Australia Markets closed

Yahoo Finance's morning wrap for Friday

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Good morning.

Markets: SPI200 futures was up 0.26 percent, suggesting the Australian market would open slightly higher this morning. Wall St held steady overnight with the Dow Jones Industrial Average down 0.01 percent, S&P500 down 0.10 percent and NASDAQ down 0.13 percent.

Aussie dollar: The AUD is sitting at 70.63 US cents at 8:05am, compared to Thursday’s 70.62 US cents.

The taxman is coming for you: The Australian Taxation Office is targeting real estate investors. Commissioner Chris Jordan gave a speech yesterday in which he warned Australia’s 2.1 million property investors to expect their tax returns to be very closely scrutinised, as a recent sample of 300 people saw 9 out of 10 get something wrong. Remarkably, real estate investors are currently claiming $47.4 billion in deductions each year, against just $44.1 billion of rental income.

Let’s get some warm milk, if you can afford it: Half of us can’t get to sleep at night because of money issues. New research released for World Sleep Day has shown 43 percent of Australians are kept up due to worries about personal finances, while 12 percent are awake because of anxiety over the economy.

This is the dream: Australian entrepreneur Zac Altman has sold his app LoungeBuddy to American Express, in an exit that every startup founder dreams of. The terms of the deal haven’t been publicly revealed, but a 2015 capital raising round for the airport lounge booking software saw it valued at $25.4 million. Well done, Zac.

Have a great weekend!

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