10 things you need to know this morning in Australia

SuppliedActor Julian Dennison, and Kiwi rappers Kings, Theia and Randa star in Air New Zealand’s latest safety video.

Good morning.

1. The 2018 US midterm elections are on and Americans are anxiously awaiting to hear the results of an array of consequential races nationwide. If the Democrats are able to retake either the House or Senate, it has major implications for President Donald Trump’s agenda over the next two years. And his approval rating is the worst of any president in modern US history heading into their first midterm election. Here’s everything you need to know about the elections, and when polls close and results will start to come in. Otherwise, here’s our live blog.

2. Meanwhile, the most likely US election outcome has been terrible news for stocks. Here’s why. The ASX200 looks set for a cautious open this morning, as Asian markets await key developments from the US mid-term elections. More markets news here.

3. It could be a wild day for the Australian dollar thanks to the US midterms. The Australian dollar drifted higher on Tuesday as traders largely sat out the session ahead of the elections. In late trade, the Aussie is higher against all major crosses except the British pound that has been supported by continued speculation over a potential Brexit deal. At 8am AEDT, the Aussie was up 0.21% to 0.7224.

Investing.comAUD/USD Hourly Chart

4. The RBA now thinks Australia’s economy will grow even faster, suggesting GDP growth will average 3.5% per annum, above the already-optimistic 3.25% growth rate it saw just three months ago. But financial markets are sceptical. It comes after the Reserve Bank kept its cash rate unchanged at 1.5% in November, maintaining the status quo that’s been in place since August 2016.

5. Cross Counter may have won the Melbourne Cup but most people are talking about the horse that had to be euthanised. Irish horse The Cliffsofmoher suffered a fractured right shoulder as he passed the finish line for the first time and had to be put down on the track. It’s the second year in a row a horse at the Cup has been killed, and the sixth horse to die at the carnival since 2013.

6. Former Labor leader Mark Latham has joined One Nation. According to the Sydney Morning Herald, Latham says he will stand for the minor party in NSW as he seeks to enter the upper house at the upcoming state election. More here.

7. Arthur B Culvahouse Jr is the new US ambassador to Australia. The veteran Republican lawyer will move into America’s elaborate Georgian-style embassy in Canberra for the remaining two years of Trump’s term, ending a two-year absence from the position vacated by the last ambassador John Berry in the final weeks of Barack Obama’s second term in the White House.

8. The foldable phone is here. It looks like Samsung is ready to unveil – or at least offer a few details – about its foldable smartphone at its upcoming developers’ conference taking place on November 7. Nicknamed “Galaxy F” and “Galaxy X,” we have no idea what it will be called, but here are 11 things to expect from the new tech.

9. The future of mining is revealed in this video of a drone exploring the deep underground. Check it out:

Emesent, a drone autonomy spin-off from CSIRO, just raised $3.5 million in venture capital which will be used to commercialise Hovermap, a technology used to explore dangerous areas underground. The data gathered by the drone improves a mine’s productivity. While we’re talking about drones — a 15-year-old Australian was just crowned the world’s champion drone racer. More on that here.

10. The good and the bad. The Australian Liveability Ranking, developed by international money transfer company WorldFirst, has revealed what foreign-born residents like and don’t like about life in Australia. And surprise, surprise, expats hate Australia’s high cost of housing, its political instability and poor nightlife. We could have told you that. But they love the lifestyle, safe environment, weather and healthcare. See the full list here.

BONUS ITEM: Air New Zealand’s new safety video has gone 80s rap with a Deadpool 2 star.

Have a great day.

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