⚠️ RBA SAYS AUSTRALIAN JOBS MARKET IS WEAKENING FASTER THAN EXPECTED

The Reserve Bank has acknowledged signs Australia's labour market is weakening faster than forecast, after unemployment reached a five-year high of 4.7% in September, with 39,300 fewer people employed.

The slowdown has reduced expectations of another interest rate hike, although the RBA remains concerned about inflation after raising rates four times this year to 4.6%.

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⚠️ NAB TO AXE 2,500 JOBS IN MAJOR RESTRUCTURE

NAB plans to cut up to 2,500 jobs, around 6% of its workforce, with 1,500 positions expected to go before the end of 2026.

The cuts will mainly affect corporate and management roles as the bank looks to reduce costs and streamline operations.

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⚠️ AUSTRALIA MOVES TO RECRUIT PAPUA NEW GUINEANS INTO DEFENCE FORCE

Australia is advancing plans to recruit Papua New Guinean citizens directly into the Australian Defence Force, with Defence Minister Richard Marles holding talks in Port Moresby.

The program forms part of the new Australia–PNG military alliance, with an initial recruitment pilot planned for 2027 and ambitions to enlist thousands over the coming decade.

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🚨 VANUATU EXPECTS CHINESE POLICE PRESENCE TO SHRINK AFTER AUSTRALIAN DEAL

Vanuatu says China’s police presence in the Pacific nation is expected to decline following a $500 million security and development agreement with Australia.

The agreement establishes Australia as Vanuatu’s primary policing partner, marking a potential setback for Beijing’s growing influence in the Pacific. No timetable has been announced for the reduction of Chinese officers.

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⚠️ LABOR’S $560M GRANTS SCHEME FACES SENATE INQUIRY

A Senate inquiry begins today into Labor’s $560 million invitation-only grants program, after an investigation found nearly 73% of funding went to Labor-held electorates.

Among the projects under scrutiny is a $6 million grant to Marrickville Golf Club in Anthony Albanese’s electorate, where the Prime Minister previously held an undeclared honorary membership.

The Infrastructure Department says it had no role in selecting projects, while the government maintains the program followed the rules.

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🚨 RBA WARNS INFLATION IS WORSENING

Reserve Bank Deputy Governor Andrew Hauser has warned Australia's inflation outlook is "materially worse" than previously forecast, raising the possibility of another interest rate increase in November.

Inflation remains at 4%, well above the RBA's 2–3% target, despite four rate hikes this year. Meanwhile, unemployment has risen to 4.7%, leaving the central bank facing difficult decisions as the economy weakens.

The RBA will announce its next interest rate decision on November 3.

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📉 HOUSE PRICES FALL IN EVERY AUSTRALIAN CAPITAL AS RECORD 4.7% QUARTERLY DROP REPORTED

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