ASX to fall; $4,800 blow to Aussie workers

Here's Yahoo Finance's Wednesday morning wrap. Source: Getty

Good morning.

Here’s Yahoo Finance’s Wednesday morning wrap.

The ASX is expected to fall slightly at the opening of trade, despite US stocks rallying to finish their best quarter since 1998.

The Australian dollar was buying 69.04 US cents at 0700 AEST, higher from 68.54 US cents at the close of trade on Tuesday.

In the US, gains were fuelled by unprecedented levels of fiscal and monetary stimulus and the easing of restrictions.

However, the US government’s top infectious diseases expert, Anthony Fauci, warned the situation in the US still had the potential to “get very bad”.

Students, migrant workers exploited: More than 75 per cent of international students are being paid below the minimum hourly wage, a new study has revealed.

The Information for Impact Project report also found job losses among migrant and students due to the coronavirus threatened to create a “humanitarian crisis”.

But as restrictions ease, students could be at risk of wage theft again.

Double whammy: Pharmacy and retail workers could be up to $4,800 worse off a year, as penalty rates for workers in those industries are set to be cut by 15 per cent today, and the minimum wage rise of 1.75 per cent is delayed until 1 February next year.

Open banking kicks in: Australians should find it easier to switch banks as consumer data rights kick in from today onwards, after a five-month delay.

"Allowing consumers to compare and switch their home loans, personal loans and credit cards more easily will lead to better prices, more choice and greater competition,” Treasurer Josh Frydenberg said.

ATO warning: Despite the many changes this tax time, the ATO will still be applying the same level of scrutiny to dubious tax returns and keeping an eye out for suspicious deductions. 

Here’s exactly what the ATO is scrutinising this year.

My bobby pin for a house: A woman on TikTok is vlogging the ultimate quest: trading a bobby pin for a house. So far, Demi Skipper has trader her way to an $850 pair of sneakers, but she isn’t stopping there.

Here’s how she plans on doing it.

Hand sanitiser, sex toys? With the end of the financial year officially behind us, many Aussies will be looking for receipts to claim deductions on their stock standard work expenses. 

But for some workers, there will be some pretty peculiar claims on their tax returns.

$2.9 million in damages: Three judges are set to rule on an appeal by Nationwide News against a finding it defamed Geoffrey Rush in 2015 and against the awarding of $2.9 million in damages.

Have a great day!

With AAP.

Yahoo Finance Breakfast Club episode 7.

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