10 things you need to know this morning in Australia

IMDbToni Collette in Hereditary

Good morning.

1. Falls in Australian house prices will be larger and longer, according to ANZ. The bank, previously one of Australia’s most optimistic outlook forecasters, has changed its tune and says subsequent price upswing from the latest downturn won’t arrive until later than expected. More here.

2. Household spending — the largest part of the economy — has grown by just 0.3%, adding a smaller-than-usual 0.2 percentage points to quarterly GDP. Despite being a generally strong report, Westpac has found a quirk in the release which might explain the smaller than expected household figure.

3. US stocks rose overnight, with the Dow Jones industrial average cracking 25,000 for the first time since late May, up 1.36% to 25,136.20. US Treasury yields also climbed, with benchmark 10-year yields holding at just below 3% this morning. Treasury yields rose after officials said the European Central Bank could wind down its stimulus program by the end of the year. The hawkish remarks from ECB officials also put pressure on the greenback.

4. Meanwhile, the Aussie dollar is rallying, helped by that weakness in the greenback, as well as strength in base and bulk commodity prices, and a strong Australian GDP report. At 7am in Sydney, the AUD was up 0.68% to 0.7667, the highest level since April 23.

Investing.comAUD/USD Hourly Chart

5. Australian MPs may call Mark Zuckerberg to a committee hearing after it emerged Facebook had a data-sharing agreement with Chinese smartphone maker Huawei. Intelligence officials in Australia and the US have repeatedly raised concerns about Huawei’s connections to the Chinese government, worried that data on the company’s devices and networks might be accessed by government agents. In fact, Australian defence officials aren’t even allowed to use the company’s devices.

6. Airbnb loves the NSW government’s new short-term letting rules. In fact, it thinks it could be used as a blueprint for other markets around the world. Business Insider sat down with the company’s head of policy to discuss the changes which he says is “a policy that looks to the future”.

7. NSW won the State of Origin Game I 22-12 at the MCG in Melbourne last night. Blues’ fullback James Tedesco, who matched a 28-year Origin record with 16 tackle busts, was named Man of the Match. The victory was a triumph for former Australia captain Brad Fittler, who took over this season as the NSW coach. Game II will now take place in Sydney on June 24, before Game III in Brisbane on July 11.

8. You might be able to get a Tesla Model 3 sooner, according to CEO Elon Musk. During Tesla’s annual shareholder meeting on Tuesday, Musk said the Model 3 could arrive earlier for some customers than the company’s website indicates. Musk said US customers who make new reservations for a Model 3 should expect to receive the vehicle in three to four months if they opt for a long-range battery and rear-wheel drive. The Model 3 is Tesla’s first mass-market vehicle but the company has struggled to ramp up production for it since it was launched in July 2017. Musk’s announcement saw Tesla shares surge.

9. Busts for cocaine possession are exploding in Sydney. Possession of the drug has reached unprecedented numbers. More than 3,000 offences were recorded last year, mainly in the city and the affluent eastern suburbs — that’s up 46% on the previous year, making it the fastest-rising type of crime recorded in Australia’s largest state.

10. This generation’s “The Exorcist” has arrived and it stars Australian actress Toni Colette. Written and directed by Ari Aster, “Hereditary” is even receiving Oscar buzz for Collette’s performance, along with praise for Aster’s inflicting of “psychic damage” through innovations on horror genre tropes. The film currently has a 93% “fresh” rating on Rotten Tomatoes. It’s out in cinemas today. Here’s the trailer:

Have a great day.

You can get 10 things direct to your inbox each morning by punching your details into the form below.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.