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ASX to rise, crypto plunges, RBA wants rate rises

·2-min read
The ASX board showing price changes and RBA governor Philip Lowe.
The local market is set for a boost today depsite RBA governor Philip Lowe's warning to Aussies taking advantage of low rates. (Source: Getty)

Good morning.

ASX: The local market is expected to open higher this morning after US stocks rebounded.

This comes after the ASX posted its biggest fall of the month yesterday, after Reserve Bank governor Philip Lowe warned of the dangers of people taking advantage of low rates.

“We are trying to get interest rates up over time," he said. "People borrowing today need to remember that."

Wall Street: US markets rebounded overnight, with rises in the S&P500 and Dow Jones offsetting losses in tech shares, which held back the Nasdaq.

BTC: Bitcoin took a dive, falling below the US$60,000 level after hundreds of billions of dollars were wiped from the crypto market overnight.

While it’s not exactly clear what has caused the crash, there could be a few factors at play including the Securities and Exchange Commission (SEC) rejecting a spot Bitcoin ETF and a fresh crackdown on Bitcoin mining in China.

Property update: The property pessimists would have you believe Australian homeowners are heading for mortgage stress. But higher inflation doesn't necessarily mean the housing market will collapse, explains Michael Yardney.

Read his weekly property update for Yahoo Finance or watch the video below.

Wages growth: The RBA boss believes wages will need to be growing at more than 3 per cent a year to sustain inflation around the middle of the central bank's target - a key to lifting interest rates.

However, Lowe told an economists' lunch yesterday that this didn't mean the RBA was targeting wages growth or that wages growth was the only determinant of inflation. This is why.

Open up: A million people on temporary visas and 10,000 refugees remain in limbo due to ongoing bans on overseas travel, the Human Rights Law Centre has found.

The report has urged the Morrison Government to ease border restrictions so these people can come and go as needed.

$125 billion: That’s how much income Aussies have lost since the pandemic due to unpaid work.

A report by the Australia Institute's Centre for Future Work found the average employee worked 6.13 unpaid hours each week in 2021, or eight standard working weeks per year.

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