5 things you need to know in Australian tech today

Check out these tech stories before you head out for the weekend:

1. Alternative financing to buy real estate is still pretty small business in Australia. But one US expert reckons local fintechs have a golden opportunity to create a new industry here. Read his reasons why and check out three fintechs that are already providing new ways for Australians to get on the property ladder.

2. Malcolm Turnbull will be “unelectable” if he doesn’t write $20 billion off the NBN. That’s the opinion of tech entrepreneur Bevan Slattery, who is not the only one asking why the NBN is obliged to provide a profit back to the government. After all, they say, governments don’t expect a direct financial return from roads and schools. Read more on a shocking week for the national network and how it’s stuck in an unenviable Catch 22.

3. Tech entrepreneurs dominate this year’s Young Rich List. But maybe it’s more accurate to say Mike Cannon-Brookes and Scott Farquhar dominate the list, because they’re worth 10 times more than the next #3 and #4 placegetters. Check out who the wealthiest Australians under 40 are.

4. Ruslan Kogan, at #12, is not doing bad either, pocketing $13 million this week. The online retailing magnate sold 3% of his publicly listed company on the ASX after his company announced bumper results. Other shareholders are probably not as happy though, as Kogan.com’s share price dropped from $4.59 to $3.80 after the founder cashed in. Read more.

5. Optus just cut 170 staff after outsourcing their jobs to Nokia in Australia and India. Australia’s second biggest telco signed a five-year agreement with Nokia, with the in-house network operations and assurance team the first to be made redundant. Read more.

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