1. All this growth comes at a cost
The Australian economy is stronger than expected and it sounds like good news, but it’s bad news for interest rate worriers. Our economy grew by a bigger-than-expected 0.9% in the June quarter, taking the annual growth to 3.6%, which is way above our usual 2.25% growth rate. It’s great news for job creation and business profits but it will make the Reserve Bank worry about inflation and it could make it keep raising interest rates. The only plus is that most of this growth happened before the RBA started raising interest rates aggressively.

2. 15% of our wages won’t go to super
Australia’s new Treasurer Dr Jim Chalmers has ruled out 15% of our wages going to super. Right now we lose 10.5% of our wage to super and by 2025 it will be 12%. However, Labor has always wanted it to grow to 15% but Treasurer Chalmers has been given the green light from the founders of compulsory super, ex-PM Keating and union boss Bill Kelty to drop the 15% target. That’s made life easier for Treasurer Chalmers.

3. Spanish renewables giant sets sights on Australia
Ignacio Galan, who has spent the last 22 years transforming an outdated Spanish coal-burning utility into a global renewables superpower, has his eyes firmly set on Australia’s post-carbon transition.

In Canberra on Wednesday for talks with Prime Minister Anthony Albanese and Energy Minister Chris Bowen, the green energy heavy hitter said his firm, Iberdrola, plans to more than double, by up to $4.4 billion, its Australian investments in wind, solar and transmission through 2025. (AFR)

4. New iPhone 14 launched
Apple’s “Far Out” event overnight saw the release of its latest range of iPhone models, with prices ranging from $1899 for the iPhone 14 Pro Max, $1749 for the iPhone 14 Pro, $1399 for the iPhone 14 and the new, 6.7-inch iPhone 14 Plus ($1579).

It also announced its new watch product line, ‘Watch Ultra’.

5. Why will our stock market rise today?
The local stock market is expected to open up 32 points higher, with US market indexes up overnight. But why? Stock markets have been negative since the US central bank boss talked tough about raising interest rates to kill off inflation. It took the US market down 8% and our market has lost 4.7%. This positivity for stocks comes as the Fed Vice Chair, Lael Brainard, effectively said the central bank would be cautious about raising interest rates too high.