10 Things You Need To Know This Morning In Australia

Joel Fitzgerald of Australia at Teahupo’o in 2003. Conditions are expected to be huge for the 2014 event. Picture: Getty Images

Good morning. Here’s your smart, fast start to the day.

1. Oil! An Australian company says it struck 300 million barrels of it off the northwest coast. A joint venture including US-based Apache Energy and Australia’s Carnarvon Petroleum made the announcement to the ASX yesterday. Share prices in Carnarvon, which owns 20 per cent of the discovery, traded sharply higher to 24 cents from 8 cents the previous day after CEO Adrian Cook called the oilfield’s potential “extraordinary”.

2. Clive Palmer let loose on his Chinese business partners. And on China as a whole, actually. When pressed on ABC’s Q&A last night, Palmer finally released all that pent-up rage over accusations he funneled $12 million of his business funds toward his electoral campaign. “We’ve had three judgments in the Federal Court, the Supreme Court of WA and arbitration against these Chinese mongrels,” he railed. Then he really got going.

3. It was a big night for stocks in the US and Europe as the markets ripped higher on an apparent fall in geopolitical risk. In what looks like a big asset allocation shift, the German Dax was the big winner up 1.68% but 10-year German bonds lost 6.66% of their capital value. In the US, the Dow was up 175 points or 1.06% to 16,838. The S&P 500 rose almost 17 points or 0.85% to 1,972 and the Nasdaq traded to its highest level since 2000 at 4,508, up 0.97%.

4. UK houses prices are in retreat. This is a warning to Australian home buyers, particularly those in Sydney, with London prices falling faster than the rest of the UK. And countrywide, prices fell the most on record, according to the Rightmove index – down 2.9 per cent in August and a huge 6 per cent in London.

5. Australia’s second-most famous Torana. Michael and Lindy Chamberlain’s old yellow Holden Torana has been snapped up by the National Museum in Canberra for an undisclosed amount. Michael Chamberlain said despite all the car represents – it was once alleged his daughter Azaria was murdered in it – he still loves the canary yellow roadster with the gutwrenchingly ironic number plates 4ENSIC.

6. Ugg Boots are for inside use only. In the privacy of your own home it’s perfectly acceptable to pull on the old sheep skin boots but that’s where their use should stop – at the front door. Ugg is trying to change this perception with a new campaign showing the ol’ slippers being worn at the beach. I don’t know about you but I’ve gotten my Uggs wet before and it wasn’t a pleasant, smiley experience. The company’s sale growth peaked in 2004 and it’s been trying to find its way since. More here.

7. Ebola hysteria is at shoot-on-sight level. A report from Liberia has its armed forces under orders to shoot anyone trying to sneak across the border from Sierra Leone. President Ellen Johnson-Sirleaf closed the borders in the wake of the spread of the Ebola virus across the country, and it seems he’s taking it deadly seriously. We’ve all seen how this unfolds in the movies…

8. Apple’s iPhone 6 could be a serious blockbuster. RBC analyst Amit Daryanani noted that supply chain data shows Apple ramping up factory orders from 50-60 million last year to as much as 80 million. The two biggest factors for the increase is the bigger screen, which Apple fans have waited far too long for, and a report suggesting a greatly improved battery life for the iconic smartphone.

9. It’s a girl. Kate Ritchie, also known by many as Sally Fletcher – the little girl who grew up on Home and Away – gave birth to a baby girl on Sunday. She announced in on Facebook Monday afternoon. No word on a name yet but she did post this list of names on Instagram.

10. There have been bigger waves found, but Tahiti’s Teahupo’o is still the heaviest, and easily the most iconic on the World Surfing Tour. The 2014 mens’ round kicked off today in massive conditions. 2013 Rookie of the Year Nat Young navigated a huge bomb to win the heat in which former champ CJ Hopgood completely failed to do the same. Fortunately Hopgood emerged unscathed, but it could have been ugly. Aussies Mick Fanning and Taj Burrow came though their first heats comfortably. You can watch it live right now, here.

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