1. Treasurer Chalmers tells Aussies to brace for more cost-of-living pain
An anticipated half a percentage point rise in the cash rate on Tuesday will add to cost-of-living pain for Australians, Treasurer Jim Chalmers says in response to a jobs summit dixer. (AFR)

“There is an expectation across the board that rising interest rates are set to be an even bigger part of the pain that people confront. Tomorrow the Reserve Bank board will meet again. We don’t pre-empt or interfere in any way with their independent decisions,” Chalmers said.

“But the market expectations are for another increase. That will be an additional cost on people who are paying off a mortgage. The task of the government and the task of our government is to do what we responsibly can to help people through the shorter-term challenges and also to deal with the issues in supply chains, to deal with cost of living where we can and build an economy that grows wages and improved living standards over time.”

2. Labor and Coalition clash over wages
Shadow treasurer Angus Taylor asked on Monday if Labor can guarantee multi-employer bargaining won’t raise cost-of-living pressures because of strike action. (AFR)

Treasurer Jim Chalmers jokingly asked whether the government is writing Taylor’s questions.

“Because asking a question about wages and the cost of living after a decade of deliberate wage suppression and wage stagnation under those opposite. The changes that we are working through, in consultation with employers and with unions and with the broader Australian community is about seeking more and better agreements and not more conflict.”

Chalmers continued: “I know that it was humiliating for him when mum and dad said he couldn’t go to the formal,” referring to the jobs summit.

“There’s an appetite in this country to get wages moving again, we want to be part of the solution, not part of the problem.”

3. Liz Truss wins UK election
It was announced on Monday that leader of the Conservatives Party Liz Truss secured about 57% of party member votes in the six-week membership ballot to become the next British Prime Minister, defeating contender and former chancellor Rishi Sunak who received 43%.

Having won what she called “one of the longest job interviews in history” to become party leader, she will on Tuesday become the 15th British prime minister of the Queen’s 70-year reign when she meets the monarch in Scotland to get her commission. (AFR)

She vowed to “govern as a Conservative”, promising “a bold plan to cut taxes and grow our economy”.

And she promised to “deliver on the energy crisis, dealing with people’s energy bills and also dealing with the long-term issues we have on energy supply”.

4. Miners in the green following surge in commodity prices
In a world mired by energy crises (primarily in the northern hemisphere), the subsequent surge in commodity prices has seen mining companies reaping more profits in Australia than every other non-financial industry combined.

“Company profits in the mining sector soared 14 per cent, or $10.2 billion, in June, according to data released on Monday by the Australian Bureau of Statistics. Mining company gross operating profits are 51 per cent higher over the year and 94 per cent above pre-COVID-19 levels, providing a boost to federal and state government budgets,” the AFR reports.

5. ASX to rise as RBA rate rise decision looms
ASX futures up 6 points or 0.1% to 6837 near 6.30am AEST, with the AUD -0.2% to 67.98 US cents.

Wall Street was closed for the Labor Day holiday. Trading will resume on Tuesday (Wednesday AEST).

In Europe: Stoxx 50 -1.5% FTSE +0.1% CAC -1.2% DAX -2.2%.

Brent crude +2.9% to $US95.74 a barrel.

10-year yield: US 3.19% Australia 3.64%.