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ASX down, mortgage cliff and 5 other things to start your day

The ASX board showing company price changes and the roofs of houses overlooking the Sydney CBD.
The ASX is expected to fall this morning as mortgage holders prepare for their fixed rates to end. (Source: Getty)

ASX: The local share market is expected to drop this morning as Wall Street treads water.

Mortgage cliff: The property boom is over and 2023 is expected to bring more mortgage pain - especially for Aussies with fixed rates expiring soon.

Corelogic warned the Aussie property market was set to test its limits next year when those homeowners would face a large jump in their mortgage repayments.

Surging prices: A long-term fix to Australia's energy crisis will be top of the agenda when the nation's energy ministers meet today, as the states are asked to cap the price of coal to ease pressure on households.

Energy Minister Chris Bowen will meet with his state and territory counterparts in Brisbane to discuss long-term strategies to drive down power prices and the next steps in Australia's transition to renewables.

Jobs: Record-low unemployment has done little to improve the fortunes of people who have been out of work for years.

The jobs market is still failing the long-term unemployed despite the jobless rate hovering around 50-year lows, with job seekers in this category competing fiercely over disappearing entry-level jobs.

Big decisions: The Federal Government will put development decisions that affect Australia's most important natural assets in the hands of an independent authority.

It's a seismic shift promised by Labor in the wake of the damming Samuel review that found Australia's environment laws were failing nature and business.

Green shoots: Speaking of the environment, Australia’s Future Fund has been labelled a “beginner” when it comes to managing climate risk.

The Centre for Policy Development scored the fund the lowest level - or "beginner" status - on climate risk investment, investor disclosure and governance, and no evidence of corporate engagement on climate risk.

Supply chains: In good news for Aussie supply chains, China has announced the most sweeping changes to its tough anti-COVID-19 regime since the pandemic began three years ago.

The relaxation of rules, which include allowing infected people with mild or no symptoms to quarantine at home and dropping testing for people travelling within the country, is a positive step for global supply chains, which have been adding to the cost-of-living pressures.

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