1. Renters feeling the pinch
Surging house prices have been great for homeowners but for 40% of renters, it has increased their financial stress. And as a federal election looms, the SMH says University of NSW research shows that between 61.5% and 76.5% of renters are financially stretched and stressed in the top five NSW and Victorian seats. Federal Labor has promised to increase the supply of social housing by 30,000 properties over five years if it wins power, while the Government will show its housing play in Tuesday week’s Budget.
2. More positive peace talks, according to stock market
Positivity about peace talks between Russia and Ukraine helped US stocks surge over 5% last week and our market is poised to open strongly today. Over the weekend, Ukrainian President Volodymyr Zelenskyy called for meaningful peace talks with the Kremlin and stock markets liked that. They also think US central bank boss, Jerome Powell will charter a sensible course with interest rate rises that won’t choke off the strong US economic recovery. Fingers crossed the markets are right!
3. ATO targets cryptocurrencies
Cryptocurrencies and those who invest in them will face a Tax Office examination, which could be bad and good news for crypto players. Treasurer Josh Frydenberg today will lay out the rules for the Tax Office to consider how cryptocurrencies are taxed in other countries and how our rules should change to ensure cryptocurrencies are taxed properly. It could be bad for crypto players if it means more tax will be paid but it will be good as it could give these digital currencies more acceptance, which could boost their price.
4. Australian web addresses to become more distinct
Australian web addresses will soon be shorter with the launch of .au domains, allowing people to drop the .com for the first time.
From Thursday, people who can demonstrate they or their business have a connection to Australia will be able to purchase .au domains. It is the first time the .au domain has been available for purchase after auDA, the organisation that manages Australian domains, launched the product after years of consultation. “We heard from more than 97,000 people, the overwhelming majority of whom were in favour of the introduction of short, simple, distinctly local domain names,” the auDA CEO, Rosemary Sinclair, said.
5. ASX to edge higher
ASX futures were up 59 points or 0.8% to 7323, with the AUD +0.5% to 74.15 US cents. On Wall St: Dow +0.8% S&P 500 +1.2% Nasdaq +2.1%. Brent crude +1.2% to $US107.93 a barrel. 2-year yield: US — (1.94%) Australia +0.05% (1.36%). 10-year yield: US -0.04% (2.15%) Australia +0.07% (2.57%).
