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ASX to dip as Albanese flags tight Budget

·2-min read
Anthony Albanese and ASX sign
ASX tipped to fall modestly as PM Anthony Albanese foreshadows restrained spending in his first Budget in October. (Source: Getty)

ASX: The local market is poised to open slightly weaker today as commodities take a hit.

Yesterday, the share market closed higher with all sectors in the green except mining and energy, after Fed chairman Jerome Powell said a US recession was "certainly a possibility".

Wall Street: US markets saw solid gains, fuelled by strong performances from tech shares and safer bets in tough economic times, such as utilities and healthcare, which outweighed declines for economically sensitive groups as worries persisted about a potential recession.

Budget 2.0: Prime Minister Anthony Albanese has admitted the Government will have to place a cap on spending when it hands down its first budget.

Albanese said while the Federal Budget, due to be handed down in October, will fulfil commitments Labor made at the election, there was a difficult fiscal repair job ahead.

Energy crisis: Albanese remains confident energy prices will be able to be lowered following investment in new energy sources.

As the market operator still assesses when to end the suspension of the national energy market, Albanese said he was optimistic the situation in the sector would start to improve.

"The problem at the moment is that renewables can't fit into the grid," he told the ABC's 7.30 program.

All of the new energy investment, that's where it's headed, towards renewables, because it's the cheapest form.”

Mining: Western Australia's multi-billion-dollar mining industry has failed to protect women from predatory sexual behaviour, an inquiry has found.

A committee chaired by Liberal MP Libby Mettam delivered its findings on Thursday after almost a year of investigations, which were launched after a number of women came forward to police detailing claims of sexual assaults at major WA mines.

Agriculture: A dozen Australian farmers have signed up for a first-of-its-kind farmer mutual to help reward producers financially for the environmental improvements they make.

Climate target: Yesterday the Western Australian government announced it would target a whole-of-government emissions reduction of 80 per cent below 2020 levels.

Airport chaos: Australia's airports are bracing for an influx of passengers as school holidays begin.

Travellers should expect long queues, delayed flights and lost baggage, with airports adjusting to the busy season as they rebuild their decimated workforces after thousands were laid off due to a lack of flights.

-With AAP

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