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ASX expected to rise and RBA to deliver more mortgage pain

Jim Chalmers delivers the budget and ASX board
ASX set to rise and more RBA pain on the way

ASX: The ASX is expected to rise today after the local share market finished at a fresh nine-month high after its third straight day of gains on Friday - its strongest in nearly three weeks.

Wall Street down: Major US stock indexes ended lower last week after surprisingly strong jobs data sparked concerns about aggressive Federal Reserve action, while investors digested a mixed bag of mega-cap company earnings reports.

The S&P 500 still posted a gain for the week, which included a string of major market events, and stood not far from five-month highs at Friday’s close.

More mortgage pain: Treasurer Jim Chalmers has warned of a difficult balance in the upcoming budget between delivering cost-of-living relief while not pushing up inflation and interest rates.

The Reserve Bank board is expected to hike interest rates by another 25 basis points on Tuesday, taking the cash rate to 3.35 per cent.

Cashless pokies plan: Every poker machine in NSW will be cashless within five years under an ambitious plan to overhaul the gaming industry.

The contentious package passed a snap meeting of state cabinet on Sunday. With less than seven weeks until the election, NSW Premier Dominic Perrottet has been under pressure to announce reforms for the industry.

Energy price relief: Energy costs will be a key issue in the lead-up to the federal budget as the government considers further measures to reduce pressure on household budgets.

But the peak body for the oil and gas industry says investment, not intervention, would help drive down power bills.

Chat GPT scams: Australia could soon face a crippling cyber attack aided by a popular chatbot.

Language-processing tools such as ChatGPT that use artificial technology to speed up work and learning are spreading through schools, universities and businesses.

More than half (54 per cent) of Australian IT professionals predict the country is less than a year away from a successful cyber attack being credited to ChatGPT, according to research released by software and services firm BlackBerry.

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Smiling women and piles of Australian cash
Smiling women and piles of Australian cash