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ASX to dip as Albanese looks to bring in new paid leave

The ASX board and Prime Minister Anthony Albanese.
The ASX is expected to fall this morning as the Albanese looks to prioritise paid family and domestic violence leave. (Source: Getty)

ASX: The local market is expected to open in the red despite gains on Wall Street overnight.

This comes after the Australian share market rallied for a second time this week on the back of a strong lead from Wall Street yesterday.

Wall Street: US stocks rallied overnight as tech stocks soared for a second straight day.

All three major indices added to gains after Tuesday's rally.

Worker crisis: Skills Minister Brendan O'Connor said a boost in migration would not be the only way to ease worker shortages across critical industries.

As the Government looks to prioritise the processing of 60,000 visa applications of skilled overseas workers, O'Connor said further investment in training would also be needed going forward.

Jobs summit: The upcoming jobs and skills summit would be a key opportunity to reset the direction of the economy, the Business Council of Australia said.

In a major speech in Sydney on Wednesday night, the council's chief executive, Jennifer Westacott, said a raft of measures would be needed in order to strengthen Australia post-COVID.

Paid leave: Introducing paid family and domestic violence leave will be one of the first priorities of the Albanese Government when the new Parliament meets.

The Government's proposed laws will allow any Australian worker to access 10 days’ paid family and domestic violence leave.

Tax bill: Multinational mining giant Rio Tinto has settled a decade-long tax dispute with the Australian Taxation Office, handing over almost $1 billion in unpaid taxes.

The settlement is one of the largest in Australian tax history.

Energy reform: Leaders are pushing for Indigenous people to be at the heart of Australia's renewable energy boom, as community, industry and authorities come together to help inform the future of the sector.

Staff shortages: Disability service providers are grappling with significant staff shortages and it's putting patients at risk, as well as delaying workers' post-lockdown travel plans.

The Australian Services Union, which represents disability workers, has heard reports of staff being asked to postpone leave and work excessive overtime to deal with shortages.

Netflix: Ads are coming to Netflix and while many may hate the idea, an ad-supported tier could help return the company - which is losing subscribers and watching revenue slow - to the kind of growth investors fell in love with.

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