10 things you need to know this morning in Australia

This isn’t going to end well. Picture: Getty Images

Good morning. It’s been a big night.

1. Greece has officially missed its payment to the IMF. At a cool 1.6 billion euro, this is the largest missed payment ever owed to the IMF. Here’s the important bit from a statement just released by the IMF’s director of communications:

“I confirm that the SDR 1.2 billion repayment (about EUR 1.5 billion) due by Greece to the IMF today has not been received. We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared.”

So the ball has started rolling. The European Central Bank (ECB) will now withdraw its emergency liquidity assistance (ELA) for Greek banks. And Greek banks will slowly run out of money as citizens withdraw their cash.

2. RBA governor Glenn Stevens spoke in London last night at the Official Monetary and Financial Institutions Forum. He first noted Australia’s exposures to the Greek crisis were “minuscule directly” before going on to question whether monetary policy in Australia really was working to support demand. It was all somewhat… wonkish.

3. To the markets, and the ASX had a nice bounce into the close yesterday in what might have been a Shanghai-induced rally but could equally have been positioning into year end. Either way overnight futures were once again lower with the September contraction pointing to a weak open, losing 30 points overnight. Part of that could be the big dip in iron ore this week and the fall of the miners in London last night – BHP fell 3% in London trade.

4. In Asia yesterday, the Chinese government is about to throw everything at the stock market to avoid a destabilising crash. After the PBOC cut over the weekend, there were reports local government pension funds will, for the first time, be able to invest in stocks. That could free $100 billion into the market. We also heard that the Asset Management Association is encouraging fund managers to “support” the market. It all reminds our Greg McKenna of the HKMA buying stocks during the Asian crisis. It worked well then and it may work again now.

5. Apple Music is out and users who updated their iOS this morning will have a free, three-month trial waiting for them. There’s a lot to digest, from the curated playlists to the Connect tab where artists can communicate directly with fans, so here are 9 tips and tricks to help you get the most out of your Apple Music experience. (And here’s why no student should pay for it.)

6. Yes! Bread! The worst part of any diet is the bit where it says “no bread”, but a small study in the US hints that it’s not the carbs we eat, but when we eat them. So instead of starting your meal with bread, save your rolls for after, and you should be fine. Here’s why it works.

7. In the Dutch city of Utrecht, you get given money for doing nothing. It’s called “basic income” and the city is trialing it for a year, handing out monthly cheques to unemployed people without requiring them to prove they’re looking for work. Richard Nixon gave a similar idea a try in the 1960s and Switzerland’s giving it a go next year. Here’s why Utrecht officials think it’s worth a shot.

8. Your job is killing you. Literally, killing you, with terrible diets and depressing motivational meetings. Even your keyboard is dangerous, so here’s 24 things you need to pay attention to in your office, if you want to stay alive.

9. The cycling world can’t stop talking about this new super-fast bike going into the Tour de France. We showed you some pictures of the S-Works Venge ViAS last week, but now here’s footage of it in action before it debuts at this weekend’s start of the Tour de France.

10. The internet is creepy enough, but try spending a bit of time on the “deep web” – the bit you can only access by using anonymous web services like Tor. These people did, and recently filled a Reddit forum with the most bizarre stories of their experience. We’ve got some of the best ones here.

BONUS ITEM: All the stories, one headline. From the LA Times today:

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