A day of doubt on financial markets

Australia’s share markets will open today without a current lead from Wall Street.

That’s because July 4 – Independence Day – was a national holiday in the United States.

Europe’s Stoxx index won’t be much help, either.  It rose by just 1.31 points.

The Federal government remains upbeat, though, about its stimulatory plans.

In an assessment released yesterday, the Employment Participation Minister, Mark Arbib, said 4,000 jobs would be created in just one part of those plans, the Energy Efficient Homes Package, which was launched last week.

“The Insulation Council of Australia and New Zealand has estimated sthat 4,000 jobs will be created directly from this part of the Stimulus,” Senator Arbib said.

He said it would also cut energy bills and carbon emissions.

Under the plan, families will be able to have ceiling insulation installed, with the Federal government picking up the bills.

The Treasurer, Wayne Swan, also the start of the new financial year had also marked the start of  new tax relief measures.

He said these measures include a significant increase in the low income tax offset.

“The new financial year also brought with it indexation increases in the child care benefit, the child care rebate and the baby bonus,” Mr Swan said.

The Reserve Bank board is expected to keep Australia’s interest rates on hold when it meets tomorrow, although a small cut is possible.

There will also be new housing finance and consumer sentiment figures this week.

However Australians will have to wait till Thursday next week, to see the Statistician’s unemployment figures for June.