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ASX to rebound, new super laws to come into effect

·2-min read
ASX board showing stock price changes and a man's hands holding $50 notes.
New superannuation changes are set to come into effect November 1 (Source: Getty)

Good morning.

ASX: Shares had their biggest fall in more than four weeks as a possible rise in global interest rates moves closer.

But the Aussie share market is expected to rebound at the open following mixed messaged from the US overnight.

Wall St: Confidence in the US’s economic recovery pushed investors into US technology stocks, driving the Nasdaq higher.

But the S&P500 remained subdued following the statement from the Fed yesterday.

The Dow slipped to a fourth straight closing loss, with investors still processing the Federal Reserve's unexpectedly hawkish message on monetary policy from the previous day, which projected the first post-pandemic interest rate hikes in 2023.

Mass outage: Aussie banking customers were all impacted by a mass outage yesterday evening.

CBA, NAB, the RBA, and Virgin Australian are among those that had their systems impacted by an outage that struck a third-party distributed-denial-of-service (DDoS) service provided by Akamai.

The businesses are back up and running now but many customers were left frustrated last night.

$1,080 each: The Government passed the tax cuts proposed in the May Federal Budget just weeks away from the end of financial year.

Frydneberg said it was “great news for more than 10 million Australians” who will receive a tax offset of $1,080 for individuals and $2,160 for couples - but not everyone agrees these qualify as “tax cuts”.

Super reforms: New superannuation laws have passed parliament but some industry groups are concerned they will do more harm than good.

To ensure Aussie workers don't unknowingly open multiple accounts and paying numerous fees, under the new rule workers will be "stapled" to their existing super fund when they change jobs from November 1.

But critics say it will trap millions of people in dud products, including super funds slammed for dodgy dealing by the banking royal commission.

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