10 things you need to know this morning in Australia

Bikies have their standards. Picture: Getty Images

1. The RBA’s worried about its forecasting, despite the fact it’s got it right for ooh, about 23 years now. According to the AFR, a recent review looks like it might knock out the board’s practice of turning to “gut-feel” judgments when the future is cloudy, and opting for “modelling”. Which is a terrible idea, because as Greg McKenna says, that’s simply a transferrence of risk from the “gut” to something someone’s coded into a machine. And as they say, garbage in, garbage out.

2. The Rebels bikie gang turned away two requests from Sydney siege gunman Man Monis to join their club. A coronial inquiry into December’s Lindt cafe siege, in which three people died, including Monis, found the Rebels thought he was “weird”. And after one attempt to join, they took his motorbike.

3. It was a good day on the local market yesterday. Only three of the top 50 stocks fell and the Independence bid for Sirius to create another big Australian miner was also positive. The big news was another test, and fail, of the bottom of the old trading range. If the ASX 200 can push up and through this 5.745 region, it could be a very bullish sign for the market.

4. On that merger, Sirius co-founder Mark Creasey’s personal fortune grew by $630 million yesterday, catapulting him well inside the BRW Rich List’s top 100. That’ll do for the prospector who once cracked the Guinness Book of World Records for receiving the richest payout after pocketing $115 million for the Bronzewing gold deposit in 2007.

5. In Asia yesterday, Shanghai rallied hard again. A top looms – surely – but as David Scutt points out, after yesterday’s massive announcement on the 1000 projects China has planned, even though China’s stock market surge screams danger, fighting policymakers can be equally dangerous. Traders would be mad to go short until a top is clearly in place.

6. It looks like Australians are holding a trillion dollars in stocks to fund their retirement, according to this chart from Credit Suisse:

That, as you can see, is way, way above other countries with similar huge retirement schemes. Under the “other” column, you can also see our love of houses and units. And here’s why our distaste for bonds could be setting our seniors up for a rocky retirement.

7. Google’s big showcase is about to open. The two-day I/O conference in the search giant’s time to shine, and all its engineers come up from the basement to show off the cool stuff they’ve been working on. This year, expect some news about smartwatches, something called Brillo and a mystery new Bluetooth device. Here’s your complete preview – it starts Thursday.

8. Jerks just seem to thrive, especially when they’re your boss. Most have a story about once having a vain and egotistic boss who constantly put people down, talked about themselves and took credit for all the good work. But are these tyrants good managers? Sadly, science says yes – sometimes.

9. At Roland Garros, six Australians won through to the second round of the French Open. Six! Sam Stosur, Bernard Tomic and Nick Kyrgios are through, with Tomic headed for a second round all-Aussie showdown if Davis Cup teammate Thanasi Kokkinakis wins tonight. In another all-Aussie affair, Ajla Tomljanovic blew Casey Dellacqua away 6-2, 6-2 in just 62 minutes.

10. It looks like England’s Test team has a new coach and it’s not Jason Gillespie. In keeping with tradition though, it is a non-Englishmen, aka, someone who knows a thing or two about leather on willow. New South Welshman Trevor Bayliss has been reported as Peter Moores’ replacement, and he’s got form, too. Bayliss has had successful stints as coach of Sri Lanka, Sydney Sixers, NSW and Indian Premier League side Kolkata Knight Riders. Good luck to him. The first Ashes Test starts on July 8 in Cardiff, Wales.

BONUS ITEM: Redditors are loving this GIF more than anything else in the world right now. Very few get to “Dad level, 9000” but if anyone’s aced it, it’s this champ:

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