The COVID-19 variant has done severe damage to markets just a week after it was discovered, but many fund managers say it could be an opportunity and not a risk.
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The federal governmentâs âspendathonâ budget is set to be a boon for a number of stocks on the local sharemarket, pumping billions into the economy over the next several months, with domestic-facing consumer stocks set to receive the biggest boost.
The extension of personal tax cuts for low- and middle-income earners, the extension of generous business tax incentives, and specific support measures for industries have created a tailwind for a number of stocks, helping to support the market as it again challenges record highs.
Consumer stocks are set to gain from big money streaming into the economy. Â