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Good morning. If you’ve ever been irritated in the aisle because the plane's been parked at the gate for 10 minutes, you’re going to remember this one.

373 people on an Emirates flight spent more than 10 hours stuck trying to disembark with barely any air conditioning. Their 7-hour flight from Dubai to Shanghai was diverted due to thunderstorms, then sat overnight for an additional 10 hours because border officials didn't arrive to let anyone off until the morning.

Staff exceeded the time they could work in one shift and had to be subbed out, while one passenger reportedly fainted.

All the headlines and more below...

CRIME SYNDICATES ARE RUNNING DEDICATED FRAUD NETWORKS TARGETING NDIS PARTICIPANTS

Organised crime groups have set up dedicated fraud networks targeting NDIS participants, in some cases using threats of violence to force cooperation in filing fake claims, according to evidence given to a Senate inquiry.

Australian Criminal Intelligence Commission executive Adam Meyer told the Senate Community Affairs Legislation Committee that the fraud involves a broad range of networks - from groups focused solely on NDIS fraud to larger syndicates that treat the scheme as one part of a wider criminal business model. Participants are being colluded with or manipulated to set up false claims. The stolen money is then recycled into other criminal activities.

Meyer said the actors range from dedicated fraud networks to broader organised crime networks that approach targeting the NDIS as part of a wider business model.

AUSTRALIAN NEWS

• Australian companies are rapidly appointing chief AI officers, with more than 2 in 5 firms already doing so and nearly 2 in 3 expected by 2027, while investors await productivity gains. LINK

• eSafety has launched Federal Court civil proceedings against Telegram after a year-long probe alleged it left pro-terror execution and mass shooting videos online for weeks, risking penalties up to $54.6M per breach. LINK

• A stronger than expected data centre investment boom, with IT equipment spending up 126% to $5.2B in Q1, is straining construction capacity. LINK

• Single-photo posts are resurging on Instagram as brands embrace simpler, more spontaneous content over information-heavy carousels and reels. LINK

NAB MORTGAGE APPLICATIONS FALL 15% IN ONE QUARTER

NAB's mortgage applications dropped 15% in the last quarter as higher rates, property tax changes and fuel prices hit investor confidence. The data came in the bank's business and private banking disclosure ahead of its full quarterly update on August 17.

RBA chief economist Sarah Hunter ruled out policy intervention to support the housing market, saying the central bank does not "mechanically respond to falling house prices" but considers their impact on the economy through a monetary policy lens. The slump follows 3 interest rate hikes in a row to start 2026, with the cash rate rising by 75 basis points, reversing the 3 rate cuts made across 2025.

RBA governor Michele Bullock said house prices were falling faster than the bank had anticipated in May. Price falls have been concentrated in Sydney and Melbourne, though prices remain at similar levels to where they were before rates started rising in February this year. Negative equity affects less than 1% of borrowers. Only a small share of borrowers are facing severe difficulty with repayments, according to Bullock, and most households are still able to pay their mortgages.

COMPANY NEWS

• The Australian Communications and Media Authority has launched Federal Court action against Optus Mobile over its 13-hour Triple Zero outage that blocked 1,005 emergency calls and is linked to 2 deaths. LINK

• KPMG Australia said no decisions have been made on job cuts as it reviews its operating model and workforce for FY27 after a whistleblower scandal. LINK

• CBA has agreed to move about 1.5 million low-income customers to its fee-free Streamline Basic account and refund $93M in excessive fees after new ACCC conditions. LINK

• Domino's Pizza reported a rare financial loss after booking a US$300M impairment tied to store closures and underperforming overseas markets, shifting strategy to prioritise franchisee profitability over discount-driven sales growth. LINK

• Australian auction house Pickles is being prepared for a potential sale above US$1B as it generates about US$130M in annual earnings. LINK

• OpenAI cut prices for its smaller GPT-5.6 Luna and mid-tier Terra AI models by 80% and 20% as US businesses scrutinise AI costs and cheaper Chinese rivals pressure margins. LINK

• Meta Platforms issued a disappointing quarterly revenue forecast as it faces investor unease over soaring AI-related spending that could reach US$145B this year. LINK

• Raiz Invest has grown funds under management 27.5% YoY to $2.32B and lifted active customers above 351,000 as new CEO Craig Keary targets opportunistic M&A to accelerate growth. LINK

• Apple reported FY24 Q3 sales up 16.4% to US$109.42B and profits of US$2.02 per share, boosted by iPhone and MacBook demand amid sector price increases. LINK

• Amazon has eased investor concerns over AI spending as AWS revenue rose 37% to US$42.2B in Q2, beating a 31.21% estimate and marking its fastest growth in 18 quarters. LINK

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CHART OF THE DAY

ONE MORE SCROLL

Editor’s Pick: A rat has allegedly stolen diamond jewellery worth Rs 10 lakh (~$15,000 AUD) from a jewellery shop in Tumakuru, with CCTV footage revealing the bizarre heist.

Draft Pick: Alex de Minaur has defeated 17-year-old Cruz Hewitt 6-2 6-3 at the Washington Open in the teenager’s ATP Tour debut as Lleyton Hewitt watched from the stands.

Doctor’s Pick: ‘Fat burning cardio zone’ truth: what is the best heart rate to lose fat?

TRIVIA

1. Which chemical element is the most abundant in the Earth's atmosphere?

2. Which African country was historically known to the wider world as Abyssinia?

3. Which famous artist painted "The Persistence of Memory," a work well-known for its melting clocks?

Answers below

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ANSWERS

1. Nitrogen
2. Ethiopia
3. Salvador Dali

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