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ASX to rebound, Albanese delivers Labor’s Budget reply

·2-min read
Opposition leader Anthony Albanese delivers Budget reply in parliament, ASX200
Opposition leader Anthony Albanese delivers Budget reply in parliament (Source: Getty)

Good morning, here’s your Friday morning wrap.

ASX: The local market is set to rebound at the open after closing down 0.88 per cent in yesterday’s session.

Wall St: US stocks closed higher, bouncing back from three straight days in the red after positive labour market data was released.

All three of the major indices finished in the green and the S&P had its biggest percentage gain in over a month.

Budget reply: Aussie opposition leader Anthony Albanese released Labor’s Budget response last night pledging $10 billion to social housing if the party wins in the next election.

Albanese said the Morrison government's big-spending budget was about trying to get voters to forget the coalition's failures over the past eight years.

"Make no mistake - the budget handed down on Tuesday night is not a plan for the next generation - it is a patch-up job for the next election," he said.

Part of Labor’s plan includes $10,000 cash payments to support 10,000 energy apprenticeships should it be elected.

  • Watch: Shadow Treasurer Jim Chalmers discusses 2021 Budget

Economic coercion: US Secretary of State Antony Blinken has promised the US will not leave Australia alone in the face of economic coercion from China.

"I reiterated that the United States will not leave Australia alone on the field, or maybe I should say alone on the pitch, in the face of economic coercion by China," Blinken said

This comes as tensions between Australia and China and the US and China have continued to intensify.

Hack attack: A new report from Bloomberg suggests the Colonial Pipeline paid nearly $6.5 million (US$5 million) to eastern European hackers after the crippling cyberattack that shut the largest fuel pipeline network in the US.

Price crash: The whole cryptocurrency market has crashed after Tesla CEO Elon Musk’s tweet yesterday.

The billionaire said the car company would stop accepting Bitcoin as a form of payment over concerns the process of Bitcoin mining is harmful to the environment.

Find all of our Federal Budget 2021 coverage here, and get it delivered to your inbox via our newsletter here.

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