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ASX to slip as Aussies brace for another RBA cash rate hike

·Personal Finance Editor
·2-min read
The ASX board showing company price changes and RBA governor Philip Lowe.
The ASX is expected to open lower this morning as borrowers brace for another 0.50% interest rate hike. (Source: Getty)

ASX: The local market is expected to open in the red this morning after Wall Street had an uneasy session overnight.

This comes after the Australian share market shook off fears of a slowdown in China to finish higher for the fifth day in a row yesterday.

Wall Street: US stocks fell on Monday in a choppy first session of August trading as Wall Street struggled to sustain July's momentum.

Rates day: The Reserve Bank is expected to lift the cash rate to its highest level in more than six years when its board meets today.

Economists tip a 50-basis-point hike, taking the cash rate to 1.85 per cent - the highest it has been since April 2016.

However a higher lift can't be ruled out.

Sold: The great Australian dream of home ownership is being realised by fewer young people than it was half a century ago.

Data collected in the latest census shows the home ownership rate of people aged 30-34 sat at 50 per cent in 2021, a drop of 14 per cent since 1971.

Energy crisis: Treasurer Jim Chalmers urged gas companies to "do the right thing" by the nation's workers and businesses following the release of a scathing energy report.

Chalmers responded to the Australian Competition and Consumer Commission's findings, revealing a shortfall would occur in 2023 if all the excess gas produced by exporters was sent overseas.

Bitcoin creator: An Australian computer expert who claims to have invented the digital currency Bitcoin has been awarded just one pound (A$1.70) in damages after he gave "deliberately false" evidence in a United Kingdom High Court defamation case.

Craig Wright - purportedly Bitcoin creator Satoshi Nakamoto - sued blogger Peter McCormack over a series of tweets in 2019 that alleged his claim to be the Bitcoin inventor was false.

Food shortage: The first ship to carry Ukrainian grain through the Black Sea since Russia invaded Ukraine five months ago has left the port of Odessa for Lebanon under a safe passage deal described as a glimmer of hope in a worsening global food crisis.

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