10 things you need to know this morning in Australia

Hard to see, the future is. Picture: HBO

Good morning.

1. The end of negative gearing is coming, if the major parties have the stomach for angering the Baby Boomers. The Grattan Institute has just put out some bait ahead of the May 3 budget and looming federal election that shows a way to end negative gearing which ensures house prices would only fall 2% while the government can deliver a revenue boost of $5.3 billion a year. Here’s how it hits high-earners works.

UPDATE: The PM has attacked the Grattan Institute paper. You’re safe, Boomers.

2. Temporary boom, permanent promises. Speaking of the Budget, Deloitte reckons it will blow out by $4.3 billion. Blame it on whatever they like – spending, revenue, other parties’ policies – the coalition is going nowhere with voters until it can explain why it’s best-place to repair this mess, yet it’s clearly unable to control the blowouts.

3. To markets, where at golden cross cast its rare glow over the S&P 500. That’s when the 50-day moving average rises above the index’s 200-day moving average while both moving averages are rising. It’s only happened 16 times in S&P history. The last one turned out to be a bad lead, so maybe that explains some caution on US markets, which led to the June SPI 200 contract being off 25 points. And iron ore’s drifting again, so a quiet day today while the bears, according to Greg McKenna, “gird their loins”. Ew.

4. Everyone’s long the Aussie. The ANZ reports that based on the latest US Commodity Futures Trading Commission data, buying took the net long position on US futures markets to the biggest level since September 2014. That was when the Aussie began its decline from 93 cents to the recent low in the mid 68 cent region. Just sayin’.

5. The chart that Mark Zuckerberg hates:


Less than a year ago, Snapchat had half as many video views as Facebook. Now, as Facebook doubles it views to 8 billion per day, so does Snapchat. Its view rate has quadrupled.

6. Iran rolled out its new tank and it looks like a character out of a BBC kids’ show with a non-gender specific voice:

The main cannon is about 20% smaller than everyone else has got on theirs, and the engine spewed thick, black smoke, having been designed 50 years ago. You can check out Iran’s other, underwhelming new army releases here.

7. It’s on. Season six of “Game of Thrones” kicked off last night and the opener was unlike any other season-opener so far. Here’s why:

  • Season 1 Episode 1 — 100%
  • Season 2 Episode 1 — 100%
  • Season 3 Episode 1 — 100%
  • Season 4 Episode 1 — 97%
  • Season 5 Episode 1 — 100%
  • Season 6 Episode 1 — 81%

That’s the scores from each premiere, and if last night’s was graded on a curve, it would score a ‘D’. Rotten Tomatoes editor-in-chief Matt Atchity reckons he knows where it went wrong. And here are 5 things you probably missed in all the action flying everywhere.

8. Want to know what it’s like to climb Egypt’s Great Pyramid of Giza? You’ll never know, because it could land you in prison for three years. Fortunately, this punk kid did it for you, with a GoPro:

9. Today’s big calls. It’s the end of oil as we know it, claimed Bernstein Research, saying it doesn’t matter if we run out, because the world simply won’t want it anyway. And this gadget, apparently, is “going to change the world”. So we don’t waste too much of your time, you need to know right now it’s a camera. A camera.

10. A shiny dollar if you can guess why you should never keep your wallet in your back pocket. And it’s not “because it’s too easy to steal”.

Have a great day.

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