Nvidia CEO resigns; rates negate low house prices; NASA wants astronauts
News in brief
Higher rates wipe out benefit of cheaper homes
ANZ and Westpac bosses say rising interest rates have largely cancelled out the affordability benefits of falling house prices. Westpac chief Anthony Miller told a parliamentary committee that a one percentage point rate rise typically cuts borrowing capacity by ten per cent. He also warned that new housing construction remains weak.
ASIC takes CBA to court over $21 million in fees
ASIC has launched Federal Court proceedings against Commonwealth Bank, alleging it systematically overcharged around 93,000 business customers, including 40,000 small businesses. The regulator claims customers were charged about $21 million in excess fees. CBA has apologised and refunded more than $26 million, including interest.
ATO recovers $1.1 billion in unpaid super
The Australian Taxation Office has recovered more than $1.1 billion in unpaid superannuation for over 900,000 workers in the past financial year, up from $795 million previously. It also imposed almost $250 million in penalties. The new Payday Super system will require employers to make super payments alongside wages.
European schools disrupted by mass bomb threats
Around 6,000 schools in Italy and dozens more across Ireland, Northern Ireland and Scotland have received bomb threats, triggering evacuations and police searches. Authorities believe the threats are hoaxes. The incidents follow similar threats against European airlines and airports that forced several flights to make emergency landings.
NASA recruits astronauts for Moon missions
NASA is recruiting a new generation of astronauts as it prepares to establish a permanent lunar base under its Artemis program. The agency has just 32 active astronauts. Its previous recruitment round attracted more than 8,000 applications, with only ten people selected. Applicants must be US citizens with university qualifications and professional experience.
Fear-o-meter
RMIT Professor Asha Rao, School of Science on Black Friday sales
"Scams are getting harder to detect, and with the Black Friday sales upon us, we need to take stock of how we shop and what more we can do to protect ourselves.
"Pause before you click. Scammers want you to react rather than think, which is why this key message may be all you need to protect yourself.
"However, given the advent of AI, it may not be that easy. From the ACCC 2025 Targeting Scams report, losses have started rising again after a dip in 2023 and 2024.
"Regular checks of your bank transactions, and especially checking when your bank messages you about a transaction is advisable.
"Be especially careful when you find attractive offers on social media and taking the time to independently search for the seller using your browser, could save you a lot of heartache after the fact.
"If the worst does happen, then reach out to your bank, but also to IDCARE, the national identity and cyber support service, to report your loss."
Fear & Greed Q+A today
This is the final episode of Extraordinary Business Stories, a special Fear & Greed Q+A series brought to you by Telstra. Sean Aylmer and Michael Thompson speak with Rebecca Dredge from Kiddo and Hojun Tang from Yellowbox, two Innovation Award State Winners in the 2026 Telstra Best of Business Awards, about turning everyday problems into successful businesses, learning from mistakes and why listening to customers is the key to innovation.
Kiddo's Rebecca Dredge on where the best ideas come from: "You're close to your customers. You talk to them, listen to them. It's not always about asking for a Google review or how great were we. It's sort of, how could we service you differently? Is there something different we could be doing for you? And they're the ones that normally have the ideas."
Yellowbox's Hojun Tang on turning an idea into a product: "Some of the challenges that we faced was spending too much time trying to make the perfect product. And what we learned from our mentors and the wider startup community and business community was we just needed to get the product out there."
Nvidia's Jensen Huang resigns as scandal rocks AI giant
Jensen Huang has resigned as CEO of Nvidia following revelations of two relationships that have triggered questions about corporate governance and national security at one of the world's most valuable companies.
According to media reports, Huang had a relationship with a woman suspected of being a Chinese spy, as well as an extramarital affair with an Nvidia executive who reported directly to him.
China has denied the espionage allegations, while US President Donald Trump previously played down the controversy. Overnight he suggested former Apple boss Tim Cook should replace Huang.
The revelations sent Nvidia shares plunging nine per cent, wiping around $US400 billion from its market value. The company has lost approximately $US660 billion in value over the past week.
Huang co-founded Nvidia in 1993 and transformed it from a video gaming chipmaker into the dominant supplier of processors powering the artificial intelligence boom.
His position creates enormous uncertainty for Nvidia, which has no obvious successor.
Huang was known for his direct management style, with around 60 direct reports, and was central to the company's relationships with customers, governments and other technology businesses.
Nvidia accounts for about 5.3 per cent of the MSCI World Index, meaning further share price falls could affect investors around the globe.
Greed-o-meter
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Fears of an AI bubble are growing, with one of Warren Buffett’s favourite measures of sharemarket valuations flashing a warning sign. The so-called Buffett Indicator compares the total value of US shares with the size of the American economy. According to Statista, it reached 225 per cent in the September quarter, well above the levels seen before the dot-com bubble burst in 2000. Buffett once warned that a reading approaching 200 per cent meant investors were “playing with fire”. The indicator has its limitations, but with AI stocks driving much of Wall Street’s gains, it’s another reason investors might be questioning whether valuations have become unsustainable.