10 things you need to know this morning in Australia

The Haves vs the Have Nots. Picture: Getty Images

Here we go.

1. July 2 is officially the day. Prime minister Malcolm Turnbull got the G-G’s approval to dissolve both houses of Parliament, effective today. That means every seat is up for grabs – none of this half-Senate nonsense – for the first time in nearly three decades. So a Proper Election then, and make no mistake, this year it will be about just three things – the economy, the economy and the economy. Here’s how the leaders of both parties came out swinging after yesterday’s announcement by Turnbull.

2. There’s a lot of starting points to all that, but here’s a chart that has Election 2016 written all over it:

That blue line is private sector workers carrying the can since 2011 for employers, economists and politicians not having a clue how to manage the global slowdown. Forecasting commodity prices and interest rates has been shown as all but worthless, so claims in the next eight weeks about being able to get Australia’s budget back into surplus should be dismissed. While it would be nice to think we’re mature enough as a country to vote on other things besides our hip pockets, like marriage equality, we won’t, but please read this before you start thinking about which party will make you richer.

3. You might have also noted the papers are making this out to be an election about class:

We don’t like bad language here, but… no s..t. It’s Malcolm Turnbull vs the former leader of the AWU. It’s totally about the Haves versus the Have Nots, and feel absolutely free to embrace that. It’s nothing to be scared about; everyone has a right to ask for representation. If you’re on the Have Nots side of things, you might be interested in this piece about how Turnbull has started an eight-week campaign with his numbers going the wrong way. Newspoll has Labor ahead 51-49 on two-party preferred.

4. To markets, and Aussie stocks managed to end last week higher. That’s for the week, not just the day. 0.75% higher, with sentiment fuelled by the prospect more rate cuts, and the ASX 200 just 3.86 points down for the year. And US non-farm payrolls were not great, so US markets were happy with deflated expectations of another Fed hike soon. So the SPI 200 June futures contract is up another 22 points for a gain of 0.4% and with oil, gold and copper solid, but weekend China data a bit floppy, it’s going to be an interesting day.

5. Let’s look ahead. There’s not a lot going on locally, but here’s a big call from Greg McKenna. He reckons we’ll probably know the result of the federal election by Wednesday after both ANZ and Westpac release their consumer confidence/sentiment surveys. “That’s because how consumers feel post budget is likely to guide their feelings toward the Turnbull led Coalition or the Shorten led Labor Party,” he says. Pow. If you like that, there’s more, including the highlights offshore, in his excellent rundown of NAB’s weekly events calendar.

6. You could fly forever with a view like this:

Embraer Kyoto Airship 2EmbraerEmbraer Kyoto Airship.

Embraer has proposed to outfit business jets with large vertical windows and skylights for anyone interested in ordering the company’s $55 million Lineage 1000. Why wouldn’t you?

7. That huge, second release of the Panama Papers drops today. The AFR got in early and has already picked out some intriguing Aussie mentions. Of course, there’s nothing illegal about dealing with Panama-based law firm Mossack Fonseca, and appearing on its client list does not indicate nefarious financial doings. But it’s interesting to note that the standout Australian clients are Chinese billionaires such as Li Ka Shing, who had a $396 million tax stoush with the ATO, and former PLA soldier Liang Guanwei. He’s head of a Chinese state-backed tech monolith who recently bought a $64 million block of land next to the new headquarters of the Australian spy agency. Clearly ASIO let that one go through so it could keep an eye on him. Clever, clever.

8. Love real estate? If you’re an Aussie, we’ll assume that’s a big “Hell yes I do”. So you’ll love Domain’s new option to chat to a Facebook Messenger bot, who’ll happily tell you all you need to know about any address you drop a pin on, and whether it’s worth buying. Whether it’s for sale or not.

9. If Elon Musk’s Tesla factory has so far only produced a maximum of 50,000 vehicles in a year, how the Sam Hill will it pump out 500,000 in 2018 when it has to fill all those Model 3 orders? It won’t, says Matthew Debord, and that’s why Musk is setting himself up for failure.

10. Australian athletes are crowdfunding their way to Rio for the Olympics in August. Yes, not every AIS athlete is scoffing down pies on cash that could be better spent on the next Blue Poles. Some (quite a lot, actually) like the mens’ handball team, don’t get a cent and have to give up fulltime work to train, compete and chase their dream. Here’s how you can help out.

BONUS ITEM: Things We Never Thought We’d Say #37 – some good things happened at the Logies. Noni Hazelhurst became just the second woman voted into the Hall of Fame. And Waleed Aly won the Gold Logie, then doubled up with this wonderful acceptance speech:


Have a great day.

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