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ASX set to lift, more Australians feel poor and 3 other things to start your day

ASX wrap.
The ASX is expected to lift and a new climate report predicts more extreme weather events in Australia. (Source: Getty/AAP)

ASX: The ASX is expected to rise slightly today after closing higher yesterday, as Wall Street's main indexes rose as gains in Walgreens and Best Buy helped investors manage worries around the economic fallout of stricter COVID-19 curbs in China.

Growth slowing: Australia's growth outlook has been revised down slightly as the tight labour market and global energy crisis continue to fan inflation.

The Organisation for Economic Co-operation and Development (OECD) expects real GDP growth of 4 per cent in 2022, down 0.1 percentage points from its interim September forecasts.

Poor Aussies: The proportion of Australians classifying themselves as poor has surged in the past 12 months as the rising cost of living erodes household budgets.

The percentage of people reporting some kind of financial hardship hit 37 per cent in 2022, compared to 31 per cent in 2021.

The uncertain economic climate is damaging social cohesion in Australia, putting the nation's post-pandemic recovery at risk, a Scanlon Foundation Research Institute report has found.

Climate crisis: Australia is facing longer fire seasons, more intense tropical cyclones and oceans riddled with acidity due to rising global temperatures, according to a new CSIRO report.

The country's climate has warmed on average by 1.47C since national records began in 1910, according to the new State of the Climate report released on Wednesday.

The eight years from 2013 to 2020 were the warmest on record, with 2019 taking the top spot for the hottest recorded year.

FTX fallout continues: The spectacular collapse of crypto exchange FTX continues in the bankruptcy hearing in the US, leaving an estimated 1 million creditors facing losses totalling billions of dollars.

FTX was run as a "personal fiefdom" of former CEO Sam Bankman-Fried, lawyers for the collapsed crypto exchange have said in its first bankruptcy hearing as they detailed ongoing challenges such as hacks and substantial missing assets.

In the highest-profile crypto blow-up to date, FTX filed for protection in the United States after traders pulled US$6 billion ($9 billion) from the platform in three days and rival exchange Binance abandoned a rescue deal.

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