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ASX to fall as petrol stations put on notice over prices

·Personal Finance Editor
·2-min read
Petrol prices at an Australian petrol station and the ASX board showing company price changes.
The ASX is expected to fall this morning as Aussies brace for higher petrol prices. (Source: Getty)

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

This comes after the ASX closed modestly lower on Friday, dragged by the mining sector as China's economic problems weighed on Australia's iron ore giants.

Wall Street: US stocks fell sharply on Friday, surrendering all of the gains from a post-jobs report rally ahead of the Labor Day holiday weekend.

RBA hike: The Reserve Bank of Australia's September cash rate decision will dominate this week's economic news.

On Tuesday, mortgage holders will be eyeing the official cash rate decision nervously, with another hike broadly expected.

Jobs: Australia's vocational education and training system will be overhauled to become easier to navigate and more efficient, the Federal Government has announced.

Significant duplication of courses in the higher education sector has resulted in students having to study the same thing multiple times, Skills and Training Minister Brendan O'Connor said.

Meanwhile, Australians with a disability eligible for the age pension will be able to earn extra income without losing their benefits, O'Connor said.

Under the changes, people on the aged and veterans pension will receive a one-off income credit to earn an extra $4,000 in this financial year without losing their benefits.

Pension boost: More than 4.7 million Australians struggling to cope with cost-of-living pressures are in line for a helping hand.

Social Services Minister Amanda Rishworth said an indexation increase to welfare payments set to kick in on September 20 would be the largest in more than 30 years for allowances, and 12 years for pensions.

Petrol prices: Petrol prices are expected to increase at the end of the month but the consumer watchdog has been asked to keep a close eye on retailers and wholesalers for any unfair behaviour.

The Federal Government has resisted calls to extend the fuel excise cut, due to end on September 29, citing budget pressures.

Qantas strike: International travellers using airlines including Qantas, Emirates and Etihad face potential delays next week as baggage handlers agree to take strike action.

Ground handlers from Dnata, who are contracted to Qantas and more than a dozen other carriers, will walk off the job for 24 hours on Monday, September 12.

No phones: Students' access to mobile phones will be restricted in NSW public schools if a Labor government is elected next year.

Opposition Leader Chris Minns wants to limit the use of phones in public high school classrooms to improve learning and social development.

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