10 things you need to know this morning in Australia

O.J. gets parole. (Photo by Jason Bean-Pool/Getty Images)

Good morning!

1. OJ Simpson has been given parole. He could be out of prison as early of October. Here’s the moment:

Details here.

2. The good economic data keeps coming for Australia — with yesterday’s jobs report showing Australia has now created 175,000 jobs in the past 12 months, making this the hottest job creation streak in six years. Check this out:


There are also signs that consumer spending could be coming back, so it’s an increasingly interesting picture building and has the PM warning that rates are more likely to rise than fall.

3. Today in markets, the main event for Australia is a speech by RBA deputy governor Guy Debelle which is a perfect opportunity — if the bank feels it necessary — to shed further light on the likely course for interest rates. Overnight, the ECB didn’t make any changes to policy but did hint it might taper its asset purchasing programme. US stocks did nothing and ASX futures are pointing slightly lower.

4. After a huge week, what better way to recap it all than with the latest episode of our markets and economics podcast, Devils and Details. This week’s guest is ANZ interest rates strategist Martin Whetton, and we look at the improving Australian economic data, but also talk about some of the key themes in the vast global bond markets. If all you ever hear about is stock market news, this one’s for you. The show’s on iTunes, or you can listen in here.

5. Today in Amazon news: Shares in US department store Sears exploded — gaining 24% initially before paring the gains back to 10% — after it decided to sell its branded electronic goods through the Amazon platform. The chain has been in decline for years now, and it’s notable — considering that everyone’s trying to figure out what the implications are of Amazon’s move into Australia — that the market approves of the company giving people another reason not to shop in its stores.

6. Deloitte is dropping diversity groups. Over the coming months, groups like its Women’s Initiative (WIN) and LGBT group Globe will be phased out, and replaced with what it calls “inclusion councils”, where all employees are welcome, in an effort to bring more white males into the conversation.

7. 5G is supposed to be the future of smartphone connectivity, but there’s a bit of a problem. UBS analysts say that, by their calculations, the number of cell towers needed to deliver it would be of the order of 500 times more than current 3/4G infrastructure. The result is it could be wildly expensive.

8. But it might not matter anyway, because Chinese scientists have pulled off a teleportation feat between the ground and space using quantum physics at a distance far greater than ever before: 1,400 kilometers. They didn’t teleport any particles, just properties of photons. The technology demonstrates the potential of a “quantum internet”, according to one expert, which has the potential to make the current world wide web obsolete.

9. Promising Australian startup SafetyCulture has closed its San Francisco office after a year. CEO Luke Anear told BI the decision came down to not finding the right person to lead to company’s go-to-market strategy, and also discovering the city was not a good culture fit for the business. Fail fast, and all that.

10. Here’s a handy chart showing where robots are likely to replace people in financial services:


A lot of green in there. It’s from McKinsey.

BONUS ITEM: The Open Championship is underway at Royal Birkdale and what the heck is Jason Day wearing on his feet?