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ASX rises as Federal Budget 2021 draws closer

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·Contributing editor
·4-min read
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Australian notes and coins spilled out on a table
Australian notes and coins spilled out on a table

Good morning.

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

ASX: The Australian share market looks set to push higher again on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 10 points or 0.15 per cent higher.

Wall Street: It was a mixed night on Wall Street, which has seen the Dow Jones rise 0.3 per cent, the S&P 500 edge 0.1 per cent higher, and the Nasdaq fall 0.4 per cent.

AUD: The Australian dollar is trading at 0.7751 against the US dollar as of 7.30am this morning.

Oil: According to Bloomberg, the WTI crude oil price is down 0.6 per cent to US$65.29 a barrel and the Brent crude oil price has fallen 0.3 per cent to US$68.67 a barrel. Oil prices softened despite inventories declining.

Gold: According to CNBC, the spot gold price is up 0.55 per cent to US$1,785.90 an ounce. The gold price rose after the US dollar pulled back.

Budget 2021: With Treasury forecasting two strong two for the economy and embracing a target for the unemployment rate to fall towards 4 per cent, Frydenberg will present a fiscal policy strategy that will be framed as good news in the Budget next week. But in terms of the economy, the budget will bring together a range of issues that will be positive for the government that Labor will be hard-pressed to combat.

Budget 2021 terms: The Federal Budget estimates government income and spending, income is generated through taxes and investments and spending is on things like welfare, schools, roads, health and defence. Here are all the Budget terms explained in simple language.

Budget 2021 spending: Will May 11 bring a budget that aims to extend Australia's remarkable economic recovery or one targeted at ensuring the coalition is returned to power at the next election. Josh Frydenberg recently scolded a senior journalist for mentioning the election in the context of the budget, calling it "cynical".

Budget 2021 & women: A big-spending budget aimed at reviving the coalition's flagging fortunes with women is set to chart the Morrison government's course to the next election. Sexual assault, harassment and bullying allegations catapulted gender inequality to the national stage, sparking protest marches across the country.

Budget 2021 & aged care: Scott Morrison has "deliberately and callously" chosen not to have acted earlier to clean up the aged care system, Labor leader Anthony Albanese says. He will use a speech to the McKell Institute in Sydney on Thursday to lay down Labor's values and priorities ahead of next week's federal budget.

Investment outlook: Business investment is still expected to be among the hardest hit parts of the broader Australian economy for the next year or two, even though the outlook has improved in recent months. Deloitte Access Economics estimates business investment will fall in the 2020/21 financial year before accelerating at double-digit rates in both 2021/22 and 2022/23.

NAB: National Australia Bank's share price will be on watch today when it releases its half year results. According to a note out of Goldman Sachs, it expects the banking giant to report cash earnings of $3,031 million. This will be up 77 per cent on the prior corresponding period. On the very bottom line, the broker is forecasting earnings per share growth of 43 per cent to 85.4 cents.

Facebook Trump ban: Facebook's oversight board has upheld the company's suspension of former US president Donald Trump but says the company was wrong to make the suspension indefinite and gave it six months to determine a "proportionate response". Trump called the decision and his banning across tech platforms "a total disgrace" and said the companies would "pay a political price".

Have a great day.

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