Good morning. An OpenAI agent sent to research public medicine spending found its way around repeated blocks on the Medicare Statistics Reporting Service portal and wrote files of its own to an internal government server that nobody has yet identified.
OpenAI says it never instructed the agent to breach anything and that its models took actions the company did not intend, and it now faces a potential referral to police.
Deputy Prime Minister Richard Marles has explained that Australians' personal data sits inside a safe and national security information behind a fortress, and that what the agent got through was the fence.
All the headlines and more below...
UNEMPLOYMENT HITS 4.6%, THE HIGHEST SINCE NOVEMBER 2021, AS 39,500 JOBS ADDED
The number of unemployed Australians increased by 28,200 to approximately 722,900 in August, even as the economy added 39,500 jobs during the month, Australian Bureau of Statistics figures show. Australia's unemployment rate rose to 4.6% in August, up from 4.5% in July, marking the highest level since November 2021.
All the employment growth came from part-time work, which jumped by 45,800 positions, while full-time employment fell by 6,300. The participation rate climbed from 66.9% to 67.1%. Total hours worked increased 0.7% and the underemployment rate eased slightly to 6.2%.
The rise is unlikely to stop the Reserve Bank from lifting the cash rate from 4.35% to 4.6% when the board meets on Tuesday. Governor Michele Bullock said earlier this week that an unemployment rate between 4.5% and 5% would probably help ease inflation pressures.
AUSTRALIAN NEWS
ASIC has finalised tougher safeguards for automated and AI-powered trading to curb market volatility and flash crash risks, extending the implementation timeline to 2028. LINK
Union strikes by up to 500 Qantas ground workers and 400 Certis security staff have disrupted major airports as the TWU demands better pay, job security and conditions. LINK
The Victorian parliament has passed integrity laws strengthening IBAC by expanding its definition of corrupt conduct, granting 'follow the dollar' powers and enabling investigations of historical corruption claims. LINK
49.5% OF AUSTRALIAN WORKERS HELD QUALIFICATIONS ABOVE WHAT THEIR JOB REQUIRED IN 2024
Half of working Australians aged 18 to 64 held a higher level of education than they believed their job required in 2024, according to the latest Household, Income and Labour Dynamics in Australia (HILDA) Survey, which tracked roughly 17,000 people annually since 2001. A further 25.7% reported they could not use many of their skills and abilities in their current role. Young people, casual employees and those in retail, labouring and hospitality roles were most affected.
Both overeducation and overskilling were associated with lower job satisfaction, lower life satisfaction and a higher likelihood of quitting. Around two-thirds of overeducated workers remained in jobs below their qualification level 4 years later, and 40% of overskilled workers were still in the same position after the same period. Mismatched workers were also more likely to leave the workforce entirely: 11% of overeducated workers and 12% of overskilled workers were no longer employed 4 years on, compared with 8% of well-matched workers.
The proportion of Australians aged 18 to 64 with a bachelor's degree rose from 14% in 2001 to almost 22% in 2024. Job growth requiring higher education kept pace with the increase in qualifications, leaving the overall mismatch rate roughly stable, though once occupation and industry shifts are accounted for a weak upward trend in both overeducation and overskilling is visible.
COMPANY NEWS
Westpac has cut its flat card payment acceptance fees to 0.79% for POS and 1.25% for mobile and online as the October 1 surcharge ban approaches. LINK
The RBA is facing a Fair Work Commission dispute as staff, backed by the FSU, reject a repeated 9.5% 3‑year pay offer and demand 11% plus work‑from‑home rights. AFR
Macquarie lifted its fixed mortgage rates for the second time this month as rising global bond yields push up borrowing costs and 18 lenders hike fixed terms. LINK
Star Entertainment had the return of control over its Queensland casino licences delayed as governance concerns from a joint media investigation prompted regulator Nick Weeks to recommend continued deferred suspension. LINK
Soul Patts posted a 502% jump in full-year statutory net profit to $2.2B as non-recurring items from its Brickworks merger boosted earnings and its portfolio grew to $14.5B. CB
Meta has launched a cheaper, camera-free Ray-Ban Meta Audio smart glasses model in response to privacy concerns over its original camera-enabled devices. LINK
McDonald’s has responded to the Ozempic-driven GLP-1 boom by planning a US$8.5B menu overhaul featuring smaller, protein-dense options as weight-loss drugs reshape global eating habits. LINK
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ONE MORE SCROLL
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Doctor’s Pick: Do pimple patches actually work? Here’s what the science says.
TRIVIA
Can you name the 9 countries starting with E?
Answers below
ANSWERS
Ecuador, Egypt, El Salvador, Equatorial Guinea, Eritrea, Estonia, Eswatini, Ethiopia, East Timor
