1. Optus data breach triggers crackdown on customer protection laws
Companies may face multimillion-dollar fines for failing to protect customer data from hackers, as Home Affairs Minister Clare O’Neil criticised Optus over its data breach that has affected almost 10 million Australians.

“As class action law firms circle and Optus promised customers credit monitoring services free-of-charge to shield them from scams, Ms O’Neil vowed to overhaul laws regulating the storage of consumer data,” the AFR reports.

“Responsibility for the security breach rests with Optus and I want to note that the breach is of a nature that we should not expect to see in a large telecommunications provider in this country,” Ms O’Neil told question time on Monday.

2. ASX hits three-month low
The S&P/ASX 200 is down 88.5 points, or 1.35 per cent, at 6486.2 by 1.30pm AEST in Sydney, weighed down by heavy losses posted by the materials and energy sectors. The benchmark is trading at a three-month low.

The index had dropped by 139.1 points, or 2.1 per cent, in morning trade, leaving it 29 points shy of its lowest level since November 2020.

The energy sector has fallen 5.9 per cent and is having its worst session since March 2020 as oil prices further retreated; Beach Energy shed 8.1 per cent to $1.45 and Santos dropped 6.4 per cent to $6.94. (AFR)

3. Aussie dollar hits fresh two-year low
The Australian dollar touched a new cyclical low of US64.87¢, its weakest level since May 2020. The risk-sensitive currency was last trading about US64.96¢.

Commonwealth Bank strategists attributed the declines to the darkening outlook for the global economy, which it expects to weigh on commodity prices and currencies such as the Aussie dollar.

The pick-up in financial market volatility is also correlated with a weaker Australian dollar. (AFR)

“In the current environment, the Aussie can reach our Q1 2023 forecast of US62¢ early,” said Carol Kong, senior currency strategist at Commonwealth Bank.

4. Market movers over the last 24 hours

5. ASX futures up despite Wall St lows
ASX futures were up 17 points or 0.26% to 6483 near 6.15am AEST, with the AUD -1.1% to 64.57 US cents.

On Wall St: Dow -1.1% S&P -1% Nasdaq -0.6%.

Iron ore -3.6% to $US96.05 a tonne.

Bitcoin +1.2% to $US19,165 near 6.20am AEST.

10-year yield: US 3.90% Australia 3.98%.