That’s a wrap – thank you for reading the Need to Know blog today. These were some of the main stories:

• Wong warns China, Hong Kong about wanted posters in Melbourne: Foreign Affairs Minister Penny Wong says she has made representations to China and Hong Kong after wanted posters for an Australian citizen were circulating in Melbourne.

• Productivity an issue from housing to energy: NAB boss Andrew Irvine says productivity is a complex challenge and needs a variety of fixes.

• Mortgage applications up, just not from first home buyers: The executive in charge of CBA’s leading retail bank, Angus Sullivan, says there is a “good jump” in mortgage applications after last month’s rate cut.

• Rate cut to spur building recovery: Reserve Bank chief economist Sarah Hunter says the RBA’s first cash rate cut in four years will be most immediately felt in the building industry, where a pick-up in construction activity now looks likely.

• ‘Sydneysiders won’t know their grandkids’: Barrenjoey’s Jon Mott says one of the big issues for Australia is getting young people to buy homes amid a housing affordability crisis.

• ‘Geopolitical maelstrom’ is coming: APRA chairman John Lonsdale has told the Financial Review Banking Summit that there is a “geopolitical maelstrom” brewing overseas amid conflict, territorial disputes and a fraying of the global consensus on regulation.