1. Unlike Albo, we’ll know our unemployment number today!
We get the latest take on the country’s jobless rate and it’s expected to be the best reading in nearly 50 years! Only two years ago when the Coronavirus pandemic closed down the economy, economists feared the unemployment rate could hit 10- or even 15%, but today the ABS is expected to tell us that the jobless rate is a very low 3.9%. And some economists tip it could go a lot lower. But if that happens it will put pressure on inflation and interest rates. In economics, good news can bring bad news, which is why it’s called the dismal science!

2. How can Reserve Bank avoid a 15% fall in house prices?
Predictions of a 15% fall in house prices as interest rates rise in coming years can be avoided, but it means the Reserve Bank has to avoid any stuff-ups. The nation’s number one property website, REA, has a property price tracking business, called PropTrack, which argues the housing market could avoid a predicted deep price fall if the Reserve Bank takes a wise approach to interest rate rises to contain inflation. PropTrack economist Paul Ryan suggests if the RBA manages rate rises sensibly, house prices could end up flat rather than dropping by 15%.

3. British PM to face up to three more fines for lockdown breaches
Boris Johnson is facing another three potential fines for lockdown breaches, according to senior sources, as he suffered his first ministerial resignation over the Partygate scandal. In a sign of the continued nervousness in government that the prime minister’s position could come under threat when MPs return to Westminster from recess next week, a Downing Street source admitted the apparent lull felt like “calm before the potential storm”.

4. Ukraine to receive more military aid
US President Joe Biden announced $800 million in additional military aid for Ukraine, a day after accusing Vladimir Putin’s forces of committing genocide in Ukraine. Treasury Secretary Janet Yellen warned China over its alignment with the Russian president’s government.

5. Stock market to open up today
The local stock market looks set to ignore the Ukraine war worries and inflation that will force up interest rates, to open up today. A 14-point rise is expected for the Aussie stock market after a 25-point gain yesterday with a strong, positive start to US earnings season overnight driving Wall Street stocks up, with the tech-heavy Nasdaq rising a big 1.5% before the close of trade. If US companies show that their earnings beat expectations, it could help KO fears about higher interest rates causing a recession. 2-year yield: US -0.06% (2.35%) Australia -0.04% (2.10%). 10-year yield: US -0.02% (2.70%) Australia – (3.07%).