10 things you need to know this morning in Australia

Just popping down to the shops for milk, swan, Car of the Year. Picture: Getty Images

Good morning.

1. Australia’s big day arrives. It’s likely to join the rest of the English-speaking world by saying Yes to marriage equality. The answer drops at 10am and we have live coverage of it all as the crowd gathers in Hyde Park, Sydney, for the result.

2. It’s time for your biannual chartly reminder that you’re not getting any richer:

But with a 3.3% increase to the minimum wage back in July, the September quarter is expected to bump up to a median increase of 0.7%, putting the annual rate forecast up to 2.2%. Don’t spend it all at once. No, really – don’t spend it all at once, because with wage pressure comes implications for interest rates. We’ll know more at 11.30am (AEDT).

3. Meanwhile, the other <1% are having a grand old time, hoovering up 50.1% of all household wealth in the world. A Credit Suisse report shows income concentration is at a level not seen since the early 1900s. And don’t start getting all het up if you’ve only got $1 million, because you’re one of 36 million who hold as much wealth as 46% of the population.

4. In markets overnight, The euro surged by more than 1% against the greenback as German GDP came in strong. And a bumper NAB business survey helped the Aussie hold ground as well. Futures markets are pointing to heavy losses for iron ore after Chinese economic data missed expectations. Later today, after the wage index, we’ll see monthly consumer confidence data, Japan GDP, UK wages and then the big one – US inflation figures for October.

5. Emirates ordered 40 Boeing 787-10 Dreamliners at the 2017 Dubai Air Show. That’s terrible news for Airbus A380 fans, because of the 318 A380 Superjumbos that Airbus has sold, nearly half of them have been bought by Emirates. That’s why the $US15.1 billion order may have just marked the beginning of the end of an iconic giant in our skies.

6. Jordan Belfort, the Wolf of Wall Street who served 22 months in prison for securities fraud and money laundering, reckons ICOs are “a huge gigantic scam… far worse than anything I was ever doing”. Belfort was a “pump and dump” specialist. And in just a week, we found at least five pump and dump schemes using messaging app Telegram to artificially inflate the price of cryptocurrencies. Over in the UK, one of the largest hedge funds in the world is ready to add Bitcoin to its “investment universe”.

7. Meet Boston Dynamics’ new dog:

Then listen to Tim O’Reilly on why we shouldn’t be scared of artificial intelligence.

8. Business Insider has named its car of the year for 2017. Unfortunately, it’s the Porsche Panamera S, which starts at $304,000 here in Australia, hits $376,900 for the Turbo version, and ratchets up to $460,000+ for the EV. Still, here’s what 7.2 billion people in the world would get if they could live several lifetimes to save up for one.

9. Elon Musk pulled his kids out of a prestigious school in 2014 and sent them to Ad Astra, a school he created. The school has no public website, phone number, or details of admins and teachers who work there, and all Musk has ever said about it is it caters kids’ education “to match their aptitudes and abilities”. But finally, thanks to X Prize Foundation chairman Peter Diamandis, we have an example of a question students at Ad Astra might have to answer.

10. As the world shifts to ride-sharing, car parks could become wasted real estate. Unless you work for Helsinki-based design firm called Casagrande Laboratory and believe a car space is all the space a person needs to live in. As long as your house is tall and skinny:

Casagrande Laboratory tikkuThe Tikku home. Picture: Casagrande Laboratory

Here’s how it can be built for just over $50,000.

BONUS ITEM: Sorry normal people, this Golazo of the Month one goes out to the Rocket League fans, brought to you by your kids’ favourite sports hero, SquishyMuffinz:

Have a great day.

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