Australia Markets closed

ASX down, supersized rate hike and 5 other things to start your day

The ASX board and RBA governor Philip Lowe
The ASX is expected to sink at the open. (Source: Getty)

ASX: The local share market is expected to fall this morning after US stocks took a dive overnight.

Supersized: Stubbornly high inflation weighed heavily on the minds of Australia's central bank board and reduced the chance of a pause on interest rates anytime soon.

The RBA revealed it considered both a larger 50-basis-point interest rate hike as well as a 25-point increase to the official cash rate but landed on the smaller rise.

Pay me: Workers are likely enjoying decent pay growth but a surprise uptick in wages could be bad news in the fight against inflation and spell more interest rate hikes to counter it.

The Australian Bureau of Statistics will release official wages data today. Experts predict wages will have risen 1 per cent over the quarter and 3.5 per cent over the year.

Mine closures: Mining giant BHP owed it to their workers to provide ongoing community support in two central Queensland communities after the company revealed plans to sell two coal mines, a key union said.

Mining and Energy Union Queensland president Stephen Smyth said, while buyers for the mines would likely be found, BHP must not abandon its workers.

Army greens: The federal government has given defence bases a renewable energy boost, ahead of hotly anticipated changes to defence policy.

The federal government will build 10 new solar energy sites to power defence bases around Australia, complete with battery storage. The announcement comes days after a landmark report on Australian defence policy was submitted to the federal government.

Cashless card: Mayors of Western Australia's crime-hit Goldfields region have called for the return of the controversial cashless debit card in a bid to stop alcohol-fuelled violence harming their communities.

Regional areas, including Laverton and Leonora, are experiencing a spike in youth crime and violence. The card, which was abolished in September, managed welfare payments for recipients in a bid to reduce the amount being spent on alcohol.

Career change: For all of you who have taken your old job and shoved it, don’t despair. You can find a job that’s just right for you.

Career coach Maggie Mistal offered Yahoo Finance her insights and advice to find the job you love.

Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to our free daily newsletter.