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ASX to fall as Aussies brace for another major rate hike

·Personal Finance Editor
·2-min read
The ASX board showing price changes and RBA governor Philip Lowe.
The ASX is expected to fall this morning while investors anticipate another double rate hike by the RBA. (Source: Getty)

ASX: The local market is expected to slip at the open with no lead from Wall Street overnight, which was closed for the 4th of July public holiday.

The Australian share market ended higher yesterday after posting losses for the past three sessions, with investors seemingly resolved to continuing rate increases and ongoing market volatility.

RBA: The Reserve Bank of Australia (RBA) is expected to deliver another double rate hike today.

Experts are predicting a 0.50 per cent lift to the cash rate, double what would be considered a regular hike.

A 0.50 per cent hike would bring the official interest rate to 1.35 per cent - up from 0.1 per cent in April.

Ukraine crisis: Taxes on Ukrainian goods being imported into Australia have been scrapped following Anthony Albanese's tour of the war-torn nation.

The Prime Minister pledged an extra $99.5 million in military aid, in addition to the previously announced $285 million package, which included 40 Bushmasters and artillery pieces.

This comes as estimates put the cost of rebuilding Ukraine following Russia's invasion at $1.1 trillion (US$750 billion).

And Ukrainian Prime Minister Denys Shmygal said rich Russians should help pay the bill.

Strong outlook: Wet conditions across parts of the country haven't dampened Australia's agricultural outlook according to the latest report from Rural Bank.

Australian farmers continue to cash in on high commodity prices and strong production despite a volatile global environment.

Compo: Injured NSW workers are facing longer waits for compensation, hard-to-live-off payments and are suffering mental trauma as they face an "abusive" system, a new report has said.

Now, Unions NSW is calling for change.

Bright idea: New technology could revolutionise the way doctors detect concussion, epilepsy, and dementia, and help give patients forewarning about their conditions.

Researchers from Melbourne's RMIT University have helped develop a laser-based diamond sensor, which could be used in a portable device to detect brain disorders.

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