10 things you need to know this morning in Australia

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Good morning!

1. Britain regrets Brexit. Statistics from the European election results in the UK suggest that Remain would have won if this had been a “proxy” referendum on Britain’s membership in the European Union. Here’s what else the results tell us.

2. House prices in Sydney and Melbourne on the rise. Auction clearance rates and median home prices rose following the Australian federal election. The election result, along with likely rate cuts from the RBA and an easing in lending standards from APRA, may have contributed to the recent improvement in conditions in Australia’s largest and most expensive housing markets.

3. New alternative prime minister. Anthony Albanese has been elected unopposed as the new Australian Labor Party leader in the federal parliament. Here are 5 things you should know about him.

4. Australia’s budget may be in surplus a year earlier than expected. The underlying budget position for the current financial year is already running $1.9 billion ahead of forecasts, partly off the back of soaring iron ore prices.

5. Australian teen found guilty of hacking into Apple’s systems twice. The boy, who was only 13 years old the first time he downloaded internal documents and data, says he was just trying to land a job.

6. Petrol is getting cheaper, but not for long. East coast capitals are enjoying lower petrol prices, but economists predict it won’t last much longer.

7. Traders at 5 global banks allegedly colluded to rig foreign exchange rates. Law firm Maurice Blackburn has filed a class action lawsuit, claiming that employees of UBS, Citi, JP Morgan, Royal Bank of Scotland and Barclays communicated the wrongdoing in online chat rooms named ‘The Cartel’ and ‘The Mafia’.

8. Australians expectations for inflation have never been lower. Australian consumer inflation expectations hit the lowest level on record in April.

9. Papua New Guinea prime minister resigns. The move comes amid government defections to the Opposition and the Swiss regulator investigating loans allegedly made to the PNG government by the Australian arm of global bank UBS.

10. The new ‘Game of Thrones’ documentary shows the exact moment when Kit Harington realised Jon Snow’s plot twist. The actor was as shocked as the rest of us. Spoilers ahead.

BONUS ITEM

A grandmother in the US has gone viral after slamming Subway for taking too long to make sandwiches in a spectacular 1-star review.


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