the sharpest since NAB’s Online Retail Sales Index began in early 2016.

6. YouTube reportedly ignored employee warnings of “bad virality” and shelved product changes that could have curbed the spread of toxic videos in exchange for massive growth. That’s according to a Bloomberg report, which claiims that YouTube CEO Susan Wojcicki was more concerned with reaching one billion hours of viewing a day.

7. Prime Minister Theresa May said on Tuesday that she would ask the European Union for a short Brexit delay to seek a new compromise deal with opposition parties and “break the logjam.” She said: “We will need a further extension of Article 50, one that is as short as possible and which ends when we pass a deal.”

8. Microsoft’s billionaire cofounder Bill Gates said there could be a way to predict Alzheimer’s using a voice app that listens for “warning signs”. In a new blog post, Gates stressed the need for a “reliable, affordable, and easy-to-use” method for diagnosing Alzheimer’s early.

9. A US Navy warship was seen in the South China Sea carrying an unusually large number of F-35s. The USS Wasp was carrying at least 10 F-35B Lightning II stealth fighters, instead of the normal six.

10. Bitcoin mysteriously rocketed 23% and climbed above $5,000. Some speculated that the jump was fuelled by an April Fools’ Day story falsely saying US regulators had approved bitcoin exchange-traded funds.

BONUS: For some reason, President Donald Trump lied about where his father was born.

Have a great Wednesday.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.