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ASX to rise as wages expected to grow, but not by much

·Personal Finance Editor
·2-min read
The ASX board showing company price changes and a person removing $100 notes from a wallet.
The ASX bis expected to list this morning as Aussies await the release of wages data. (Source: Getty)

ASX: The local market is expected to see a positive start this morning after a mixed session on Wall Street overnight.

This comes after the local share market closed at a near10-week high yesterday, with BHP accounting for 60 per cent of the gains after the company reported record full-year results.

Wall Street: The US stock market is the meme market once again.

Overnight, the major averages finished mixed, but underneath the surface the resurgence of the meme trade served as the day's biggest story.

Unpaid leave: Commonwealth Bank has been charged with failing to pay more than $70,000 in long service leave entitlements to former employees.

The bank has been hit with 23 charges, alleging it contravened Victoria’s long service leave laws.

Skills shortage: Australia's key union body is calling for an overhaul of training and migration systems ahead of the Albanese Government's jobs and skills summit in September.

The Australian Council of Trade Unions wants to see workers offered improved wages and conditions before resorting to migration to plug labour gaps.

Stagnant wages: Modest wage growth is expected when wages data is released today, despite the highly competitive job market and the rising cost of living.

The wage price index for the second quarter is tipped to lift by around 0.8 per cent in the three months to the end of June, for annual growth of 2.7 per cent.

Centrelink complaints: Australia's social security system is belittling, impenetrably complicated and needs reform, the peak body for the Northern Territory community and social services sector said.

The NT Council of Social Services has called on the Federal Government to abolish all forms of compulsory income management for people on welfare.

Strike: NSW train commuters are being advised to work from home or find another way to get to work as industrial action impacts services again.

The Rail, Tram and Bus Union has been escalating industrial action throughout August.

Deluge: Australians are most likely in for a third year of wetter weather than usual, with forecasters predicting a 70 per cent likelihood of La Nina remaining.

La Nina is a weather phenomenon that leads to cooler but wetter weather, with above-average rainfall in Australia's east and north.

The weather pattern has been the driver of Australia's recent bout of devastating floods.

  • With AAP

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