Good morning.
1. Labor leader Anthony Albanese gave the Opposition's Budget reply last night. In it, he promised a $10 billion fund to cut housing costs for workers and incentives to hire apprentices in fields like renewable energy. "You deserve a government worthy of your efforts," Albanese said, saying the government had not done enough on wages.
2. The jobs recovery promised by the Morrison government was beginning to slip in some states ahead of the Federal Budget this week. New figures from Indeed show Queensland, Western Australia and Tasmania all went backwards in the last fortnight. Each state's market remains well above pre-pandemic levels and will be strengthened further by a big spending Budget.
3. The number of Australians receiving the JobSeeker unemployment subsidy fell to 1.05 million in April, according to new government data. That figure marks a reduction of nearly 110,000 people from March, and stands below the May 2020 peak of 1.46 million recipients. It is positive news for the Federal Government, which is seeking to lower unemployment - but it's not all good news for those still receiving the payment, which is now reduced from its supplement level during 2020.
4. NSW says it will begin accepting international students within months with a program that excludes the Federal Government and will likely be paid for by the university sector. The proposal has been accepted by the NSW Premier and will allow students to quarantine in purpose-built housing in Sydney. NSW State Treasurer Dominic Perrottet said he supported the program and promised it would not take spaces away from Australians returning to the country.
5. It comes just as the University of Sydney releases a study finding a slim majority of Australians support a carefully managed reopening of the border. That includes 54% who "support entry of international students where they are fully vaccinated and subject to university-provided quarantine".
6. Humm CEP Rebecca James says the whole buy now, pay later sector is facing its day of reckoning as share prices slump. Afterpay, for example, is trading at about half its February highs. "We are going to start to see - especially if these market conditions remain - the pointy end of this BNPL run," James said. "My focus has always been on long-term profitable, sustainable growth, and we will continue to deliver that."
7. Penfolds producer Treasury Wine Estates appears to be recovering well from Chinese tariffs on Aussie plonk. The company released a bullish earnings update and a new five-year growth plan on Thursday. The new earnings guidance is well above market forecasts and many analysts' expectations, coming in the range of $495 million to $515 million.
8. Israel is attacking the Gaza Strip. It follows an exchange of rocket fire and air strikes between Israel and the Gaza Strip, which has led to the deaths of 83 Palestinians and seven Israelis. A three-minute explainer from our friends at Pedestrian is here if you need.
9. Dogecoin and other cryptocurrencies plunged on Thursday after Elon Musk voiced bitcoin concerns. The meme-inspired digital asset tumbled 20% to trade around 40 cents. Litecoin fell 14%, while Ripple's XRP and Ethereum's ether lost 11% - having each dropped more than 20% from their peaks. An analyst said buyers will soon return to buy cryptocurrencies, taking advantage of low prices.
10. Disney ended Q2 with 103.6 million paid subscribers, versus the 109 million analysts expected. The drop indicates that the pandemic-driven streaming boom may be slowing down. Netflix saw a similar slowdown in Q1, reporting 4 million instead of 6 million new users.
BONUS ITEM
When's Australia, hmm?