Squiz Today / 09 October 2018
Squiz Today – Tuesday, 9 October
“Cacio e pepe”
Why is this pasta dish having a moment? That’s easy - pasta, pecorino and pepper = mic drop.
RAISING THE TEMPERATURE ON CLIMATE CHANGE
Don’t panic, but the world has about a decade to get its climate change policies right if it wants to stave off some ugly consequences. That’s according to a landmark report by the United Nations Intergovernmental Panel on Climate Change (aka the IPCC - the world’s authority on the subject). Governments that signed up to the Paris Climate Agreement asked the IPCC to look at what needs to be done to contain global warming to 1.5C to 2C over pre-industrial levels. “A whole lot more than we’re currently doing,” summarises the IPCC’s response released yesterday.
1.5-TO-2 DEGREES DOESN’T SOUND LIKE A LOT…
Particularly as we come out of winter craving some warmth… But the IPCC says:
• To hit that target the world will need to use significantly more renewable energy and pretty much stop using coal-generated power by 2050. Big changes would also need to be made in the transport and ag sectors.
• Even if we do that, there are still significant consequences. We can expect damage to the world’s coral reefs (terrible for tourism and fishing), sea levels to rise by 10cm (terrible for people living in low-lying areas), and more extreme weather (terrible for farmers and anyone who likes food and water).
• But as things currently stand, the world is on track for a 3-4C temperature increase by 2100. And the picture scientists’ paint of that scenario is not at all pretty.
WHAT DOES IT MEAN FOR AUSTRALIA?
PM Scott Morrison said Australia’s contribution to global emissions is small at a tad over 1%, and that his priority is bringing power prices down. Labor and the Greens said they’re worried. So given this will come up in the election campaign, you might like to keep these numbers in mind:
• The IPCC says a 1.5C temperature rise would require an emissions reduction of 45% by 2030.
• The Coalition’s 2030 emissions reduction target = 26% (with a focus on a reliable, affordable electricity supply that sees coal playing a big part).
• Labor’s 2030 emissions reduction target = 45% (with a focus on more electricity generated by renewable sources like solar and wind which can be less reliable/more expensive).
SQUIZ THE REST
Alan Tudge, the Minister for Population and Urban Infrastructure, will today announce some proposals to deal with Sydney and Melbourne’s growing pains. He says new visa conditions should be imposed on thousands of new migrants requiring them to settle outside of two biggest cities. And fast-rail projects need to be considered to help ease urban congestion. With net migration accounting for 60% of population growth annually (or 84% in Sydney), Tudge says the costs of congestion are a serious challenge. He’s speaking to the Menzies Research Centre today.
OPERA HOUSE SAGA GATHERS PACE
It seems when it comes to Sydney’s – and Australia’s – iconic Opera House, one person’s billboard is another’s sacred structure. But after allegations of bullying, reassurances from the NSW Government, and claims the racing fraternity didn't ask for their event to be shone large on their sails in the first place – all we know is there’s a horse race on in Sydney this weekend called The Everest that we didn’t know much about until it all blew up. And it’s going to be promoted all over the SOH tonight. Give that marketing manager a raise…
Some elections are pretty dull, and then there's Brazil. With the president the country elected last time sitting in prison, the two leading contenders were far-right candidate Jair Bolsonaro of the Social Liberal Party and left-winger Fernando Haddad from the Workers’ Party. Neither had a smooth campaign – Bolsonaro was stabbed during a rally (and lost 40% of his blood), and Haddah was selected at the last moment after his party’s preferred candidate (another former president) wasn’t released from prison in time. Long story short, these two topped a field of 13 candidates that ran on Sunday and will face off in a new poll on 28 October. Fingers crossed this part of the campaign is less stabby…
A BAD DAY FOR…
ANZ – The big bank said its annual result will be $824 million worse than expected given the compensation it needs to pay customers and write-downs on things like redundant IT systems. Ouch.
TELSTRA – The regulator has forced the telco to undertake an audit of its ‘priority assistance customers’ (ie people with life-threatening conditions) after two people died without a working landline, which they had told Telstra they needed. Telstra has apologised.
MATTHEW HAYDEN – The former Australian batting opener has suffered head and spinal injuries while surfing on a family holiday. “Safe to say I truly have dodged a bullet,” he posted to Insta.
A GOOD DAY FOR…
SMART PINEAPPLES – The new $50 note is out.
MYOB – That’s not a brush off… The Aussie-made accounting software firm yesterday said private equity firm KKR & Co has offered it $2.2 billion. That sent its share price up 19% yesterday.
ALEX MCKINNON – He and wife Teigen announced the arrival of a baby girl yesterday. McKinnon became a paraplegic in 2014 when he suffered a spinal injury during an NRL game.
SWIFTY GETS POLITICAL
Fans/critics have been wondering when singing megastar Taylor Swift would get into the muck that is politics. After studiously avoiding politics for her whole career, she yesterday came out in support of 1. voting, and 2. her local Democratic candidates. "If you had told me two years ago Kanye would be running around in a MAGA hat while Taylor Swift was endorsing a Democratic candidate, I would have smacked you to the ground and stolen your wallet for wasting my time,” said one astute tweeter. What a time to be alive.
SQUIZ THE DAY
ABS Data Release - Livestock and Meat, August
National Australia Bank Business Confidence Index
Anniversary of John Lennon's birthday (1940)
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