Top Australia Business and Tech News
Today's Australia business and tech news highlights improved business conditions, new AI ventures, major tech incidents, fintech expansion, and startup investments, reflecting a dynamic and optimistic economic landscape.
Business Updates
- Australian business conditions improved in August, with firms reporting better profits and employment, while input costs grew at the slowest pace since 2021.
- The NAB Business Conditions Index rose, suggesting a more favorable path for the latter half of 2025. Profits and employment measures showed notable gains, especially in manufacturing and retail.
- The Reserve Bank of Australia is expected to cut interest rates again in November, as growth and inflation trends support further easing. No cut is expected in September.
- ANZ Bank announced plans to cut 3,500 jobs as a new CEO takes leadership amid digital transformation pressures.
Tech Sector Headlines
- A significant phishing attack caused a major npm supply chain compromise, impacting Australian developers. New campaigns and shifting tactics by ransomware gangs are reported.
- Australian AI is advancing quickly: Sovereign Australia AI launched the nation's largest local AI infrastructure, focusing on ethical model development and transparency. It is investing $10 million to source copyrighted materials for training.
- VicRoads is moving to eliminate passwords in favor of passkeys by year-end, demonstrating adoption of new identity tech.
- Sydney Zoo leverages Microsoft Fabric for its data modernization efforts, and Service NSW is centralizing security and cloud networking.
Startup and Investment News
- South Korean fintech Toss will launch its all-in-one finance app in Australia later this year, with plans to issue a won-based stablecoin when regulations allow.
- Tasmania’s X-Hemp raised $3.4 million in seed capital for its sustainable construction materials, signaling robust growth in green tech startups.
- Andromeda, an Australian robotics company, raised $23 million in Series A funding, valuing the company at $100 million and supporting expansion into companion robotics.
Market Conditions
- Despite improvements, business and consumer confidence indexes slipped, showing ongoing caution due to high interest rates. The Australian dollar (AUD) rallied to six-week highs, trading at 0.6618 against the USD.
- 61% of listed companies reported higher earnings year-on-year, with 62% raising dividends, indicating a broad-based recovery in corporate Australia.