Password manager 1Password has launched 1Password for Agents, a tool that lets people allow AI agents to log into their personal accounts without the agent accessing their credentials. When an agent tries to log in, 1Password checks its digital identity and alerts the user, who can confirm the request before the agent signs in. The platform works with several named AI assistants, and the company says it is working with other firms to expand the service.
A heritage-listed concrete building in Crows Nest is up for sale with a $35 million price guide. The six-storey St Leonards Centre at 28-34 Clarke Street, now called Oxley Corporate Office Centre, was built in 1972 to house a banking computer. It is being marketed as an iconic Crows Nest asset within a state government Transport Oriented Development zone.
National Australia Bank plans to cut 2,500 roles by June, about 6 per cent of its workforce, with 1,500 going before Christmas. Staff who spoke anonymously to the ABC accused the bank of a spill and fill strategy, forcing teams to reapply for fewer positions. A leaked workforce plan shows the technology team's Australian-based share falling as staff numbers in India and Vietnam grow. The bank said the cuts would simplify its operating model, with restructuring costs estimated at about $300 million. The Finance Sector Union called the move disgraceful and said it would bring chaos to staff.
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Westpac has announced job cuts. The union accuses the bank of using NAB's mass redundancy announcement as cover for its own restructure. Separately, the government has extended the pause on KPMG bidding for Australian government work until February 28, 2027, following an independent review and the audit leaks scandal. The Australian share market closed lower after gains on Wall Street.
The benchmark ASX 200 closed up 0.16 per cent at 8831.30 on Wednesday, after a late rally on a choppy day of trade. Eight of 11 sectors finished higher, led by telecommunications and the major banks. The market had opened higher but fell after Reserve Bank deputy governor Andrew Hauser said inflation was materially worse than expected. Money markets took this as a sign of another rate rise on Melbourne Cup day. NextDC shares dropped 41.72 per cent after it cut its earnings guidance by more than a third.
National Australia Bank has announced plans to cut up to 2,500 internal roles in the 2027 financial year, about 6 per cent of its internal workforce. The bank expects up to 1,500 of those roles to be affected before the end of 2026. NAB says the changes aim to improve productivity, reduce costs and free up investment in technology and business growth. Corporate functions and management positions will be the most affected, while customer-facing banking roles are not expected to be materially impacted.
The ASX 200 fell 28.80 points, or 0.33 per cent, to 8816.90 on Tuesday, after recovering from early falls of more than 1 per cent. Shares in BHP slumped 1.59 per cent after the miner reported copper output of 400,000 tonnes in the three months to September, 19 per cent lower than the previous quarter. National Australia Bank also fell 1.75 per cent after announcing 2500 job cuts to simplify its operating model. Technology stocks recovered, with WiseTech Global, Xero and Technology One all rising, while Commonwealth Bank edged up 0.14 per cent.
NAB has announced it will cut 2,500 staff to make the bank simpler and more efficient, with its chief executive saying customer-facing roles will be largely unaffected. ANZ has also flagged job reductions. The writer warns that if other large banks and companies follow, the economy could weaken further. Productivity has fallen, the Reserve Bank has raised interest rates four times this year, and some economists warn that more job losses could bring a recession.
Australian shares fell on Tuesday, dragged lower by the big banks and major miners. The S&P/ASX200 index closed 28.8 points lower at 8816.9, after recovering from an early drop of as much as 98 points. BHP shares fell 1.6 per cent to $59.50 after its quarterly copper output dropped 19 per cent to around 400,000 tonnes, below analyst expectations. NAB shares fell 1.8 per cent after the bank announced plans to cut 2500 jobs over 2026/27. Ingenia Group rose 9.7 per cent after its takeover talks with Warburg Pincus were extended, and Cochlear gained 5.2 per cent.
National Australia Bank is cutting 2,500 jobs, about 6 per cent of its workforce. The bank said most of the redundancies will happen before the end of the year. It cited a tough economy, competition and rapid technological change. The move follows similar cuts at other big banks, including ANZ's 3,500 job cuts announced last year. The Finance Sector Union said the cuts would place further strain on staff already overwhelmed by heavy workloads.
National Australia Bank has announced plans to cut 2500 roles, about six per cent of its workforce, over the full financial year. The bank said 1500 jobs will go before the end of 2026. Finance Sector Union national assistant secretary Nicole McPherson said the timing was poor, with many staff already under heavy workloads. Bank chief executive Andrew Irvine said the changes aim to improve efficiency and would not directly affect customer-facing positions. Union officials have asked whether artificial intelligence is behind the cuts, and the bank has not yet answered.
National Australia Bank has announced plans to reduce its workforce by as many as 2,500 positions, equal to roughly 6 per cent of its staff, with the cuts due to take effect by mid-2027. The announcement weighed on the bank's share price during the session. Separately, trading in NextDC, a local data centre operator, has been halted pending an announcement that appears connected to a disagreement over power poles in a suburban Melbourne street. The day's business coverage includes further market commentary from specialist reporters.
Australia's largest bank says it is committed to keeping cash available across the economy. Chief executive Matt Comyn made the remarks at the bank's annual general meeting in Sydney. A Reserve Bank of Australia survey found cash use has stabilised and makes up about 15% of payments by number and 8% by value. About half of Australians use cash in a typical week. Chairman Paul O'Malley said the bank spends about $400 million a year to keep cash available. The bank has also joined the other three major banks in a joint venture to create a common cash reserve.
Junee's last bank branch has been guaranteed to stay open until at least the end of 2030. Commonwealth Bank has extended its commitment to keep all 281 regional branches open beyond the July 2027 deadline. Junee Shire Council has welcomed the decision, saying it protects face-to-face banking for residents and local businesses. The town's community campaigned against a 2022 closure plan, which helped prompt a Senate inquiry. The bank has also committed $140 million to branch upgrades in the 2026–27 financial year.
Commonwealth Bank has declined to promise staff that artificial intelligence will not take their jobs. Chair Paul O'Malley faced questions at the annual general meeting about nearly 1000 staff affected by restructures, automation and technology changes over the year. Around 500 of them were redeployed to other roles. Chief executive Matt Comyn said AI could be the most significant technology shift the company has seen. The bank also agreed a deal with the Finance Sector Union giving its lowest-paid workers a 13 per cent pay rise over three years.
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The Australian Securities Exchange (ASX) declined following a downturn on Wall Street, with major banking shares experiencing a drop. Commonwealth Bank of Australia (CBA) discussed its artificial intelligence (AI) implementation during its annual shareholder meeting. Business journalists provided real-time updates and analysis throughout the day. The live markets blog, hosted by the Australian Broadcasting Corporation (ABC) News, offered insights into the day's financial events. The disclaimer noted that the content was not intended as financial guidance.
Reserve Bank chief economist Sarah Hunter has said housing is the quirk that strikes most newcomers to Australia. Commentators argue the focus is driven by the country's concentrated banking sector, which mostly offers variable-rate home loans. Changes to interest rates, used to control inflation, therefore hit many households quickly. Writers also say property has been promoted as a wealth-building asset, and that housing is not treated as a human right. AustralianSuper chief executive Paul Schroder has warned that Australia spends too much on housing.
