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ASX set to rise, recession fears and Australia’s best-performing economy

Australian money and ASX
ASX set to rise and Queensland revealed as Australia's economic powerhouse

ASX and Wall Street: The ASX is set to rise this morning after US stocks rallied to close higher on Friday, This came on the back of the S&P 500 and Dow snapping a three-session losing streak, while the Nasdaq rose more than 2 per cent, as quarterly earnings helped lift Netflix, and Google parent Alphabet climbed after announcing job cuts.

Queensland top performer : Queensland has the best-performing economy in the country, rising above other states on the back of a migration boom and strong demand for its energy resources.

The Sunshine State reached top position in CommSec's latest State of the States report, which gauges the economic momentum of each state and territory.

Recession fears for Australia: One of the nation's biggest consultancy firms has painted a bleak picture for the year ahead, saying Australians are at the mercy of the central bank while warning of a possible recession.

Deloitte Access Economics said economic growth would slow dramatically in 2023 as the consumer-led recovery ran out of steam. Falling house prices, rising interest rates, high inflation, low levels of consumer confidence and negative real wage growth are expected to create a perfect storm of economic headwinds.

Robodebt hearings continue: Former social services minister Christian Porter and former human services minister Alan Tudge will give evidence about their roles in the unlawful debt-collection scheme when its third block of hearings kicks off.

Ministerial colleagues Scott Morrison and Marise Payne gave evidence in the second hearing block, with each denying they had knowledge of legal advice flagging issues with the proposed scheme.

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