10 Things You Need To Know This Morning In Australia

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1. The Aussie dollar crashed. Currency markets took the lead overnight as ‘King Dollar’ surged across the board taking the euro, pound, yen and Aussie all lower. Relentless buying of the US dollar was to blame, but the fact that the Aussie dollar has fallen more than any, (down 0.89% to 0.9280) suggests that something more is afoot in the world’s biggest macro market.

2. Swings and roundabouts – iron ore made its first rally in prices in over a week. It’s been in free-fall lately and claimed its most high profile casualty yesterday with the collapse of Western Desert Resources. September 62% Fe iron ore futures up 82 cents to $84.66 a tonne. December futures rose 92 cents to $84 and many analysts are now expecting a move below $80 a tonne.

3. Shanghai was closed so there was no action there after the interesting Chinese trade data, which showed exports stronger than expected but imports weaker. In Japan, even though GDP fell 1.8% (as expected) in Q2 2014, making the year-on year-rate of -7.1%, the Nikkei managed to rally a slight 0.23% to 15,705.

4. On the data front, the best read on the economy we get every month is out in Australia today with the release of the NAB Business survey. Home loan data is also out.

5. Australia’s relationship with its not-mate China was tested a little more. The Abbott Government seems set to turn to Japan to build Australia’s new submarine force after PM Abbott noted yesterday that “the most important thing is to get the best and most capable submarines at a reasonable price to the Australian taxpayer”. It’s a $20bn contract for 12 subs to replace the comical Collins Class submarines, but one defence expert claims Abbott needs to consider the “geopolitical consequence” before pulling out his chequebook.

6. How to get your dream finance internship. Youth unemployment in Australia is at its highest level in 12 years, so if you get a foot in the door, you need to make it stick. PricewaterhouseCoopers and Deloitte told us what internships they offer, and what you need to do to get one. They take it seriously – PwC’s is a $1m program and they say 80-90% of their interns turn into graduate employees. There’s some great tips here and there’s much more to it than having great grades.

7. Tasmanian senator Jacqui Lambie is a one-woman show, and that’s not easy when your party leader is Clive Palmer. Lambie got a gig on Australian Story last night and barely a single Australian masthead could resist her this morning. She was typically honest, reflecting on her time in the military, thoughts of suicide and her relationship with Palmer, whom she said needs to “stop clowning around at times, because that really annoys me”.

Clive Palmer might be my leader but Clive Palmer’s not my boss. The Tasmanian people are my boss and that’s it, full stop.

8. It’s a huge day for tech tomorrow, with the release of the iPhone 6, possibly iWatch and the launch of the most anticipated video game of the year, Destiny. But Microsoft kind of stole the jump on all of them with a very unheralded release of its own. Delve is a kind of Cortana for your online office, a digital PA that organises everything from your emails to your PowerPoints in a way that is hopefully helpful. The early reviews are pretty positive – and it’s free if you subscribe to Office 365.

9. Bad sports I. Australia’s mens’ basketball team has been investigated over claims it tanked against Angola in the World Cup a couple of days ago. FIBA noted the widespread dismay amongst the basketball community following the loss and has warned Australia it will be looking into whether they fixed the match to avoid meeting the US until the semifinals. For that to happen, Australia would have had to beat Turkey in the final 16 knockout stage – which they didn’t, going down to a three-pointer Turkey hit with five seconds on the clock.

10. Bad sports II. Cycling, as if it doesn’t have enough of a poor public image, added a new element last night by becoming a contact sport. Yep, Italian Gianluca Brambilla and Russia’s Ivan Rovny punched on in the Tour of Spain. “In bizarre circumstances both men landed punches and elbowed each other whilst continuing to cycle as they made up a breakaway group of 13 riders,” AFP reported. If you don’t believe it, watch:

Vuelta fight 3


Do you take this editor? She did.

Please indulge us for a moment, while we celebrate a moment rarer than a federal budget surplus. Business Insider’s editor-in-chief, Paul Colgan, finally took a few days off, for the very best of reasons: to marry his great love, Kat, in the Hunter Valley on the weekend, in the presence of his daughter, Cliona, and family and friends from as far afield as his native Ireland. The BI team sends them best wishes and lots of laughter and love together. Kat’s the best scoop of your career, Colgo.