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ASX to rise as Aussies brace for higher cost of living

·Personal Finance Editor
·2-min read
The ASX board showing company price changes and a woman at a super market looking at produce.
The ASX is expected to rise this morning as investors wait for fresh inflation data this week. (Source: Getty)

ASX: The local market is expected to open in the green this morning after a late rally on Wall Street on Friday.

This comes after the Australian share market clawed back some of its morning losses but still closed lower on Friday after iron ore prices tumbled to a 10-month low on demand fears from China.

Wall Street: US stocks rallied on Friday to cap a four-day losing streak. Sentiment was buoyed by better-than-expected retail sales data and surprisingly good earnings results from Citigroup.

Cost of living: Inflation levels are set to rise when the latest consumer price index figures are released later this month.

Treasurer Jim Chalmers said there would be hip-pocket pain for Australians in the near future, but promised it “will get better”.

Economy: Australia's economy will slow down over the next 12 months, but not catastrophically so, Deloitte Access Economics said.

The quarterly Business Outlook forecast economic growth of 3 per cent in 2022/23 and 2.5 per cent the following year.

Emergency payment: Access to COVID isolation payments will resume from later this week, as health authorities try to stop the rising spread of virus cases across the country.

Employees who have tested positive for COVID and need to be isolated from their jobs can receive the $750 payment, which will be available from Wednesday.

Square eyes: Most Australians have at least one problem with their eyes, with almost one in three admitting too much screen time during the pandemic affected their vision.

While lockdowns across the country slowed the spread of COVID, it more than doubled the amount of time Australians spent with their eyes glued to the small screen.

Dog lovers: Australian dog lovers coped better with loneliness during COVID lockdowns than those without pets, a study by James Cook University found.

The study said those who owned a canine friend were more mindful than those who didn’t and, it was that mindfulness that helped them cope, more than the company.

- With AAP

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