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ASX up, property slumps and 6 other things to start your day

A composite image of the ASX board showing company price changes and a row of houses on a gloomy day.
The ASX is expected to rise this morning and property prices have continued to fall. (Source: Getty)

ASX: The local share market is expected to open higher this morning following in the footsteps of the US markets, which rose overnight.

Property slump: The housing market fell another 1 per cent in January, with major cities still leading the downturn.

CoreLogic found the regions were still showing resilience despite fewer Aussies moving away from the capitals and booming house prices during the pandemic eroding affordability.

Tax cuts: Welfare advocates are putting a spotlight on the federal government's planned tax cuts for the wealthy, urging them to be scrapped in favour of lifting the rate of JobSeeker and other support payments.

The submission said a plan to pull millions of Australians out of poverty would cost less than the stage three tax cuts which the Albanese government has faced pressure to scrap.

Thawing tensions: Top trade officials from Australia and China are set to meet for the first time in three years, next week.

China's $20 billion trade sanctions on Australian products - including barley, rock lobsters and wine - are expected to be at the top of the meeting's agenda.

Greasing palms: The Greens have renewed a call to ban coal and gas company money going to political parties and to impose a $1,000 cap on donations.

The Australian Electoral Commission will release the 2021/22 financial disclosure returns today from parties, candidates, donors and organisations such as unions.

Cost of living: The role of Australia’s central bank, supermarkets and energy companies in the cost-of-living crisis will be scrutinised at a parliamentary hearing today.

The Senate committee on the cost of living will hear from the Reserve Bank, Woolworths, energy companies and welfare groups.

Teacher shortage: Less than two months out from the NSW elections, the chronic teacher shortage remains a pressing issue as students and teachers go back to class.

A fresh parliamentary inquiry is starting hearings today into why there are more than 3,300 teaching vacancies across the state.

Electric boomers: Interest in electric vehicles has risen among Baby Boomers who have become the most likely generation to buy one, according to new research.

The survey of 1,040 Aussie drivers found electric cars had become the third-most-sought-after vehicle in Australia in 2022, with older drivers narrowly overtaking Gen Z to become the most likely group to buy one.

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