10 things you need to know this morning in Australia

Jack Taylor/Getty ImagesAustralian Prime Minister Malcolm Turnbull.

1. A potential leadership challenge could result following Australian Prime Minister Malcolm Turnbull’s capitulation on energy yesterday. More Coalition MPs are reportedly turning on the PM, and his grip on power is on the brink. A partyroom meeting at 9am AEST in Canberra could decide Turnbull’s fate.

UPDATE: Run and done. Turnbull beats Dutton 48-35.

2. Amid all the reports momentum is building for Peter Dutton to challenge Turnbull, the Aussie dollar rose again amid broader US dollar weakness, and is holding its ground in early Asian trade.

3. US stocks rose again before closing below their intra-day highs. European markets were more buoyant after catching up with a strong US lead from Friday night, while ASX futures traders are more circumspect ahead of this morning’s open after the local index struggled for traction yesterday.

4. Unprecedented photos of stateless child detainees who’ve spent their whole lives in Australia’s offshore processing facility on Nauru have been released by advocates to draw attention to Australia’s tough immigration policy. There are currently 119 children on the island and in the past five years, more than 40 stateless babies have been born in the offshore processing centre.

5. Uh oh. The reputation of Australia’s financial industry has collapsed, and now ranks last in a major survey. The Governance Institute of Australia says the drop suggests numerous high profile scandals and the alarming corporate breaches are undermining confidence.

6. Australian house prices ticked lower last week, falling by 0.1% across Australia’s five largest capitals. Weekly data from CoreLogic showed the declines were led by Melbourne and Brisbane, which fell by 0.2% and 0.1% respectively. Elsewhere, the Sydney market held flat on a weekly basis for the first time since early June. Adelaide and Perth were also flat.

7. Telstra has a bunch of cheap new smartphones. The telco is launching the pre-paid phone as part of its “Telstra Essential Plus” range. The black 145g phone with a 4.95” screen running on Android Go, will be available from September 4.

8. Moon ice may be much easier to harvest than previously thought — and it could be the “first step in building a space economy“, according to a space expert.

9. Two of the three best pinot noirs in the world are Australian. As part of his regular wine column for Business Insider Australia, Frank Wilden, retail food strategist and wine expert, has shared his insights on the 2016 Farrside by Farr Pinot Noir and the 2016 Bass Phillip “Premium” Pinot Noir.

10. Aston Martin is releasing a DB5 just like the one in Goldfinger — and it will include working gadgets. But good luck securing one. There’s a good chance they’ll have all been sold by the time you finish reading this, despite the fact they won’t even be road legal. Because what loaded Bond fan could ever resist actually owning a car with this ultimate feature:

BONUS ITEM: Bored Elon Musk is at it again…

Have a great day.

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