Australia Markets closed

Yahoo Finance morning wrap for Tuesday

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Good morning.

Here’s everything you need to know in Australia and beyond to kick off your Tuesday:

ASX set to open lower: The Australian share market is expected to edge lower in early trade following a flat performance on Wall Street overnight.

The Dow Jones Industrial Index closed 0.14 per cent higher, while the S&P 500 and Nasdaq closed slightly lower.

The Aussie dollar is currently buying 68.62 US cents, up from 68.56 US cents on Monday.

What happened on Wall Street? While there were hopes that centra; banks around the world would cut rates, those hopes were offset by losses in healthcare and tech shares.

US Fed Chairman Jerome Powell last week said the central bank would "act as appropriate" to sustain economic expansion, leading financial markets to predict a rate cut.

Tourists’ $557 million tax fraud: More than half a billion dollars has been paid out in what could possibly have been dodgy tax claims, a new report has revealed.

The Tourist Refund Scheme let people leaving the country claim a refund on the GST and Wine Equalisation Tax on items bought in Australia in the previous 60 days. But, limited systems mean up to $556.6 million was paid out to fraudulent and non-compliant claims in the last 19 years.

Odd, but we’ll take it: A pocket tool company which sells Swiss army knife-like products is taking marketing to a new level - offering to pay one young Australian’s rent for an entire name.

The idea is that the pocket knife makes life easier, and one of life’s biggest expenses is accommodation - Leatherman wants to remove that task too. Here’s how to enter the competition.

Home loans spike the highest since 2016: Home buyers are rushing back into the market, and the Australian Bureau of Statistics has the numbers to prove it. Home loans have seen their largest monthly gain in nearly four years, with buyers accepting more debt to gain access to the housing market.

Don’t spend it all at once: Every new kindergartner going to school in Boston will be eligible to receive US$50 (AU$72.83) in a new plan to teach kids about savings. It comes after a pilot program began testing three years ago.

“My family’s participation in the Boston Saves program has brought up important family discussions about college and financial planning early on,” said Esmirna Soto, whose child received a savings account through the pilot, the Boston Herald reports.

And is this Australia’s cheapest home loan? At the time of writing, Well Home Loans has the lowest interest rates around, offering customers 2.74 per cent for a two- or three-year fixed rate (with a comparison rate of 2.96 per cent and 2.94 per cent respectively).

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