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ASX higher, Bitcoin surges, Telstra mandates jab ahead of RBA meet

·Contributing editor
·2-min read
RBA is expected to keep the cash rate at a record low 0.1 per cent at its September meeting. Source: Getty/Reuters
RBA is expected to keep the cash rate at a record low 0.1 per cent at its September meeting. Source: Getty/Reuters

Good morning.

Here's what you need to know about finance markets for today.

ASX: The Australian share market is expected to push higher on Tuesday. According to the latest SPI futures, the ASX 200 is expected to open the day 16 points or 0.2 per cent higher this morning.

Global markets: US markets started the week subdued. On Wall Street the Dow Jones fell 0.2 per cent, the S&P 500 edged lower, and the Nasdaq rose 0.2 per cent.

Aussie dollar: The Australian dollar is trading at 0.7436 to the US dollar at 7am this morning.

RBA: The Reserve Bank is widely expected to keep the cash rate cemented at a record low 0.1 per cent when it holds its monthly board meeting this afternoon given there has been a rapid deterioration in the economic outlook since its August meeting.

Bitcoin surge: The price of bitcoin has surged ahead of El Salvador’s decision to turn the cryptocurrency into legal tender. Over the weekend, the digital coin pushed above the US$51,000 (A$68,500) mark.

Corporate tax plan: Large companies and mining corporations could be paying more tax under a plan by the Greens that is reminiscent of a former Labor policy. Leader Adam Bandt said the measures would bring in $338 billion over the next decade, which would help fund dental appointments and mental health support, as well as lift the JobSeeker rate.

Telstra jab: Telstra has become the first telecommunications company to announce it will require its frontline staff to be vaccinated against the coronavirus. Under the proposal, Telstra, which has nearly 29,000 employees, would mandate vaccination for about 8300 roles, including retail staff and technicians who have dealings with the public, after a week of consultation with its workforce and unions.

Rent hardship: On Monday Victoria announced a new $1,500 rent hardship payment for workers affected by the state's extended lockdown, and an extension of its business support program.

4-day week: Scotland is the latest country to trial a four day working week. Instead of working the standard 38 hours a week, office-based Scottish men and women may soon only have to do their job for 30 hours, meaning every week will have a three-day weekend, and still recieve the same pay.

Have a great day.

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