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ASX to rise as energy prices surge 141%

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The ASX board showing company price changes and power lines.
The ASX is expected to rise this morning as a new report reveales surging power prices. (Source: Getty)

ASX: The local market is expected to rise at the open after Wall Street rallied overnight.

This comes after the Australian share market bounced back from its three-day losing streak yesterday, with gains nearly across the board as traders snapped up cheap shares in the major miners.

Wall Street: US stocks ended sharply higher on Thursday, led by technology shares as markets continued a comeback from steep losses earlier in the week.

Crypto: The Bahamian government is looking to get its central bank digital currency listed on a crypto exchange as part of a larger effort to expand its presence in the cryptocurrency industry.

Federal election: Labor is keeping rising childcare fees and the cost of living at the forefront of its election pitch, as leader Anthony Albanese rejoins the campaign trail after a week of COVID-19 isolation.

Meanwhile, ex-prime minister John Howard said he didn't accept there was a housing crisis in Australia.

Howard told reporters a day after the largest spike in inflation in more than 20 years he could not remember an election campaign where cost of living was not an issue.

Super worries: The tax office has been urged to use more of its powers to recover superannuation payments from employers accused of withholding the payments from employees.

A new auditor-general's report recommended the ATO should use its enforcement capabilities to get back the money entitled to workers.

Power surge: Wholesale electricity prices for industry and large businesses have breached the Federal Government's promised level, adding another cost pressure to the economy.

The Australian Energy Market Operator said prices in the national electricity market averaged $87 per megawatt-hour in the first three months of this year, up more than two thirds on the December quarter and up 141 per cent on the March quarter of 2021.

Flu shots: Town halls in Sydney and Melbourne will host free influenza vaccination clinics as health authorities warn Australians to prepare for flu season.

The flu has been less prominent in the past two years as restrictions targeting COVID-19 curtailed movement but, with curbs ending around the country, a surge in influenza infections is expected.

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