10 things you need to know this morning in Australia

So. Much. Drug money. Picture: Netflix

Good morning.

1. Here’s where the money will be spent

  • $75 billion in infrastructure, including a Melbourne to Brisbane rail line. This is the nation-building “good debt” we’ve been sold over the past couple of weeks, so you’re not supposed to complain about it if you want to sound informed. There’s detail here about the big projects for each state. (Although Morrison did happen to mention that the budget will return to balance in 2020-21 and remain in surplus after that.)
  • $13.2 million is pocket change in the federal budget. But not when it will be spent on establishing the Independent Parliamentary Expenses Authority to make sure politicians don’t cheat on their parliamentary expenses. That’s nearly $59,000 per pollie.
  • $12.5 million to figure out if non-stick pans are bad for your health.

2. Here’s where the money will come from

3. We got the Turnbull government’s solution to the housing crisis

At least, for first home buyers, hopefully due to a special savings account which will be taxed at 15%, the same as superannuation. The First Home Super Savers Scheme will come into effect from 1 July this year, and it is insanely complicated.

Morrision didn’t axe negative gearing, but he did axe tax deductions for travel to a negatively geared property. And all the Boomers went:

4. And a couple of unexpected bonuses

5. So, to markets. ASX200 SPI Futures for June expect a positive opening, and are up 19 points. The Aussie drifted lower in overnight trade but is holding up well given the recent strength in the US dollar. But all eyes today are on China inflation data at 11.30am after the Shanghai Composite Index yesterday fell for the fifth day in a row.

6. US president Trump just fired FBI director James Comey. Here’s the letter, wishing the guy loads of Americans think fixed the election all the best in the future:

7. There might have been big radiation leak in the US. A tunnel over a huge dump of radioactive waste caved in at one of the most contaminated nuclear sites in the US.

8. A teen’s tweet asking for free chicken nuggets just beat the record for most retweets of all time:

That’s more than Ellen’s celebrity selfie, but still about 15 million short of what he needs.

9. The movement against fidget spinners is growing. You can’t buy one of these in-store for love or money right now. They’re giving kids so much enjoyment, 32% of the top 200 American high schools have banned or plan to ban them this week.

10. And Theresa May says she plans to bring back fox hunting. Because who’s going to stop her – Jeremy Corbyn?

BONUS ITEM: The choices you face when you’re second in line:

Have a great day. Don’t spend it all at once.

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