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ASX to drop as Harvey Norman reignites JobKeeper debate

·Contributing editor
·2-min read
Retailer Harvey Norman to pay back $6 million in JobKeeper money. Source: Getty
Retailer Harvey Norman to pay back $6 million in JobKeeper money. Source: Getty

Good morning.

Here's what you need to know about finance markets for today.

ASX: The Australian share market is expected to end its winning streak on Wednesday. According to the latest SPI futures, the ASX 200 is expected to open the day 37 points or 0.5 per cent lower this morning.

Global markets: It was a subdued night of trade on Wall Street, which saw the Dow Jones fall 0.1 per cent, the S&P 500 drop 0.1 per cent, and the Nasdaq edge 0.05 per cent lower.

Aussie dollar: The Australian dollar is trading at 0.7317 to the US dollar at 7am this morning.

Rebound: The latest national accounts will show annual economic growth at around a whopping nine per cent. However, economic growth in the June quarter of this year is expected to be extremely modest, with some economists concerned there could even be a tiny contraction. For today's data economists are forecasting 0.3 per cent growth, dampened by current COVID-19 lockdowns.

Banksy scam: An art collector who spent US$336,000 (A$459,295) on a fake Banksy non-fungible token (NFT) advertised through the artist's official website, has told the BBC he feels "burned" by the dupe. In the latest example of a cryptocurrency scam, a link to an online auction for the non-fungible token was posted on a now deleted part of the graffiti artist's website, in an apparent hack of the website.

JobKeeper refund: Retailer Harvey Norman’s decision to pay back $6 million in JobKeeper money on the back of record profits has reignited calls for more transparency around the multibillion-dollar wage subsidy scheme and sparked criticism of the government’s moves to claw back funds from unwitting individuals.

Canva workers: Workers at Australian graphic design company Canva will only have to show up to the office eight times a year under a “radical” new flexibility policy. The announcement, made yesterday, applies to all Canva’s staff including at its Melbourne, and Sydney offices in Australia, its Austin office in Texas, US, its Wuhan and Beijing hubs in China as well as a Manila office in the Philippines.

Have a great day.

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