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ASX to fall as Aussie productivity hits lowest level in 60 years

·Personal Finance Editor
·2-min read
The ASX board showing company price changes and people walking in the Sydney CBD.
The ASX is expected to fall this morning as productivity in Australia hits a 60-year low. (Source: Getty)

ASX: The local market is expected to open lower this morning after a disappointing session on Wall Street overnight.

This comes after the local market gained ground for a sixth straight session, recovering from morning losses after the Reserve Bank (RBA) raised rates as expected but said it was not on a "pre-set path" when it came to monetary policy.

Wall Street: US stocks finished lower on Tuesday following a volatile trading session that saw the Nasdaq gain over 1 per cent at its highs and the Dow ultimately lose more than 1 per cent.

When the closing bell rang, the S&P 500 was down 0.66 per cent, the Dow off 1.22 per cent, and the Nasdaq down 0.16 per cent.

RBA rates: The RBA kept the door open for less aggressive rate rises, tempering its language in its latest board statement as homeowners prepare for banks to react to the latest hike.

The RBA board on Tuesday lifted the cash rate by 50 basis points to 1.85 per cent - its highest level in more than six years.

Productive: Australia's productivity has retreated over the past two decades and is now at its lowest rate in 60 years, a Productivity Commission (PC) report found.

The PC interim report found while Australia's productivity rate had slipped to its lowest rate since the mid-20th century, improving performance was possible.

The commission said boosting productivity meant dealing with global challenges like decarbonising the economy, geopolitical tensions, supply chain disruptions as well as grappling with Australia's ballooning services sector.

Energy crisis: Gas companies are "poster child tax avoiders" which should be made to pay a greater share of revenue to fund essential services, according to Greens leader Adam Bandt.

Bandt is expected to tell the National Press Club today the gas industry should fork out more tax and royalties to help ease cost-of-living pressures for Australians.

Defence review: The Federal Government has announced a major strategic review of the Australian Defence Force to ensure it's well positioned to meet future security challenges.

The review, the first since 2012, will be led by retired Air Chief Marshal Sir Angus Houston and former Labor defence minister Stephen Smith.

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