Burnout warning as AI rolled out for public servants

Burnout warning as AI rolled out for public servants

Artificial intelligence could intensify burnout among public servants by stripping away administrative tasks that provide a break from complex stressful work, an inquiry has been told.

A federal inquiry into AI is examining the impact of the technology on government departments.

Rebecca Fawcett, the new leader of the Community and Public Service Union, fronted the inquiry on Friday alongside union delegate Ikini Frape.

The union officials struck a cautionary tone when delivering their opening remarks before the committee, warning that AI adoption in the public sector must include workers being consulted.

Ai inquiry
CPSU boss Rebecca Fawcett has fronted a federal inquiry into artificial intelligence. (Mick Tsikas/AAP PHOTOS)

Ms Frape, referencing an MIT study from the US, said that AI use could erode critical thinking skills, the ability to problem solve issues, and the potential increases in dementia risk.

“Sometimes those administrative tasks are really essential for giving the brain a break when you’re doing very complex work,” she said.

Concerns of AI being used to automate decisions within the public service were also raised, following the fallout of the robodebt scandal.

Ms Fawcett has warned of governments misinterpreting increased capacity through AI augmentation as budget savings.

“Public servants, with their deep understanding of government systems, service delivery, and the needs of people who rely on them, must have a genuine role in shaping how AI is designed, introduced, and used,” she said.

Ms Frape aired a number of concerns about data security and sovereignty, bias, the impact on workers’ wellbeing, and the risks of cultural and intellectual First Nations knowledge being used without consent and in ways that could damage livelihoods while perpetuating colonisation.

robo
The robodebt scandal has made public service staff apprehensive of using such technology. (Lukas Coch/AAP PHOTOS)

Speaking to automated decision making, Ms Frape said public trust was broken after the robodebt scandal and staff were apprehensive of such technology.

The robodebt scandal was an unlawful scheme that falsely accused welfare recipients of owing the government money based off automated tax office data.

“If AI is used to make decisions, will staff and customers be able to understand how those decisions were made, and how it will be reviewed to ensure accuracy?” Ms Frape told the inquiry.

“If there is a mistake, who is responsible? And how can customers seek to have the decision corrected? What steps can staff take to speak up when the system is wrong, as they tried to do during robodebt?” 

This was echoed by Ms Fawcett, who said a 400-member strong town hall meeting in recent months saw 98 per cent of attendees voting in favour of pausing the use of automated decision-making in complex decisions, until a “clear and mandatory” framework was implemented by the government.

AI
Jeremy Lawson (centre) said the long-term economic upside of AI investments remained substantial. (Lukas Coch/AAP PHOTOS)

The union’s submission to the inquiry highlighted recent UK government analysis that estimated billions of dollars in savings through automating public service delivery without considering if existing AI models were capable of delivering.

Uncertainty on return on investment – another concern of the union – was raised by Treasury officials, who told the inquiry no formal calculation had been done of the net national benefit of investing in AI infrastructure due to inherent uncertainties of the rapidly evolving technology.

Jeremy Lawson, the department’s first assistant secretary, argued that while a specific net figure would be “too rubbery” to base decision-making on alone, the long-term economic upside remained substantial.

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‘Down, down’: Coles supermarket sales trail big rival

‘Down, down’: Coles supermarket sales trail big rival

Supermarket giant Coles is “not happy” with the performance of its bricks-and-mortar grocery stores after sales missed the mark, forcing it into a rare earnings downgrade.

The backtrack came as the nation’s second-biggest grocery and fresh-food seller signalled it had been buffeted by harder competition on prices from its rivals, including Woolworths and Aldi.

Cash-strapped shoppers are looking for bargains across a bigger range of retailers than before, and Coles needs to draw them back, chief executive Leah Weckert told a briefing on the retailer’s first-quarter performance on Friday.

coles
Woolworths has outperformed Coles in sales during the first quarter. (Joanna Kordina/AAP PHOTOS)

“Online growth for us during the quarter was very strong … where we would say we’re not happy with momentum at the moment is in the bricks and mortar sales,” Ms Weckert said.

“We are continuing to see a really good level of customer count coming through the store, but we’re seeing a lot more splitting of baskets.”

Coles, which operates 870 supermarkets and 988 liquor outlets under brands like Liquorland and Vintage Cellars, reported a 2.2 per cent rise in group sales to $11.2 billion in the 13 weeks ended September 27.

Most of that was driven by the supermarkets, which generated a 3.6 per cent rise in revenue to $10.3 billion, excluding tobacco, compared to the prior corresponding period.

Both outcomes missed the market consensus and investors sent Coles shares down eight per cent to $21.55 after lunch, while Australia’s biggest grocery retailer Woolworths was up almost 1.5 per cent to $40.60.

“A disappointing update,” RBC Capital Markets analyst Michael Toner said.

coles
The share price of Australia’s second-largest grocery chain slumped after its earnings downgrade. (Joanna Kordina/AAP PHOTOS)

Coles’ supermarket sales moderated going into October as consumers became even more sensitive to prices, forcing it to downgrade its outlook.

Supermarket interim earnings before interest and tax are now expected to be flat compared to the previous first half’s $1.2 billion, rather than an increase. This implies that group first half earnings could also be lower.

However, Ms Weckert said that while the first quarter sales momentum wasn’t where she wanted it to be, Coles was “taking action to sharpen our offer over the coming months” for consumers doing it tough in an economic environment of higher inflation, petrol prices and interest rates against a background of softer growth.

“We know customers are under pressure and we are confident that we have a strong plan in place to build their trust over this period,” she said.

Much of the plan involves strengthening its messaging, after relaunching its ”everyday value” program last week for thousands of products.

So far, Coles is amplifying products to customers in-store alongside a new ”lower everyday prices” program based on price cuts for at least six months.

Supermarket price inflation was lower at 1.1 per cent in the quarter, compared to 1.6 per cent in the previous corresponding quarter.

“Inflation was primarily driven by cost price increases in dairy and meat, and moderating deflation in fresh produce, partly offset by continued deflation in non-food categories,” Coles said.

coles
Leah Weckert says household budgets are under pressure and customers are shopping more deliberately. (Bianca De Marchi/AAP PHOTOS)

Like its rival Woolworths, which reported first quarter sales on Wednesday, Coles said customers are very invested in grocery promotions.

The top tier retailer delivered a 4.7 per cent rise in sales to $19.4 billion for the 14 weeks ended October 4, on the back of a 6.9 per cent jump in supermarket sales to $14.7 billion. 

Elsewhere, sales in Coles’ bottle shops business fell 1.3 per cent to $831 million, with customers shifting to smaller pack sizes and ready-to-drink alcohol products. 

In 2025/26, Woolworths made an annual net profit of $1.1 billion, up 18 per cent on the prior year, which was in line with Coles’ flat result of $1.1 billion.

‘Horrific’: hundreds more charges for vile child abuser

‘Horrific’: hundreds more charges for vile child abuser

Dozens more alleged victims may finally get closure as one of Australia’s most notorious pedophiles is slapped with hundreds of child abuse charges. 

Days after being extradited from Queensland to NSW, Ashley Paul Griffith, 48, was on Friday hit with 202 charges dating from between 2014 and 2017, after a tireless and traumatic investigation.

The Queensland man was working at a childcare centre in Sydney’s inner west at the time of the alleged offending, which included dozens of alleged rapes against children between one and five.

Detective Superintendent Linda Howlett said charging Griffith, who is serving life in prison, with further alleged offending could help potential victims.

“There’s no other word for it, it’s actually horrific,” she said.

“We’re talking about the sexual abuse of small children over an extended period of time … and it is quite horrific, not only horrific for the victims, but also their families as well. 

“These victims have experienced something no one else is likely to have ever experienced and hopefully unlikely will ever actually experience in the future.”

The child abuse squad commander thanked witnesses, alleged victims and detectives for their work in preparing the challenging but “airtight” case.

Police are extending every assistance to those involved, Det Supt Howlett said.

Ashley Paul Griffith court sketch
Ashley Paul Griffith was charged while being held at a correctional centre in Sydney. (7news Queensland/AAP PHOTOS)

Griffith was jailed for life in Queensland in November 2024 after he pleaded guilty to more than 300 child sexual offences against nearly 70 victims.

The fresh charges from NSW include 68 counts of rape of a child aged less than 10 and 42 counts of aggravated rape of a child aged less than 10 who was under his authority.

Other charges include 69 counts of aggravated indecent assault and 23 charges of producing child abuse material, pertaining to 23 young people.

He was charged while being held in Silverwater Correctional Complex in Sydney.

Griffith did not apply for bail in a brief court appearance on Friday.

Ashley Paul Griffith
The fresh charges against Ashley Griffith include 68 counts of rape of a child aged less than 10. (HANDOUT/Queensland Corrective Services)

Assistant Commissioner Brett Greentree said the lengthy investigation included collaboration with police across the nation.

“The allegations before the court are deeply disturbing and involve some of the most vulnerable members of our community,” he said.

Griffith arrived in NSW on Wednesday.

In Queensland, he admitted to assaulting and filming young girls over the course of years while working at childcare centres.

His transfer was approved by a Brisbane magistrate earlier in October, where victims’ supporters yelled insults at the rapist as he stood in the dock for the decision.

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‘Excited’: sleep apnoea machine maker beats forecasts

‘Excited’: sleep apnoea machine maker beats forecasts

A leading Australian-American sleep apnoea machine maker is predicting additional tailwinds from big tech after delivering another set of strong quarterly earnings.

ResMed generated revenue of $US1.4 billion ($A2 billion) in the first quarter, which was up six per cent from a year ago and ahead of consensus expectations, while earnings per share rose 14 per cent.

The latter metric, which reflects how much money ResMed makes from sales of CPAP machines after accounting for direct production costs, rose despite predictions it would contract.

“We had some good gross margin appreciation, and our shareholders always love this,” chief executive and chairman Mick Farrell told AAP on Friday.

A graphic illustrating ResMed's first-quarter financial results
ResMed’s first-quarter financial results have beaten expectations. (Joanna Kordina/AAP PHOTOS)

ResMed shares were up 2.4 per cent to a more than six-month high of $36.21 in afternoon trading.

RBC Capital Markets analyst Craig Wong-Pan said it was a strong result that beat expectations across key line items.

During the quarter, ResMed passed the milestones of 36 million cloud-connected medical devices sold, and over 13 million downloads of ResMed’s myAir app, a sleep coach designed to help sleep apnoea patients stay engaged with their therapy.

“Really excited about sort of the engagement that we’re getting in our digital health ecosystem,” Mr Farrell said.

Signage at a ResMed clinic (file image)
ResMed shares have hit a six-month high after the company released strong quarterly earnings. (Bianca De Marchi/AAP PHOTOS)

Continuous positive airway pressure devices historically have high discontinuation rates as patients can find using the machines overnight uncomfortable, something ResMed has tried to address with its growing portfolio of fabric-based masks.

Its first fabric-based full-faced mask, the AirTouch F40, launched earlier this month.

The company also on Friday announced a new partnership with Eight Sleep, a “smart mattress” company whose expensive bedding can detect sleep issues.

“For us, what’s important is it can track your sleeping and breathing,” Mr Farrell said. 

“If it sees heavy snoring, for people particularly here in Australia, it gives you a unique pathway to a screener at resmed.com.au and gets you into our sleep apnoea screening and diagnostics pathway.”

A ResMed clinic in Sydney (file image)
The integration of sleep apnoea monitoring in new tech has ResMed confident of helping more people. (Bianca De Marchi/AAP PHOTOS)

ResMed in May launched a similar strategic alliance with consumer tech ŌURA, the manufacturer of a popular “smart ring” that can, among other things, detect symptoms of possible sleep apnoea. 

As a result, 28,000 users have been directed to a ResMed web questionnaire that can connect users to sleep apnoea screening and a pathway to therapy.

Mr Farrell noted that overnight Samsung announced it would upgrade its sleep apnoea-detecting technology in its Galaxy watches and rings.

“They’re doing it for their own purposes and to benefit their own wearables and growth, but if they identify people with issues, they come into the health care system, to primary care, and that’s where ResMed is focused,” he said.

Liquor giant soothes shareholders in tough market

Liquor giant soothes shareholders in tough market

The leaders of Australia’s biggest liquor and hotels business have offered cautious reassurance to investors, as declining alcohol consumption continues to weigh on the bottom line.

Endeavour, which owns brands including Dan Murphy’s, BWS and a portfolio of pubs and hotels, managed to grow total sales by almost 2.8 per cent in the 14 weeks from July 1 to $3.18 billion.

However, the result missed forecasts, compounding woes for shareholders, who’ve watched the company’s value shrink by more than 60 per cent since August 2022.

Bottles of alcohol (file image)
Endeavour’s retail sales are one bright spot, due to good results from its bottle shops. (Dan Himbrechts/AAP PHOTOS)

“We acknowledge it has been another challenging year for Endeavour shareholders,” chair Duncan Makeig told its annual meeting in Sydney on Friday.

“The board also shares your frustration and disappointment that since listing on the ASX just over five years ago, Endeavour’s financial performance and share price have not met expectations.”

Revenue growth from hotels moderated over the period as high living costs and fuel prices hammered Australians’ hip pockets. 

Retail sales improved by three per cent, outpacing the broader liquor market thanks to Dan Murphy’s.

Duncan Makeig (file image)
Endeavour chair Duncan Makeig says it has been a frustrating year for the company and shareholders. (Flavio Brancaleone/AAP PHOTOS)

However, the growth had failed to keep up with inflation, shareholder David Kingston told Mr Makeig and chief executive Jayne Hrdlicka, who was facing her first shareholder meeting at the helm after a remarkable turnaround at Virgin Australia.

In May, Ms Hrdlicka announced a $300 million cost-saving plan, including offloading wineries and streamlining hotel operations, which was announced before the company slashed its shareholder dividend.

“We’re all drinking less, and consumption per capita is continuing to fall,” Mr Kingston said.

“Terrific that Jane is pulling out a lot of costs, but it’s very hard to shrink to greatness.”

While some shareholders complained their income had fallen relative to the executives steering the company, most took comfort in Ms Hrdlicka’s leadership.

A person holding a slab of beer (file image)
Higher living costs and fuel prices are among the challenges to growth in the liquor industry. (Joel Carrett/AAP PHOTOS)

For her part, Endeavour’s boss noted the strategy didn’t depend on expansion.

“We have a lot of work to do to get the fundamentals right, in addition to getting our experiences right to tap the full potential of the customers who are already shopping with us, and so our strategy does not depend on market growth,” she said.

“Market growth would be nice.”

There was still work to be done to re-energise the category, which was significantly impacted by the COVID-19 pandemic.

Wine being poured into a glass (file image)
New boss Jayne Hrdlicka hopes Endeavour can innovate and capture the attention of new customers. (Richard Wainwright/AAP PHOTOS)

“Post-COVID, I think the entire industry was so busy trying to figure out what happened that not enough thinking was going into how do we re-engage consumers post the trauma of COVID,” Ms Hrdlicka said.

“The industry was not thinking about how do we capture the attention of consumers with innovation and how do we think about the upcoming generations that had social challenges during COVID, and didn’t get to be out and about doing things that you normally do when you’re 17, 18, 19, 20.”

Shares in Endeavour were up by about three per cent to $3.34 around noon.

Metro mania: fans flock to train line’s grand reopening

Metro mania: fans flock to train line’s grand reopening

Hundreds of train enthusiasts have lined reopened stations early in the morning to catch the next level of Australia’s first driverless metro.

Sammy Cairnduff, 19, was among the throng at 4.30am for the first metro to leave Bankstown in southwest Sydney on the last link of the M1 line. 

He told AAP that fellow enthusiasts, politicians, and rail workers found the occasion “very exciting, very nervous and very crowded”.

The revamped route carries commuters the 66km – or 80 minutes – through the CBD and up to northwest Sydney, where it terminates in Tallawong.

After several hours riding the rails with friends, Mr Cairnduff delivered his verdict. 

“It’s really going to change Sydney a lot, this extension. It’s fast, reliable and accessible for people with disabilities. It’s much better and more accessible.”

Construction began on the 130-year-old Canterbury heavy rail line – once accommodating Sydney’s early suburban steam engines – in 2024. 

train
Bankstown in southwest Sydney was the last link of the M1 metro line. (Bianca De Marchi/AAP PHOTOS)

Crews bored out tunnels and fitted specialist systems for the driverless trains over the years, but struck delays as they integrated and tested technology with historic stations.

Mr Cairnduff recalled watching track testing at Bankstown when staff let him have a look at the inner workings of the set.  

“The technology, it’s amazing,” he said.

“It’s hard, construction, and it can get delayed a lot … but I’m very happy it’s finally open.

“I hope Sydney will keep on doing this and change Sydney … I’m very excited for the future.”

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It was all aboard at Lakemba station as the rail link opened on Friday. (Bianca De Marchi/AAP PHOTOS)

His mother Annette told AAP the atmosphere at the station was worth the early wake-up. 

“One of the things I have to say is how incredibly lovely all the transport staff and metro staff” were, she said.

“They’re so inclusive and engaged in the enthusiasm of young people, it’s really fantastic.”

The new line offers 50 per cent more passenger capacity than the former Bankstown rail service, with trains running every four minutes during weekday peaks.

The conversion has also slashed journey times across the southwest.

metro
Many commuters were excited as the rail line opened to passengers. (Bianca De Marchi/AAP PHOTOS)

Transport Minister John Graham said Friday morning was when patience could finally turn to jubilation.

“These communities will now be better connected to jobs, education, health and entertainment across Sydney,” he said.

Summer Hill MP Jo Haylen said metro “magic” would be huge for the Inner West, while member for Bankstown Jihad Dib invited Sydneysiders to get on board for a “manoush, a banh mi or just (to) say g’day”.

Amazon’s Q3 results miss analysts’ estimates

Amazon’s Q3 results miss analysts’ estimates

Amazon has delivered fiscal third quarter profits and net sales that came below Wall Street analysts’ expectations but posted strong growth in its prominent cloud computing unit.

The Seattle-based company also offered a cautious outlook for the company’s fiscal fourth-quarter period.

Amazon said sales in its cloud computing unit called AWS rose 39.3 per cent during the latest quarter ended September 30 – the fastest growth rate in nearly five years.

Shares were down more than six per cent in after-market trading when the results were released as investors focused on the core business.

Amazon reported net income of $US20.69 billion ($A29.42 billion), or $US1.89 per share, in the three-month period. That compares with $US21.19 billion, or $US1.95 per share, in the year ago period.

Amazon package
Amazon reported a solid sales rise during the third quarter. (AP PHOTO)

Sales rose to $US201.94 billion, compared with the same year-ago period’s $US180.17 billion.

Analysts were expecting $US1.97 per share on sales of $US202.2 billion, according to FactSet.

For the fourth quarter, Amazon said it expects net sales to be between $US240 billion and $US247 billion, which translates to a 12 per cent to 16 per cent increase compared with the year-ago period. Analysts were expecting $US244.16 billion.

Recycled water pumped up for data centre sustainability

Recycled water pumped up for data centre sustainability

A partnership between a recycled water facility and a major data centre could pave the way for a sustainable future for the industry, an expert says. 

AquaNet has announced plans to expand its recycled water facility in Fairfield, in western Sydney, to connect to NextDC’s S4 Sydney data centre, under construction in nearby Horsley Park. 

The new infrastructure would allow the massive facility to be cooled entirely with recycled water – up to 16 million litres a day – once it starts flowing in late 2027.

Recycled water is created by treating water from sources such as sewerage or storm runoff so it can safely be reused.

A NextDC building (file image)
NextDC is partnering with a water recycling facility to help cool its data centre in western Sydney. (Jono Searle/AAP PHOTOS)

S4 Sydney is the first major data centre in NSW to be cooled with recycled water, said Kurt Dahl, the head of AquaNet’s parent company coNEXA. 

Mr Dahl hopes the project will be a model for the rapidly growing industry to be sustainable, especially in the data centre “hotspot” of western Sydney. 

“There’s lots of wastewater in western Sydney,” he told AAP. 

“There’s an opportunity to build a network that services half a dozen to a dozen really large data centres.

“It’s a no-brainer.”

Mr Dahl said it also meant the project was able to meet the NSW government’s new requirements for companies wanting to build data centres in the state. 

A glass is filled with tap water (file image)
Using recycled water rather than drinking water for data centre is viewed as a vastly better option. (Con Chronis/AAP PHOTOS)

Data centres, which are used to process digital resources including artificial intelligence, use significant amounts of water to cool their servers. 

Sydney Water recently warned data centres could use as much as 250 megalitres a day in the city by 2035, and one already ranked among its top 20 users. 

They can also be designed to cool themselves without water.

Construction technology expert M. Reza Hosseini said this method required between 20 and 40 per cent more electricity. 

“If you want to do it in a sustainable way, probably you need to use recycled water,” the University of Melbourne academic told AAP. 

“In comparison to drinking water, it’s a much better option.”

A data centre construction site in Sydney (file image)
Data centres are estimated to provide more economic returns than other water-thirsty industries. (Mick Tsikas/AAP PHOTOS)

However, Dr Hosseini said it required significant investment in recycled water infrastructure.  

“There are some processes in place to make sure that the water is suitable for the cooling systems of data centres,” he said. 

More research was needed about the long-term effects of recycling significantly more wastewater, which would otherwise be sent out to sea, Dr Hosseini said. 

Despite the environmental concerns, he said data centres provided much more economic return than other water-thirsty industry. 

He cited research which estimated data centres generated around $223,000 for the Australian economy for each million litres of water used – about 49 times the amount generated by agriculture. 

“So we can’t just ignore them. We need to make them and build them,” Dr Hosseini said. 

“But we need to consider the impacts on water shortage.”

Inquiry to ensure Australia Post continues to deliver

Inquiry to ensure Australia Post continues to deliver

A parliamentary probe will examine the future of Australia’s national postal carrier amid declining letter volumes, rising delivery costs, and competition from global e-commerce giants.

The inquiry into Australia Post, which opened its first post office more than 200 years ago in 1809, will look at ways to diversify services to ensure they remain commercially viable.

It comes following a referral from Communications Minister Anika Wells, who said shifting consumer behaviour had challenged the sustainability and accessibility of the “beloved institution”.

“That’s why I’ve asked the committee to explore how we can better support a sustainable and accessible postal service that delivers for all Australians,” she said in a statement.

Wells
Communications Minister Anika Wells has moved for the inquiry into Australia Post’s operations. (Mick Tsikas/AAP PHOTOS)

“Changing consumer behaviour and commercial conditions present significant challenges to the sustainability of our national postal service, reflecting experiences globally.”

The inquiry will invite everyday Australians, businesses and stakeholders to provide feedback, with the aim of ensuring the postal service meets evolving community needs.

It comes after it was revealed Australia Post’s chief executive Paul Graham received a bonus of more than $1.36 million, despite the company recording a $107.6 million loss in past financial year.

Susan Templeman, chair of the Standing Committee on Communications, Arts and Sport, welcomed the minister’s referral as an opportunity to hear from communities on future options for postal services.

The committee is slated to hand down its report in the second quarter of 2027.

letters
Australia Post cut letter deliveries to every second day to cut costs. (Dan Himbrechts/AAP PHOTOS)

Australia Post has tried to balance a rising number of parcel deliveries amid plummeting mail volumes.

Packages and services revenue hit a record $8 billion in the year to June 30, while losses from sending letters fell to $63.2 million.

Letter deliveries have been cut to every second day in a cost-saving measure.

The new delivery model alone saved the company $188.3 million over 12 months.

ECB President Lagarde quits after months of speculation

ECB President Lagarde quits after months of speculation

European Central Bank President Christine Lagarde has announced her resignation, ‌ending months of speculation about her future at a complex juncture for Europe and the ECB.

Lagarde will step down on February 7, giving European Union leaders time to pick a successor well before a French presidential election that polls show far-right candidate Marine Le Pen is favourite ‌to win.

“European ‌Central Bank President ⁠Christine Lagarde today informed the Governing Council and the president ​of the European Council, Antonio Costa, that she will step down from her position on 7 February 2027,” the ECB said in a statement on Thursday.

European Central Bank President Christine Lagarde
Speculation about Christine Lagarde’s early departure had been mounting for months. (EPA PHOTO)

The former central bank governors of the Netherlands and Spain, Klaas Knot and Pablo Hernandez de Cos, are seen as frontrunners to replace Lagarde.

Lagarde’s term ⁠was scheduled to run until the end of October ‌2027 ​but speculation about an early departure had been mounting for months, with the World Economic ​Forum seen as ‌a likely destination.

The move comes as the ECB is in the middle of a ​rate-hiking cycle, seeking to prevent an oil-price shock linked to the Iran war feeding into other prices and wages.

But it must also contend with a surge in ​government ​bond yields – especially in debt-laden France – ​that has pushed up borrowing costs for households and ‌businesses and which Lagarde has said will curb growth and inflation.

Caught between persistent inflation fuelled by a renewed surge in energy costs and deteriorating financing conditions, the ECB is widely expected to keep its deposit rate at 2.5 per cent on Thursday while signalling that another increase, potentially as soon ​as December, remains likely.

The ECB is due to announce its interest rate decision ​on Thursday, ⁠followed by Lagarde’s regular media conference.

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