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ASX to drop; young Aussies hit hardest by Covid-19

·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)
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. (Photo by Sam Mooy/Getty Images)

Good morning.

Here’s Yahoo Finance’s Monday morning wrap:

ASX: The Australian share market is expected to kick off the week on a low note after Wall Street saw a broad sell-off amid weaker earnings and rising cases of the coronavirus.

At 7am Monday morning AEST, the Australian SPI 200 futures contract was lower by 27.0 points, or 0.45 per cent, to 5972.0 points.

The US share market finished Friday in the red after more than 1,000 died from the virus in America, with the tech sector weighing down the bourses.

It’s not just Covid-19; young Aussies have been doing it tough well before the pandemic. The nation’s youth has been struggling to land their dream job since the global financial crisis, and these prospects aren’t likely to improve, a new Productivity Commission report has said. Read more about it here.

For the first time since October 2009, Tasmania has nabbed the title of best-performing state economy. Three months ago, the island shared the top spot with Victoria – but that particular state economy is in

Once upon, trading shares used to be reserved for the wealthy. Now, you can do it all yourself. Here’s how to get started – without spending a fortune.

Treasurer Josh Frydenberg wants to extend industrial relations flexibility for businesses even if they no longer qualify for JobKeeper, but Labor isn’t so keen.

"We think it would be a bizarre and potentially disastrous conclusion for the government to draw that the best way to deal with rising unemployment and rampant underemployment is even more job insecurity for Australian workers," said Shadow Treasurer Jim Chalmers. More on that here.

ICYMI

How high will the AUD go? To have a look at what could happen, we have to look at our past – to the global financial crisis, writes financial expert Peter Switzer.

Around $3 trillion could be wiped from Australian superannuation funds over the next two decades if the Covid-19 fallout is not managed properly, new data reveals.

The ATO and Fair Work have received nearly 7,000 tip-offs about workers having issues receiving JobKeeper payments and potentially exploitative bosses.

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