Good morning. At least 68 people are dead after a high-speed train slammed into the back of a stationary train 140km south of Madrid, one of Spain's worst transport disasters.
The force of the impact pushed carriages off the track and down an embankment, with rescuers pulling bodies from three rear carriages and covering them with sheets.
Spain's rail network is now facing fresh questions over how a moving train ended up on the same track as a stopped one.
All the headlines and more below...
AUSTRALIANS HAVE PAID $546 EACH IN HIGHER FUEL COSTS SINCE MARCH
The total national cost of fuel price increases since March exceeds $14B, according to analysis by the Centre for Research on Energy and Clean Air. Australians have paid an average of $546 more for fuel since oil shipments through the Strait of Hormuz were disrupted. Australia saw the 3rd-highest per-person increase globally, behind the US at $666 and Canada at $597.
The analysis compared average fuel prices in January and February with prices from March to October across 169 countries. Global fuel price shocks cost a combined $665B over the period, with the US bearing the largest national total at $226B.
Australia imports more than 90% of its refined and crude oil and is the world's largest diesel importer, representing 10% of global seaborne diesel trade. Diesel makes up 44.1% of Australia's transport energy use, the highest per capita rate in the world, driven by mining, farming and long freight distances. Between 2000 and now Australia increased its diesel use by 33% while the world cut it by 30%, and the US and Japan reduced it by 50%. Oil price shocks contributed to all 6 inflation flare-ups in Australia since 2000.
AUSTRALIAN NEWS
Australia’s annual inflation rate rose to 4.3% in September, with underlying inflation at 3.6%, intensifying expectations that the RBA will deliver a fifth interest rate increase this year. LINK
The NSW government extended construction deadlines for state significant housing projects as soaring building costs, falling property prices and inflation undermined development and left home completions well below targets. AFR
The Business Council again ranked Victoria last and South Australia first in its annual state business conditions index, due to Victoria’s high taxes, complex licensing and sluggish economy. LINK
AUSTRALIA'S INFLATION RATE RISES TO 4.3%, FUELLING FEARS OF FIFTH INTEREST RATE HIKE THIS YEAR
Petrol prices jumped 9.4% in September and housing costs rose 5.2% over the year as Australia's headline inflation rate accelerated to 4.3%, up from 4.0% in August. The Reserve Bank's preferred measure, the quarterly trimmed mean, rose 1.0% in the 3 months to September, well above the 0.8% the RBA had forecast 3 months ago and taking annual underlying inflation to 3.7%.
Housing was the largest contributor to annual inflation, driven by new dwelling costs up 4.7% as builders passed on higher materials and labour costs, and rising electricity prices. Transport was the second-largest contributor, with automotive fuel prices up 23.6% over the year as world oil prices climbed. Market pricing for another 25-basis-point cash rate increase at the RBA's 3 November meeting surged to 85% after the release, which would lift the cash rate to 4.85%, its highest level since 2011.
INSIDE TRACK
COMPANY NEWS
NAB expanded its Indian workforce 54% to 4,534 and lifted spending on its Indian unit to more than $300M as it accelerates offshore hiring and restructures roles in Australia. LINK
The Star Entertainment Group was ordered to pay a $260M Federal Court penalty for widespread AML/CTF breaches linked to junket dealings, after AUSTRAC originally sought $400M. LINK
Woolworths reported a 4.7% rise in first-quarter sales to $19.4B as a successful Disney Ooshies collectibles campaign lifted 6.9% Australian Food growth despite weaker New Zealand and Big W. LINK
Apple unveiled a redesigned MacBook Pro with its first touchscreen, OLED display, Dynamic Island and M5 Pro or M5 Max chips, starting at $4,599 in Australia. LINK
Telstra deployed an AI-powered migration payment agent with Microsoft Frontier Company to reconcile billing across legacy and new platforms, supporting over 272,000 service migrations at 95%+ accuracy. LINK
Experience Co reported a 6% rise in sales revenue and 20% jump in underlying earnings as surging mainland Chinese visitor numbers drove higher skydiving volumes across Australia and New Zealand. LINK
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CHART OF THE DAY
Horror slays at the box office
Horror's share of the box office has more than tripled since 2015, peaking at 15.5% in 2025 before easing slightly in 2026.
AUSCORP EMPLOYEE BENEFITS SURVEY 2026
Two jobs can pay the same and feel completely different once you add up the parental leave, the super, the bonus, the WFH days and what your manager is like. We are comparing what Australian companies offer, and we need your help to do it.
It takes about 5 minutes and most of it is already filled in, so you won’t need to dig out your contract. There’s also a section on culture where you can tell us what your workplace is really like. It’s anonymous, and the results go straight back to the community.
ONE MORE SCROLL
Odd Pick: A Chinese motorcycle founder rode 40 kilometres across a river on a modified bike.
Editor’s Pick: Graduate salaries are rising sharply in the years after finishing university.
Draft Pick: Diamonds cling to world number one ranking with crucial win over New Zealand.
Doctor’s Pick: The 13 best foods to increase blood flow and circulation.
TRIVIA
Which country has more pyramids than Egypt?
Answer below
ANSWER
Sudan
