Good morning, it’s Amy in Melbourne with the news you need heading into the weekend. Officials say that one person miraculously survived yesterday’s Air India plane crash that killed 241, but first...

Today’s must-reads:
• Super tax explained 
• Melbourne billionaires 
• Aukus in trouble? 

What's happening now

What does the proposed new tax on A$3 million super balances mean for retirement savers? I teamed up with my colleague Richard Henderson to see how wealth managers are planning for the rule change. Also, take a listen to our latest podcast, where host Chris Bourke asks Rich to unpack how the new tax works, and who will be affected. Listen and follow The Bloomberg Australia Podcast on Apple, Spotify, on YouTube, or wherever you get your podcasts. Terminal clients: Run {NSUB AUPOD <GO>} on your desktop to subscribe.

As the US launches a review of Aukus, my colleagues explain the defense pact, and highlight what’s at stake for Australia and other Asia-Pacific allies in the face of a rising China if the agreement is scrapped.

Shares in Melbourne-based company Pro Medicus have soared an eyewatering 54,000% in the past 15 years, propelling founders Sam Hupert and Anthony Hall into the ranks of the world’s richest people. Each is worth about $4.7 billion, according to the Bloomberg Billionaires Index, which is valuing them for the first time.

Sam Hupert Source: Pro Medicus Ltd.

Monash IVF Group’s CEO Michael Knaap resigned yesterday, days after the pioneering reproductive health-care company disclosed a second embryo transfer incident that sent shares tumbling. He secured the top job in 2019.

Australian regulators yesterday warned that recent international developments appear to be accelerating the pace of global fragmentation, increasing complexity and volatility. The Council of Financial Regulators said that financial markets remained vulnerable to further shocks.

What happened overnight

Here’s what my colleague, market strategist Mike “Willo” Wilson says happened while we were sleeping…

A US dollar gauge touched the lowest in three years as weak economic data spurred traders to price in a higher probability of rate cuts by the Federal Reserve. US interest rates eased across the curve as jobless claims jumped to the highest since the end of 2021. The moves were later extended after a strong 30-year bond auction and as President Donald Trump’s tariff threats revived concerns over the US economic outlook. With today’s economic calendar rather blank (domestic or offshore),  the Aussie and kiwi dollars look like closing near their respective weekly highs. Meanwhile, ASX stocks look set for solid opening gains.

Air India has confirmed there is just one survivor among the 242 people on board a Boeing Dreamliner that crashed yesterday. Flight AI171 was bound for London when it crashed shortly after taking off in the western city of Ahmedabad. It was carrying 12 crew and 230 passengers, most of whom were Indian and British nationals. 

Emergency service workers douse the wreckage at the crash site. Photographer: Siddharaj Solanki/Bloomberg

Apple has set an internal release target of spring 2026 for its delayed upgrade of Siri. The long-promised changes will allow Siri to tap into consumers’ personal data and on-screen activities in order to better fulfill queries.

In other tech news, Meta Platforms Inc. is suing a Hong Kong-based business for allegedly promoting so-called nudify apps. The Facebook owner is trying to combat a surge in naked and sexual images created by artificial intelligence.

What to watch

• Nothing major scheduled today

One more thing...

As China’s $19 trillion economy slows, the nation now has the most loss-making industrial companies since 2001. Local leaders laden in debt are rolling out tax breaks and subsidies for companies, as they try to stave off the double whammy of job and revenue losses. Read our fascinating Big Take on what it means for President Xi Jinping’s government. Have a great weekend.