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ASX to fall as commuters face serious delays

·Personal Finance Editor
·2-min read
The ASX board showing company price changes and Sydney trains pulling into a station.
The ASX is expected to dive at the open as commuters face major delays in Sydney. (Source: Getty)

ASX: The local market is expected to dive at the open today after Wall Street returned from the 4th of July long weekend.

This comes after the Australian share market finished modestly higher yesterday following another double-sized hike in interest rates by the Reserve Bank (RBA).

Wall Street: US stocks came well off the day's lows by the end of trade overnight to finish a choppy session mixed.

This came even as concerns over the potential for a deeper economic downturn persisted among investors.

RBA decision: The RBA delivered another double-whammy interest rate hike yesterday, bringing the cash rate to 1.35 per cent.

The 50-basis-point rise - the third hike in three months - is estimated to add $138 a month to a $500,000 mortgage, or $221 to an $800,000 loan.

The RBA board has flagged further rises, with some economists expecting the cash rate to hit 3.5 per cent next year before the central bank starts to consider cuts.

Rent crisis: Annual growth in rent has hit a 14-year high as home buyers face rising interest rates.

Dwelling rents are 9.1 per cent higher across the capital cities and up 10.8 per cent in regional areas compared to June 2021.

Education reform: As a skills shortage grips Australia, the head of the peak body representing universities will urge the Federal Government to recognise their importance as "engines of opportunity".

In a speech to the National Press Club today, Universities Australia chair John Dewar is expected to outline how the Government can reset education policy to address skills deficits and boost the economy.

NSW floods: Unions are calling on the federal and NSW governments to support hundreds of workers at a Lismore ice cream factory, saying job losses will have a profound effect on the flood-ravaged community.

Delayed: Train services for NSW commuters will be reduced by about half after the rail union won the right to push ahead with industrial action.

The NSW government lost its bid to block the protected action during an interim hearing before the Fair Work Commission yesterday after negotiations with the union failed.

All rise: "Minions: The Rise of Gru" came in on top at the US box office over the 4th of July weekend, shattering previous records.

The Universal Pictures movie brought in US$125.2 million after a TikTok trend catapulted the movie into popularity with Gen Z.

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