Australian shares are set to open higher Wednesday following the release of the government's budget and ahead of the monthly inflation data.
The monthly consumer price index indicator for February and the engineering construction activity for December 2024 are slated for release at 11:30 am Sydney time.
The Australian government announced two more personal income tax cuts in 2026 and 2027, equivalent to AU$17.1 billion over the forward estimates. The additional tax cuts will begin on July 1, 2026, and reduce the rate to 15% from 16%. The rate will then be slashed further to 14% from July 1, 2027.
Overnight, the Nasdaq Composite gained 0.5%, while the S&P 500 and the Dow Jones Industrial Average were broadly flat.
In company news, Vulcan Energy Resources (ASX:VUL) reported Wednesday that its loss per diluted share in 2024 widened to 0.23 euros from 0.17 euros per diluted share a year earlier.
Tuas (ASX:TUA) reported fiscal first-half earnings of SG$0.0064 per diluted share, compared with a loss of SG$0.0075 per diluted share a year earlier.
Elsewhere, Star Entertainment Group (ASX:SGR) said the exclusivity period given to Salter Brothers Capital has been extended to April 1, potentially giving the company a lifeline of up to AU$940 million, according to a Tuesday filing with the Australian bourse.
Australia's benchmark index extended its muted trading to close at 7,942.50 Tuesday.
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