Monday's news in only two minutes.

1. A DIY rainbow revolution has begun in the wake the controversial move by the NSW Government to remove the rainbow crossing at Sydney’s Taylor Square. People have started creating their own chalk rainbow crossings on streets around the world and uploading the pictures to social media with the hashtag #DIYrainbow. The original rainbow crossing was painted as part of the Mardi Gras festival. Despite community objections, it was removed last week.

2. Prime Minister Julia Gillard has announced a new six-year $14.5 billion education plan for primary and secondary schools. Under the new plan, the federal government would pay $2 for every $1 invested by state governments. Prime Minister Gillard has reportedly set a June 30 deadline for the states to sign on.

Meanwhile, a new poll shows support for Labor has fallen below 30 per cent.

3. A man who was on his bucks night has died in Sydney after he fell down a stairwell. The 26-year-old man – who was due to get married in June – was reportedly trying to slide down a hand rail at a hotel when the accident happened.

4. There’s been suggestions that an increasing number of people under the age of 25 are filing for bankruptcy. The Herald Sun has reported that almost 1200 18 to 24 year olds have gone bankrupt since 2009 for reasons such as high phone bills and signing up for credit cards they can’t afford.

5. Actor Paul Hogan is reportedly chasing $US34 million that was stolen by a former tax adviser. Hogan claims Phillip Egglishaw (the same man who helped him with his tax evasion battle with the Australian government) took the money from a Swiss bank account where he was storing it. Hogan’s lawyers claim Egglishaw has ”absconded with or spent all” of Hogan’s money.