As we approach the two-week mark since the historic SpaceX IPO in the U.S, I thought it would be handy to update you on its share price.

The stock is now trading around its IPO price, wiping out $400bn in market value. Since launching on the market at US$150, it quickly surged to a peak of US$225.64 in the first few days, but now sits at around US$155.

In defence of rockets, the broader share market has seen heavy losses over the past seven days, particularly in technology stocks - but in any case, it’s fair to say the investment rocketship full of pumped-up SpaceX investors is coming crashing back down to earth.

Melbourne commuters can now use credit cards, phones and smartwatches on trams, bringing the city's ticketing system closer to other networks, such as Sydney's.

The new tap-and-go system works alongside the existing Myki system – the dedicated transport payment card used across trains, trams and buses – which remains in place for concession holders and bus passengers.

Here's what to know.

As of last Saturday, Melbourne commuters can use regular payment methods on trams, following the rollout of tap-and-go across the train network earlier this month.

It has been a big few weeks for Melbourne's transport network, with ticketless travel now available across both trains and trams.

More than 700,000 taps have been made using the new technology since the start of June, with four in five made using a phone or smartwatch.

Myki, Melbourne's dedicated public transport card, will remain in use for concession card holders, seniors and those under 18, who cannot yet use the new payment system.

Bus passengers will also need to keep using Myki for now, with tap-and-go expected to roll out next month, although the government has not yet nominated an exact date.

The Victorian Government offered free public transport from late March to the end of May in response to cost-of-living pressures, and will keep fares at half price until the end of the year.

The ticketless system was first announced as part of a $1.7 billion contract to overhaul Myki in 2023, but the rollout was delayed and plagued by cost blowouts.

Once complete, the upgrade will bring Melbourne's transport network further into line with cities such as Brisbane and Sydney, which have offered ticketless travel since 2018.

First introduced in 2010, Myki has long faced criticism over how difficult it is to use. Passengers could top up online or at selected locations, but were unable to use standard payment methods or top up on board trams.

A Myki app has been available on Android devices since 2019, while iPhone users missed out.

Reporting by Lachlan Keller.

Australia's auction market has recorded its weakest level since the early months of the pandemic, with fewer than half of all properties taken to auction selling last week.

Preliminary data from property research firm Cotality showed a national clearance rate of just 47.4% – the first time it has fallen below 50% since April 2020.

Here's what to know.

Auction clearance rates measure the percentage of properties that sell at auction.

Not every property listed for auction is sold. Some are withdrawn before auction day, while others fail to attract a winning bid.

Because clearance rates provide a snapshot of buyer demand, they are closely watched as a measure of housing market strength.

Cotality's latest report found only 47.4% of the 2,095 properties taken to auction last week sold.

It's the first time the preliminary clearance rate has fallen below 50% since April 2020, during the early stages of the COVID-19 pandemic.

Cotality Research Director Tim Lawless said the final clearance rate could be even lower once all auction results are collected.

The national clearance rate has now remained below 60% in 10 of the past 12 weeks.

Sydney recorded 782 auctions last week, with a clearance rate of 47.2%. Melbourne cleared 51.9% of its 975 auctions. Perth recorded the weakest result nationally, with just 23.1% of its 13 auctions selling.

Buyer confidence has weakened as interest rates and living costs continue to put pressure on household budgets.

While the Reserve Bank of Australia kept the cash rate on hold at 4.35% last week, it had already lifted rates three times this year, and many economists expect further increases before the end of 2026.

Inflation and the rising cost of living have also weighed on household spending, while the closure of the Strait of Hormuz has shaken global oil markets and pushed fuel prices higher.

As a result, consumer confidence – a measure of how people feel about the economy – has fallen, which may also be affecting demand in the housing market.

Uncertainty around the Federal Government's proposed housing tax reforms may also be weighing on demand.

The changes, announced in last month's Budget, include reforms to negative gearing and the capital gains tax discount.

Negative gearing allows investors to offset losses on rental properties against their taxable income, while the capital gains tax discount reduces the tax payable when an asset, such as a property, is sold.

The reforms are designed to slow housing price growth by making property less attractive as an investment and giving first-home buyers a better chance of entering the market.

While the changes are not due to begin until 1 July 2027, Cotality said uncertainty around the legislation could already be affecting buyer behaviour.

Around 1,930 properties are scheduled to go to auction this week, according to Cotality, down more than 8% on last week's figure.

They expect auction activity to remain subdued in the coming weeks, citing weaker buyer confidence and the seasonal slowdown that typically occurs during winter.

Reporting by Lachlan Keller.

Claude, the AI for scientific discovery

Researchers at Australia's Garvan Institute are partnering with Claude to do what wasn't possible before: analyse genomic data at massive scale to understand how our genes cause rare diseases, and accelerate treatments to cure them. When science and AI come together, the future of human health gets a little brighter.

Turns out even the royals can't avoid tax season.

King Charles is set to become the first British monarch in modern history to publicly reveal how much tax he paid, releasing details of his 2024-25 tax bill.

The move comes as the Royal Family faces ongoing calls for greater transparency.

Buckingham Palace said it forms part of broader efforts to "modernise the monarchy" and be more open with the public.

We'll get a look at the figures when they're published later this week.

Reporting by Lachlan Keller.