Morning Briefing
The US Supreme Court has handed Trump a stinging defeat, upholding birthright citizenship and torching his executive order in what legal analysts are calling a landmark rebuke of presidential overreach. Meanwhile, markets are flashing red globally — crypto is getting absolutely hammered and the AUD is in freefall — suggesting something bigger is rattling investor confidence beneath the surface.
What Matters Today
- SCOTUS slaps down Trump on birthright citizenship. The Supreme Court upheld the longstanding constitutional right, striking down Trump's executive order. He's now threatening to push it through Congress instead — which tells you how seriously he's taking the loss. BBC World
- Australian house prices sliding in four capital cities. Sydney is down nearly $50,000 this year, more than half of auctions are failing to sell, and Adelaide — the last holdout boomtown — is starting to crack. Rate cut optimism hasn't saved the market. Guardian AU
- ACCC sues Amazon over allegedly unfair subscriber contracts. Australia's competition watchdog is taking Amazon to court over consumer protection breaches — a significant escalation in Australia's willingness to go after Big Tech on home soil. Worth watching how this plays out. BBC World
- Australian democracy "under assault" at 2025 federal election, inquiry finds. A parliamentary inquiry is recommending new laws to police polling booth behaviour after third parties — including the Plymouth Brethren Christian Church — ran interference. One Nation's numbers are also slipping in new polling. Guardian AU
- German World Cup shock: Paraguay wins on penalties. Germany is out. Penalty shootout drama at the World Cup is already defining the knockouts — the Socceroos are watching closely as their own potential shootout against Egypt looms. ABC News
- Gojek founder Nadiem Makarim sentenced for corruption in Indonesia. The founder of one of Asia's biggest super-apps has been jailed over a dodgy laptop deal during his time as Indonesia's education minister. A cautionary tale about the revolving door between tech and government. BBC World
- US and Japanese troops training in remote Australian bush. A timely reminder of how central Australia is becoming to Indo-Pacific security arrangements — troops thousands of kilometres from any active conflict are rehearsing together on Australian soil. BBC World
Markets
It's a rough morning for risk assets. The NASDAQ is off 2.81% and the S&P 500 dropped 1.06%, while Bitcoin has been absolutely smashed — down over 20% to around $58,600, with Ethereum faring even worse at -22%. Gold is also cratering, down nearly 12%, which is the unusual part: when gold sells off alongside crypto, it usually means forced liquidations or a broader deleveraging event, not just a sentiment shift. The AUD/USD is down 3.38% to 0.692, which will sting for anyone with USD-denominated expenses. Bright spot: the ASX 200 is holding up at +0.54% and the Nikkei had a monster session, surging 5.63% — likely driven by yen dynamics and a relief rally on Japan-specific factors.
Worth a Read
- One Nation's slow bleed in the polls — The Guardian's Essential poll shows a two-point drop in One Nation support amid voter concern about Hanson's ties to Gina Rinehart. Peter Lewis's companion piece arguing we should stop shouting at Hanson and start asking her to "please explain" is a genuinely interesting strategic take. Guardian AU
- Serena Williams returns at Wimbledon — Whatever your feelings on the comeback, this is a major cultural moment in sport. Live coverage is running now. Guardian AU
- Trump's AI-redesigned .gov websites are a disaster — A year into the National Design Studio experiment, government websites are being spat out by AI and they're… not good. A cautionary data point for anyone still bullish on AI replacing designers wholesale. Ars Technica
- Nature vs nurture and the genetics of "bad" behaviour — The Guardian's Science podcast with behavioural geneticist Kathryn Paige Harden tackles whether genes influence risk-taking and antisocial behaviour. Genuinely thought-provoking for a commute or gym session. Guardian AU