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ASX to fall as Dutton delivers Budget reply

A composite image of Opposition leader Peter Dutton looking unhappy and the ASX board showing company price changes.
The ASX is expected to fall this morning. (Source: Getty)

ASX: The local market is expected to have a muted start to the day after a choppy session on Wall Street overnight.

This comes after the ASX rose for a fourth straight day yesterday, with a strong performance by the energy and mining sectors.

Wall Street: US stocks were mixed on Thursday as investors braced for another batch of tech earnings from Amazon and Apple and dissected a better-than-expected GDP report.

Budget reply: Opposition Leader Peter Dutton accused the Government of raising a white flag on providing financial relief from rising power prices, saying key election promises had been abandoned.

Dutton used his first Budget reply speech last night to attack the Albanese Government's Budget for not providing adequate cost-of-living relief at a time of rising inflation and electricity costs.

Flooded homes: Thousands of residents devastated by the catastrophic flooding in the NSW Northern Rivers will soon be able to have their homes on the floodplain bought back or repaired as part of a new $800 million program.

The Northern Rivers Resilient Homes Fund will offer up to 2,000 flood-impacted residents the opportunity to raise, repair or retrofit their house to make it more flood resilient.

Cost of living: Retail giant Wesfarmers - parent company of Bunnings, Officeworks, Kmart and more - said rising interest rates and inflation were starting to affect consumer behaviour.

The company said while sales were currently doing well, it saw some risks on the horizon.

Scathing report: A United Nations report said government pledges to cut greenhouse gas emissions had been “woefully inadequate”.

The report said the policies currently in place would likely lead to a 2.8C degree rise in temperature by the end of the century.

Russian oil: The war in Ukraine may help push the world towards renewable energy faster, the International Energy Agency (IEA) said.

While the world had taken an economic hit from reduced supplies of Russian oil, the IEA said the best-case scenario would be no investment in new fossil fuel projects.

Martian ‘engine room’: Scientists have figured out how to look inside planets in the solar system to learn more about how they evolved.

The Australian National University researchers have determined the Martian core is about 3,620 kilometres in diameter, which is large but slightly smaller than Earth's core.

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