Yahoo Finance ASX to fall as Labor considers ditching tax cuts
ASX: The local market is expected to fall this morning after US stocks broke a winning streak overnight.
This comes after the ASX rallied for a second day yesterday, closing near a three-week high following the Reserve Bank's smaller-than-expected rate hike.
Wall Street: US stocks snapped a two-day rally to close lower on Wednesday after a turbulent last hour of trading that saw the major averages try — and fail — to hold on to modest gains.
Property: Rents are surging at record rates and are tipped to keep growing, especially in the major cities.
Asking rents lifted 4.3 per cent in the September quarter - the fastest increase ever recorded by PropTrack.
Tax cuts: With a recession looming and rate hikes hurting hip pockets, a fight over tax cuts is escalating as Labor prepares to deliver its first budget in almost a decade.
Government ministers have consistently stood by legislated stage-three tax cuts, which will largely benefit high-income earners.
Lost bags: Qantas has denied its use of outsourced labour was to blame for the lost baggage chaos and service disruption the airline experienced earlier this year.
The carrier, which retrenched almost 2,000 ground crew workers in 2020, was experiencing cancelled flights, lost baggage, lengthy delays for travellers and low staff morale when travel resumed.
Fraudster: A 24 year old Australian woman, Jasmine Vella-Arpaci, has been charged with fraud, after helping a group of criminals obtain more than $3 million from superannuation accounts and $238,000 from share trading.
They also attempted to obtain $1.8 million from super funds and $5.7 million in shares.
Pay freeze: The Northern Territory government has backflipped on its wages policy for public servants, with an unpopular four-year pay freeze jettisoned amid union pressure.
About 20,000 government employees will now be offered a compounding 2 per cent pay rise as a base for wage negotiations with their unions.
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