Crypto News: RBA ramps up super fund scrutiny

Good morning, it's Amy in Melbourne with your Friday newsletter.

Today's must-reads:
• The RBA on our super system
• New podcast goes inside Insignia battle
• NZ plans climate legislation

What's happening now

The nation's central bank is sharpening its focus on super funds. It's working with regulators to explore potential shocks to the financial system from the system's rapid growth. Read what RBA Assistant Governor Brad Jones had to say yesterday — and in case you're wondering, he didn't mention when interest rates might fall.

Staying on super, our latest podcast examines the takeover tussle for Insignia Financial, one of Australia's biggest wealth and superannuation providers. Rebecca Jones and Bloomberg finance reporter Harry Brumpton take a look inside the bidding war. 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.

A caravan packed with explosives found in Sydney is part of a terrorist plot, Prime Minister Anthony Albanese said Thursday. The discovery is linked to a recent spate of antisemitic attacks in Sydney and Melbourne, including the firebombing of a synagogue and arson attacks on cars.

New Zealand house prices fell 0.1% in January, marking a slower decline than in previous months and a potential signal of a modest recovery in the housing market as interest rates fall. Meanwhile, the government plans to introduce legislation to help communities and businesses adapt to the impacts of climate change.

Flood water inundates a paddock in Auckland in May 2023. Photographer: Fiona Goodall/Getty Images AsiaPac

What happened overnight

Stocks almost wiped out gains in the final stretch of Wall Street trading, with tech under pressure ahead of Apple's results. The currencies of Mexico and Canada slumped after President Donald Trump said he would follow through on his threat to impose 25% tariffs on imports from both countries. Australian shares are expected to open higher this morning.

A collision between an American Airlines regional jet and a military helicopter near Washington has left no survivors, marking one of the deadliest US air disasters in recent decades. The flight from Wichita, Kansas, carried 64 people.

Emergency response units search the wreckage of an American Airlines plane on the Potomac River after it crashed on approach to Reagan National Airport in Arlington, Virginia, on Jan. 30. Photographer: Alex Wong/Getty Images

FTX co-founder Sam Bankman-Fried's parents are exploring ways to secure a pardon for the onetime crypto billionaire from President Donald Trump, according to a person familiar with the matter. Bankman-Fried was sentenced to 25 years for fraud last year.

DeepSeek is the latest product from China to shock the US tech sector and it won't be the last, writes Bloomberg Opinion's Catherine Thorbecke. This week's shock exposes an uncomfortable truth: American tech exceptionalism, and the xenophobia that underpins it, mean the broligarchy will keep being surprised.

What to watch

• Australian producer prices, private credit data released at 11.30am in Sydney
• Several markets are closed, including Mainland China, Hong Kong and Taiwan, for the Lunar New Year holiday.

One more thing...

The Australian Open may be over for another year, but here's some good news for tennis fans: billionaire Jerry Jones's family, the owners of the Dallas Cowboys, is adding tennis to its sports portfolio. The Dallas Open, in partnership with the Cowboys, will lure bigger names, a new venue in the headquarters of the National Football League team and more prize money. It's also upgraded to an ATP 500 event, meaning winners will score more points in its rankings. Have a great weekend.

The ATP Tour announced the 2025 Dallas Open is scheduled for February 1-9, 2025. Source: Dallas Open

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