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ASX to rise as Morrison’s housing plan labelled an ‘assault’

·Personal Finance Editor
·2-min read
The ASX board showing company price changes and Scott Morrison with a concerned look on his face.
The ASX is expected to rise this morning as we head into the final week of the election campaign. (Source: Getty)

ASX: The local market is expected to climb this morning after Wall Street rose over the weekend.

This comes after the Aussie share market was boosted on Friday, closing out a volatile week with the local bourse's best single-day performance in 15 weeks.

Wall Street: US stocks closed higher after a comeback rally on Friday helped pare some losses from earlier in the week as concerns over persistent inflation and the resilience of the US economy stirred up further volatility in recent sessions.

Housing: Prime Minister Scott Morrison used the Liberal Party's official election campaign launch on Sunday to announce first home buyers will be able to access 40 per cent of their superannuation up to $50,000 to buy a house.

But Labor housing spokesperson Jason Clare said the policy would drive up prices and hurt young Australians, after the former prime minister and superannuation architect Paul Keating called it a "full-frontal assault" on the system.

Data drop: Thursday's labour force report for April could see the unemployment rate drop below 4 per cent to its lowest level since 1974.

But 24 hours earlier, Wednesday's crucial wages figures will likely confirm that workers' pay is growing at about half the rate of inflation.

This is what the experts are expecting.

Federal election: Farmers are disappointed by a lack of political focus on the agricultural sector during the federal election campaign.

The National Farmers' Federation on Monday released a report card on how major party policies stack up for their members, compared to its own election manifesto.

Star grilling: Star Entertainment chairman John O'Neill will be grilled on Monday in an inquiry into the gambling giant.

The NSW gaming regulator is probing the fitness of Star to hold a Sydney casino licence in the wake of media reports claiming the ASX-listed company enabled suspected money laundering, organised crime, fraud and foreign interference.

Musk plans: Elon Musk has a vision to quintuple Twitter’s sales to $26.4 billion by 2028 on a user base of 931 million (compared to 217 million to end last year).

But this analyst said the plans bordered on ‘absurd’.

- With AAP

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