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ASX to fall as majority of Aussies support ban on junk food ads

·Personal Finance Editor
·2-min read
The ASX board showing falls in company stock prices and various cereal brands on a shelf in a supermarket.
The ASX is expected to fall at the open as calls grow to ban junk food ads. (Source: Getty)

ASX: The local market is expected to fall this morning after Wall Street suffered a steep sell-off over the weekend.

This comes after the ASX finished higher for a third straight day on Friday to close out the week.

Wall Street: US stocks plunged on Friday after Federal Reserve chair Jerome Powell reiterated the central bank's commitment to fight inflation in a hawkish speech at the Jackson Hole economic symposium.

Jobs: The Business Council of Australia has urged the Government to temporarily boost the permanent migration cap to 220,000 to make up for the shortfall in migration during the pandemic.

But increasing the migration cap to help ease Australia's skills shortages must not come at the expense of training up the workforce, Treasurer Jim Chalmers said.

Meanwhile, ahead of the Jobs and Skills summit, to be held in Canberra on Thursday and Friday, the Australian Council of Social Service has released its wishlist of policy considerations.

The council is proposing the Government implement a jobs and training guarantee for people who experience long-term unemployment.

COVID recovery: Reform and renewal will characterise the next phase of Australia's recovery from the pandemic, Prime Minister Anthony Albanese said.

The 31st Prime Minister will today reflect on his first 100 days in office during a speech to the National Press Club.

Pay gap: It has been more than two months since the end of the financial year and Australian women have just caught up to men when it comes to their annual pay.

Known as equal pay day, today marks the 60 extra days women need to work, on average, to earn the equivalent salary to men.

Science: Australia's economy could reap a $52 billion windfall through further investment in science and technology, according to a peak body.

Science and Technology Australia has called for further financial backing for scientists with commercial knowledge.

Junk food ban: Two in three Australians support a ban on junk food ads during children's viewing hours.

The Australia Institute survey released on Monday found 33 per cent of Australians "strongly agree" with a junk food ad ban during children's viewing hours.

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