10 things you need to know this morning in Australia

Amer Ghazzal / Barcroft Images / Barcroft Media via Getty Images / FileYoung surfers carry surfboards into the water in Adelaide’s Glenelg beach. Temperatures in the SA capital are forecast to climb above 45C today with records likely to fall across the state.

Good morning!

1. It’s another scorcher for many parts of the country today. Here’s the forecast temperature map for 5pm AEDT:

Bureau of Meteorology

And yes, that’s temperatures in the high 40s over much of South Australia. Adelaide is likely to top 45C and it could even set an all-time record, while Port Augusta is forecast to hit a withering 49C. The big question is whether the grid will hold up, with regulators warning of the potential for a power supply shortfall in SA and Victoria this evening.

2. Australia’s employment data is out today. It’s an important release because there has been a steady stream of negative data on the Australian economy in recent weeks including on construction activity and retail spending, so any noticeable slowdown in employment growth would be more fuel for the fire. We’ll have full coverage at 11.30am AEDT and here’s your 10-second guide to the release.

3. Underlining the deterioration in the outlook, AMP Capital chief economist Shane Oliver now expects the RBA to cut the official cash rate by 50 basis points by the end of the year and points out that the declines in house prices in Sydney and Melbourne may only be halfway through. In fact, he thinks the falls in Melbourne could quadruple from here. David Scutt has more.

4. Venezuela is kicking out US diplomats after Donald Trump recognised the opposition leader as interim president.

5. Trump’s State of the Union has been cancelled, with House Speaker Nancy Pelosi calling off the event because of the ongoing government shutdown. Trump says he’s going to show up anyway. One of Trump’s top economic advisors has warned that if the stalemate (essentially over Congress resisting Trump’s demands for funding his southern border wall) continues, US economic growth could come in “close to zero” for the quarter.

6. To the markets, and it has been relatively becalmed; with US equity markets ticking up overnight, ASX futures are pointing slightly up ahead of the open. The Australian dollar drifted a little higher overnight.

7. Today in Days of our Silicon Valley Lives, Twitter founder Jack Dorsey says Mark Zuckerberg once tried to serve him a goat that he apparently killed himself.

8. “There are essentially five kinds of meeting,” writes Anthony Mitchell of Bendelta, a business design consultancy. He lists them as, “operational, strategic, creative, interpersonal and crisis,” although most people will probably have seen other types, including “meandering” and “completely pointless”. Here are 7 ways to make sure meetings aren’t a waste of time.

9. Your risk appetite when it comes to investment is probably determined by a number of things and with all the headlines about market volatility, some people might be trying to figure out how they deal with everything. BI contributor Justin Hooper from Sentinel Wealth offers some pointers on how to figure out if you just want to test the investment waters, or take the full plunge.

10. Microsoft’s updated web browser now warns people about untrustworthy news. Here’s how some of the big publications rate (and yes, Business Insider is rated as trustworthy!).

BONUS ITEM: Here’s Novak Djokovic trying an Australian accent.

Have a great day.

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