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ASX to lift as RBA faces review

·Personal Finance Editor
·2-min read
The ASX board showing price changes and RBA governor Philip Lowe.
The ASX is expected to jump this morning as the RBA prepares for a review. (Source: Getty)

ASX: The local market is expected to jump at the open after US markets closed higher over the weekend.

This comes after the local share market ended last week with a flourish - strong gains by tech stocks and lithium players helped offset weakness in the energy sector.

Wall Street: US stocks rose on Friday, with the S&P 500 ending a three-week losing streak as investors digested Federal Reserve officials' latest affirmations that they remained committed to bringing down inflation.

Crypto: Australians riding the cryptocurrency rollercoaster have been reassured that reforms prepared for the previous government are not dead in the water.

Crypto volatility and the increasing number of scams associated with crypto assets are top of the agenda for Australia's financial regulators, according to their quarterly statement.

RBA review: Treasurer Jim Chalmers said a planned review of operations of the Reserve Bank of Australia (RBA) is not about taking pot-shots at governor Philip Lowe but to ensure monetary policy settings are right.

There has been criticism - from economists and the broader community - of the RBA in its handling of monetary policy before and after the COVID-19 pandemic.

Confidence: Economic figures are expected to show the impact of higher interest rates and ongoing cost-of-living pressures.

Retail trade figures on Wednesday from the Australian Bureau of Statistics will show the actual impact on spending from May's first interest rate rise in more than a decade.

Commodity boom: The Treasurer said the marked improvement in the Budget was partly a reflection of the "quite extraordinary" prices Australia was getting for its commodities.

The monthly financial statement released by the Department of Finance on Friday showed the underlying budget deficit was $33.4 billion in May compared with the $60.5 billion that had been expected after 11 months of the 2021/22 financial year.

Drink now, pay later: Pubs and clubs across Australia are letting patrons buy now, pay later when it comes to alcohol, and experts are concerned the shift could lead to "financial hangovers".

Researchers at Victoria's Deakin University are investigating whether the schemes are leaving customers worse off than when they pay with other methods like credit cards.

- With AAP

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