10 things you need to know this morning in Australia

Steve Christo/Destination NSWVivid Sydney launches tonight and runs until June 16. Customs House at Circular Quay this year takes its inspiration from the Snugglepot and Cuddlepie author May Gibbs.

Good morning. It’s Friday and Vivid time.

1. The Kim and Trump bromance is off again. US President Donald Trump has cancelled his June 12 meeting with Kim Jong Un, because “tremendous anger and open hostility” in the North Korean government’s recent statements led to the decision. However, Trump wrote to Kim that he still hopes they meet some time down the track.

2. Calling off their date spooked markets. Gold spiked, and oil fell, with Brent crude back below $US79 a barrel. The 10-year US Treasury yield slipped below 3% and stocks closed lower amid heightening tensions between the US and North Korea. The good news is iron ore’s losing streak is over, with the benchmark price jumping more than 3%. The Australian dollar rose against the greenback on Thursday despite a modest lift in risk aversion.

3. Russia’s military was involved in shooting down MH17. The interim report by international investigators into the shooting down of the plane over eastern Ukraine in July 2014, killing 298 people, including 38 Australians, concluded the missile came from a launcher belonging to Russia’s 53rd antiaircraft missile brigade. Meanwhile, the hunt for MH370 is over.

4. Westpac senior economist Justin Smirk is one of country’s the most accurate inflation forecasters. On this week’s edition of the Devils and Details podcast, he shares his insights on why wages aren’t growing as fast as people would like, and talks through the realities of how interest rates are rising in Australia even though the RBA official cash rate is on hold. You can find the show on iTunes, or listen in below.

5. More bad banking. The first week of a fortnight of hearings at the banking royal commission winds up today with the CBA and Westpac back in the firing line. The focus has been on how banks deal with financing franchises, with the Bank of Queensland grilled after giving a woman a conditional loan offer to buy a Wendy’s franchise, doubling the interest rate, and halving the repayment time. Then, even after admitting they were at fault, fought and delayed compensation. Meanwhile, the Commonwealth Bank delayed reporting overcharging interest on business overdrafts until after a parliamentary inquiry, and also delayed refunding customers for the systematic error.

6. Do you know your monthly expenses? Here’s how much the average Australian spends in a month.

7. There’s one easy way to get a pay rise – get rich. The AFR’s annual rich list is out today and the good news if you’re on it – hello Merivale boss Justin Hemmes at 78, with $961 million, you’re buying the next round – is that the list’s total wealth grew by 21% ($50 billion) to $282.7 billion. That jump is 10 times the current annual wage growth rate of 2.1%. The list’s No. 3, Gina Rinehart, is $2 billion better off at $12.68 billion this year, while her estranged daughter, Bianca, is now the country’s second richest woman with $3.28 billion, thanks to her 23% stake in Hancock Prospecting.

8. Australia Post’s retail strategy has gone Chinese. Move aside kids’ toys, mobile phones, books, gardening tools and trinkets, a one-off Australia Post ‘concept store’ is operating in Sydney’s north selling baby, health and beauty products that customers can only ship to China.

9. Disney blew it with Melbourne footy fans. The entertainment giant bought the naming rights to Etihad stadium and announced it would be rebranded as Marvel. Bulldogs fan Chris Hemsworth is happy, but the eight-year deal reportedly worth more than $70 million, suggests there are hundreds more Avengers and other superhero spin-off movies coming.

Personally, we can’t believe they didn’t go with I Am Groot Stadium.

10. How do you spot a rich lister? Well, check to see if they’re wearing or carrying a Goyard, the 200-year-old luxury Parisian brand whose elusiveness is exactly what makes it the ultimate status symbol among the world’s wealthiest people. The Duchess formerly known as Meghan Markle and Gwyneth Paltrow are among them.

Enjoy the weekend and see you Monday.

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