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ASX to fall as employment minister vows to boost wages

·2-min read
ASX and people walking to work
ASX to slip as Employment Minister Tony Burke vows to "move" wages in the Albanese Government's first term. (Source: Getty)

ASX: The local market is poised to open weaker today off the back of a slump in tech stocks.

Wall Street: US stocks ended lower last week as disappointing earnings from Snap spooked investors, and shares in social media and ad tech firms dropped, offsetting gains from card issuer American Express following an upbeat forecast.

Parliament returns: Climate change, cost-of-living pressures and a "confronting" budget update are set to dominate the first week of Australia's new Parliament.

Tackling the aged care, labour and domestic violence crises are also high on Prime Minister Anthony Albanese's legislative agenda.

Pay rise: Employment Minister Tony Burke has vowed wages will "move" in the Albanese Government's first term, saying it had been fighting for growth from "day one".

Green skills: A skills shortage is posing a hurdle for the energy-sustainability goals of Australian business.

A survey of more than 500 managers and decision makers across corporate Australia has found 76 per cent of businesses see sustainable transformation as providing a competitive edge.

But the report also found that the majority of businesses were struggling with a lack of energy-transition expertise and dedicated personnel to get their strategies in place.

Clean hydrogen: Premier Dominic Perrottet has landed in Seoul to promote green hydrogen manufactured in NSW.

Building defects: Apartment buyers are demanding a shake-up in insurance protection from broke builders who leave them high and dry.

A survey - by industry body Australian Apartment Advocacy - of 1,100 apartment buyers from around the country showed one in three had seen their original builder go broke in the past 12 months.

This left many stranded with no builder warranty or insurance to fix defects.

Top economy: Victoria has dethroned Tasmania as Australia's best-performing state or territory, with its economy leading the nation for the first time since April 2020.

Facial recognition: Supermarket giants Coles, Woolworths and Aldi are among 17 major retailers saying they have no plans to introduce facial-recognition technology, according to consumer group CHOICE.

-With AAP

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