Australian market set to open higher

THE Australian market looks set to open higher despite falls on international markets after Greeks voted ‘No’ in the referendum.

THE Australian market looks set to open higher despite falls on international markets after Greeks voted `No’ in the referendum on further austerity measures, raising the possibility the country may exit the eurozone.

At 0645 AEST on Tuesday, the September share price index futures contract was up 21 points at 5,453.

In local economic news on Tuesday, the Reserve Bank of Australia holds its monthly board meeting to make its interest rate decision. Also, the Australian Bureau of Statistics is due to release overseas arrivals and departures, while the Dun and Bradstreet business expectations survey, the ANZ-Roy Morgan weekly consumer confidence survey and the Australian Industry Group/Housing Industry Association performance of construction index for June are all due out.

Meanwhile, the Parliament inquiry into the financial advice sector, IOOF and ASIC is running in Sydney.

No major equities news is expected.

In Australia, the market on Monday tumbled on concerns about China’s equities and Greece’s future after voters rejected Europe’s bailout terms.

The benchmark S&P/ASX200 index was down 63.3 points, or 1.14 per cent, at 5,475 points.

The broader All Ordinaries index fell 64.7 points, or 1.17 per cent, at 5,463.3 points.