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ASX to rise as Treasurer warns of ‘confronting’ economic conditions

·3-min read
ASX and Treasurer Jim Chalmers
ASX to lift at the open as Treasurer Jim Chalmers gears up for a dire economic update. (Source: Getty)

ASX: The local market is set to lift following another 75-basis-point interest rate rise by the Federal Reserve in the US.

Yesterday, the market rebounded from its morning losses to finish in the green after Australia’s second-quarter inflation data came in slightly below expectations.

Wall Street: US stocks ended higher following the Fed announcement, with the tech-heavy Nasdaq leading the gains following upbeat quarterly reports from Microsoft and Google.

Parliament: The "confronting" news Treasurer Jim Chalmers has been foreshadowing has arrived, with revised forecasts - taking in inflationary pressures and global forces - revealing a hit to Australia's economic growth.

In his first statement on the economic outlook to Federal Parliament, he will reveal the economic pain he has been alluding to.

DV leave: A landmark plan to introduce universal paid family and domestic violence leave is also set to be unveiled today.

The proposed laws will allow any Australian worker, including casuals, to access 10 days’ paid family and domestic violence leave.

Cheap electric vehicles: Car buyers could receive more incentives to purchase an electric vehicle as part of the Government's proposal to reduce upfront costs.

Changes to fringe benefits tax and removing the import tariff on electric vehicles are part of proposed reforms to make the cars cheaper for more people.

Net zero: A "great reallocation" of spending is needed to achieve a net-zero economy by 2050, modelling by Deloitte Access Economics shows.

Roughly $20 trillion in forecast investments by Australian governments and industry by 2050 needs to be spent differently to get to net-zero greenhouse gas emissions, according to a report released on Thursday.

Property prices: The price of apartments outperformed houses last quarter for the first time in three years, a new report shows.

Domain's June Quarterly House Price Report indicates the average price of a unit in Australia's capital cities rose 0.1 per cent to $618,542, while the median capital city house price fell 0.9 per cent to $1,065,447.

Closing the Gap: More than half the socio-economic targets outlined in the Closing the Gap agreement will fail to be met.

That's according to the Productivity Commission's annual data compilation report, although it stressed the data should be treated with caution, being the first set since the baseline year of 2021.

Mining: Rio Tinto has reported a 29 per cent drop in first-half profit and more than halved its dividend.

The global miner was hurt by weaker iron ore prices - due to cooling demand from top consumer China - higher costs and labour shortages.

Energy: Russia's Gazprom has halved the amount of gas flowing through a major pipeline from Russia to Europe to 20 per cent of capacity.

It's the latest Nord Stream 1 reduction that Russia has blamed on technical problems but Germany calls a political move to sow uncertainty and push up prices amid the war in Ukraine.

NSW economy: NSW Premier Dominic Perrottet and Trade Minister Stuart Ayres are pushing ahead with pitching the state to Asian investors despite mounting questions over trade commissioner roles.

It comes at a critical time for Perrottet, who has had to field questions throughout the trip on his knowledge of the appointment of former deputy premier John Barilaro to a US trade envoy position with a yearly salary of $500,000.

-With AAP

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