10 things you need to know this morning in Australia

The Cup – putting the giddy in giddy up since 1861. Picture: Getty Images

Good morning.

1. It’s Melbourne Cup Day, and if we’re not careful, a Pom could win it. Marmelo has brushed aside Almandin as the favourite for Australia’s biggest race after flashing home in the Caulfield Cup and looking like there was plenty left in the tank. For a long shot, we’re going with Scottish galloper Nakeeta, who won The Ebor last weekend. Last year’s winner of that race, Heartbreak City finished runner-up in the Cup. At $40, put Nakeeta in your trifecta. But because this is Business Insider, you’ll be waiting for Macquarie’s quant tips.

2. Half an hour before that, the RBA will make its rates call for November. Of the 27 economists polled by Bloomberg, all expect the cash rate will remain steady at 1.50%. But it’s been a month of weak reports, and with updated forecasts for Australian economic growth, inflation and unemployment, the monetary statement following the announcement will be watched closely. Here’s David Scutt’s 10-second guide to the call.

3. US stocks, hardly in need of a boost, got one anyway as benchmark crude oil climbed by another 3% overnight to $64.23 a barrel. That’s a 40% rally since June – see Item 10 for more details. The Dow, S&P500 and NASDAQ all hit new record highs. And even iron ore picked up, logging its biggest gain in three months. The US dollar failed to break higher, but the Aussie is looking up ahead of today’s rates decision.

4. From Japan, US president Donald Trump said yesterday’s Texas shooting which claimed 26 lives, wasn’t due to a gun. It was due to “mental health problems” and “fortunately, somebody else had a gun that was shooting in the opposite direction”. The shooter, Devin Kelley, may have been taken down by a local. Kelley once served in the military, and was reportedly going after his mother-in-law when he opened fire on First Baptist Church in Sutherland Springs. He got his wife’s grandmother instead. And among the other victims, eight members of the same family.

5. Back in the Land of the Rising Sun, Trump gave his Twitter haters something to be scandalised about, by doing this:

And boom:

But of course, he was only following Japanese prime minister Shinzo Abe’s lead, to which everyone on Twitter had temporarily developed a blind spot. The other side was busy raging at how badly beaten Rand Paul was on the weekend, just for being a GOP senator. But the neighbour’s lawyer claims it had nothing to do with politics.

6. This year will be one of the top three hottest on record. The other two were the last two. And as Australia is over 10C hotter than the global average, we’ll be the first to start getting crispy as the world really starts turning the gas up. Here’s one expert who says we need to be preparing ourselves for 50C days. And as the United Nations climate change conference in Bonn opens, here’s what we can expect as the Earth becomes 2C warmer by 2100.

7. The Queen pays no income tax, capital gains tax or inheritance tax. She receives a Sovereign Grant from British taxpayers of around £43 million ($73 million) a year. In return, she gives the government all but the equivalent of 15% of profits from the Crown Estate, which is worth a tidy £500 million. So is it cool for her to be investing as much as £10 million of that handout cash offshore in funds based in the Cayman Islands and Bermuda? Especially dodgy ones such as “morally bankrupt” rent-to-own retailer Brighthouse? Here is today’s something-to-ponder from the massive Paradise Papers drop, along with a timely allegorical tweet:

8. We have a new world’s fastest car. Here’s what it’s like hitting 457km/h in the Koenigsegg Agera RS on a 16km stretch of highway in Nevada:

And this is the car in production that could be about to blitz that record.

9. Enjoy that fuel-guzzling roar while it lasts. Legendary auto executive Bob Lutz, who worked for Ford, General Motors, Chrysler, and BMW, and gave us the Dodge Viper, says the age of cars – ones that people actually drive, anyway – is over. Lutz, a former US Marine, isn’t known for wasting words.

10. The Kingdom had a wild weekend. Saudi Crown Prince Mohammed bin Salman cleared the decks for his succession by arresting at least 11 princes and dozens of government ministers in an “anti-corruption” purge. The price of oil is climbing. But it probably won’t climb fast enough or high enough to save Venezuela. It just issued a new 100,000-bolivar note that is worth less than $2.50 in US dollars on the black market. Or about 0.00035 Bitcoin.

BONUS ITEM: When every instinct screams no, but the result is amazing:

Have a great day.

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