Today’s financial headlines: AUSTRALIA’s banks are still in danger of defaulting after their lenders’ ratings agencies were forced to downgrade them to junk status.
Australian banks have been forced to put billions of dollars in debt on hold because of their poor credit ratings.
The Government is now planning to raise more than $1 billion in the Federal Budget to cover some of the banks’ liabilities.
There is a huge public interest in knowing what happens next for Australia’s banking sector and this Government should make sure it is not put in an impossible position.
Today’s financial stories: The Greens are calling for an inquiry into whether the Government was responsible for the financial collapse of Lehman Brothers.
Budget 2018: Labor’s tax cuts are bad for Australia, writes The Australian.
Australia’s banking industry will receive billions of extra dollars this year to help support the Australian dollar.
Labor’s Treasurer Josh Frydenberg said today the Government would “not allow our credit ratings to be compromised”.
Australian companies are set to receive billions in loans to prop up the currency, and the Government is also considering a new tax break for foreign investors.
More than 20 per cent of Australian businesses have been shuttered since the financial crisis and more than 1,200 Australian banks have closed.
Cuts in the ABC budget, the ABC’s chief financial analyst and former banker, Mark Colvin, says it is a matter of public interest.
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Read more: More from today’s headlines: Citizens Advice says it has received a record number of inquiries about people being evicted from their properties in the aftermath of the housing market meltdown.
Federal Treasurer Josh Keating has said there will be no budget cuts this financial year.
ROBERT BAKER: Labor will introduce legislation this year aimed at giving people more say over the future of their homes.
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