Business Now with Ross Greenwood

NextDC shares plunge over power delays at its Melbourne data centre, Netflix and SpaceX beat earnings expectations. Plus, the Reserve Bank signals tough rate decisions as inflation surges and unemployment rises.

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NAB cuts 2,500 jobs as banks face rising costs and AI disruption, a Korean data centre company’s market debut plunges more than 30 per cent. Plus, confusion continues over credit card surcharges and ATO payments.

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The next RBA board meeting is a fortnight away and already the Reserve Bank is on the front foot, two major companies have been hit with takeover bids on the ASX. Plus, the price of gold could lift back above $US5,000 an ounce in early 2027.

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Weaker jobs figures raise questions over future interest rates and recession risks, local markets rebound as AI jitters ease. Plus, Tesla unveils its long-delayed electric sports car.

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Markets scale back rate hike expectations as unemployment rises, US tech stocks tumble amid growing scrutiny of AI valuations. Plus, 11.5 million Australians invest in the share market, but are they making the most of it?

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The Federal Court overturns the Federal Government's ban of the Blayney Gold Mine, another Aussie-founded data centre business pulled its stock market IPO in Singapore today. Plus, Glencore launches a secondary listing on the ASX today.

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David Pocock calls the AI inquiry a stitch-up as Ted O’Brien urges a data protection deal with the US, the ACCC targets 12 egg producers over an alleged cartel. Plus, business confidence slumps amid job security fears.

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Glencore is set for its ASX debut this week, home sales at auctions are getting worse. Plus, economist Warren Hogan joins the program to explain why wishing for steady or lower interest rates might also be wishing for others to lose their jobs.

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Firmus pulls its proposed $44 billion IPO and reportedly eyes a US listing, the federal government’s AI inquiry wraps up. Plus, Australian rents hit a record high in the September quarter.

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Australia’s second-largest share market float appears to be in serious doubt as investors reject the $11 share price, and the Tax Office holds firm on its credit card ban. Plus, ASIC puts an interim stop order on another private credit business.

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The future of Australian coal mines is in doubt after a landmark High Court ruling, ASIC investigates the $1.2 billion collapse of two super funds. Plus, housing starts jump 14.4 per cent year-on-year.

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OpenAI fronts a Parliamentary Inquiry, consumer confidence in Australia is now the worst its been since the 1990s recession. Plus, the Coalition vows to undercut Labor's annual migration target by around 60,000 people.

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Fresh attacks on Saudi oil facilities put pressure on energy prices, the Treasurer hints at spending restraint but falls short of saying spending will be cut. Plus, poor home auction clearance rates again point to prices continuing to fall.

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Firmus Technologies is preparing to list on the stock market soon with a valuation of $43.7 billion on ASX, the RBA's ban on card surcharges has caused restaurants and cafes to increase prices. Plus, investors scrutinise AI related floats.  

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The Reserve Bank says roughly one per cent of borrowers are in negative equity but this could increase fivefold, global bond markets have taken a battering in September. Plus, Australians are switching to electric vehicles in record numbers.

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Headline inflation jumped to 4 per cent in August, the RBA says we spend $1.6 billion on surcharges each year. Plus, the potential ban by President Trump on exporting diesel.

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The Reserve Bank raises the cash rate to a 15-year high of 4.6 per cent, tech giant OpenAI has apologised for one of its rogue agents hacking into four Australian government websites. Plus, household spending weaker than expected.

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The Reserve Bank is widely expected to raise interest rates tomorrow to 4.6 per cent, Treasurer Jim Chalmers releases the final budget outcome. Plus, the growth outlook for artificial intelligence companies.

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ASX200 index falls to a new 50-day low as surging bond yields put pressure on stock markets, oil prices ease amid talks between the US and Iran. Plus, Donald Trump meets with Xi Jinping at the White House. 

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Australia’s unemployment rate rises to 4.6 per cent, while new data shows housing and cost of living pressures are weighing on Australians. Plus, Daniel Mookhey pushes to change NSW’s GST deal ahead of the state election.

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Energy leaders call for greater policy certainty and faster approvals, most oppose powering data centres solely with renewables. Plus, Australia faces heightened storm threats in the coming months, according to the News24 Severe Weather outlook.

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Michele Bullock faces a rate rise call next week, with markets and economists expecting a hike, a battle brews over using super to buy a home, and one in four investors are less likely to invest amid tax uncertainty.

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Treasurer Jim Chalmers releases a second intergenerational report which says AI will have a defining influence on our economy over the next 40 years, Albanese advocates for a seat on the UNSC. Plus, auction clearance rates remain below 50 per cent.

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13 lenders have lifted fixed rates ahead of the RBA rate meeting, RBA governor says fuel costs will surge due to the Iran War. Plus, the NSW Supreme Court have approved BATHLA's admin extension until September 2027.

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Tony Burke announces Labor’s plans to cut immigration, the US Federal Reserve raises interest rates for the first time in over three years. Plus, lobby groups representing farmers and the tourism sector hit back at Labor’s immigration reforms.

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Markets are bracing for tomorrow morning's interest rates decision by the US Federal Reserve, Bitcoin prices plunge after a crypto regulations bill in the United States failed to receive enough votes in the Senate. Plus, Rob Bishop joins the program.

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Houthi Rebels launch waves of attacks on Saudi Arabia, sales of new homes have declined for a fourth consecutive month. Plus, the top 40 per cent of Australians by income or wealth have received almost $4 billion in cost-of-living relief.

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About 600 jobs have been slashed at the Whyalla steelworks in South Australia, One Nation announces plans to reduce migration by 750,000. Plus, the founder of one of Australia's fastest growing health tech companies 4D Medical joins the program.

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Australian bond yields hit multi-year highs as oil reaches a four-month peak and rate rises threaten recession. The SaaS sell-off faces scrutiny as AI spending reshapes the economy. Plus, the housing downturn puts weekend auctions under pressure.

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The government has confirmed it will soften its 20 per cent gas reservation plan, Nvidia is making a big investment into Australia. Plus, Queensland could see a credit rating downgrade as early as tomorrow.

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US business groups and the Trump administration hit back at the ATO’s new royalties tax rules, Steve Baxter warns tax changes are hurting defence investment. Plus, Bubs secures US approval to sell three infant formula products.

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The ATO takes on America’s tech giants over billions in potential extra taxes, oil prices climb amid US-Iran strikes and disruption to tanker traffic. Plus, Australian business conditions plunge to a six-year low.

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The administrators of Bathla have stood down hundreds of staff, One Nation's plan to allow Australians early access to their super has been attacked by Labor. Plus, housing affordability in Australia has fallen to an all-time low.

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Bathla’s collapse puts subcontractors on notice as insolvencies loom, the RBA faces a tough rate call amid slower growth and sticky inflation. Plus, a whole island goes on sale for around half a million dollars.

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Bathla administrators pay workers some wages as they negotiate with lenders, La Trobe Financial CEO Chris Andrews joins the program to discuss the collapsed developer. Plus, Australia’s cruise industry faces a decline despite strong demand.

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Australia’s economy grows 2.1 per cent, putting pressure on the Reserve Bank to raise rates, Bathla Group’s deadline to secure funding is extended by 24 hours. Plus, surging oil prices add to inflationary pressures.

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Property prices fall for a fifth consecutive month, while building costs soar 30 per cent in five years and push up insurance premiums. Plus, Treasury says fewer than 10 per cent of businesses have significantly adopted AI.

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US Federal Reserve chairman Kevin Warsh has sounded the warning on inflation, the administrators Bathla Group say the business will be unable to pay its staff by Thursday. Plus, it's the final day of profit reporting season.

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Virgin Australia, Harvey Norman and PEXA report their latest results, with PEXA CEO Russell Cohen on the pressure facing the property market. Plus, Kyle Rodda recaps a wild earnings season as share prices surge and plunge on results.

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The big four banks now expect another rate rise after yesterday’s inflation data, Qantas flags higher revenue despite a $420 million oil hit. Plus, Nvidia shares soar as it forecasts 70 per cent revenue growth.

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