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ASX to rise despite new restrictions in Melbourne

MELBOURNE, AUSTRALIA - AUGUST 05: People wearing masks walk past closed shops on August 05, 2020 in Melbourne, Australia.  Retail stores across Melbourne will be closed to customers from 11:59 pm on Wednesday 5 August as further stage 4 lockdown restrictions are implemented in response to Victoria's ongoing COVID-19 outbreak.  The majority of retail businesses like clothing, furniture, electrical and department stores will be closed to the public for the duration of the stage 4 restrictions. Businesses will be able to operate click and collect services with social distancing and contactless payments. Supermarkets, grocery stores, bottle shops, pharmacies, petrol stations, banks, news agencies and post offices will remain open during the lockdown. Melbourne residents are subject to a curfew from 8pm to 5am, must stay within a 5km radius of their homes along with limits on hours of exercise, while all students have returned to home learning and childcare centres have closed. (Photo by Darrian Traynor/Getty Images)
People wearing masks walk past closed shops on August 05, 2020 in Melbourne, Australia. (Photo by Darrian Traynor/Getty Images)

Good morning.

Here’s your Yahoo Finance Thursday morning wrap:

The Australian share market is expected to open in the green thanks to a positive run on Wall Street overnight.

All three major US benchmarks wrapped up higher in the final hour of markets being open, lifted by Walt Disney, Boeing and Raytheon.

The AUD is buying US 71.9 cents, and the ASX futures is up 23 points or 0.4 per cent at 6:20am AEST, according to the AFR.

Outlooks revised: Economists are going over their economic forecasts as the Victorian shutdown ripples across the national economy. KPMG economists expect the stage four lockdown to mean a $830 million output loss in August, or 2.5 per cent slide. Here’s what a bunch of Aussie economists are predicting.

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There is a particular group of mortgagees who are winning from the Covid-19 pandemic and raking in the savings. Here’s who they are, according to money and mortgaging expert Nicole Pedersen-McKinnon.

Melbourne businesses are doing it tough right now. New restrictions have officially kicked in, with retail stores largely closed and construction and manufacturing scaled back. Here are a few of the facts and figures.

Did you get a rent reduction because you lost income during the pandemic? You’re lucky – less than ten per cent got that privilege. Better Renting did a survey of nearly 1,000 residents over May and June and found coronavirus worsened housing inequality.

The former boss of Meals on Wheels Tasmania stole $111,000 from the charity and spent it on adult workers, food and other personal expenses – and has also dodged serving jail time. He started taking a drug in 2013 for Parkinson’s disease, which led to impulse issues and a sex addiction.

"Because the offending coincided with the administration of this drug, I'm prepared to accept your conduct was out of of character," Justice Michael Brett told the Supreme Court in Hobart via video link on Wednesday.

ICYMI: Some Coles customers are having issues with paying for their Click & Collect orders, and the supermarket giant is laying the blame squarely on one bank: NAB.

–with AAP

Nicole Pedersen-McKinnon is the author of How to Get Mortgage-Free Like Me, available at www.nicolessmartmoney.com. Follow Nicole on Facebook, Twitter and Instagram.

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