5 at 5 AU: ASX falls again. The Chancellor of the Exchequer releases the Employment White Paper.Completely silent on the data side

The S&P/ASX200 edged lower today, dropping as much as 11.80 points (0.17%) to 7,057.00, hitting a new 100-day low before rebounding to end just 4.50 points lower.

The index has fallen 2.95% in the past five days, but is essentially unchanged over the past year.

Despite the overall slump in trading, immediately after lunch, information technology (1.80%), utilities (0.79%), communications services (1.14%), consumer goods (0.83%), consumer staples (0.67%), etc. , several individual sectors were trending upward. ) and energy (0.50%) all increased.

At the other end of the discussion were Materials (down 0.98%) and Financials (down 0.43%).

employment white paper

The jobs white paper released today outlines changes aimed at addressing Australia’s skills and labor shortages and encouraging older pensioners and people on income support to rejoin the workforce. is stated.

The paper, written by Chancellor of the Exchequer Jim Chalmers, outlines amendments to the work bonus and other benefit provisions of the superannuation to enable recipients to earn more without losing their benefits. ing.

One key change is to extend the period of the zero employment income rate, allowing welfare recipients who find work to retain their associated benefits for 24 weeks, up from the current 12 weeks.

The aim is to remove disincentives that deter individuals from taking up short-term or temporary employment, such as fear of losing concession cards or childcare subsidies.

Scheduled to come into force on July 1 next year, the government estimates these changes will cost A$42.8 million over the first three years and benefit around 138,000 people a year.

A quiet week in terms of data

Australia’s economic calendar is quiet this week, with no major events or statistical releases coming up. Still, there are important economic indicators to keep an eye on. Tuesday will feature the regular weekly indicators on consumer sentiment and the latest Reserve Bank Board minutes.

Westpac will release its leading index on Wednesday, followed by the Reserve Bank Bulletin and detailed labor market data for August from the Australian Bureau of Statistics (ABS) on Thursday.

A “flash” survey of purchasing managers will be released on Friday, showing contraction in both the services and factories sectors.

Although domestic economic policy appears quiet, significant activity is in store on the international stage.

The key event to watch is the US Federal Reserve’s interest rate decision, scheduled for Thursday at 4am Melbourne time. No changes in interest rates are expected, but investors are eagerly awaiting the latest outlook and the Fed chair’s press conference.

Additional metrics include existing home sales, housing starts, housing sentiment, and major U.S. indexes. At the same time, a “flash” Purchasing Managers Index will also be released in Europe and Japan on Friday.

In China, all eyes will be on Wednesday’s decision on the loan prime rate. Meanwhile, Commonwealth Bank of Australia (ASX:CBA) economists expect the Bank of England to raise interest rates by 25 basis points to 5.5% on Thursday.

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