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ASX to fall amid 'palpable' Victoria fury

Lucy Dean
·2-min read
Dan Andrews' roadmap out has been met with fury while Australians face the end of the home loan deferrals. Images: Getty
Dan Andrews' roadmap out has been met with fury while Australians face the end of the home loan deferrals. Images: Getty

Good morning.

Here’s Yahoo Finance’s Monday morning wrap.

ASX: The ASX is expected to start the week lower following Friday’s rout which saw around $60 billion lost on the share market. The local market will also be responding to Victoria’s roadmap out.

Wall Street: Wall Street finished Friday lower following a major sell-off on Thursday local time.

"Corrections like this have been quick and severe lately. We don't know if it’s over," Michael Antonelli, market strategist at Baird in Milwaukee told AAP. "The fact we stabilised today could be a good sign."

Super: Thinking of topping up your super? It’s not always a good idea, Bianca Hartge-Hazelman finds. In fact, if you’re earning less than $90,000, it might not even be worth your time.

Childcare: As Australia searches for ways out of the recession, increasingly subsidised or free childcare is an attractive policy, KPMG has found. Increasing the subsidy would deliver up to 40,000 full time jobs.

Tax cuts: The Australian Government looks set to bring forward scheduled tax cuts in the October budget in a bid to stimulate the economy, but this would deliver little benefit, new analysis from The Australia Institute has found.

Home loan cliff: It’s September, and for 450,000 home loan customers, that means judgment day. Australia’s lenders have already begun assessing borrowers’ financial situations after they took up the six month home loan deferrals.

Victorian roadmap: Victorian Premier Daniel Andrews has detailed Victoria’s roadmap out of lockdown, but it’s been met with anger, according to Australian Industry Group’s Innes Willox. “The fury is palpable,” he told the ABC.

The roadmap extends lockdown by another two weeks but lessens some of its harsher measures.

Tax agent: A tax agent has been hit with a 20 month prison sentence after trying to scam $180,000 from the Commonwealth.

Aldi: Aldi’s special buys sales have been known to trigger frenzies, with the supermarket now pulling several items from Victorian stores in a bid to reduce the number of shoppers anxious to get inside.

Vaccine: The Prime Minister is set to announce today two $1.7 billion deals struck by the Government to deliver free vaccines to Australians through 2021, provided trials are successful.

$3,800 job: And looking for a new gig? Queensland farms are desperate for fruit-pickers, and they’re offering wages of up to $3,800 a week, reports The Courier-Mail.

Have a great day.

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