10 things you need to know this morning in Australia

Champion. (Photo by Andy Couldridge-Pool/Getty Images)

Good morning! Let’s get Monday underway.

1. We have a government. After Bill Shorten did a victory lap and Cory Bernardi set up a conservative splinter movement, it turns out Australians voted to have Malcolm Turnbull returned with a reduced majority after all. This is not to dismiss some significant problems: the full picture in the Senate is yet to form, but it will be difficult to manage for Turnbull; he needs to try to quell some of the anger within his own party after it spent days staring at a hung parliament, and there’s a budget to try and pass.

2. The good news is we appear to have bipartisan agreement that we should never have to go through that tortuous counting process again, with both Turnbull and Shorten making noises about electronic voting. “We’re a grown-up democracy, it shouldn’t take eight days to find out who’s won,” Shorten said. Amen, comrade.

3. To the markets, where it’s a huge week after a huge beat on Friday from the US jobs report. It punched in at 287,000, knocking the 180,000 expected by economists out of the park and sending risk assets rallying. The Australian dollar ripped higher and earlier this morning was at .7559 – that’s a 3.5% gain on the depths of the Brexit carnage. ASX futures, meanwhile, are pointing to a huge rally of around 170 points today. And that’s only getting us to the start of trade Monday.

4. On Thursday we get the Australian jobs data, with economists expecting a modest gain of 10,000 jobs for the month a report whose credibility has severely waned over the past 18 months. And on Friday, we get China’s massive data dump, with Q2 GDP and a range of other indicators. Greg McKenna looks ahead to the week here.

5. “Global trade is dithering, international investment has yet to recover to levels before the financial crisis, the global economy has yet to find the propulsion for strong and sustainable growth.” That’s from the Chinese commerce minister. We might expect some more stimulus from China, but this reality that the global economy is searching around for a new source of growth is likely to be a continuing theme for some time. We covered it in this week’s podcast, which you can find on iTunes or listen in here:

6. Andy Murray has won at Wimbledon, and Portugal are the European champions. The final against France went to extra time and Éder, who came on in the 79th minute, dribbled into open space, and then did this.

The other news from the game was that Cristiano Ronaldo was stretchered off in tears after an apparent knee injury from a tackle. More on that here.

7. More details have emerged on what happened on the night of the Dallas police shootings. 25-year-old Micah Johnson wrote the letters “RB” in his own blood on the wall where he was found, and it looks like he was planning something bigger but the Black Lives Matter protests brought forward his plans. A bewildered world looks on.

8. Tony Blair really was out to change the world. We’ve got the details of yet another of the astonishing memos from the former British PM to George W. Bush around the time of the Iraq War. It sets out Blair’s vision to create a “true post-cold war world order” with Bush.

9. Buying houses is for suckers, at least according to certified financial planner Alan Moore. Who offers two reasons that young people shouldn’t be trying to take the plunge into property:

It’s illiquid. You end up with all of your money in your house, an asset that’s tough to sell and expensive to deal with.

It’s immobile. “Whenever you want to chase a new job opportunity (or you get laid off and you need to downsize), or you want to move to a different state or life takes an unexpected turn in some way, homeownership tends to tie us down quite a bit,” he wrote.

“Homeownership is a good way to really screw up your finances,” he explains.

10. Pokemon Go is a big deal. In just a week it has already surpassed Tindr and is about to catch up on Twitter in terms of Android users. And it hasn’t even launched globally, just in a few countries including Australia. Confused? This will explain it all so you don’t have to download it. The writer’s conclusion is: “It’s kind of interesting, but ultimately ‘meh’.” You’re welcome.

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

Business Insider Emails & Alerts

Site highlights each day to your inbox.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

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