Good morning, all.

1. We have more details on what the Australia-UK free trade deal includes. The working holiday visa age limit will be increased from 30 to 35 for both countries, and up to 99% of Australian goods entering the UK duty free. Australian farmers will not gain unfettered access to British markets for 15 years, with agricultural tariffs slowly lifted.

2. A majority of Australians want the government to cut greenhouse gas emissions to net zero by 2050 but do not want a carbon price as part of the plan, according to a new survey. I guess that’s where a decade of occasionally quite insane debate on the issue has left us. 61% of voters want to meet the target using renewable energy and other technologies rather than putting a cost on emissions.

3. During the G7, UK Prime Minister Boris Johnson offered Morrison some qualified support on climate change. He described the Coalition’s policies as “a great step forward” while also saying he would continue to pressure Australia to take more ambitious targets. “Which is great step forward when you consider the situation Australia is in,” Johnson said. “It’s a massive coal producer – it’s having to change the way things are oriented and everybody understands that.”

4. Australian spending is still rebounding, with the Commonwealth Bank noting Australians are opening their wallets as confidence returns. Health and fitness, education, cars and property saw the biggest improvement in May, according to new data. It has helped push business confidence to a seven-year high, as recorded by Roy Morgan.

5. A new report from the OECD examines the rate of house price growth across the world’s advanced economies. It found Australia recorded the fourth-highest price growth, behind only New Zealand, Canada and Sweden. Blaming a number of factors including low interest rates, the report singled out restrictive planning regulations as particularly to blame for supply not meeting demand.

6. But is there a solution? Australia’s $8.1 trillion property market demands a Royal Commission and subsequent intervention, a new research paper claims. A special report compiled by UNSW found that soaring prices present a “triple crisis” to the Australian economy that risks worsening inequality, undermining growth and threatening stability. Almost 90 experts weighed in, with the report describing the market as a “time bomb” threatening future prosperity.

7. Superannuation giants have backed the new Australian startup Emmi, which grades companies on their exposure to the transition to a carbon-constrained economy. Carbon constraints will come into play whether investors believe in climate change or not, said founder Michael Lebbon. Emmi hopes to help investors navigate that transition by grading a business’ revenue, leverage, and liquidity against its carbon output.

8. Many of Amazon’s policies were designed to prevent workers from becoming lazy, a former vice president told The New York Times. David Niekerk, who helped design the company’s warehouse management system, told the publication that founder Jeff Bezos’ belief that people are inherently lazy helped shape the company’s policies. “What he would say is that our nature as humans is to expend as little energy as possible to get what we want or need,” Niekerk told The Times. Hmmmmmmm.

9. Interesting trend developing here. Top engineers are leaving Big Tech firms to join collaboration software startups, the WSJ reports. Some tech execs expect that a rise in hybrid working will boost demand for collaboration tools. For example, Raymond Endres, a former Facebook vice president, joined startup Airtable this month as CTO.

10. Bitcoin-focused investors are losing out on the potential of other assets like oil, a US investor said. Bitcoin is up 37% so far this year, while Brent crude is trading 44% higher during the same period, said Rick Bernstein. “We’ve got this major bull market going on in commodities, and all people are saying is that it doesn’t matter,” he said.

BONUS ITEM

Joe Exotic, made famous by “Tiger King” on Netflix, has created a collection of NFTs in collaboration with a cryptocurrency club from his prison cell. We’re really at the tail-end of this NFT thing.

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