Good morning. 10 Things You Need To Know is a Business Insider speciality, with Tech and Finance editions each day from New York. This is the Australian news edition from Sydney which you’ll find each morning on the site.
Here’s what you need to know:
- Treasurer Joe Hockey will release the findings of the Commission of Audit – which is looking for Budget savings – “sooner rather than later”, and enlist the commission to help explain its findings to the public ahead of the Budget in May. He says Australia can no longer rely on mining, agriculture and manufacturing as it has in the past.
- With companies looking for money or other forms of support getting far from a welcoming ear at the moment, Qantas CEO Alan Joyce is returning to Canberra for more lobbying next week. The likelihood that the government will grant the airline some kind of debt facility is getting more remote.
- Sydney is getting a second airport, finally. The Daily Telegraph reports cabinet will get a recommendation to proceed with development at Badgerys Creek, along with a $200 million road network. O yea, there was much rejoicing.
- Myer chief executive Bernie Brookes says the merger proposal with David Jones is “dead and buried”. But wait! He also says that maybe it’s not. “Potentially there could be other iterations, but at this stage we don’t plan to go back with anything other than the original offer — it is still there, it is still on the table, and it is up to them . . . who knows, in three weeks or three months a lot could happen.” Surreal. And quite amusing. Read the full, very confusing, story here. Meanwhile, one of DJs’ biggest shareholders – Allan Grey’s Simon Marais – says Myer should have a go.
- The Commonwealth Bank thinks Australia is about to shake Paul Keating’s Banana Republic tag.
- The US market stabilised overnight somewhat but the Aussie dollar punched through US89c after the market was caught short by the RBA’s more hawkish tone in its interest rate decision.
- The ABC last night admitted it could have been “more precise” with its reporting of asylum seekers’ claims of mistreatment at the hands of Australian navy personnel. In media-speak, this is the ABC broadly standing by the story but admitting to some errors in how it was reported. The ABC also poached Nick Leys, the media editor of The Australian – the paper which has been its most trenchant critic on the issue. In media-speak, this is the ABC saying: Up yours.
- Autopsy findings suggest food poisoning killed the Australian woman and her daughter who died in Bali last month.
- Young kids are far more likely to be able to use an iPad than tie their shoelaces, according to research.
- Satya Nadalla was confirmed as CEO of Microsoft overnight, and he sent a great (if lengthy) introductory email to employees which you can read here.
Bonus item: Business Insider has got its hands on the Reddit ad sales pitch deck, which includes obligatory internet culture references but also testimonials from brands like Nissan and The Economist which have advertised on Reddit and enjoyed it. PowerPoint lessons for everyone in here.
Have a great day. I’m on Twitter: @colgo
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