10 things you need to know this morning in Australia

US Air Force showcases F-35. Source: Getty.

Good morning!

1. It’s officially one of the worst housing downturns on record. The peak to trough decline in house prices in Australian capital cities is the largest since the Great Depression. Four of the other major declines were pre-Federation (late 1800s Australia). Given the family home is the largest store of wealth for most households, this drop could stunt broader economic growth, according to the NAB.

NAB

2. Meanwhile, home loan lending has rebounded (slightly), but more Australians are falling behind on their mortgage repayments. Off the back of the recent Royal Commission, the ABS has reported an increase in value of new loans for investors and owner-occupiers of 0.9% and 3.4% respectively.

3. Canberra “disappointed” that the Budget didn’t excite Australians. The latest Consumer Confidence Index showed a drop in headline confidence, suggesting that the Federal Budget failed to give a much needed boost to consumer spending. Sentiment towards future family finances saw a slight bump while the current sentiment in this category dropped 1.3%.

4. Google is launching a world-first drone delivery service… in Canberra. Google’s sister company, Wing, has been piloting the Canberra project for about 18 months and has just received approval from Civil Aviation Safety Authority (CASA). Over 3,000 deliveries have occurred so far to mixed local reactions. The official launch in Australia beats Amazon’s competitor project to the punch.

5. Deliveroo has announced a subscription service, so it’s time to throw out your kitchen. (You might actually have to.) Using the new dynamic pricing model that Deliveroo introduced last year, we’ve calculated just how many Deliveroo orders you need to make each month to break even.

6. Has anyone seen this missing fighter jet? A Japanese F-35 fighter jet has gone missing over the Pacific, and Japan is feverishly hunting to retrieve the technology before other military superpowers can get a hold of one of the most expensive weapons system in the world. The US, who also has the same fighter jet, fears that the discovery could undermine US airpower. The hunt is on.

7. Pinterest is the latest IPO in a spate of public filings coming out of the US tech sector. The company filed on Monday at a price less than it’s private valuation. In a private funding round, Pinterest was valued at US$12.3 billion, but it’s filing gave it a maximum valuation of $11.3 billion. It has been officially dubbed an “undercorn”, because we didn’t have enough tech jargon already.

8. Our new 50 cent coin has been revealed. The coin has 14 different words for “money” and was designed in consultation with Indigenous language custodian groups. It reflects the rich diversity of Indigenous language and culture. There are over 300 languages in Australia and even more regional dialects. Check out the new design.

Origin of the Indigenous words for ‘money’ on the new 50 cent coin.
Felicity Meakins and Brenda Thornley.

9. A measles outbreak in the US is a public health emergency. Some hospitals have been arming entrances with security personnel to help contain the spread. Washington state, where the anti-vaxxer movement has gained significant traction, has reported a high number of cases.

10. The US State Department has barred entry to 16 people, and their immediate family members, for involvement in Jamal Khashoggi’s murder. The Washington Post journalist was brutally murdered and dismembered last year and a series of denials from Saudi officials delayed the investigation process. The Saudi government have now arrested 18 people in conjunction with the murder.

BONUS ITEM:

The Australian Government probably should have called the election before April 14.

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A cartoon by @lila__ash. #TNYcartoons

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