FEAR & GREED | Business News ASX tumbles as economy grows; NAB CEO’s AI warning; don’t use super ‘like piggy bank’
Sep 3, 2025
The local share market experiences its worst day since April, influenced by rising bond yields despite a surprising economic rebound. NAB's CEO cautions against complacency in AI adoption, warning it could jeopardize future generations. Australians face a growing trend of treating superannuation like a personal piggy bank, with early withdrawals skyrocketing post-pandemic. Meanwhile, potential reforms to parliamentary terms are discussed, as well as a U.S. court ruling against former President Trump, adding political spice to the mix.
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Stronger-Than-Expected GDP Rebound
- Australia's GDP rose 0.6% in June and 1.8% yearly, the strongest annual pace in nearly two years.
- Rising consumption was fuelled by travel, hospitality and run-down savings rather than primarily recent rate cuts.
Surging Yields Trigger Big Market Pullback
- The ASX 200 fell 1.8%, wiping about $57 billion off the market amid surging bond yields and global pressure.
- Tech, real estate and banks led declines while gold miners gained on a precious metals rally.
Canberra Mulls Four-Year Terms
- The federal government is considering fixing election dates, four-year terms and boosting lower-house electorates from 150.
- Extending terms to four years would require a referendum while increasing seats can be done by legislation.