Albo cuts emissions target; job market softens; Kimmel's axing slammed
Published: September 18, 2025
Albo cuts emissions target; job market softens; Kimmel's axing slammed
News in brief
The local jobs market is softening, with figures showing 5,400 people lost work in August, adding to the argument that the Reserve Bank should cut interest rates in coming months.
Macquarie Group reportedly held talks to merge with private equity giant Carlyle Group, although the discussions ended up going nowhere. Such a merger would have created a global investment powerhouse with $1 trillion in combined assets.
Santos’ share price tumbled 12 per cent yesterday, after the news that the XRG consortium, led by the Abu Dhabi National Oil Co, had dumped its plan to buy the oil and gas major for $30 billion.
In what critics are labelling as a severe impingement on the freedom of the press, US network ABC has pulled late-night host Jimmy Kimmel off air indefinitely over comments he made about the shooting of right-wing influencer Charlie Kirk. It came after a Donald Trump appointee, responsible for free-to-air licences, was very critical of Kimmel’s comments.
The US Federal Reserve cut interest rates yesterday morning by 25 basis points but was a bit cautious about future rate cuts. While the Fed is increasingly worried about the labour market in the world’s biggest economy, it is also concerned about the inflationary impact of tariffs.
Fear-o-meter
Over the past three days we have heard from Reserve Bank chief economist Sarah Hunter that the central bank thinks it has inflation in control. We have also had a labour market report that shows, definitively, that the heat has come out of the jobs market, even though the unemployment rate is at a relatively low 4.2 per cent. And we had an interest rate cut in the United States.
What does all that mean for interest rates in Australia?
The RBA wants to get interest rates to a point where they are neutral. Not too high to stymie the economy, and not too low to trigger inflation. No-one knows what that is, but it is probably below where rates are today.
That’s why there is likely to be a rate cut later this year, but anyone expecting a bunch of reductions will be disappointed.
Historically, in the period before the 2007-08 global financial crisis, rates were much higher than they are today. From the GFC to Covid, rates were much lower than historical averages. The interest rates we're experiencing today are what the long term norm should be.
Fear & Greed Q+A today
On how Australians are preparing for retirement — and how rising housing costs, shifting expectations and financial literacy are reshaping that journey.
"Almost 50% of Australians do not have a plan for retirement. And we sort of liken that to running a marathon without knowing where the finish line is.
It doesn't need to be complex. It doesn't need to be perfect. It could be a matter of just understanding what you want to achieve in retirement. What are your goals? What sort of lifestyle do you want to live? How long do you feel like you need to budget for in retirement? It could be as simple as that.
And we've noticed through the research that Australians are almost three times more likely to be confident in retirement if they have a plan."
It's Friday, the 19th of September 2025. The federal government has committed to cutting Australia’s carbon emissions by between 62 per cent and 70 per cent by 2035, from 2005 levels, as part of a new plan to reduce emissions from all parts of the Australian economy. The new target range is based on advice from the Climate Change Authority and is lower than the original range of 65 to 75 per cent proposed by the Authority last year. The coalition has criticised the figure as being too aggressive, while the Greens, who hold the balance of power in the Senate, argue it is not aggressive enough.
Greed-o-meter
| New Rank (previous) | Name | Wealth ($bn) |
|---|---|---|
| 🟰 1 (1) | Gina Rinehart | 45 |
| 🟰 2 (2) | Harry Triguboff | 32 |
| ▲ 3 (5) | Anthony Pratt & Family | 30 |
| ▲ 4 (6) | Clive Palmer | 23.45 |
| ▼ 5 (3) | Mike Cannon-Brookes | 19.95 |
| ▼ 6 (4) | Scott Farquhar | 19.36 |
| ▲ 7,8 (10,11) | Cliff Obrecht, Melanie Perkins | 17.68 |
| ▼ 9 (7) | Nicola Forrest | 16.65 |
| ▼ 10 (8) | Andrew Forrest | 15.46 |
Forwarded from a friend? Sign up to our daily newsletter
Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar have lost a combined $19bn in the past six months, according to the Richest 250 list in The Australian newspaper. That's sent them down the rankings of Australia's ultra-wealthy, just as Canva co-founders Melanie Perkins and Cliff Obrecht are moving up.
Listen to today's episode 🎧
Source: Australia's Richest 250, in The Australian