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ASX to lift; PM, Vic business leaders furious as reopening delayed

Jessica Yun
·3-min read
People walk past a tree decorated with eyes and a face mask in Melbourne's central business district on October 15, 2020, as Australia's unemployment rate ticks up to 6.9 percent. (Photo by William WEST / AFP) (Photo by WILLIAM WEST/AFP via Getty Images)
Melbourne CBD. (Photo by WILLIAM WEST/AFP via Getty Images)

Good morning.

Here’s your Yahoo Finance Monday morning wrap:

ASX: The Australian share market is set to rise as Wall Street wrapped up the week higher as investors were hopeful of progress in talks for another stimulus bill.

The S&P 500 and Dow Jones both rose at the end of Friday, but the Nasdaq was weighed down by a 10 per cent slump.

What’s the recession doing to your savings stash? Our contributing editor Samantha Menzies have done the hard yards and did some analysis. Here’s what you need to know.

Victorians are upset: That’s because Premier Daniel Andrews hit a “cautious pause” on easing restrictions in the state, though he insists Melbourne is “on track” for a scheduled 1 November timeline that involves reopening of all retail and hospitality with density limits.

“I know it is frustrating,” he said. “I know people are keen to have a long and detailed list of changes to the rules. It is not appropriate for us to do that now.”

Business and political leaders are angry about the delay.

What the PM and the Treasurer said in a joint statement: “At some point, you have to move forward and put your public health systems to work in a bid to reclaim the jobs that have been lost, and rescue the livelihoods and peace of mind of so many Victorians who have been affected by the inability to contain the outbreak that led to the second Victorian wave.”

“The decision to keep businesses closed suggests that there is still not sufficient confidence within the Government that their systems can support reopening.”

"This is a profound disappointment."

City of Melbourne Mayor Sally Capp tweeted her disappointment.

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Victorian Chamber of Commerce and Industry chief executive Paul Guerra said the delay was a “shattering blow”, while Business Council of Australia CEO Jennifer Westacott said people were at a “financial and mental breaking point”.

“A pattern of delays, maybes and apologies doesn't excuse Victoria's failure to manage local outbreaks. It is taking too long and too much is being lost.” More on what these CEOs said here.

Once upon a time, the Victorian state held the crown as Australia’s economically strongest state. There’s no surprise it’s now slipped to third place, with Tasmania in first place and the ACT in second. More here.

Need some productivity hack? Take it from an expert. Reporter Lucy Dean spoke to productivity coach and founder of Mayday VA Hollie Barac, who shares tips on reclaiming work-life balance for busy workers amid the worldwide remote work experiment.

Turns out class divide does still exist in Australia, and it can lead to exclusion, discrimination and harassment in the workplace, according to new research from the Diversity Council of Australia. Here’s what the report found, and why we need to start talking about class.

Have a great day.

–with AAP

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