10 things you need to know this morning in Australia

Photo: Nicole Rivelli/ ABC via Getty Images.

Good morning! Still no election result, but with Bob Katter declaring his hand the Coalition is one seat closer.

1. We’ll all be rooned because one of the ratings agencies is thinking maybe, some time, possibly, Australia’s AAA rating might be downgraded if a whole bunch of things happen in the future. Wrong. We won’t be ruined and this is a process story, more about politicians beating their chests and doing the same thing they’ve been doing for years – not talking straight and making themselves embarrassingly less relevant to what’s actually going on for people. If Australia did lose its AAA sovereign credit rating it would put some downward pressure on the dollar, which would be a positive for the economy. Here’s what all the economists are saying. They’re keeping their heads and so should everyone else.

2. The bigger issue remains the signal that Australians sent to major political parties in last weekend’s election. I wrote earlier in the week that, when you look at it long-term, primary vote is bleeding for the major parties and that this is a wake-up call for both of them. This chart from Macquarie Research is powerful:

Source: Macquarie Research

3. Bear Stearns, the sequel. There are now seven UK property trusts that have frozen client money because of a rush of demands for withdrawal. The total value is now in the order of $A25 billion. And one of the things that happened in the credit crisis of 2007 was the freezing of two property funds at Bear Stearns. Ben Moshinsky does a deep dive here.

4. The one chart to rule them all:

This is a story about debt. There is simply too much of it.”

5. To the markets and it’s a little quiet ahead of the US jobs report which comes out at 10.30pm AEST tonight. It’s always an important release but if the number comes in significantly below the 180,000 expected, wear protective gear. Global stocks were a little softer the ASX is looking like it will open a bit down, and the Australian dollar fell too – and no, it’s not because of S&P.

6. We have a podcast, in case you missed it. It’s a weekly look at the global economic and markets stories. This week, we chat about the bond rally, Italy’s political and banking quivers, and the Australian election outcome. And David Scutt lays out a doomsday scenario. Skip forward to about 20 minutes in for that.

You can find us on iTunes, where you can rate us and leave a review.

7. The Margot Robbie profile that keeps on giving. Somebody actually wrote this:

Australia is America 50 years ago, sunny and slow, a throwback, which is why you go there for throwback people. They still live and die with the plot turns of soap operas in Melbourne and Perth, still dwell in a single mass market in Adelaide and Sydney. In the morning, they watch Australia’s Today show. In other words, it’s just like America, only different. When everyone here is awake, everyone there is asleep, which makes it a perfect perch from which to study our customs, habits, accents.

It’s just like good writing, only different! Perth is a soap opera, but it doesn’t have one. Please don’t tell Nick Xenophon that Adelaide and Sydney are a single mass market. And I promise our friends in the US that Australians are not studying customs and habits of Americans while they are sleeping. That would be creepy. Anyway, more here.

8. Ruslan Kogan’s Kogan.com listed yesterday and tanked in its first day of trade, down 16% at the close.

9. #TiltTuesday is a thing on Instagram. Example:

“That drives us up the wall. We really do not support any reason to do splits,” Ruth Solomon, a dance medicine expert and professor at the University of California Santa Cruz, told Business Insider. “Most young people who are not trained in technique prior to trying to do these kinds of things really are very vulnerable to hip problems, especially.”

10. And in the sport Mark Cavendish won stage five of Le Tour and Serena Williams will play Angelique Kerber in the women’s singles final at Wimbledon.

Have a great weekend. I’m on Twitter: @colgo

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