ASX to fall; and could the cash rate fall to 0.06%?
Good morning.
Here’s Yahoo Finance’s Thursday morning wrap.
ASX: The Australian share market is set for a flat start to the day as Wall Street slipped overnight.
All three major Wall Street bourses slipped between 0.23 per cent and 0.35 per cent.
The Federal Budget was announced more than two weeks ago, but that hasn’t stopped business groups from asking the Morrison Government for more help.
Australia has copped a $78 billion hit to air travel, and the nation needs an aviation plan to give the economy a boost, according to a new EY report commissioned by the Business Council of Australia released today.
Meanwhile, farmers and tourism operators want backpacker travel to be restarted. National Farmers' Federation chief Tony Mahar, and Backpacker and Youth Tourism Advisory Panel representative Wendi Aylward, have put forward a proposal to the government.
In case you hadn’t heard, Westpac has teamed up with Afterpay. It means the buy now, pay later giant’s customers will be able to set up savings accounts and do all their banking with the platform, using Westpac technology, rather than through a traditional bank. Here’s more on that.
Australia’s official interest rate is currently at 0.25 per cent – but perhaps not for long. Reserve Bank governor Philip Lowe has been dropping hints lately that it’s considering further monetary easing, and while most predictions are at 0.1 per cent, interest rate futures imply the cash rate could get as low as 0.06 per cent.
Year 12 students are missing out on a lot this year, courtesy of the pandemic.
“But the biggest loss is actually a silent omission in their education. With high school curricula stripped back to the basics – to make up for home/lost time – money smarts training is on the cutting-room floor,” writes finance commentator Nicole Pedersen-McKinnon. Here are the five ‘S.M.A.R.T.’ lessons you should teach your kid-ult.
Pakistan removed its ban on TikTok just 10 days after putting it in place. Yahoo Finance reporter Lucy Dean delves deeper into what’s happened and why.
And to end on a not-so-cheerful note, the IMF has released its report on its outlook for the Asia-Pacific region. It’s not very rosy: there are a lot of uncertainties and risks, with a resurgence of the pandemic still possible and, geopolitical tensions, and a rise in social unrest all in the mix. More on that here.
Have a great day.
–with AAP
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