ASX tumbles, economy grows; NAB CEO’s AI warning; China's power play
Published: September 03, 2025
ASX tumbles, economy grows; NAB CEO’s AI warning; China's power play
News in brief
NAB CEO Andrew Irvine is warning Australia’s productivity has stalled, and complacency is putting future generations at risk. He says AI is the game-changer, and "people using AI will take the jobs of those who don’t."
From one bank to the next - and ANZ CEO Nuno Matos is pressing ahead with a major overhaul, even as staff morale dips. An internal survey of 37,000 employees showed engagement, inclusion and wellbeing metrics falling since March this year. Matos took over the top job in May, and is reportedly planning to cut thousands of roles.
The Tax Office is warning Australians not to treat their super like a piggy bank, after early withdrawals topped $1 billion last financial year. New figures show applications for “compassionate release” of super have surged more than 75% since before the pandemic.
Australia’s farm sector is breaking records. The country’s agriculture, fisheries and forestry production is forecast to reach a record value of $101 billion this financial year, with soaring livestock prices a key contributor.
China has staged the country’s biggest-ever military parade at Beijing’s Tiananmen Square, flanked by Russia’s Vladimir Putin and North Korea’s Kim Jong-un. Former Victorian Premier Daniel Andrews was also there, and has been criticised by Australian politicians for his presence alongside dictators.
Fear-o-meter
Reserve Bank Governor Michele Bullock has spoken about the impact of AI on businesses, delivering the Shann Memorial Lecture in Perth:
While many experts anticipate a net increase in jobs, it is likely to be more nuanced: some roles will be redefined, others might be displaced, and entirely new ones will be created.
Some individuals are likely to need support through these disruptions and there will be a need for investment in training and education. These fall outside of the scope of monetary policy.
While AI may eventually automate even some higher-skilled tasks, firms tell us that it is too early to fully understand what this means for their workforce beyond the next few years. Some roles may change and the demand for different or new skills may in turn increase.”
Fear & Greed Q+A today
Could we see four year terms in Canberra introduced under the Albanese government?
The federal government is reportedly considering a shift to four year terms and increasing the number of electorates as part of a major overhaul of the electoral system.
After each election, a committee reviews the electoral system, and according to Nine newspapers, Special Minister of State Don Farrell has put forward those issues as key considerations.
Fixing the date for the current three year term - so that we always know exactly when an election is to be held - could be done with legislation. But extending the term to four years would require a referendum - something that has been tried only once before, by Bob Hawke in the 80s, and was defeated.
As for increasing the number of electorates from 150 - that can be done with legislation as well. In this case, the argument is that each lower house politician is representing an average of 177,000 people - at Federation, it was just 50,000.
It’s Thursday, the 4th of September. The ASX had its worst day since April yesterday, dropping 1.8pc as bond yields rise. It came as the latest data from the ABS showed Australia’s economy is a little stronger than expected. GDP rose 0.6pc in the June quarter, and 1.8% over the year, surprising many economists, who'd predicted a smaller increase. Consumers are spending more, and annual growth in the economy is now at its strongest pace in nearly 2 years.
Greed-o-meter
| Rank | Breed |
|---|---|
| 1 | Cavoodle |
| 2 | French Bulldog |
| 3 | Golden Retriever |
| 4 | Border Collie |
| 5 | Groodle |
| 6 | Miniature Dachshund |
| 7 | German Shepherd |
| 8 | Labrador |
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Smaller dogs are becoming increasingly popular across Australia as cost of living pressures push more people into smaller homes, according to REA. While medium to large dogs like labradors and golden retrievers have previously topped the list, cavoodles have now cemented their place as the most popular breed in the country.
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Source: Ray White, reported by realestate.com.au