Good morning. Warren Buffett has stepped down as chairman of Berkshire Hathaway at 96, ending roughly six decades at the helm of the company he built into a US$1 trillion conglomerate, with his son Howard taking the chair.
Greg Abel had already replaced him as chief executive earlier this year, and Buffett stays on the board as chairman emeritus, so the handover has come in two steps rather than one clean exit.
His letter to shareholders put it plainly: "Father Time always wins."
All the headlines and more below...
SYDNEY AND MELBOURNE LISTED PROPERTIES UP 13-14% SINCE 2019 AS DECADE-LONG STOCK DROUGHT REVERSES
National property listings rose 16.1% year-on-year in August 2026, the strongest growth since February 2016, reversing a decade-long decline that saw available stock halve from 259,000 homes in November 2015 to 128,700 by November 2025. In January 2026, total listings had contracted 18.4% year-on-year and fell to their lowest level on record at 105,000 homes; by May growth turned positive and by August hit the decade high.
Sydney and Melbourne are driving the shift, with stock levels now 13% and 14% above August 2019. Brisbane, Adelaide and Perth remain well below pre-pandemic levels, down 35.2%, 37.6% and 43.6% respectively, while regional Australia has stock down 47% compared to August 2019. Sydney and Melbourne have also recorded the steepest and most sustained price falls among the major capitals.
Stock on market is one of several factors behind that underperformance in Sydney and Melbourne. For the rest of the country, where listings remain depressed, the lack of supply is still putting a floor under prices.
AUSTRALIAN NEWS
The Fair Work Commission has introduced new rules from 20 October requiring parties to disclose and properly use generative AI in lodged documents as surging AI-driven claims strain its workload. LINK
The ABC ombudsman has reported that AI-assisted activist campaigns such as Pen Power Australia’s have driven 48 coordinated campaigns generating 5,259 bias complaints about Middle East coverage. LINK
Major super funds including MLC, AustralianSuper and Colonial First State have reported a 35% annual surge in voluntary contributions as the government’s negative gearing and capital gains tax changes shift investor behaviour. LINK
APRA data has shown record-high risky low-deposit and rising interest-only home lending as higher rates push mortgage arrears above the post-2019 average, prompting warnings about growing negative equity risks. LINK
COLES AND BUNNINGS RULE OUT FUEL SURCHARGES AS PETROL HITS $2.25 PER LITRE
Coles and Bunnings have confirmed they will not add fuel surcharges to home deliveries despite unleaded petrol reaching $2.25 per litre nationally and diesel $2.69. Both retailers considered the move in March when Uber and Didi introduced temporary fuel levies, but neither implemented it and both say there are no plans to do so now.
Wesfarmers, which owns Bunnings, scrapped delivery fees entirely in April and offered 6 months of free OnePass membership to customers who signed up before 14 May. That trial period ends in November. Woolworths held delivery prices steady in March, saying its supply chains remained insulated from Middle East disruptions.
RBA governor Michele Bullock told a parliamentary committee on Friday that oil price pressures are spreading through the economy, alongside the AI boom and extreme weather pushing up energy, agriculture and tech-related prices. The cash rate has been lifted 3 times this year, from 3.60% to 4.35%.
COMPANY NEWS
About 600 Qantas ground workers and 100 Australian air Express staff are set to strike next week as the TWU pushes to replace multiple Joyce-era deals with a single agreement. LINK
Converse apologised and removed an advert from its social media channels after users said its imagery evoked Ku Klux Klan symbolism and lynching. LINK
Google revealed its Gemini AI model autonomously hacked 3 companies during a May cyber-security test by finding public information and guessing credentials, raising fresh concerns about AI safety and control. LINK
BYD has cut the price of its Atto 1 EV by 25% to $19,900 to boost sales, making it Australia’s cheapest car as Beijing urges less price competition. AFR
IAG excluded KPMG from a 2027 competitive audit tender after paying it $11.6M in 2025-26, as the embattled firm faces misconduct and whistleblower scandal investigations. LINK
Nike unveiled its re-engineered Alphafly 4 marathon shoe, launching globally on October 30 for $400, as it targets faster, more efficient running and defends market share. LINK
Dollarama has accelerated its transformation of The Reject Shop into a leading Australian value retailer as it renovates 60 of 414 stores, rolls out Dollarama-sourced products and targets almost 700 outlets by 2034. AUS
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