Julia Gillard

♦ Italy faces billions of euros in potential losses, after restructuring eight derivatives contracts last year. Italy’s judiciary is investigating whether the Treasury risked too much monetary loss in its management of the public debt, according to the FT. The inquiry began after a 2012 treasury report was leaked to the FT and Italian daily La Repubblica.
♦The New York Times asks “Is the Civil Rights Era Over?” as it gets experts to ponder Tuesday’s rejection of the Voter’s Rights Act and Wednesday’s same-sex ruling to recognize legally married gay couples. The FT finds a polarised national response to the measures.
♦ The Sydney Morning Herald finds a historical precedent of backstabbing underlying Australian politics and the run up to elections for prime minister. Julia Gillard “died by the sword,” the Herald says, after competing against Kevin Rudd and Labor power broker Bill Shorten for the role of Australian prime minister.
♦ The Daily News Egypt sees no “safe possible outcome” and certain military involvement with the approach of the “Tamarrod,” the nationwide protest movement scheduled for June 30 to demand new presidential elections in Egypt to replace president Mohamed Morsi.
♦ Foreign Policy asks why Mr Snowden missed his flight from Moscow to Ecuador — did Russian military intelligence detain him for questioning or security services question his dubious travel documents, was he afraid the plane would be grounded in the US or simply shy of journalists?
♦ The FT analyses aggressive EU lobbyists in Brussels funded by American tech companies that advocate for more liberal internet privacy rules. The issue has moved to the top of the EU legislative agenda, as the EU summit begins Thursday.
♦ A BBC interactive maps children’s chances of success around the worldin health, education, work, and general well being. Read more

Opposition leader Tony Abbott with his two daughers (Cameron Spencer/Getty Images)

Earlier this year Australia’s prime minister couldn’t catch a break.

From the Australia Day “riot” to the scandal that enveloped the speaker of the House and the nocturnal activities of a backbench MP, Julia Gillard seemed to stumble from one omnishambles to another.

But the tables have turned, and it’s opposition leader Tony Abbott who is under the kosh.

On Tuesday Mr Abbott managed to single-handily undermine his party’s attack on the Labor government’s mid-year budget with some ill-chosen words that reignited Australia’s now infamous misogyny debate.

It all started when Treasurer Wayne Swan attempted to explain the government’s decision to cut the baby bonus from A$5,000 to A$3,000 for the second and each subsequent child.

“We believe that these changes to the baby bonus will bring it more into line with the actual costs of having children. After the first child you’ve already bought the cot, the pram and other items you can use again,” he said.

Enter Mr Abbott, a proud father of three girls. He attacked the move on breakfast TV with the following logic: Read more

Esther Bintliff

In parliament on Tuesday, Australia’s prime minister, Julia Gillard, launched into a lacerating tirade against the leader of the opposition, accusing him of misogyny and hypocrisy.  Read more