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ASX flat, RBA aware of pain, and 5 other things to start your day

The ASX board showing company price changes and RBA governor Philip Lowe.
The ASX is expected to have a muted start this morning while the RBA acknowledges rate pain. (Source: Getty)

Good morning!

ASX: The local sharemarket is expected to have a muted start to the day after US stocks lost some ground last night.

Rate pain: The Reserve Bank hiked interest rates to 2.85 per cent yesterday and, while the central bank acknowledged the pain it was causing, it said there would be more to come.

RBA governor Philip Lowe revealed the board had discussed the pain rate rises inflicted on families as well as the damage inflation did to people and the economy, but said Australia risked a recession unless it acted to stop rising prices.

Mortgage woes: Speaking of rate rises, NAB was the first of the big banks to pass on the full 0.25 per cent hike to mortgage holders.

Provided all lenders pass on the full hike to borrowers, the latest lift will add $114 to monthly repayments for a typical $750,000 mortgage.

Less work, more pay: Want to get paid the same but work fewer hours?

For Aussie workers of Unilever - the maker of Dove, Rexona, Continental and Streets - that dream is now a reality after the company introduced a four-day work week.

After a successful trial in New Zealand, the company decided to roll out the new work week to the entire Aussie workforce.

Feeling down: The unexpected lift in the cost of living, coupled with yesterday's interest rate hike, is weighing on Aussies.

In fact, the potential of more rate hikes and higher inflation is making Aussie consumers feel as down as we did in the early stages of the pandemic lockdowns.

Insurance costs: It’s about to cost a whole lot more to get insurance, with the cost of extreme weather events expected to soar.

The Insurance Council of Australia released research on the scale of the challenge and how the industry should respond to climate change, with fears some communities will be left behind.

Duck smuggler: Aussie farmers have called for tougher penalties after an Indonesian man was caught trying to smuggle six kilograms of duck and meat products into the country.

The traveller did not declare any of the meat products and was deported and fined $2,664.

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