Good morning and welcome to Monday, September 25 — you’re reading the ABC’s markets and business blog.
First up, let’s look back at how Wall Street finished up last week.
The Dow Jones, S&P500 and Nasdaq were all lower, as the markets come to grips with the US Federal Reserve’s latest warning that inflation is going to be staying higher for longer.
But it’s not the only reason investors are on edge right now — the US government is facing another potential shutdown if Congress doesn’t approve spending bills by September 30.
All of this means the Australian sharemarket is set for a softer start this morning, with futures down 0.25% to 7,086 points.
Meanwhile it’s going to be a big day for economic policy — the federal government is releasing its employment white paper.
It sounds a bit technical, but as Treasurer Jim Chalmers told AM this morning, “it’s a very important day” because it’s going to set out the future of skills, training and employment in Australia, and will bring along a ‘handful’ of new policies released alongside it.
“[The paper] is the culmination of about 12 months of collaboration and consultation after the Jobs and Skills summit around this time last year, he said.
“And the measure of success will be whether we can build together a more dynamic and more inclusive labour market where more people have the opportunity for secure, fairly paid work, and where our people and businesses and communities can be beneficiaries of change and thrive and succeed.”
The paper also expected to capture what successful full employment looks like, and will work alongside other national reviews, including the migration review, national skills agreement and universities accord.
OK, it’s going to be a big day — grab a coffee, settle in, and let’s see where Monday takes us.
