The ASX200 closed the 2023 financial year marginally higher, ahead of significant Labor Government changes coming into effect from tomorrow.
Workers on the minimum wage will be paid nearly six per cent more per hour, while employer’s superannuation contributions will move up to 11 per cent. Parenting payments are also increasing from 18 weeks to 20.
The legislation will also mean changes to wages in aged care and education sectors, and agriculture, food, mining and exploration industries are grappling with the potential impacts of the Aboriginal Heritage Act.
The new costs are imposed as companies are already managing inflationary pressures and higher interest rates. Positive, of course, to the general workforce.
Back to the market today, and five of the eleven ASX sectors slid, dragged by consumer staples, financials, health care and real estate.
In the green
Harvest Technology Group (HTG) has gained more than 22 per cent after securing an initial order for its Nodestream remote operations system technology. The order came from an allied Five-Eyes’ defence customer and is valued at more than $270,000 dollars.
Encounter Resources (ENR) continued to climb, a day after intersecting three and a half kilometres of mineralised carbonatites at its Aileron critical minerals project in WA.
And Blue Star Helium (BNL) ended the week on a high. Emerging from a trading halt, the company signed an agreement with US-based IACX Energy, to provide helium recovery services. The company closed the day at 2.6 cents
In the red
Alma Metals (ALM) shares dipped, a day after releasing the final assay results from its drilling program at the Briggs copper project in Queensland…extending the copper-molybdenum mineralisation.
Meanwhile, clinical-stage biotech, Cynata Therapeutics (CPY) has appointed Dr Kilian Kelly as its CEO and Managing Director, effective tomorrow. The news follows the retirement of Dr Ross Macdonald.
And Bubs Australia (BUB) fell after revealing its subsidiary, Bubs China, is anticipating lower-than-expected revenue for the 2023 financial year.
Bubs China is projected to fall at the lower end of its $13.5 to $13.8 million target revenue, a decrease from its $53.6 million takings last financial year.
