10 things you need to know this morning in Australia

Wine is your friend, always. Picture: BBC

1. This bubble, the one in the Sydney housing market, is ready to pop. Although you could say that about any bubble, but UBS has a global real estate index out and it’s put Sydney’s housing market in a bigger one than San Francisco’s. And here’s a chart which shows what happened last time the Reserve Bank took action to slow the Sydney market back in 2003-2004.

2. To the markets, where yesterday the ASX broke out, rested on support and then crashed back down and through and back into the previous trading range. Greg McKenna reckons that’s already a bad sign and an ominous one for a deeper fall if the market drops much more today. Futures are pointing lower again this morning with the December SPI200 contract down 15 points lower to 5,224.

3. The Aussie dollar is slowly, almost surely, drifting lower as the market decides there is a genuine risk that the RBA will cut rates on Tuesday. Positioning being undertaken in the lead-up has 0.7040 as the key support level traders will be watching now. Below that and 0.6950 comes into play.

4. “Warren Buffett is a f…..g liar” sounds a bit harsh. But author and podcaster James Altucher, who wrote a book about Buffett’s trading methods, says that average investors should think twice before taking the billionaire investor’s advice to heart. It’s quite a rant.

5. The Wallabies are doomed, says QBE. The insurance giant’s actuaries have a rugby predictor, based on stochastic modelling (Wiki it) which puts the odds of an All Blacks victory at 70%, a Wallabies win at just 27% and a 2% per cent chance of a draw. Because they’re actuaries, assume the extra 1% is a ridiculous hedge for a DNF. Our best chance is a low scoreline:

6. Kim Dotcom wants to borrow your phone. The NZ-based king of sharing appeared at Australia’s largest startup conference, SydStart, yesterday and gave up more details about how his decentralised “Meganet” will harness the power of a 100 million mobile phones.

And there’s a ton more coming from SydStart, which is run by online work marketplace Freelancer. Yesterday we saw more than 30 companies making pitches to investors – here’s the five most interesting we saw. And while he may not have been the most polished, and definitely not the most experienced, 17-year-old Harry Johnson nailed his pitch better than anyone.

7. Ah, productivity. Our bosses love it, and we love it because our bosses love it. And how good are apps?! Together, they’re making life just peachy, so our team at Tech Insider have combed the far reaches of the App Store to bring you the 100 best and most innovative productivity apps – best Jeremy Clarkson voice – in the world.

8. What’s going on here then?

Rather than make all sorts of “CAT scan” and “lion down” puns, Amanda Macias thought she should track down the story behind this amazing pic after she tweeted it and it got a couple of thousand retweets. So she did, and found out about the incredible battle to save Samson’s life.

9. Here’s a new app that’s likely to cause some controversy. It’s a virtual reality one, and it lets you experience 9/11 as an office worker in the World Trade Center at the exact time the first plane, American Airlines Flight 11, crashed into the North Tower, between floors 93 and 99. Stay classy, French developers.

10. Friday means wine. And for some people, wine is scary. All those rules and wondering if you’re meant to like what you’re drinking or not. Here are 7 rules for drinking wine that you’re allowed to break, including that one about holding the stem because your hand warmth on the bowl is diminishing the flavour. Poppycock.

BONUS ITEM: What to do when you pack your surfboard to go on that cheap holiday package to Australia, but end up in Austria:

Have a great weekend and if you got this far, you might like to sign up below to have 10 Things land on your desk every morning. So you don’t miss it.

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