ASX to start flat; 120,000 Aussies kicked off JobKeeper

Jessica Yun
·2-min read
CANBERRA, AUSTRALIA - JUNE 11: Treasurer Josh Frydenberg reacts as Prime Minister Scott Morrison speaks at the despatch box during Question Time in the House of Representatives at Parliament House on June 11, 2020 in Canberra, Australia. An OECD report forecasted that the global economy will contract 6% in 2020, and 7.6% if there is a second wave of Covid-19 infections and that the pandemic has triggered the most severe peace-time recession in nearly a century. (Photo by Sam Mooy/Getty Images)
Treasurer Josh Frydenberg reacts as Prime Minister Scott Morrison speaks at the despatch box during Question Time in the House of Representatives at Parliament House on June 11, 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 start the week flat as investors await the government’s mini-budget, to be announced this Thursday, amid rising cases of coronavirus in Victoria.

The benchmark S&P/ASX200 index finished Friday up 22.7 points, or 0.38 per cent, at 6033.60 points after drifting lower earlier in the session. The All Ordinaries index closed 21.9 points, or 0.36 per cent higher, at 6144.90.

Wall Street finished off last Friday fairly mixed, with the Dow Jones falling and the S&P 500 rising by 0.3 per cent.

This week will be packed with new figures and announcements: RBA governor Philip Lowe will give a speech tomorrow about the economy, preliminary June retail sales figures will be released on Wednesday, and Frydenberg will give his update on Thursday.

120,000 Aussies fall off JobKeeper today. Childcare workers will become ineligible for the wage subsidy as of today. Here’s more on that.

Speaking of the scheme, Frydenberg is expected to announce a modification of JobKeeper from flat payments to tiered payments in his Thursday mini-budget. A review of JobSeeker is expected as well.

$1 million loans: The government is promising loans of up to $1 million to small and medium-sized businesses to help boost their cash flow and stimulate the economy, according to reports. The cap has been lifted to $1 million from $250,000, and could help as many as 3 million Aussie businesses.

In other funding news, have you ever fancied Google backing for your project? Google.org has announced $4 million in grants for certain types of projects. Find out if you qualify.

And some not-so-great news: Coronavirus cases are seeing a surge of new infections around the world. Meanwhile, NSW will be enforcing tighter border restrictions for Victorians from midnight Tuesday.

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