10 things you need to know this morning in Australia

But wait, there’s more! Picture: Getty Images

Good morning. Here’s your update.

1. Bronwyn Bishop won’t be resigning after a humiliating week in which the Speaker’s tendancy to spend an alarming amount of taxpayers’ cash on luxurious rides to social engagements was revealed. Yesterday, her deputy leader Julie Bishop suggested her namesake might “consider her position”. So she did, and this morning told radio host Alan Jones she was sorry, but she was staying. (She also gave that line your mum told you never to say, about “others were doing it too”.)

2. Has MH370 been found? The Australian government allocated $79.6 million toward finding the airliner which went missing on March 8 with 239 crew and passengers on-board, including six Australians. Now the French Air Force has found wreckage washed up on Reunion Island, just off the coast of Madagascar. It’s too soon to tell if it’s from MH370, but at east one aviation expert says it’s from a Boeing 777 – the same plane as MH370.

3. It looks like another solid day for the local market after all 10 major S&P 500 sectors were higher overnight and earnings reports in Europe had been positive. Also helping sentiment is the continued rally in iron ore, apparently partly fueled by a rush to current production in China before a shut down for a military parade. The miners had a good night in London trade.

4. Shanghai rallied hard and late in the day yesterday and the bears just can’t seem to gain traction in their battle with authorities. For the first time in four sessions, it closed higher yesterday, with most of the buying done toward the close. The benchmark rallied hard in the back-half of the session, finishing the day up 3.47% at 3790.25 and taking the 12-month gain for the index to 73.6%. All of the 10 industry sectors rose for the session by more than 4%.

5. Last drinks at Hugo’s? You haven’t been out in Sydney if you haven’t been refused entry to iconic King’s cross bar, pizza joint and nightclub. It’s now under admin, and according to owner Dave Evans, alcohol restrictions in 2012 had seen it shed 100 jobs and cut revenue by 60%. Around a dozen other well-known pubs in the Cross have closed this year.

6. The killer of Cecil the lion is pretty much the most hated man in the world right now. Minnesota dentist Walter Palmer paid $US55,000 to notch up a lion, but not only did he kill a crowd favourite, there’s reports he lured Cecil outside his national park safety zone to do so, maimed him with an arrow and tracked him for two days before cutting his head off. Now he’s closed his dental practice, is receiving death threats and last night, he made Jimmy Kimmel cry. Oh, and here’s another one of his “trophies”.

World Record Archery RhinoTrophy Hunt AmericaWalter Palmer hunts and kills a white rhino.

7. Sydney and Melbourne property prices are in a bubble. If you don’t believe that, you’re arguing with the winner of the 2002 Nobel Prize for Economics. Vernon Smith is in Sydney for a chat tonight about global property prices and the Australian property market. “You have a pretty good bubble in Sydney and Melbourne,” he told Fairfax, adding we’ll know all about it when those carried away in the bubble are suddenly “petrified”.

8. Retire at 30? You don’t need to earn six figures says software engineer Peter Adeney, who actually retired at 30. You don’t even need amazing skills. Here’s his secret:

“…by living a lifestyle about 50% less expensive than most of our peers and investing the surplus in very boring, conservative Vanguard index funds and a rental house or two.”

Adeney, his wife and their son will now live comfortably on $US25,000 a year, for the rest of their life, he says. He also calls himself “Mr Money Mustache”.

9. Did you have sex with your partner and said “I love you” a bit later on? Or did you wait for those magic three words first before hopping on the good foot and doing the bad thing? Depending on your answer, science says, you’re either in a lasting relationship, or doomed to breakup tears.

10. Let’s finish with some good news. Here’s the absolutely last, definitive, science-backed, iron-clad excuse for drinking red wine. If you don’t, you could die.

BONUS ITEM: In the cricket, all you need to know is Adam Voges took this incredible catch to dismiss England captain Alastair Cook:

What you don’t need to know is why Cook was batting at all after Australia won the toss and batted first…

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