10 things you need to know this morning in Australia

Michael Dodge/Getty ImagesThe 2018 MVP, Tom Mitchell of the Hawks trains with Daniel Howe ahead of Thursday night’s clash with the Tigers.

Hello! It’s Thursday and footy finals time.

1. The NBN is hitting Telstra’s profits again. The telco cut its 2019 guidance this morning, with revenue falling $300 million due to a slower than expected roll out of the NBN. EBITDA was cut by $100 million. Guidance for total income is now $26.2 billion to $28.1 billion. Chris Pash has the announcement here.

2. To markets and US tech stocks fell overnight as Facebook and Twitter executives testified before Congress, amid a push to bring more regulation to the sector. ASX futures are pointing lower after yesterday’s sharp selloff, while the Aussie dollar is still under pressure despite a strong print for Q2 GDP. Emerging market currencies held their ground overnight, while Bitcoin got hammered after Goldman Sachs scrapped plans for a crypto trading desk.

3. Perhaps you’re arguing climate change the wrong way. A new report from the Global Commission on the Economy and Climate argues quicker action on climate change could add more than $US2 trillion a year to the global economy over the next decade and increasing investments in sustainable technologies would increase economic output globally by $US26 trillion by 2030. So rather than getting into a fight over science, the next time a sceptic says action isn’t necessary, point to this report and ask “Why don’t you believe in economic growth?”

4. Josh Frydenberg is one of those rare Australian workers who gets to can claim credit for their boss’ work. The country’s Q2 GDP figures, released yesterday, beat market expectations with economic growth up by 0.9% in the June quarter, beating the 0.7% expected and taking the annual growth rate to 3.4%, the fastest pace in the Coalition came to power. Of course that happened when new PM Scott Morrison had Frydenberg’s job – and the strong numbers yet again have many wondering what the leadership fuss was all about. But a big challenge remains for the new generation as it prepares to face voters. Employee wages are increasingly modestly, but as a share of the national income pie they’re getting smaller while company profits increase at a faster rate and are nearing the lowest level on record.

5. Is there a resistance movement in the White House? An anonymous op-ed in the New York Times today, purportedly by a “senior official in the Trump administration” claims there’s a “quiet resistance” against the President. “It may be cold comfort in this chaotic era, but Americans should know that there are adults in the room,” they wrote. More here.

6. Julie Bishop is the latest female MP to call out the toxic culture in Australian politics. The former foreign minister and deputy Liberal leader, speaking at the Women of the Future Awards in Sydney yesterday, let rip, saying: “I have seen and witnessed and experienced some appalling behaviour in Parliament, the kind of behaviour that 20 years ago when I was managing partner of a law firm of 200 employees I would never have accepted, yet in Parliament it’s the norm.” No wonder the public feels contempt, she added, also calling Question Time “an embarrassing circus” where bad behaviour is applauded.

7. Let’s get physical. The latest World Health Organisation report warns at least 1.4 billion adults are putting themselves at risk for chronic disease due to low levels of physical activity. The latest benchmarks are you healthy adults do a minimum of 2.5 hours of moderate intensity activity – or 75 minutes of vigorous intensity activity – plus at least two muscle-strengthening days per week.The report found 32% of women and 23% of men don’t get enough exercise, even when accounting for time spent walking or biking to work and physical activity on the job. You’ve been warned.

8. We need to talk about Gwyneth . And jade vaginal eggs. Goop, Paltrow’s beauty and wellness company, is paying a $US145,000 fine for misleading claims about the “vaginal egg” flogged on its website. The falsehoods include that if a woman treats herself like a reverse chicken with it, the egg will balance hormones, regulate menstrual cycles, and assist bladder control. Gloop, Goop will continue to hawk this snake oil, alongside vaginal steaming and coffee enemas, to people who believe an actress knows more about health than someone with a medical degree.

9. Remember former Alabama chief justice Roy Moore? When he was running for the US Senate last year, aged 70, to replace Jeff Sessions, when nine women accused him of inappropriate conduct. One aged 14 claimed sexual misconduct when Moore was 32. British satirist Sacha Baron Cohen targeted Moore in his Showtime series, “Who Is America?“, with a fake “pedophile detector” test. Moore is now suing for fraud, defamation, and intentional infliction of emotional distress. You can watch the original clip here. It is excruciating.

10. The AFL finals get underway tonight with Hawks v Tigers. Then comes Melbourne v Geelong, Sydney meets GWS at the SCG on Saturday afternoon followed by Collingwood v West Coast. Our favourite story from these rivalries is the friendship between Richmond coach Damien Hardwick and his former mentor, Hawthorn’s Alastair Clarkson. It’s the first time they’ll face off in finals and things are tense, yet family life goes on. Earlier this week, Clarkson drove Hardwick’s daughter Imogen to basketball, then dropped her home, with the coach recounting that “I didn’t go in to shake his hand and wish him all the best and then when I dropped her off, I didn’t take her to the door either.”

Hardwick said things get “a bit frosty” between the two families a week either side of a clash, but “our families are the best of mates”.

“It’s a tough challenge. It’s business, we accept that, but it’s all quiet on the western front at the moment,” Hardwck said.

Take note Canberra.

Have a great day.

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