ASX to rise as JobKeeper extension confirmed

Here's Yahoo Finance's Tuesday morning wrap. Source: Getty

Good morning.

Here’s Yahoo Finance’s Tuesday morning wrap.

The ASX is tipped to rise at the open of trade, after the US share market finished higher on Covid-19 vaccine hopes.

Today, the Reserve Bank of Australia is expected to speak about the coronavirus, the labour market and public sector balance sheets.

The Australian dollar was trading at 70.17 US cents, up from 69.88 US cents at Monday's close.

In the US, stocks finished higher as promising trial results from potential virus vaccines buoyed investors.

Wall Street was boosted by surging tech shares, which pushed the Nasdaq to a record closing high.

CONFIRMED: The government’s $1,500 per fortnight JobKeeper wage subsidy will be extended for Australians until March, the Prime Minister will reveal on Tuesday.

The $550 per fortnight Coronavirus Supplement, which is currently propping up the JobSeeker payment to $1,100 per fortnight, will also be reduced.

Is Australia’s debt spiralling? Independent economist Stephen Koukoulas writes that Australia’s debt levels will likely reach World War 2 highs in the years to come.

“When he delivers his economic statement this week, it is likely he will be delivering a scenario that has huge budget deficits for 5 years or more and that net government debt will be more than triple the level the Coalition inherited when it won the 2013 election,” Koukoulas says.

Redundancy: Hundreds of thousands of Australians have lost their jobs since the Covid-19 crisis battered the tourism, aviation, hospitality and retail sectors leaving the country at risk of a mental illness avalanche.

If you have been made redundant, here are some techniques you can use to protect your mental health, and get back on track.

Or it could be time for a career change: There is actually something more important than just having a job: having the job you want, or at the very least the job you’re most qualified to do, finance commentator Dave Taylor writes.

So if you’ve lost your job, now might be the time to find what you’re truly passionate about, and find meaning in your work.

Women over the guilt: Women are sick of feeling demoralised for draining lifetime superannuation savings due to Covid-19 financial hardship, Financy founder Bianca Hartge-Hazelman writes.

Have a great day.

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