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ASX to rise; responsible lending laws to be scrapped

Jessica Yun
·2-min read
CANBERRA, AUSTRALIA - JULY 23: Treasurer Josh Frydenberg during a press conference in the Main Committee Room at Parliament House on July 23, 2020 in Canberra, Australia. The Federal government has announced an extension to the wage subsidy JobKeeper scheme until the end of March 2021 as the COVID-19 crisis continues to impact Australia's economy. The JobKeeper scheme had been legislated to end in September 2020. The JobSeeker unemployment benefit will also be extended, however payments and eligibility criteria for both programs will be revised from October. (Photo by Sam Mooy/Getty Images)
Treasurer Josh Frydenberg. (Photo by Sam Mooy/Getty Images)

Good morning.

Here’s your Yahoo Finance morning wrap for Friday.

ASX: The Australian share market is set for a positive open after Wall Street closed higher overnight.

US tech stocks regained favour after new data that revealed a surge of new homes revived faith in economic recovery, even as American jobless claims rose.

The Dow Jones closed up 0.2 per cent, the S&P 500 gained 0.3 per cent and Nasdaq gained 0.37 per cent.

Are you on JobKeeper? Prepare for a $300 pay cut coming your way first thing next week. Here’s more from reporter Anastasia Santoreneos.

Treasurer Josh Frydenberg looks poised to dismantle ‘responsible’ lending laws that were put in place by former Prime Minister Kevin Rudd in 2009 that will subject lenders to less stringent credit rules that will make it easier for loans to flow and encourage economic recovery, the AFR reports. Frydenberg thinks it’s made banks too reluctant to lend. I imagine we’ll hear more about that at some point.

He’s also flagged in a speech yesterday that the upcoming Federal Budget, to be revealed on 6 October, will feature a “new two stage fiscal strategy that emphasises jobs and growth”.

“The first phase of our revised fiscal strategy is focused sharply on boosting business and consumer confidence and promoting jobs and growth throughout the economy,” he said.

We won’t move onto Phase 2 until unemployment levels are back below 6 per cent (it’s currently at 6.8 per cent).

“Once we are confident that the recovery has taken hold, we will move to Phase 2 of our revised fiscal strategy which is focused on restoring our fiscal position.”

Speaking of the budget, the Final Budget Outcome Report will be released later today and show the size and depth of the budget black hole for the 2019-20 financial year. It will set the scene for the 2020-21 budget that will be unveiled within weeks.

Remember the government’s Technology Investment Roadmap which flagged investment in gas, steel and aluminium and not renewables? Students are protesting it today as part of a School Strikes for Climate campaign. There are some 400 events around the nation.

And finally, a bit of good news: coronavirus restrictions are being released in some areas around the nation. Here’s what and where.

Have a good day.

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