ASX to fall as $750 payments could be extended

·2-min read
The ASX board showing company price changes and a person removing $100 notes from a wallet.
The ASX is expected to fall this morning as national cabinet to discuss COVID payment extension. (Source: Getty)

ASX: The local market is expected to fall this morning after US stocks fell overnight.

This comes after the ASX closed higher for a fourth straight day, finishing above the 7,000 level for the first time in two-and-a-half weeks.

Wall Street: US stocks nosedived on Tuesday after a surprising inflation report showed prices rose more than expected last month.

All three major averages logged their worst day since June 2020.

COVID payments: National Cabinet will meet today to discuss the nation's pandemic response.

Extending pandemic leave payments will be on the agenda when state and territory leaders meet with the Prime Minister, who is expected to back the proposal.

Public holiday: Australians can also expect further details on next week's day of mourning for The Queen after National Cabinet convenes.

A one-off public holiday has been declared for Thursday, September 22, for Australians to commemorate the life and service of Queen Elizabeth II.

Green energy: The transition to renewable energy is an "industrial revolution to a timetable" and regional Australia is on the front line of change, a national summit has been told.

Grattan Institute energy and climate change program director Tony Wood said no section of the Australian economy would be untouched by the energy shift.

Strike action: Public school teachers in Katherine will walk off the job in protest over a pay dispute, mounting work pressures, and concerns over inadequate housing.

While schools will remain open to receive students, Australian Education Union members will strike from 9:00am until 1:00pm today.

Meanwhile, a protracted dispute between unions and the NSW government over rail worker pay, conditions and safety will return to the workplace umpire after two days of conciliation.

Cost pressures: Small businesses are struggling to pay their invoices on time, suggesting a wave of business closures could be approaching.

Payment defaults have lifted by 53 per cent compared with the same time last year, according to CreditorWatch's index that measures business risk.

Wet weather: Another summer of heavy rainfall and humid, sticky nights is ahead for much of Australia, as forecasters declare a rare third consecutive La Nina weather event.

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