🗞️ Exposed

Good morning. Australia's government debt has passed $1 trillion for the first time, though at 32% of GDP we're actually well down the list next to the UK at 95%, the US at 125% and Japan at 250%.

The concerning number is household debt, sitting at 190% of household income, the highest in the developed world and mostly tied up in property.

It means the government's balance sheet is the healthy one, and ordinary Australians are the ones exposed when rates move.

All the headlines and more below...

5.3 MILLION AUSTRALIANS WILL RECEIVE $4B IN HIGHER CENTRELINK PAYMENTS FROM SEPTEMBER 20

Twice-yearly indexation will lift the maximum Age Pension by $36.80 a fortnight for singles to $1,237.70, and by $55.60 for couples to $1,866 per fortnight. Jobseeker rises $16.20 to $833.70 for singles without children, while Youth Allowance and parent payments increase $20.90 to $1,087.20. The September indexation is the largest pension increase since March 2023.

Rent Assistance will also be indexed higher, with singles receiving an extra $4.40 to bring the payment to $223.80, and couples an extra $4.20 to $211. ABSTUDY for single recipients rises $16.20 to $833.70 per fortnight, and couples on Jobseeker will be better off by $14.80 to $763 each per fortnight.

Social security deeming rates, which estimate how much income financial assets would earn for the income test, will also increase. The rate rises to 1.75% for financial assets up to $66,800 for singles and $110,600 for couples, and 3.75% for assets above those thresholds.

AUSTRALIAN NEWS

• APRA has released a 2026/2027 corporate plan to ready banks, insurers and super funds for severe stress as cyber, geopolitical, climate and payment-system risks escalate. CB

• The NDIS has increased funding cuts for about 18,000 participants, with about 40% of plan reassessments in the first 3 months of the year reduced, up from 25%, as average cuts rose to 19%. LINK

• Australia recorded only 46 new class actions in FY26, down from 80, while total settlements have surged to $1.65B as larger payouts drive a maturing system. LINK

CROWN SYDNEY FINED $1.75M AFTER 16-YEAR-OLD GAMBLED THERE 19 TIMES ON FAKE ID

Crown Sydney has been fined $1.75M by the NSW Independent Casino Commission after a teenager using a fake driver's licence entered the venue 19 times between April and August 2025, gambling, drinking complimentary alcohol and earning silver membership before staff detected him. The Star Sydney was fined $500,000 after the same boy entered 3 times. The boy was sometimes accompanied by his mother.

Liquor and Gaming NSW referred the case after Crown notified the regulator once it discovered the breach. NICC Chief Commissioner Philip Crawford said both casinos had accepted responsibility for "significant failures" in identity verification and customer onboarding processes but that the seriousness remained, particularly the illegal service of alcohol to a minor at Crown.

Both casinos have since introduced additional staff training, enhanced ID verification processes and new fraud-detection technology. The teenager has been banned from both venues for 5 years, starting on his 18th birthday.

COMPANY NEWS

• Bega reported a 35.8% jump in full-year profit to $69M as Victorian cheese factory closure cuts costs, while warning Middle East conflict-driven fuel and packaging costs will keep grocery prices rising. LINK

• Alphabet has raised a record $5.5B in its Australian bond market debut as more than 200 investors placed over $20B of orders for the 3-year and 5-year tranches. LINK

• Dexus has forecast about a 14% profit fall in the coming year as $60M in legal costs from its Melbourne Airport dispute hits earnings and it reviews its $7.3B infrastructure business. AFR

• IDP Education reported a 77% slump in annual net profit to $13.2M as tighter international student caps triggered sharp declines in placements across Australia, Canada, the US and the UK. AFR

• Medibank Private reported a $638.7M statutory net profit after tax for the year ended 30 June, up 27.5% as it warns cost-of-living pressures are pushing customers to cheaper policies. CB 

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CHART OF THE DAY

Customers in their 30s buy the most toys

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Odd Pick: A Miami DJ has set a Guinness World Record by running 46.7km while DJing live for 8 hours.

Editor’s Pick: Scientists have discovered a new form of ice that freezes at room temperature under rapid compression.

Draft Pick: Australia head coach Kevin Walters has signed a three-year deal with St Helens from 2027, before leading the Kangaroos at a home World Cup this year.

Doctor’s Pick: The only supermarket ‘spreadable’ butter this food expert will eat.

TRIVIA

Which five letter word can go after "eyes", "drive" and "house" to make three other words?

Answer below

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ANSWER

Eyestrain
Drivetrain
Housestrain

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