Property prices falling for second month in a row

It's Friday, July 1. Good morning, it's Friday. One thing to know right now is that property prices are falling.

National property prices have fallen for the second month in a row.

In June, home values across the country dropped by 0.6 per cent, according to CoreLogic.

In some capital cities, higher interest rates and unaffordable prices have hurt demand for homes.

Demand for homes has waned, with the latest lending data from the Australian Bureau of Statistics showing that demand for home loans fell by 6.4 per cent in April, just before the RBA began to hike rates in May, the first rate rise in more than a decade.

One thing you will be hearing about today is that the PM is in France.

Prime Minister Anthony Albanese will meet with French President Emmanuel Macron when he arrives in Paris.

The relationship between France and Australia broke down last year when Mr Macron accused Scott Morrison of lying about an abandoned $90 billion submarine contract with a French company.

Andrew Probyn, ABC political editor, said that getting France onside will be critical if Australia has any chance of progressing a free trade agreement with the European Union.

Probyn also noted that there was a familiar face to greet the PM in Paris:

Anthony Albanese arrived in Paris and went off to see the OECD, an economic forum headed by former finance minister Mathias Cormann. We remember Mathias Cormann as a person who was firmly opposed to Labor's climate change policies. He was a Secretary-General of the OECD today, and praised Labor and Anthony Albanese for their climate change policy, the ambition, drive and determination to tackle climate change. Mathias Cormann has undergone a remarkable carbon conversion in the high office.

One more thing: the new financial year has arrived.

A raft of policy changes have gone into effect from today, if that wasn't enough to make you shiver.

There is a lot to unpack there so make sure to read our explainer on how the changes will affect you.

We'll be back later in the day with more.