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10 things you need to know this morning in Australia James Hennessy
1.
It sounds like we re not getting an austerity budget in May. The SMH reports that Josh Frydenberg s first post-pandemic budget will deliberately run the economy as fast as possible in an attempt to get unemployment under 5%. The government reportedly believes unemployment needs to get to about 4% to get inflation and wages to accelerate. Sounds like an election budget, no?
2.
Australia appears to have pushed through the end of JobKeeper, as job openings continue to grow unabated. Exclusive data from Indeed shows the number of advertised positions kept on soaring throughout April and are now 43.1% higher than they were prior to the pandemic. “The longer these hiring trends persist the greater the likelihood of stronger wage growth, particularly in those areas where skill-shortages are emerging,” Asia-Pacific economist Callam Pickering said.
ASX gains 0.4pc as Coles, Mirvac, Ansell rally
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The Australian sharemarket gained on strong trading updates from Coles, Mirvac and Ansell, as the benchmark heads ever closer to last yearâs record.
The S&P/ASX 200 Index rose 0.4 per cent, or 30 points, to 7064.7, moving closer to the 7162 record close hit in February last year.
The gains followed a muted session on Wall Street where the S&P 500 closed flat and the Nasdaq composite fell 0.3 per cent.
Australian banks advanced, with Commonwealth Bank firming 1 per cent to $90.21, Westpac rising 1.2 per cent to $25.30, National Australia Bank climbing 1.1 per cent to $26.91 and ANZ advancing 0.5 per cent to $29.10.