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ASX to rise as employers overlook ‘untapped workforce’

·Personal Finance Editor
·2-min read
The ASX board showing company price changes and people walking in the Sydney CBD.
The ASX is expected to advance this morning as report highlights potential fix for labour shortages. (Source: Getty)

ASX: The local market is expected to rise this morning despite US stocks sliding overnight.

This comes after the Australian share market closed flat, with gains by the big banks and CSL balanced by losses in the mining sector.

Wall Street: US stocks fell sharply for a second straight session on Tuesday as investors braced for June inflation data.

The commodity and currency markets were in focus for much of the trading day, with oil prices under duress and the US dollar inching closer towards breaking parity with the euro.

Pacific neighbours: Australian Prime Minister Anthony Albanese has flown into Fiji as Pacific Islands Forum (PIF) leaders attempt to steer a messy and dramatic leaders' summit towards a fruitful conclusion.

PIF has been mired in internal squabbling, with sub-regions and individuals competing for influence in a long-running spat and tensions between the US and China growing.

Worker shortage: Australia's labour shortage could be solved by an untapped workforce but new research found business attitudes and a lack of government support were getting in the way.

Disability employment agency Jigsaw found people living with a disability were being overlooked by employers despite the majority of business owners agreeing job-ready applicants could fix their worker shortages.

Data drop: Economists will be watching whether construction activity in Australia has taken another dive when key figures are released today.

The Australian Bureau of Statistics will release its building activity report for the March quarter, which will include estimates of the number of new dwellings and "work yet to be done".

NDIS failure: Poverty in remote Indigenous communities has hampered access to the National Disability Insurance Scheme, a royal commission was told.

Many families live in overcrowded housing and rely on social security for their income, so engaging with an NDIS plan is not a priority, the commission heard.

Park funding: Managers of cash-strapped national parks have put spending on visitor facilities ahead of managing the environment, a Queensland study found.

Researchers from James Cook University spent years interviewing managers from 41 protected areas around the state and said all were suffering the effects of inadequate and shrinking budgets.

Deep space: NASA has unveiled a new batch of images from its new powerful space telescope, including a foamy blue and orange shot of a dying star.

- With AAP

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