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ASX to rise amid calls to boost paid parental leave

·Personal Finance Editor
·2-min read
The ASX board showing company price changes and a person removing $100 notes from a wallet.
The ASX is expected to rise this morning as advocacy groups call for more paid parental leave. (Source: Getty)

ASX: The local market is expected to rise this morning after Wall street was lifted overnight.

This comes after the ASX closed slightly lower in a mostly directionless session yesterday ahead of this week's big US Federal Reserve meeting.

Wall Street: US stocks found their footing in the final hour of trading on Monday after all three major indices logged their worst week in three months.

Queen’s funeral: Australians watched live telecasts of The Queen's funeral service at Westminster Abbey last night and will have a day of mourning this week to pay their respects to the long-reigning monarch.

Thursday has been declared a one-off public holiday when a national memorial service will be broadcast from Parliament House in Canberra.

Wages: Employees working for small businesses are starting to see their pay packets grow modestly as workers remain in short supply.

Wages in small and medium enterprises lifted 1.8 per cent in August, according to Employment Hero analysis, with the median hourly wage now sitting at $34.45.

Paid leave: The Government is being urged to expand paid parental leave, as a parliamentary committee prepares to examine the scheme.

Advocacy group The Parenthood is calling on the Government to increase the amount of paid parental leave to 52 weeks, along with allowing for universal access to early childhood education.

Oil prices: Australia will support the G7 countries' plan to cap the price on Russian oil imports in a bid to restrict its ability to fund its invasion of Ukraine.

Treasurer Jim Chalmers said the price cap would help ease global oil prices, and urged other countries to join the partnership of nations.

AU/EU deal: Negotiations for a long-lasting free trade deal between Australia and the European Union are on the eve of being finalised, with hopes an agreement will be ratified by 2024.

Sydney train fight: A rail union plan to deactivate the NSW transport network's Opal card readers could still go ahead despite government claims the plot to switch off the scanners could be illegal.

An earlier plan to shut down the Opal card readers by Wednesday was dropped by the Rail, Tram and Bus Union over the weekend, following a government threat to launch court action over it.

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