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ASX to edge up as RBA probe kicks off

·Personal Finance Editor
·2-min read
The ASX board showing company price changes and RBA governor Philip Lowe.
The ASX is expected to edge higher this morning. (Source: Getty)

ASX: The local market is expected to edge slightly higher after Wall Street rebounded overnight.

This comes after the ASX dropped sharply yesterday, with $60 billion wiped out of the gate and losses continuing throughout the day.

Wall Street: US stocks finished higher on Wednesday after an indecisive trading session that saw the major averages spend time on both sides of the flat line throughout the day.

RBA: The Reserve Bank's ability to respond to supply-side shocks - such as the supply chain issues caused by the COVID-19 pandemic - will be probed in an independent review.

The first independent review into the central bank since the 1990s was announced by Treasurer Jim Chalmers in July.

Star casino: The Prime Minister has rejected calls for a national royal commission into the gaming industry after Sydney's Star was found unfit to hold a casino licence.

The Star has 14 days to respond after an inquiry commissioned by the NSW Independent Casino Commission found its management had ignored organised crime links and money laundering.

Climate crisis: Australia in its "moral duty" would pay compensation to developing countries battered by climate-change-fuelled natural disasters under a push by Pacific Island nations.

A report released by Oxfam Australia called on the nation to support financing a global loss and damage fund, where wealthy countries would stump up cash for poorer countries to help them manage the damage bill in a bid for "equitable" solutions.

Free travel: The protracted dispute between rail unions and the NSW government is no closer to ending, ahead of industrial action allowing commuters to travel free.

The Rail, Tram and Bus Union will deactivate Opal readers and gates from next Wednesday, indefinitely, until a resolution is reached, NSW secretary Alex Claassens said.

Motor head: Australia's love of utes and SUVs is slowing down the country's efforts to reduce carbon emissions, a new National Transport Commission report said.

Sales of electric vehicles nearly tripled in Australia last year but average emissions from new cars only decreased by 2 per cent.

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