Australian government close to securing enough votes for $110 billion tax cut plan - Reuters

The news is crossing the wires via Reuters that Australia's conservative government is close to securing enough votes to pass $110 billion tax cut plan. 

The move is aimed at boosting consumer spending to counter the slowdown in the economy. 

While the Reserve Bank of Australia is expected to cut rates at least two more times this year, the central bank head has said that monetary policy is not the most effective tool to stimulate the economy.