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ASX to fall as childcare subsidies announced

The ASX board showing company price changes and a woman plays with children at a child care facility.
The ASX is expected to fall this morning as the Government announces new child care subsidies. (Source: Getty)

ASX: The local market is expected to fall this morning as fears of a recession grow in the United States.

This comes after the ASX closed at its lowest level in 12 weeks on Friday after a week of losses.

Wall Street: It was a rough week for the US stock market as the Federal Reserve renewed its commitment to do whatever it takes to bring down inflation, even if it means pain in the economy.

Budget: The final federal budget outcome for the last financial year is expected to come in better than expected, when the numbers are reported this week.

Despite taking a hit during the coronavirus pandemic, the Labor government said the budget deficit for 2021/22 could be $50 billion healthier.

Cashless card: The Government is attempting to scrap the cashless welfare card for more than 17,000 welfare recipients in remote communities.

The cards can carry up to 80 per cent of welfare payments - money that can't be withdrawn in cash or spent on gambling or alcohol.

Childcare: All Indigenous children will be eligible for 36 hours of subsidised child care a fortnight under new Government reforms.

The Albanese Government will this week introduce the measure to boost the number of Indigenous children in child care by upping subsidised care from 24 hours a fortnight.

Melisasa Cadick mystery: The inquest into the disappearance and suspected death of fraudster Melissa Caddick is due to resume with evidence from an investigator who helped uncover her million-dollar fraud.

Isabella Allen from the Australian Securities and Investments Commission led the formal investigation into Caddick's Ponzi scheme operated under her fake company Maliver.

Anti-corruption: Crossbench members have pledged not to stand in the way of passing a federal anti-corruption commission, but have warned the Government they will not rubber stamp their bill.

Market woes: With global stock markets in meltdown mode, it’s natural to look back at other times of financial woe: The Great Recession of 2008-2009. The bursting tech bubble in 2000. The crash of 1987, never mind 1929 — and all manner of mini-downturns and flash crashes in between.

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