10 Things You Need To Know This Morning In Australia

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Good morning. 10 Things You Need To Know is a Business Insider speciality, with Tech and Finance editions each day from New York. This is the Australian news edition from Sydney which you’ll find each morning on Business Insider Australia.

Terrible news out of New York this morning with Philip Seymour Hoffman being found dead, apparently with a syringe in his arm. Here’s rest of your run-down for Monday:

  1. David Jones would consider another offer from Myer, according to the AFR. BT Investment Management’s Crispin Murray described the offer as a “legitimate in-market proposal,” and added, with some diplomacy: “we would believe this is something you could have announced and then made the case as to why you felt it was not a good idea.” Credit Suisse analysts have downgraded Myer on the developments.
  2. Fairfax poll says majority of public believe Labor should distance itself from the union movement.
  3. Unhelpfully for the union movement’s need to remain looking relevant and popular at the moment, it’s reported SPC Ardmona employees get nine weeks of paid leave a year including a five-day Melbourne Cup Day weekend. The federal government rejected a request for a $25 million support package last week.
  4. The beloved Australian Taxation Office is conducting $350,000 worth of market research to find out what people think of it. CPA Australia chief executive Alex Malley says he thinks it might be to “verify that there may be mixed perceptions about the ATO”. The ATO, meanwhile, says that it “values external feedback as a reality check against what our own consultation mechanisms are telling us”.
  5. It’s a big week on the markets ahead with the RBA holding its first meeting of the year, where there’ll be a much to discuss following the 2.7% inflation number last quarter. We get PMI numbers from around the world this morning to kick off the week, and on Thursday there’s retail sales – a critical indicator on how the non-mining economy is faring as economists look for signs that it will fill some of the gap left by the slowdown in resources investment.
  6. The federal government’s First Home Saver Account is likely to get the axe – too-stringent conditions and a lack of interest have seen the scheme fall stunningly short of its targets.
  7. A PhD student in Sydney claims to have found a new way of identifying potential breakout stocks.
  8. At least one luxury yacht was destroyed in a fire that broke out at the Double Bay marina in Sydney overnight. Some 24 firefighters were on the scene as the fire threatened to spread to other boats.
  9. Pro gamblers in the US are backing the Seattle Seahawks to win the Super Bowl, which starts at 10.30am AEDT, over the Denver Broncos.
  10. England suffered a final indignation at the hands of Australian cricketers losing the last T20 game by 84 runs. It’s a tour they’d love to forget but won’t be any time soon, as what will no doubt be a painful post mortem gets underway. Shane Warne has tweeted that he would consider becoming the England cricket coach, in response to people asking if he would consider taking the job.

Bonus item: this incredible full-length video of Felix Baumgartner’s jump from space, which was released over the weekend. Flick forward to about 3 minutes.

Have a great day. I’m on Twitter: @colgo

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