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ASX to climb as Aussie housing sector in ‘meltdown’

·Personal Finance Editor
·2-min read
The ASX board showing company price changes and the roofs of houses overlooking the Sydney CBD.
The ASX is expected to rise today as experts call for housing sector overhaul. (Source: Getty)

ASX: The local market is expected to rise this morning after a rally on Wall Street overnight.

This comes after the Australian share market ended in negative territory yesterday after plunging commodity prices saw sharp losses in the energy and mining sectors.

Wall Street: US stocks pushed higher on Wednesday afternoon to close a choppy session in the green, though the risk of a recession remained top of mind for many investors.

Rate rises: All the Big Four banks have passed on the Reserve Bank's latest interest rate rise of 0.5 per cent to their home loan borrowers.

Following the central bank's decision to increase the cash rate to 1.35 per cent the Commonwealth Bank, Westpac, NAB and ANZ all followed suit on Wednesday with their variable mortgage rates.

Rental crisis: Australia's housing system is not just broken but in meltdown, according to Anglicare Australia, which said all levels of government must take urgent action to fix the crisis.

Releasing its 20-year roadmap for affordable housing, Anglicare made several recommendations, including tax and policy reform and an expansion of social housing.

Worker feud: Sydney commuters have again suffered disruptions amid an ongoing feud between the NSW government and rail union, as the two parties prepare for a full hearing in the Fair Work Commission.

The hearing is due in the commission today, and similar industrial action is set to affect commuters on Friday.

Nuclear warning: Former Russian president Dmitry Medvedev told the United States that attempts by the West to punish a nuclear power such as Russia for the war in Ukraine risked endangering humanity.

Russia's invasion of Ukraine has triggered the most serious crisis in relations between Russia and the West since the 1962 Cuban Missile Crisis, when many people feared the world was on the brink of nuclear war.

- With AAP

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