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ASX to jump as calls grow to ditch tax cuts

·Personal Finance Editor
·2-min read
The ASX board and Prime Minister Anthony Albanese.
The ASX is expected to jump this morning as calls grow for Prime Minister Anthony Albanese to ditch the Stage 3 tax cuts. (Source: Getty)

ASX: The local market is expected to leap this morning despite falls in the US overnight.

This comes after the ASX suffered its worst loss since early June yesterday after a hawkish speech by America's top central banker dashed hopes the US would ease its campaign of aggressive interest rate hikes.

Wall Street: US stocks sank lower on Monday, extending a sell-off that began last week after comments by Fed Chair Jerome Powell at the gathering of global central bank leaders in Jackson Hole.

Tax cuts: A Liberal backbencher has called for the scrapping of tax cuts for high-income earners amid growing pressure for the Prime Minister to do so.

Victorian MP Russell Broadbent argued for the stage three tax cuts to be dumped, saying the measure sent the wrong message to the community.

Jobs and skills: Increasing paid parental leave, making early childhood education free and introducing multi-employer bargaining will increase women's participation in the workforce and boost Australia's economy, the peak union body said.

The proposals come ahead of the Federal Government's Jobs and Skills Summit this week, which will have an overarching focus on women's economic opportunities.

Construction data: Home building approvals are expected to remain subdued due to surging building costs and interest rate hikes.

Successive interest rate hikes are expected to soften demand for new housing, according to St. George economist Jameson Coombs, leading to a drop-off in the construction of new homes and buildings.

Defence investment: A greater focus is needed on local innovation in areas such as artificial intelligence, cyber, quantum and hypersonics, a former Defence economic adviser said.

In a newly released report, Dr Rob Bourke said Australia should drastically review how it acquired and built military equipment, given the $1 trillion of public debt.

Health alert: Australia's leading scientific organisation has called for a boost to virus research and vaccine manufacturing capabilities in a bid to future-proof the country from pandemics.

In a new report, the CSIRO outlined 20 recommendations for what Australia would need to do to strengthen pandemic preparedness, following on from the experiences of COVID-19.

Failure to launch: An engine-cooling problem has forced NASA to postpone the test launch of its new rocket, Artemis I, for at least four days.

NASA plans to use the colossal new rocket ship for future astronaut flights back to the Moon, more than 50 years after Apollo's last lunar mission.

  • With AAP

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