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ASX to jump as gas shortfall to hit household budgets

·Personal Finance Editor
·2-min read
The ASX board showing company price changes and a person removing $100 from a wallet.
The ASX is expected to open higher this morning as household budgets brace for higher energy costs. (Source: Getty)

ASX: The local market is expected to rise at the open after US stocks finished off July with a bang over the weekend.

This comes after The Australian share market finished a good month on a strong note, with gains across almost every sector to close out July 5.7 per cent higher.

Wall Street: US stocks finished off their best month since November 2020 on Friday, as markets rallied across all three indices.

Energy crisis: A major report into Australia's gas supplies predicts a significant shortfall next year as spiking energy prices heap cost-of-living pressures on household budgets.

The report, by the Australian Competition and Consumer Commission, said the shortfall would occur in 2023 if all the excess gas produced by exporters was sent overseas.

Skills shortage: One of the country's largest unions has called on employers to solve skill shortages by employing migrant workers, provided that citizens be trained to help fill similar roles.

The resolution will be put to the Australian Workers' Union national conference in Sydney today.

If the resolution is endorsed, it would be taken as a formal position to the government's jobs and skills summit, to be held over two days at Parliament House in September.

Home prices: ​​A downswing in housing prices is being led by sharp declines in Sydney and Melbourne, with values dropping in five of the eight capital cities.

Property values fell 1.3 per cent nationally in July, marking the third consecutive monthly drop, according to CoreLogic.

Prices have dipped 2 per cent from April's peak, although most homeowners remain ahead after an almost 29 per cent national surge in values during the pandemic.

Social impact investing: Many with a history of chronic homelessness are well on their way to a different life under Australia's first social impact bond targeting homelessness, according to Flinders University and University of Western Australia researchers.

Social impact bonds involve private investors financing social service programs, with governments repaying the investors when targeted outcomes are achieved.

New jobs: Hundreds of school administration, leadership and support staff will be hired in NSW to help under-pressure teachers.

More than 200 new administrative positions will be trialled from term four to assist public school teachers with tasks including data entry, paperwork, and coordinating events and excursions.

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