Here’s what you need to know today

• Happy new financial year! This year the new financial year also brings with it a tax cut for every Australian worker. To calculate how much less tax you’ll be paying this year, the ABC have created a handy tax cut calculator.
  
  

• Nike had its worst day ever as a listed company, losing $28 billion in value as shares dropped 20% on Friday. This fall came after Nike told investors it expected sales to fall 10%. Ironically, this comes as run clubs and running have never been more popular but Nike has been ceding ground to smaller players like Hoka, On Running and Asics.
  
  

• The numbers are out, and last week’s US Presidential Debate was watched by 51.3 million Americans, the smallest audience for a Presidential debate since 2004. That was still enough to spark calls for President Biden to give way to an alternative Democratic candidate. While the President acknowledged his poor performance, telling supporters “I don’t debate as well as I used to”, he has indicated he won’t step aside.
  
  

• Last week we saw tough inflation news in Australia (4% for the 12 months to May 2024, up from 3.6% the previous month). Over the weekend, we saw good news out of the US with the personal consumption expenditures index at 2.6% for May, down from 2.7% in April.

What the…?

Around this time of year, doctors see a massive uptick in injuries from people cutting avocados. So much so, that there is even a term for it: Avocado Hand. One study from the American Journal of Health Behaviour found that 2% of all consumer product-related injuries come from avocados. Be careful out there.

A little better everyday

Morgan Housel: Lazy Work, Good Work

Financial markets can be a very noisy place. From the constant movement of stock prices to the constant conversation about what it all means in financial media, it is easy to get swept up in the hive of activity and feel like you need to do something.

Added to this, there are plenty of players in the financial industry that make money from activity. Exchanges from buying or selling, brokers from the same, financial media from clicks and downloads. It is a beast that constantly is looking for more attention and more activity.

This article from Morgan Housel is a reminder of the power of quiet solitude. The importance of stepping back from the noise and giving yourself space to think.

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