🗞️ Just a blip

Good morning. Australian house prices have dropped for six months straight and are now 5.2% below their March peak, back to where they were a year ago.

Brisbane fell hardest in September at 1.5% down, with every suburb in the city recording lower prices compared with June, while Sydney's North Curl Curl has shed $1 million off its median in the past year.

Economists reckon prices are on track to fall at least 10% after the Reserve Bank lifted rates for the fourth time this year on Tuesday, pushing more buyers out of the market.

All the headlines and more below...

COMMONWEALTH BANK EXTENDS REGIONAL BRANCH MORATORIUM TO DECEMBER 2030 AND COMMITS TO INDEFINITE CASH ACCESS

Commonwealth Bank extended its regional branch moratorium by 3 years to December 2030, matching a commitment Westpac made last year, and pledged to maintain cash access indefinitely despite usage falling from 97% of Australians in 2007 to 50% in 2025. The bank operates more than 600 branches and 1,700 ATMs across the country.

Chief Matt Comyn said the bank could not foresee "any conceivable timeline" when it would not support cash, even as the share of transactions settled in cash continues to fall. Foot traffic across branches is falling as customers shift to digital banking, but the pause was aimed at giving regional customers certainty.

CBA will spend $140M upgrading branches, including shorter wait times and better access to business bankers in metro and regional locations. The bank also has a partnership with Australia Post running until 2032 that gives customers access to banking services at 3,300 additional locations.

AUSTRALIAN NEWS

• The RBA said households and businesses remain broadly resilient to rising rates and a steep house price decline, with negative equity and arrears contained despite higher inflation. LINK

• The Association of Professional Builders reported that 70% of Australian builders now charge for quotes as rising construction costs and time-intensive tenders squeeze small tradies’ margins. LINK

ATO TO STOP ACCEPTING CREDIT CARD PAYMENTS FROM 30 NOVEMBER

The Australian Taxation Office will stop accepting credit card payments from 30 November, saying it would not be appropriate to pass the cost of merchant fees on to the community now that the RBA's card surcharge ban is in force. Only 2.3% of tax payments were made by credit card in FY25, and more than 60% of those came from privately owned wealthy groups and multinational businesses.

The ATO will write directly to taxpayers whose payment plans are linked to a credit card to explain the steps they need to take before the deadline. It said it will keep supporting people experiencing financial hardship.

The surcharge ban, which started on 1 October, stops businesses adding card processing fees at the checkout, and the RBA estimates it will save Australians $1.6B a year. Some businesses are moving customers to cash, PayID or bank transfer instead, while others are covering the cost by raising their prices.

COMPANY NEWS

• The ATO reported that 1,149 of 4,299 large companies paid no tax in FY25 as total corporate tax payable fell 8.6% to $87.5B amid weaker mining profits. LINK

• Target has partnered with Uber Eats to offer more than 25,000 fashion, home and toy products for delivery in under an hour as it ramps up online options before Christmas. LINK

• Ampol agreed to buy Evie Networks for $225M, adding 1,000+ charging bays to create a 1,425‑bay network and making it Australia’s largest EV charge‑point operator. LINK

• Accenture has forecast annual revenue growth of 3% to 6% in FY27, above expectations, easing AI disruption fears and lifting consulting revenue 7% to US$9.28B as total sales beat estimates. LINK 

• Goodman Group withdrew a $1.2B data centre plan in Sydney’s Lane Cove as emerging federal and state policy and strong local backlash fuel a wider political debate. CB

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CHART OF THE DAY

Safety plays a key role in travel planning

Australia sits in the bottom half at 32%, well behind South Africa's 53% and Brazil's 51%, but ranks above Germany, the US and Japan.

ONE MORE SCROLL

Odd Pick: Chinese specialists launched 116 autonomous underwater drones that synchronised for 34 minutes over more than 500 metres.

Draft Pick: Hunter Paisami received a 4‑match ban for a dangerous tackle in Australia's chaotic 42-38 win over South Africa.

Doctor’s Pick: Food industry insiders sound alarm over Australia's broken food labelling system.

TRIVIA

How much did this 8 bedroom, 562 metre squared house sell for in Tamarama, Sydney?

Answer below

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ANSWER

$20.25M

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