Good morning, it's Friday, July 1. Here's what you need to get going today.
One thing to know right now: property prices are falling
National property prices have fallen for the second month in a row.
Property data firm CoreLogic says home values across the country dropped by 0.6 per cent in June.
Higher interest rates and unaffordable prices have hurt demand for homes — especially in some capital cities.
Demand for homes has been waning, with the latest lending data from the Australian Bureau of Statistics showing that demand for home loans fell by 6.4 per cent in April, just before the RBA started to hike rates in May, the first rate rise in more than a decade.
One thing you’ll be hearing about today: The PM is in France
Prime Minister Anthony Albanese has landed in Paris and will meet with French President Emmanuel Macron.
The relationship between France and Australia broke down last year when Mr Macron accused Scott Morrison of lying over an abandoned $90 billion submarine contract with a French company.
ABC political editor Andrew Probyn said getting France onside will be critical if Australia has any chance of progressing a free trade agreement (FTA) with the European Union.
"In fact, behind the scenes, Australia believes that Emmanuel Macron's French fury has actually put the FTA effectively on the back burner," he said.
Probyn has also noted there was a familiar face to greet the PM in Paris:
Anthony Albanese arrived in Paris and went off to see the OECD, an economic forum, that's now headed by none other than former finance minister, Mathias Cormann.
Now, we all remember Mathias Cormann as someone who was firmly against Labor's climate change policies.
But there he was as Secretary-General of the OECD today and he commended Labor and Anthony Albanese for their climate change policy, for the ambition, drive and determination to tackle climate change.
It seems that in high office, Mathias Cormann has undergone a remarkable carbon conversion.
News while you snoozed
- In a major story overnight, defects were found on Australian-built patrol boats that were gifted to Pacific Island nations, including a potential fault with the exhaust system. Engineers are being sent to repair the problems and WA-based shipbuilder Austal has accepted blame and will pay to fix the defects.
The news Australia is searching for
- Tsitsipas: In tennis, Australians Nick Kyrgios and Ajla Tomljanovic have powered into the third round of Wimbledon. Kyrgios will next face Greece's Stefanos Tsitsipas, while Tomljanovic's next match will be a showdown with either 13th seed Barbora Krejčíková or Swiss Viktorija Golubic. Read more on the Wimbledon results here.
One more thing: the new financial year has arrived
And if that wasn't enough to make you shiver, a raft of policy changes have gone into effect from today.
Here's your summary:
- The national minimum wage has increased to $21.38 an hour
- The super guarantee has increased to 10 per cent
- You can save for your first home using your super
- You can contribute to your super using the sale of your house
- Power prices are going up
- Jobactive has been replaced by Workforce Australia
- Centrelink family payments have increased
- The Low and Middle Income Tax Offset will be phased out
There's a lot to unpack there so make sure you read our explainer on how the changes will affect you.
That's it for now
We'll be back later on with more.
ABC/wires
