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ASX to rise as foreign investors targeted

·Personal Finance Editor
·2-min read
The ASX board showing company price changes and Prime Minister Anthony Albanese and Treasurer Jim Chalmers shaking hands in parliament.
The ASX is expected to rise this morning as the Government increases foreign investment fees. (Source: Getty)

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

This comes after the local share market rebounded from its morning losses yesterday, as gains by the tech and banking sectors outweighed losses by the major mining and energy companies.

Wall Street: Technology stocks led US markets higher for a third straight session on Thursday as investors mulled over a slew of mixed earnings and a surprise rate hike from the European Central Bank.

Foreign investment: Foreign investment application fees will double and penalties will be increased in a move that will add $455 million to the Budget's bottom line.

The new fees range from $4,000 on investments valued at less than $75,000, to more than $1 million for residential investments over $40 million and commercial ones over $2 billion.

Population: Australia has reported its lowest birth rate in more than a decade, while the average age of first-time parents continues to increase.

The country's birth rate fell significantly between 2007 and 2020, from 66 per 1,000 people, to 56 per 1,000 people.

The average age for giving birth rose from 30 in 2010 to 30.9, with the proportion of teenage parents falling from 3.8 per cent to 1.8 per cent in the decade to 2020.

Hydrogen: With the war in Ukraine driving up oil and gas prices, alternative sources of clean energy, particularly green hydrogen, underscore NSW Premier Dominic Perrottet's trade mission to Japan.

Perrottet is hoping to sell NSW as an attractive location for supply of hydrogen.

Fraud: A Sydney businessman has been jailed after defrauding a Queensland printing business of more than $2 million through shell companies and fake directorships.

Self-proclaimed startup pioneer and cryptocurrency investor Abdul Helou was sentenced to a maximum of 16 months in jail after pleading guilty to his role in the scheme.

Fruitful: Perth artist Nathan Beard has been named as the inaugural winner of the $50,000 Minderoo Artist Fund Award.

His winning project, titled Low Yield Fruit, is a series of sculptures made from cast bronze and silicone, inspired by fruit from Thailand.

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