ASX to drop as majority of Aussies support ban on junk food ads

The ASX dashboard showing declines in company share prices and various cereal brands on a supermarket shelf.

The ASX is expected to drop at the open as calls to ban junk food ads mount. (Source: Getty)

ASX: The local market is expected to fall this morning after Wall Street suffered a sharp sell-off over the weekend.

This comes after the ASX finished higher for the third day in a row on Friday to close out the week.

Financial world: US stocks slumped on Friday after Federal Reserve Chairman Jerome Powell reiterated the central bank’s commitment to fighting inflation in a hard-line speech at the Jackson Hole economic symposium.

Jobs: The Business Council of Australia has urged the Government to temporarily increase the permanent migration cap to 220,000 to make up for the migration shortfall during the pandemic.

But raising the migration cap to help ease Australia’s skills shortage should not come at the expense of upskilling the workforce, Treasurer Jim Chalmers said.

Meanwhile, ahead of the Jobs and Skills summit, due to take place in Canberra on Thursday and Friday, the Australian Council of Social Services has published its wish list of political considerations.

The City Council proposes to the Government the implementation of a guarantee of employment and training for people in a situation of long-term unemployment.

COVID recovery: Reform and renewal will characterize the next phase of Australia’s recovery from the pandemic, Prime Minister Anthony Albanese has said.

The 31st Prime Minister will today reflect on his first 100 days in office during a speech to the National Press Club.

Wage gap: It has been more than two months since the end of the fiscal year and Australian women have just caught up with men when it comes to their annual salary.

Known as Equal Pay Day, today marks an additional 60 days that women must work, on average, to earn the equivalent salary of men.

Sciences: Australia’s economy could reap a $52 billion windfall through increased investment in science and technology, according to a high-level body.

Science and Technology Australia has called for more financial support for commercially savvy scientists.

Junk food ban: Two out of three Australians support a ban on junk food advertisements during children’s viewing hours.

The Australia Institute poll published on Monday found that 33 per cent of Australians “strongly agree” with a ban on junk food advertisements during children’s viewing hours.

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