NAB slashes jobs; politicians call for calm after attack; cyber crims target work meetings
Published: October 20, 2026
NAB slashes jobs; politicians call for calm after attack; cyber crims target work meetings
News in brief
Politicians call for calm: Politicians across the political spectrum have condemned the alleged deliberate attack on independent MP Helen Haines outside her Wangaratta office. Haines has lost one leg, with doctors fighting to save the other.
BHP copper plans: BHP plans to double Australian copper production by 2040, targeting 650,000 tonnes annually in South Australia. The mining giant has also committed $1.1 billion towards expanding its Escondida mine in Chile, despite reporting a 19 per cent fall in quarterly copper output.
ACCC greenwashing warning: The competition watchdog has issued new guidance warning businesses against misleading environmental claims. Companies must clearly distinguish genuine emissions reductions from purchased carbon credits, and ensure sustainability claims are backed by credible evidence.
Trump campaigns to defend Republican strongholds: With two weeks until the US midterm elections, Donald Trump is campaigning in traditionally Republican states where his party now faces unexpectedly difficult contests.
Cybercriminals find a new way into workplaces: Cybercriminals are increasingly using fake calendar invitations to target employees. The invitations can appear automatically in workplace calendars and contain links designed to steal passwords or install malicious software. Cybersecurity firm Sublime reports an extraordinary surge in these attacks, with salespeople and recruiters particularly exposed.
Fear-o-meter
Former independent MP Zoe Daniel, in The Guardian, on the Helen Haines attack:
“It was obvious to those of us who work in and around politics, that eventually, someone would get physically hurt.
“The fact that it’s Helen Haines, arguably the best of all of us, not just as a politician but a person, is unbearable.
“Some of us community indies have T-shirts that say, “What would Helen do?” They were a gift from the member for Kooyong, Dr Monique Ryan, a few years ago. And while it was a bit funny at the time, it’s not a joke.
“Helen is the one you go to when you’re grappling with the moral quandaries that arise frequently as an MP, in a job when a binary yes/no vote sometimes feels impossible. With intelligence, warmth and deeply held ethics, she represents the very backbone of the parliament.”
Fear & Greed Q+A today
On the growing battle over artificial intelligence and copyright, and why the music industry believes that existing copyright laws are still working in the AI era:
"Mushroom has already entered into three AI music licences. And there are fifteen currently being negotiated or reviewed, and ARIA, the peak recording body, gave evidence at the Joint Select Committee that there are eighteen AI music agreements in place around the globe, and since they gave that evidence, another nine have been entered into.
So to suggest that AI licensing is, or that copyright law is in any way a hindrance to AI, is simply just not true and just flies in the face of the evidence.
There's a number of, I'm going to call them responsible AI companies, who haven't gone down that path and rather they've said, we're not going to do that. We're going to come and negotiate. We'd like to use your recordings for certain AI services.
They explain what they are and then they strike licensing agreements to train on our music, to make fair payment and to agree to certain controls or guardrails on the outputs of them.
Spotify, being the biggest streaming service in the world, has just struck deals with us and with majors around the world for an AI service. They haven't gone and breached any or infringed any copyright before they've done it. They've gone and asked."
NAB cuts 2,500 jobs as pressure mounts on the big banks
National Australia Bank is cutting 2,500 jobs, or around six per cent of its workforce, as Australia's major banks confront slowing mortgage lending, fierce competition and growing pressure to reduce costs.
Around 1,500 positions will go before the end of the year, with NAB also planning to substantially reduce its use of consultants and contractors. Chief executive Andrew Irvine says the cuts will focus on corporate functions rather than customer-facing roles, with the aim of removing duplication and speeding up decisions.
The Finance Sector Union has condemned the move, warning it will create anxiety and disruption for employees.
NAB isn't alone. ANZ has announced 3,500 job cuts, while Westpac is overhauling its technology systems and Commonwealth bank has also reduced its workforce.
The bigger issue is how much the banking industry has changed. Macquarie is competing aggressively for mortgages, technology companies are moving into payments, and private credit providers are challenging traditional business lending.
At the same time, higher interest rates and a slowing economy are making revenue growth harder to achieve.
Greed-o-meter
| State | Quarter % | Annual % |
|---|---|---|
| Western Australia | 1.1 | 3.6 |
| South Australia | 0.9 | 3.5 |
| Queensland | 1.0 | 3.4 |
| New South Wales | 1.0 | 3.2 |
| Victoria | 0.9 | 2.8 |
| National | 1.0 | 3.2 |
Source: Cotality Cordell Construction Cost Index, September quarter 2026.
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The cost of building a home is picking up again, after a relatively quiet start to the year. According to Cotality, national construction costs rose 1% in the September quarter and 3.2% over the year. Costs are now 26.1% higher than five years ago, with renewed price pressures threatening to squeeze already tight builders' margins.