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A new report has found that introducing a new land tax is the answer to repairing deteriorating1 state and territory budgets. The Grad Institute says a property levy2 of just two dollars for every 1000 dollars of unimproved land value would raise seven billion dollars a year. The report found the state’s budgets are under pressure with spending growing faster than GDP.
In the US, earning season has killed off as Wall Street Banking3 Giant JP Morgan Chase become the first big banks to report its latest quarterly figures. The company big forecast reporting a stronger than expected rise of 5.2% in profits for the three months to the end of June. JP Morgan said the rise in the profits were due to a fall in legal and restructuring costs.
And news of the Iran nuclear deal has sent global oil prices tumbling. Shortly after the news emerge, the price of Brand Crude and US Crude both fell by more than one dollar a barrel. Well, many expected will take around several months to fully4 wrap up its export capacity. Analysts5 say even the modest initial increase will be enough to pull international oil prices down even further.
And let’s check the global markets. Well, shares have risen overnight. The Dow gained 76 points. Nasdaq and S&P 500 were both up more than 0.5%. While in London, the FTSE rose 0.2%. Checking commodity prices for you, West Texas Crude is trading at 53 US dollars a barrel. Tapis Crude is at 60 US dollars a barrel. And gold is trading at 1155 US dollars an ounce. The Australian dollar is currently buying 74 US cents, 68 euro cents and 48 pence sterling6.
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1 deteriorating | |
恶化,变坏( deteriorate的现在分词 ) | |
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2 levy | |
n.征收税或其他款项,征收额 | |
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3 banking | |
n.银行业,银行学,金融业 | |
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4 fully | |
adv.完全地,全部地,彻底地;充分地 | |
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5 analysts | |
分析家,化验员( analyst的名词复数 ) | |
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6 sterling | |
adj.英币的(纯粹的,货真价实的);n.英国货币(英镑) | |
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