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ASX to fall as gas-supply trigger pulled

·Personal Finance Editor
·2-min read
The ASX board with company price changes and an energy plant in Australia.
The ASX bis expected to fall this morning as the federal government sounds the alarm on energy prices. (Source: Getty)

ASX: The local market is expected to slip at the open after Wall Street fell over the weekend.

This comes after the local market posted its third week of gains as China's economic hub of Shanghai reopened following two months of COVID-19 lockdowns.

Wall Street: US stocks slid on Friday to close the week lower as investors weighed May jobs data that signalled labour market conditions could weather a more aggressive rate-hiking cycle.

Crypto: Non-fungible token (NFT) enthusiast Gary Vaynerchuk has warned that the current market correction is “just starting”.

Speaking at his own NFT conference “VeeCon” in Minneapolis, Vaynerchuk said the recent correction is a healthy check to the excess speculation.

Energy crisis: ​​Energy Minister Chris Bowen said the energy regulator had allowed for more gas to be released to the south-eastern states, but that the crisis was far from over.

Faced with the Labor Government's first crisis, Bowen confirmed the Australian Energy Market Operator had activated the gas supply guarantee in the face of soaring prices.

Tax time: Taxpayers who paid for a COVID-19 test for work-related purposes or bought their own PPE could be able to claim them as a deduction, the Australian Tax Office said.

With the end of the financial year looming, the ATO expects COVID-19 will continue to impact tax returns.

Air pollution: Air pollution is as bad for your health as a poor diet or smoking and costs Australia an estimated $16 billion a year.

Health advocates said, despite the damage, the country was falling behind global standards to reduce the environmental threat.

RBA hike: There seems to be no doubt the Reserve Bank of Australia will raise its cash rate again at tomorrow's monthly board meeting as it battles ballooning inflation - it's just a question of by how much.

Funding boost: The NSW government will move to fund 1,858 new paramedics and 30 more ambulance stations across the state in the coming Budget.

It will cost the Budget $1.76 billion over four years, including cash for 210 ambulance support staff, 52 nurses and eight doctors.

Giving: ​​Women and low-income earners are among Australia's most generous in times of crisis, research found.

An Australian Red Cross study revealed women gave more money and donated more often than men when it came to worthy causes.

- With AAP

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