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ASX to fall as Centrelink found to prevent Aussies getting work

·2-min read
The ASX board showing company price changes and Aussies in line at a Centrelink office.
The ASX ais exepcted to fall this morning as a new study found Centrelink is preventing Aussies from finding work. (Source: Getty)

Good morning.

ASX: The local market is expected to fall out of the gates this morning after a poor lead from the US.

This comes after a mostly flat session yesterday, with the market barely straying from its opening level.

Wall St: US markets fell overnight as fresh data pointing to inflationary pressures weighed on the US economy.

Meanwhile, disappointing earnings from the major retailers also dragged the market down.

BTC: Bitcoin pulled back again overnight. This came as Indian authorities considered banning the cryptocurrency.

Bitcoin, and most other cryptocurrencies, took a tumble on Indian crypto exchanges after local news media reported the Indian government would consider banning “private” cryptocurrencies.

Centrelink fail: Welfare system paperwork is making it hard for people to find jobs as they skip meals and struggle to make ends meet, a study has found.

The Anglicare Australia study found 75 per cent of recipients want to do Centrelink activities that lead to work, but just 13 per cent feel their obligations actually help them find full-time employment.

Pay up: Just Jeans, Lorna Jane and Peter Alexander have been put on Oxfam's naughty list ahead of the silly season.

The human rights organisation has called out those brands, as well as Myer, to be open about how and where they manufacture their clothes to help lift the women who make them out of poverty by paying them a living wage.

‘Global scars’: Australia's former finance minister, Mathias Cormann, has sounded a warning about "the economic and social scars" of the pandemic.

Global economic growth has picked up this year and continues to improve, but the resurgence of COVID-19 in Europe shows "serious downside risks remain", Cormann said.

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