1. It’s budget week! All eyes will turn to Canberra on Tuesday night (7:30pm AEST) as Australians gear up for this year’s federal budget. Treasurer Scott Morrison has confirmed tax cuts are coming for low and middle-income workers but it appears people at the top end of the tax scale will have to wait for years to get a tax cut. He has also flagged a rollback of last year’s increase to the Medicare Levy. Here’s a rundown of what else we know is in the budget so far.
2. The ASX200 looks set for a strong opening to start the week after the S&P500 climbed by 1.3% on Friday night — its biggest gain in almost a month. Meanwhile, the AUD was one of the few currencies to perform well against the USD on Friday night, as the greenback’s continued strength sent the euro to its lowest level of 2018. At 8.45am the AUD/USD was 0.7535.
3. On the markets calendar is the NAB business survey for March, released later today along with April job ads data from ANZ. Tomorrow, the ABS will release March retail sales data prior to the budget, and on Friday, housing finance figures will be released from the ABS. More details on what to expect from those data releases here.
4. The National Energy Security Assessment will be released by the Turnbull government later today following concerns over the nation’s declining fuel reserves. Latest government figures, published by the Sydney Morning Herald, show Australia has just 22 days supply of crude oil, 59 days of LPG, 20 days of petrol, 19 days of aviation fuel and 21 days of diesel. That puts the country has just 49.6 days of net coverage which is well below the 90-day supply Australia and other nations are supposed to store under an agreement with the International Energy Agency.
5. Police confirm death of former BHP executive Cecilia Haddad was homicide. The death of the 38-year-old was initially thought to be an accidental drowning, but last week the homicide squad was called in and the body sent for examination. Police are hoping to speak with a man she had a relationship with, Mario Marcelo Santoro. The pair recently broke up and Santoro flew from Sydney to Brazil in the last few days. There is no suggestion that he is a suspect, but police have been unable to contact Santoro and officers are liaising with Brazilian authorities to try to connect with him.
6. A Sydney man suffered burns to 40% of his body when he attempted to put out a fire in his house after calls to emergency services did not connect during Friday’s national Telstra outage. His wife was forced to jump in her car and drive to the nearest fire station after an electric blanket in their Redfern home caught fire. A Telstra spokesman said CEO Andy Penn had personally apologised to the pair and offered to help with temporary accommodation. The Daily Telegraph has more.
7. Warren Buffett held court at Berkshire Hathaway’s annual meeting over the weekend. The legendary investor offered his thoughts on the prospect of a US-China trade war, trolled Elon Musk and said he thinks bitcoin is “probably rat poison squared“.
8. Here are the first official photographs of newborn Prince Louis. His mother Kate Middleton, the Duchess of Cambridge, took the happy snaps at her and Prince William’s home in Kensington Palace. And sister Princess Charlotte looks absolutely smitten.
The Duke and Duchess of Cambridge are very pleased to share two photographs of Princess Charlotte and Prince Louis, taken by The Duchess at Kensington Palace.
This image was taken on 2nd May, on Princess Charlotte’s third Birthday. pic.twitter.com/H5VVgIwRGp
— The Duke and Duchess of Cambridge (@KensingtonRoyal) May 5, 2018
9. KO. Gennady Golovkin, a Kazakhstani professional boxer who currently holds the unified WBA, WBC, IBF, and IBO middleweight titles, has retained his middleweight world titles after a brutal knockout of Vanes Martirosyan in Las Vegas. The blow came with 1:53 seconds left in the second round, after which he was counted out by the referee. Here it is — first in real time, the second in slow-mo:
— Ryan Songalia (@ryansongalia) May 6, 2018
10. The podcast is back, people! Devils and Details has resumed normal transmission, and this week Business Insider’s Paul Colgan and David Scutt are joined by James Whelan, investment manager at VFS Group, to talk market volatility, currencies, the royal commission, and the outlook for global growth and the federal budget. Find it on iTunes or listen in here:
Have a great day.
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