ASX to fall as tax breaks announced for COVID tests

The ASX is exoected to fall at the open as the Treasurer Josh Frydenbger has annouced tax breaks for RATs. (Source: Getty)

Good morning.

ASX: The local market is expected to tumble out of the open after another bumpy ride on Wall Street last week.

This comes after shares had their best week of the year on the ASX as investors turned their attention from rate rises to the Australian earnings season.

Wall Street: US stocks shook off earlier losses to mostly rise on Friday afternoon even as investors viewed a much stronger-than-expected jobs report as bolstering the case for the Federal Reserve to continue down its more hawkish monetary policy path.

BTC: Bitcoin has broken past the US$40,000 mark over the weekend.

Meanwhile, non-fungible tokens (NFTs) have seen a "significant" rise in manipulative practices that exaggerate prices, liquidity and launder money, according to new data.

Tax break: Treasurer Josh Frydenberg is providing tax breaks for businesses and individuals who use rapid antigen tests to be able to attend work.

In a speech today, the Treasurer will tell the Australian Industry Group the Government is taking action to remove uncertainty around the tax treatments of these tests.

Vouchers: NSW parents who home-schooled their children during long-running lockdowns are now eligible for additional vouchers.

One person from every eligible household will receive five $50 vouchers from Monday that can be used to book accommodation or entertainment around the state until early October.

‘Can’t continue’: The Treasurer will also today warn Australians that the unprecedented levels of economic support that have been required over the past two years due to the pandemic cannot continue forever.

In his address, Frydenberg is expected to say the level of government intervention must not become entrenched and a permanent feature.

Open for business: Prime Minister Scott Morrison hopes to be able to open up Australia's international border to tourists “soon” after the success of partial openings to students, backpackers and skilled migrants.

Delays: Sydney commuters are facing delays as an already-reduced public transport timetable is hit by ongoing industrial action.

Members of the Rail, Tram and Bus Union are taking industrial action over the next two weeks, with bans on overtime, working with foreign rolling stock and working alongside contractors.

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