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ASX to fall as parents hit with childcare closures

·Personal Finance Editor
·3-min read
A composite image of the ASX board showing company price changes and an empty early childhood education centre.
The ASX is expected to get off to a negative start this morning as around 70,000 parents are set to be affected by childcare closures. (Source: Getty/AAP)

ASX: The local market is expected to open lower this morning after a weak lead from Wall Street overnight.

This comes after the ASX closed in the red after the Reserve Bank (RBA) delivered its fifth interest rate hike in as many months.

Wall Street: US stocks sank lower in a choppy session on Tuesday as traders remained on edge ahead of the Federal Reserve's next policy move later this month.

Rates: Australia’s central bank delivered another super-sized rate hike for September but economists expect future rate rises to be more restrained.

The RBA hiked interest rates by 50 basis points on Tuesday, bringing the official cash rate to 2.35 per cent.

Jobs: Closing the disability employment gap will be among the priorities of the new jobs and skills body being set up by the Federal Government.

The unemployment rate of Australians living with a disability is more than double that of able-bodied people, and the workforce participation rate hasn't risen in almost 30 years.

Additionally, Australians living with a disability will be supported to enter the tourism sector as part of a new employment pilot.

The pilot aims to address barriers to employment in recruiting, retaining and progressing the careers of people with a disability in small and medium tourism businesses.

Economic report card: Australia is on track to lock in another solid quarter of economic growth, despite rising interest rates and soaring inflation.

A healthy expansion in gross domestic product is anticipated, partly due to elevated household spending and an improved trade balance.

Fizzling out: State budgets may be raking in royalties from thermal coal exports now but governments need to prepare for a bleaker future, and job losses.

A report by the independent Institute for Energy Economics and Financial Analysis shows key allies are turning to renewable energy and away from coal-fired power in response to the energy crisis and high prices.

Childcare closures: An estimated 70,000 children and families will be affected by planned industrial action by early-childhood workers.

More than 1,000 centres will be partially or completely closed today as early-childhood educators stage rallies across the country.

No chill: At least 5.6 million Australians can't access video streaming, a new report has found.

This means 22 per cent of the nation's population has insufficient connectivity or data allowances to stream video on demand, according to the modelling conducted by Deloitte.

Fail: A new report card has given Australia an F for its efforts to help about 1,800 species that are sliding towards extinction.

The assessment by WWF-Australia looks at how threatened species are being managed nationally, and in all 151 federal electorates.

- With AAP

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