Australia Briefing
Good morning everyone, it’s Ben here in a brisk Melbourne, this is what’s making headlines today.Today’s must-reads:• ANZ kicks off job cutt
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Good morning everyone, it’s Ben here in a brisk Melbourne, this is what’s making headlines today.

Today’s must-reads:
• ANZ kicks off job cutting in institutional banking
• Akaysha Energy aims to expand global battery fleet
• Trump’s assault on the Fed sparks gold bull rush

What's happening now

ANZ has begun to let go people within its institutional banking division as an overhaul by newly installed Chief Executive Officer Nuno Matos ramps up. The Melbourne-based firm on Tuesday began cutting so-called middle- and back-office jobs within that unit, according to two people familiar with the matter.

BlackRock-owned Australia battery maker Akaysha Energy has raised A$300 million in debt to expand its global battery fleet, according to a company statement. Proceeds raised will fund the development and construction of Akaysha’s battery pipeline in Australia, Germany, Japan and the US, the company said.

In other energy news, Australia reached a financial close on a multibillion dollar undersea power cable project linking the mainland to renewable generation on the island state of Tasmania, while the Labor government approved an extension of a Glencore thermal coal mine.

A stacker-reclaimer operates next to stockpiles of coal at the Newcastle Coal Terminal in Newcastle, New South Wales. Photographer: Brendon Thorne/Bloomberg

A plan to restart Australia’s canola exports to China is close to being finalized, according to a government report, the first official indication from Canberra that it’s nearing a deal on the issue.

Australia’s economic growth accelerated in the second quarter, led largely by household consumption and reinforcing the case for the Reserve Bank to keep interest rates unchanged later this month.

RBA Governor Michele Bullock said staff are “feeling the weight” of the bank’s technological transformation agenda, adding that the use of big data and artificial intelligence has the potential to transform policy making.

What happened overnight

Here’s what my colleague, market strategist Mike “Willo” Wilson says happened while we were sleeping…

The S&P 500 Index rose and US yields eased after a report showed US job openings fell in July to the lowest in 10 months, bolstering the case for a September rate cut. This would be the first of many if one Federal Reserve official had his way. The lower yield curve saw the dollar decline, helping Aussie and Kiwi to advance. Oil dropped on a report that OPEC+ will consider a fresh round of production increases when the group meets Sunday. The RBA says an interview with deputy governor Andrew Hauser will be published today. That may be more market moving than Australia’s trade balance and household spending data, which are also due. ASX futures speak to a positive start for local stocks.

President Donald Trump’s assault on the Federal Reserve risks stoking inflation, curbing investment and undermining confidence in the US economy. For gold bulls, it’s a tantalizing scenario reinforcing a record-breaking rally that’s made the metal one of this year’s hottest assets.

A gold bar at a smelter facility in La Paz, Bolivia. Photographer: Marcelo Perez del Carpio/Bloomberg

Apple is planning to launch its own artificial intelligence-powered web search tool next year, stepping up competition with OpenAI and Perplexity AI. The company is working on a new system — dubbed internally as World Knowledge Answers — that will be integrated into the Siri voice assistant, according to people with knowledge of the matter.

Conservative politician Anutin Charnvirakul is poised to become Thailand’s next prime minister via a lower house vote, having secured the backing of the largest party in parliament and fended off last-ditch efforts by a rival group to force a snap election.

The message from China’s lavish military parade on Wednesday was unmistakable: Beijing has the weaponry, allies and ambition to shape a new global order, writes Bloomberg Opinion’s Karishma Vaswani.

What to watch

All times Sydney:
• 11.30 a.m. — Australia trade data and household spending for July

One more thing...

Are you looking for your next real estate purchase? Then I’ve got good news — the sellers of the historic Wytham Abbey in the UK have cut their asking price by almost two thirds, down to £5.95 million ($8 million). It hit the market for just under £15 million last year. It’s the latest chapter in the saga of Wytham Abbey, whose purchase in April 2022 initially stirred controversy.

Wytham Abbey. Photographer: WILL EASTWICK-FIELD
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