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ASX to slide as unions demand 5.5% pay rise for workers

·2-min read
The ASX board showing company price changes and a person removing $100 from a wallet.
The ASX is expected to fall this morning as unions demand higher pay to keep up with inflation. (Source: Getty)

ASX: The local market is expected to open in the red this morning after a sell-off on Wall Street on Friday.

This comes after the Australian share market suffered its worst session in 10 weeks as traders reconsidered whether the US could tame inflation without tipping the world's largest economy into recession.

Wall Street: US stocks fell on Friday and ended the week lower as investors took in a key report on the state of the labor market's recovery, which underscored still-solid labor market conditions.

Crypto: Cryptocurrency firms are filling up New York City's office space as they look to stake a claim for the long haul in the Big Apple, competing with Wall Street to become the next financial hub.

Pay rises: Unions have revised up their annual wage-review claim from 5 per cent to 5.5 per cent, after the Reserve Bank of Australia jacked up its forecast for inflation.

The Australian Council of Trade Unions (ACTU) said this would ensure the quarter of the workforce who relied on pay increases under the Fair Work Commission review did not go backwards during the accelerating cost-of-living crisis.

Election: Labor is looking at splashing nearly $150 million on getting more high achievers into teaching and boosting the numbers of science and mathematics teachers.

The plan is aimed at reversing nearly two decades of declining performance in Australian students.

Meanwhile, a re-elected Coalition government would provide support for regional newspapers to assist with rising costs of print production driven by global pressures.

A new $10 million round - under its public interest news gathering program - will allow eligible publishers to apply for funding in the face of newsprint prices rising by up to 80 per cent.

Rates: A series of consumer and business confidence surveys this week will provide a guide to future spending and investment in the face of rising interest rates and inflation in Australia.

Domestic and international investors have already given their response after several central banks, including the Reserve Bank of Australia, raised their key rates, sending global share markets into the red.

Secret garden: Endangered trees are being planted in secret locations on the NSW north coast in an attempt to save the species.

The critically endangered nightcap oak trees date back to the Gondwana supercontinent era and can grow up to 40 metres tall, but are only found in northern NSW.

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