10 things you need to know this morning in Australia

Getty Images/Tamir Kalifa‘Murica, Fourth of July.

Good morning.

1. Remember in 2011 when WA Premier Colin Barnett called Tasmania a “beggar state” that was sucking up everyone else’s GST allocation? Or last year, when Barnett said the Turnbull government’s inquiry into the GST distribution system will achieve nothing and WA’s share of revenue from the tax will not improve for years? Here’s how Treasurer Scott Morrison plans to end the relentless whingeing ease concerns from the West:

Image: HFE Government Interim Response

It’s the biggest overhaul of the tax since it was introduced in 2000. The AFR has all the details here.

2. God Bless America, where its citizens are in the full-swing celebrating the effort they’ve put in to become the luckiest, most privileged people on the planet. Here’s a look at the daily routine of its first president, George Washington, who actually seemed to do not a lot more than ride his horse and drink tea and madeira all day. And here’s “an ode to the greatest country in the world”, and a call to end getting hysterical about Donald Trump just for one day.

3. Of course, that doesn’t apply to the rest of us:

But Venezuelans aren’t finding Trump funny today after reports he has floated the idea of invading their country “multiple times”. And Oxford lead economist Adam Slater certainly is taking 24 hours out from ignoring Trump, because he believes Trump’s proposed trade war could cost the global economy $US800 billion, or 4% of global trade. Saxo Bank says we could be entering “one of the most dangerous periods since the Berlin Wall fell”.

4. That makes now a great time to look at almost 70 charts from JPMorgan, as it’s just handed out its epic third-quarter presentation on the state of the markets and the economy.

5. Markets were lower overnight, but a lot of that was to do with thinner volumes as the US took the day off. Chinese stocks fell again, and downward pressure remains on China’s currency. But the ASX is looking good to continue its upward trend, with futures traders adding another 12 points ahead of this morning’s open. Iron ore edged lower and the Aussie dollar’s hike was short-lived.

6. If you’ve suddenly gone cold on spending too much money on a Sydney property, here’s a cute 83 square metre cottage in Palo Alto that last sold for $1.21 million in 2008:

Matthew Anello for Alain Pinel Realtors

Check it out. It’s now on the market for $3.5 million.

7. Also from Silicon Valley are a lot of these 61 most innovative startups in the world just identified as pioneers by the World Economic Forum. But not all of the – two are even Australian. Take a bow, blockchain voting champion Horizon State and quantum cybersecurity company QuintessenceLabs.

8. Is your gran a big old racist? Many families laugh and roll their eyes a little when their beloved seniors complain about the foreign looking ABC news presenter, or bring a golliwog they knitted into the maternity ward. And research proves there is greater prejudice among older people, and maybe even their brains have shrunk a little. Here’s an interesting look at what’s really going on, and whether it can ever change.

9. At 36, there’s nothing shrunken about Roger Federer:

He breezed through to the third round of Wimbledon with a 6-4, 6-4, 6-1 win over Lukáš Lacko that’s worthy of the description “imperious”. At one point, Federer had won 35 consecutive points on his serve. Australia’s John Millman was as gallant as anyone could be, going down 7-6, 7-6, 7-6 to Canadian 13th seed Milos Raonic, but Matthew Ebden is through to the third round.

10. Google published a blog explaining why hundreds of app makers are given access to millions of inboxes belonging to Gmail users. You’re most at risk if you’ve ever signed up for shopping price comparisons and automated travel itinerary planners. Google also said “no one at Google reads your Gmail” before admitting that actually, sometimes people at Google read your Gmail.

BONUS ITEM: There is only one way to play the US National Anthem on July 4 – on 24 FRICKIN’ GUITARS!

Have a great day.

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