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ASX to open flat as Victorians gear up for $500 payment

·2-min read
Prime Minister Scott Morrison holds a press conference with Treasurer Josh Frydenberg. ASX
The ASX is expected to open flat today (Source: Getty)

ASX: The local market is expected to open flat today as Wall Street stumbled past the finish line. Eyes on the mining stocks after iron ore pushed higher again overnight.

Wall St: US stocks ended lower, with tech shares dragging on the S&P 500 and Nasdaq, as investors balanced concerns about inflation and the Federal Reserve reining in stimulus with relief about corporate tax hikes.

The Dow Jones fell 23.34 points, or 0.07 per cent, to 34,577.04, the S&P 500 lost 15.27 points, or 0.36 per cent, at 4,192.85, and the Nasdaq dropped 141.82 points, or 1.03 per cent, to 13,614.51.

$500 payment: Victorian workers affected by the snap COVID lockdown will be eligible for $500 payments following heavy lobbying from the state government.

Treasurer Josh Frydenberg and Prime Minister Scott Morrison announced the scheme on Thursday afternoon, describing the support as temporary COVID disaster payments.

Tweet tweet: Twitter is rolling out a new function for it’s Aussie customers allowing them to undo tweets for a price. The social media giant has launched a subscription service that will allow access to a number of features including being able to “undo” tweets.

China trade wars: A Chinese state-run news agency has said the country will handle all trade disputes concerning Aussie barley by World Trade Organisation standards.

Last week, the WTO agreed to establish a dispute settlement panel to resolve the China-Australia barley row, according to a trade source attending the meeting.

‘On every corner’: Do you want a Maccas on your street? Well, one may be coming soon whether you like it or not. McDonald’s Australia CEO Andrew Gregory said the fast food giant is planning to open 40 new restaurants a year, for at least the next few years.

$34 billion: That’s how much extra the taxpayer has had to fund for government infrastructure megaprojects which go over budget.

In fact, research shows that Government predictions for the cost of massive infrastructure projects are often extremely out of step with the final price, often costing 49 per cent more than originally forecast.

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