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ASX set for a muted start and Australia’s economy to grow

Australian money and ASX
ASX is set for a muted start today

ASX and Wall street:

The Australian share market is predicted to have a weak start today after closing on Friday following heavy losses for two of the biggest mining companies. Rabobank's global strategist Michael Every has warned of lingering inflation as Russia's Ukraine war drags on.

Wall Street's main indexes posted their biggest weekly drop of the year with investors bracing for the possibility of more aggressive rate hikes from the US Federal Reserve as economic data pointed to resilient consumers.

Economic growth: Australia's latest growth report is expected to return another solid result despite the headwinds facing the economy.

The December-quarter national accounts will be released on Wednesday after the Australian Bureau of Statistics issues various inputs into the gross domestic product (GDP) figures earlier in the week.

NAB economists expect to see 0.8 per cent quarterly growth and a 2.8 per cent annual increase in GDP, in part thanks to resilient household spending.

G20 division:

Finance leaders of the world's biggest economies have been entangled in differences over the war in Ukraine and on resolving the debt burden of distressed developing nations, participants say.

The meeting of finance ministers and central bank chiefs of the G20, hosted by India ended without a joint communique because there needed to be a consensus on how to describe the conflict in Ukraine, reported delegates.

The United States and its allies in the G7 industrial powers have been adamant in demanding the communique squarely condemn Russia for the invasion of its neighbour, which has been opposed by the Russian and Chinese delegations, they said.

Teachers want to quit: Some 47 per cent of teachers are considering leaving the profession within the next year, according to the results of a Black Dog Institute survey released on Saturday.

Unmanageable workloads, teacher shortages and having to take on classes outside their expertise have half of all Australian teachers on the verge of quitting, a new survey suggests.

NSW election: The NSW election campaign is focused on competing policies on energy and education - two areas where the state is facing arguably its greatest immediate challenges.

On Saturday, the Coalition announced a review into power monopolies in apartments and retirement villages via embedded networks, and attacked Labor's long-term $1 billion storage project.

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Smiling women and piles of Australian cash
Smiling women and piles of Australian cash