⚠️ 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.

⚠️ 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%.

⚠️ JAPANESE GIANT MAKES $8 BILLION TAKEOVER BID FOR AUSTRALIAN FIRM Japanese insurance giant Daiichi Life has made a takeover proposal for Australian retirement investment company Challenger, valuing the business at nearly $8 billion. Through its Australian subsidiary TAL, the insurer is offering $11.80 per share to acquire the remaining 79.5% it doesn't already own. Challenger's board is reviewing the non-binding proposal, which remains subject to regulatory approval.

⚠️ THINK TANK CALLS FOR 15% GST ON ALL GROCERIES The Grattan Institute has called for Australia’s GST to increase from 10% to 15% and be extended to all food, including currently tax-free essentials like bread, milk, fruit and vegetables. The proposal would raise an estimated $76 billion annually, with $58 billion redirected towards income tax cuts and increased welfare payments. The changes are recommendations from the think tank, not government policy.

🚨 THREE MEN JAILED FOR 158 YEARS EACH OVER MURDER OF AUSTRALIAN BROTHERS Three men in Mexico have each been sentenced to 158 years and nine months in prison for murdering Australian brothers Jake and Callum Robinson and their American friend Carter Rhoad during a surfing trip in 2024. The three tourists were shot during an attempted robbery, with their bodies later discovered dumped in a 15-metre-deep well. Prosecutors said the attackers had targeted the tyres on the victims’ vehicle.

🚨 US CONSIDERS NEW TARIFFS ON AUSTRALIAN LAMB American sheep farmers are pushing for tariffs on imported lamb, arguing that cheaper overseas competition is hurting their industry. Australia, a major supplier to the US, has rejected those claims, arguing that America's declining sheep industry is largely due to domestic problems rather than Australian imports. The US International Trade Commission is investigating whether imports are seriously harming American producers, with an initial decision expected by November 13.

🚨 AUSTRALIA ISSUES 'DO NOT TRAVEL' WARNING FOR SAUDI ARABIA The Australian government has raised its travel warning for Saudi Arabia to the highest level following deadly missile and drone attacks targeting airports and civilian infrastructure. Australians are being urged to postpone all travel, including religious visits, as major airports face closures and widespread flight cancellations. Those already in Saudi Arabia have been warned to prepare for further attacks and be ready to shelter in place.

🚨 US AMBASSADOR WANTS AUSTRALIAN SUPER INVESTED IN RARE EARTHS US Ambassador Dave Brat is pushing for Australia's $5 trillion superannuation industry to invest in rare earth minerals, helping the US and Australia reduce reliance on China. Speaking at a Sydney business event, Brat said the investments would strengthen national security and economic growth, while indicating he was working to secure government-backed investment returns.

🚨 LABOR MPs GROW FRUSTRATED AS ALBANESE FACES MOUNTING PRESSURE Growing frustration is reportedly emerging within Labor's ranks as the Albanese government battles declining polling, economic criticism and resistance in the Senate. Despite holding 94 seats in the House of Representatives, Labor suffered another setback this week after the Coalition, Greens and crossbench blocked a proposed $3 billion saving involving private health insurance rebates.

🚨 CHINA SAYS RELATIONS WITH AUSTRALIA ARE BACK ON TRACK China's new ambassador to Australia, Liu Jinsong, says relations between the two countries have stabilised after years of trade disputes and diplomatic tensions. Speaking in Canberra, Liu called for closer economic cooperation while acknowledging ongoing disagreements, ahead of a planned meeting between Anthony Albanese and Chinese President Xi Jinping next month.