A decision on how much the minimum wage will increase will be announced this morning: affecting the pay packets of millions of Australians.Follow the day's financial news and insights from our specialist business reporters on our live blog.Disclaimer: this blog is not intended as investment advice.PinnedTue 2 Jun 2026 at 7:37amTue 2 Jun 2026 at 7:37amMarket snapshotBy Daniel ZifferASX 200 futures: -0.4% to 8,710 pointsAustralian dollar: +0.1% to 71.62 US centsDow Jones: +0.1% to 51,078 pointsS&P 500: +0.3% to 7,599 pointsNasdaq: +0.4% to 27,086 pointsFTSE: -0.7% to 10,338 pointsEuroStoxx: -0.8% to 621 pointsSpot gold: -1.4% to $US4,468/ounceBrent crude: +4.8% to $US95.57/barrelIron ore: -3.4% to $US104.52/tonneBitcoin: -3.5% to $US71,028Prices current around 7:30am AEDT.Live updates on the major ASX indices:Collapse all postsFilter PostsAll4Key Events1Market snapshot1Tue 2 Jun 2026 at 8:11amTue 2 Jun 2026 at 8:11amMore billionaires, and they're getting richerBy Daniel ZifferAnti-poverty lobby group Oxfam Australia suggests Australian billionaires' wealth grows by $50,000 per minute.It estimates the collective wealth of Australia's billionaires increased by $25.67 billion over the past year, and that alone could lift nearly 1 million people out of poverty in Australia.The new analysis, based on data from the 2026 Australian Financial Review Rich List, suggests local billionaires (OzBillys?) saw their third consecutive year of wealth gains.Oxfam Australia has been calling for a tax on the super-rich and broader tax change to tackle inequality.Here's some of what they found:The total wealth of Australian billionaires in 2026 is more than $686 billion.Australia now has 178 billionaires, up 17 from last year — the most billionaires on record.The 20 richest Australians hold more wealth than the bottom 3 million households.That's that data.Here's what they say the impact is, with the increase in billionaire wealth in the past year having the ability to:Lift nearly 1 million Australians out of poverty.Cover household electricity bills for every single Australian household for well over 1 year.Fund Australia's entire aid budget almost five times over.Cover the grocery bills for almost 3 million households for a year.Oxfam Australia chief executive Jennifer Tierney said laudable tax changes announced in the federal budget fell short of addressing rapidly growing wealth inequality."There is something fundamentally wrong with a system where extreme wealth keeps skyrocketing while so many people are struggling to afford the basics, and governments claim there is not enough money for housing, healthcare, climate action and essential services."The Budget included some welcome measures to ease pressure on households and begin reforming unfair tax settings, but it did not go far enough to address the scale of wealth inequality growing in Australia."While modest, reforms to Capital Gains Tax and negative gearing are important steps towards a fairer tax system. Australia should not continue rewarding wealth accumulation more generously than work, particularly at a time when so many households are under pressure."While misinformation and misplaced fears about small business and aspiration continue to dominate debate around these reforms, the reality is that the wealth of the super-rich continues to grow while poverty persists. Without structural reform to the tax system, that divide will only deepen."A fairer approach to taxing extreme wealth would help ensure governments can properly invest in affordable housing, healthcare, climate action and support for communities doing it tough here and abroad."Tue 2 Jun 2026 at 7:40amTue 2 Jun 2026 at 7:40amIran talks stopped or moving quickly, depending on sourceBy Daniel ZifferIranian state media is reporting that the country's government has halted negotiations with the United States over an end to the war in the Middle East in protest over Israel's conduct in Lebanon.But in a social media post, US President Donald Trump said he spoke to Israeli Prime Minister Benjamin Netanyahu and representatives from Hezbollah, and that the talks with Iran were continuing at a "rapid pace".Learn more about these conflicting narratives from the ABC's Middle East correspondent Matthew Doran.Key EventTue 2 Jun 2026 at 7:33amTue 2 Jun 2026 at 7:33amLet's get goingBy Daniel ZifferHello, I'm Daniel Ziffer from the ABC business team, and I'll be taking you through the morning on our business, finance and economics blog.A decision on the size of the minimum wage increase will be announced this morning, affecting the pay packets of millions of Australians.Overnight, Wall Street indices were higher.The blue-chip Dow Jones, comprising 30 mega-companies such as Boeing and Visa, rose +0.1% to 51,078 points.The broader S&P 500, which covers 500 of the largest listed companies in the US, rose +0.3% to 7,599 points -- a record close.The tech-heavy Nasdaq was +0.4% to 27,086 points.Our market is set to fall, with the ASX 200 futures index tipping a slide of 0.4% or 36 points to 8,710.There’s lots to get to: all of it news, analysis and information and none of it financial advice.Let’s get started!