🗞️ Code of life

Good morning. Scientists have managed to build an AI model that reads gene behaviour the way ChatGPT reads language.

The model was taught to study how genes cluster, shift roles and interact across millions of biological datasets.

The system can predict missing links between genes, spotlight poorly understood ones and suggest possible disease targets, potentially accelerating drug discovery and diagnostics.

All the headlines and more below...

WESTPAC FINED $26M AFTER 277 CUSTOMERS IN HARDSHIP NEVER GOT A RESPONSE.

Westpac ignored hardship requests from 277 customers between 2015 and 2023 due to what the Federal Court called "grossly negligent" failures in its online system. Some customers were chased for debt while their help requests sat unanswered.

The customers told the bank they couldn't work, had medical conditions or were full-time carers. The bank was required to respond within 21 days. In some cases, Westpac initiated enforcement action against people who'd formally asked for help. The system deficiency continued even after the bank received complaints about missing notices.

ASIC pushed for a $30M fine. Westpac argued for $10M. The court landed at $26M. The bank ran a remediation program and paid out $1.7M to affected customers. It self-reported the issue in 2022 and says it's since upgraded its systems.

AUSTRALIAN NEWS

• Gold has quietly become Australia’s second-largest export earner, generating an estimated US$61B in export revenue in 2025 as it sheds its legacy industry status. LINK

• The Australian housing market has entered a clear correction as RBA rate hikes and Albanese government tax changes cut investor activity by 34% and overall market turnover by 20%. LINK

CBA IS TESTING AN AI THAT CAN APPROVE YOUR HOME LOAN WITHOUT A HUMAN.

Commonwealth Bank is piloting an AI tool inside its app that can complete income verification and process loan applications end-to-end. No banker required. The tool, called Commbank Companion, is already being tested by 2,000 staff and select business customers. It goes live to thousands of retail customers by end of June.

The AI lives in the app, learns your preferences and answers questions about buying a home, cash flow or savings using your own banking data. You ask it a question, it pulls your information, runs the numbers and takes action. It won't recommend products - that would breach financial advice rules - but it can guide you through an application process that used to need a lending specialist.

CBA has been the most aggressive of the Big 4 in replacing people with AI. Comyn told the Financial Review the bank has a duty to be honest rather than offer "false reassurance". When a role disappears, it affects a mortgage, a career plan and someone's sense of identity, but pretending every job can be preserved "would not be fair either."

COMPANY NEWS

• SpaceX opened its initial US public offering to Australian retail investors through CommSec as it targets up to $1B locally within a broader US$75B global raising. LINK

• KPMG Australia faces renewed scrutiny over its whistleblower scandal as its internal investigation punished partners for minor confidentiality breaches while failing to interview key witnesses from Dexus and Lendlease. LINK

• The Fair Work Commission has ordered Uber to reinstate a Melbourne driver and pay 1 year of lost earnings after finding Uber mishandled 16 misconduct complaints. LINK

• Bunnings has launched an AI-powered shopping assistant called Buddy built on Google’s Gemini platform, which uses the retailer’s how-to content to guide customers through complex DIY projects. LINK

• Network Ten has cut more than 100 jobs, axed The Project and lifted revenue 6.4% to $464M as it narrowed its annual loss to $84M in 2025. LINK

• CBA has warned of unavoidable major job losses as it spends $2.4B a year on AI and pilots its agentic Commbank Companion tool with 2,000 staff. LINK

• Ferrari has unveiled the Luce, its first fully electric 4-door 5-seater developed with Jony Ive’s LoveFrom, priced at €550,000 with deliveries from Q4 2026. LINK

• Kogan reported 10-month group sales up 13.2% to $875.6M, revenue up 6% to $433.7M and adjusted EBITDA up 17.4% to $37.5M, supported by a Mighty Ape turnaround. LINK

• Flight Centre warned of a full-year profit guidance downgrade as its Pedal Group divestment limits FY26 profit to $5M and Middle East conflict volatility delivers a $10M April hit. LINK

• BHP delayed or halted key decarbonisation projects in its WA Pilbara iron ore operations, risking its net zero 2050 pledge as leaked internal documents show forecast emissions cuts of just 1%. LINK

• The EU is preparing to fine Google a high triple-digit million euro sum for alleged breaches of the Digital Markets Act, as it seeks stronger compliance from the search giant. LINK

Winning, on-brand ads—without endless prompting

Most AI ad tools generate volume, not quality — and refining output means endless prompt rewrites. With Hightouch Ad Studio, AI gets you 90% of the way there. For the final 10%, use a built-in editor to quickly refine copy and design. Move faster without losing control.

See how Ad Studio works

CHART OF THE DAY

Goods transport accounts for bulk of maritime emissions

ONE MORE SCROLL

Editor’s Pick: 5 art novels to read this year.

Draft Pick: Aaron Rodgers says this will be his last NFL season.

Doctor’s Pick: Scientists find hidden brain nutrient deficit that may fuel anxiety.

TRIVIA

How much did this 7.84 ha house in Commera QLD, sell for?

The property has 6 bedrooms, 3 garages and 5 bathrooms. It also has a full-size tennis court, basketball court, commercial-grade gym, seven-seater spa and infrared sauna.

Answer below

OUR SOCIALS

ANSWER

$8 million

Was this email forwarded to you? Sign up here