Governments are making the right moves on housing affordability but builders are still finding it “very challenging” to bring on new supply, RBA governor Michele Bullock says.

Speaking at a second parliamentary hearing in less than one week, Ms Bullock reiterated that a shortage of housing was the key issue. 

“Governments seem to be making the right noises in terms of looking at ways of freeing up the ability to make it easier for developments, and high density I think is an important part of this,” she said in Canberra on Thursday.

“When the bank talks to companies – building companies – in liaison, they say that the process of getting a high-density development approved is very, very challenging, particularly in New South Wales.”

Liberal senator Andrew Bragg said Ms Bullock’s turn of phrase – that governments were making the right noises – was revealing.

“I’d go further than that,” she responded. 

“In the NSW government’s case, they are actually making moves.”

In recent years, the NSW Labor government has increased allowable building heights around transport hubs, reduced local councils’ ability to stall projects and streamlined the state’s planning approvals pathways.

But planning delays remain a major barrier to builders nationwide, said the Housing Industry Association.

Almost nine in 10 builders surveyed in HIA’s Small Business Conditions Report reported that approval time frames exceeded eight weeks, and one in three experienced delays of more than six months.

“For small businesses, time is money and lengthy approval processes mean higher holding costs, delayed starts and increased financial risk, which reduces the number of homes that can be delivered,” HIA managing director Jocelyn Martin said.

Making it easier to win development approvals is only one piece of the puzzle.

Actually finishing projects has become harder since the COVID-19 pandemic as the industry has faced numerous constraints, Ms Bullock said.

“What we hear from our liaison, and this is easing somewhat, but certainly in the year or so coming out of COVID, the time taken to finish actually strung out because you couldn’t get these trades, so there was a big backlog,” she said.

While the industry remains well behind the National Housing Accord target of 1.2 million new homes over five years, there are some promising signs.

Houses are now almost one per cent cheaper to build than at the start of the accord in July 2024, Treasury housing group director general Ben Rimmer said.

“Houses are also getting faster to build,” he told Senate estimates.

“There’s been a 10 per cent improvement in that outcome over that same time period. One might think 10 per cent doesn’t sound like much. 

“That’s a month off the average construction time, give or take, for detached dwellings. Which means the builder can move on to the next project faster, more houses getting built.”

More than one million households and businesses have swapped old copper for new fibre connections since NBN Co announced plans to ditch the technology, with many of the upgrades in regional areas.

The change, along with the release of updated plans, boosted the nation’s average broadband speeds and downloads to record levels, with almost one-in-three premises connected at 500 megabits per second or faster.

NBN Co revealed the changes with its half-year financial results on Thursday, where it also announced its revenue had grown to $2.94 billion during the period and it posted a smaller loss before tax of $350 million.

The announcements come a year after the federal government invested an additional $3 billion in the National Broadband Network to upgrade legacy copper connections, with NBN Co contributing $800 million to the project.

More than 287,000 households and businesses had taken the fibre upgrade offer in the six months to December 2025, NBN Co chief executive Ellie Sweeney said, representing a 32 per cent jump compared to last year.

“Australians are choosing full fibre at an impressive rate, with more than 47,000 upgrades completed each month and every month over the past year,” she said.

“Importantly, 26 per cent of upgrades were in regional areas and we’re bringing world-class connectivity to even more Australians.”

The Fibre Connect program, which replaced copper with faster and more reliable fibre optic technology, was on track to be completed by the end of 2030, she said.

The network’s growing fibre backbone had already lowered NBN Co’s operating expenses, Ms Sweeney said, as it required less maintenance than the older, less weather-resistant technology.

A program offering broadband plan upgrades, launched in September, also delivered speed boosts, with two-in-five premises (41 per cent) accessing 100 megabit per second download speeds, and almost one in three (31 per cent) using services at 500mbps or more.

Average downloads also increased by 65 gigabytes per month or 13 per cent during the period, Ms Sweeney said, with NBN users downloading an average of 557GB each month.

“This is important because it demonstrates a simple fact: when Australians can access higher speeds at better value, they do not just upgrade, their usage expands and demand keeps rising,” she said.

“It’s allowing Australian homes and businesses to stay ahead of the curve and handle data demands of today and also the years to come.”

The upgrades and price increases pushed up residential spending by $3 a month to $52 and raised NBN Co’s telecommunications revenue by four per cent, while its total revenue rose by two per cent.

The company’s capital expenditure dropped by 22 per cent during the six months, mainly due to the completion of fixed wireless and satellite upgrade programs.

More than 8.6 million premises are actively connected to the NBN – a figure that rose by 0.3 per cent over the past year.

A pair of battery-powered locomotives powered by the world’s largest land-mobile battery are set to help one of Australia’s biggest miners reach its ambitious decarbonisation goals.

Iron ore giant Fortescue estimates the electric train engines will help reduce the company’s diesel use by about one million litres annually.

Fortescue Metals and Operations chief executive Dino Otranto said decarbonising the company’s Pilbara rail network was critical to eliminating fossil fuels from its operations by 2030.

“The commissioning of these battery electric locomotives demonstrates that heavy-haul rail can operate reliably without fossil fuels,” he said.

The locomotives’ batteries, which have a capacity of 14.5MWh, will be powered by renewable energy delivered via Fortescue’s Pilbara Energy Connect program.

“For a mining operation of this scale, decarbonisation only works if renewable energy is firm, reliable and available 24/7,” Mr Otranto said.

“That’s why we’re building an integrated system combining large-scale solar and wind generation, battery storage and transmission infrastructure.”

The plan includes more than 480km of already constructed high-voltage transmission lines to link Fortescue’s energy infrastructure to its operations and rail network.

“This infrastructure enables renewable power to replace diesel and gas, in real time, across the Pilbara,” Mr Otranto said.

Power for the network will be generated in part by a 100 megawatt solar farm at Fortescue’s North Star Junction site, where a 250MWh battery energy storage system has recently been installed.

The miner has almost finished building a 190 megawatt solar farm at its Cloudbreak operation and has plans to construct two more, potentially boosting energy generation by more than a gigawatt.

Fortescue said its growing portfolio of solar, wind, battery storage and electrified transmission infrastructure will help it reach its 2030 Real Zero Target 

It is also the most comprehensive decarbonisation program under construction in the global mining sector.

“Real Zero is about transforming the way we power our assets, move our materials and run our operations, not offsetting emissions but eliminating them,” Mr Otranto said.

The Australian family of one of two teenagers who died after methanol poisoning during a backpacking holiday in Laos has welcomed moves to send a special envoy to investigate.

Seasoned diplomat Pablo Kang has been asked to explore all avenues to progress the case of the 2024 deaths of Holly Morton-Bowles and Bianca Jones in Laos.

The 19-year-olds from Melbourne’s Bayside were backpacking through the Southeast Asian nation in late 2024 when they were fatally poisoned with methanol while drinking at Nana Backpackers Hostel in Vang Vieng.

At least six foreigners died during the mass poisoning event, including British woman Simone White, a US tourist and two young Danish women.

The Morton-Bowles and Jones families were outraged this week after it emerged 10 people connected to the methanol poisoning faced court in January and were fined just $185 for destroying evidence.

No charges have been laid over the deaths.

Bianca’s father Mark Jones said he hoped the special envoy would finally give the families clarity. 

“We’re all still grieving for the passing of our beautiful girls – it’s been tiring, it’s been difficult,” Mr Jones told AAP on Thursday. 

“What little I do know about the Laotian political system to date, we haven’t been confident that we will get justice for our girls.

“What I am confident in, is the Australian government is now trying to do everything they can to help progress the cases for both of our girls.” 

Both families were informed of the envoy’s mission before the announcement and spoke with Mr Kang before he departed for Laos. 

“It’s been hard. It’s been tiring, but we’re thankful that we now have someone on the ground from the government, from our government, to help progress the process in real time,” Mr Jones said. 

Foreign Minister Penny Wong announced Mr Kang’s appointment on Thursday after the Department of Foreign Affairs and Trade apologised earlier this week for not providing more information to the victims’ families.

“Since their November 2024 deaths, the Albanese government has been clear to the Lao authorities of the need for transparency and accountability,” Senator Wong said.

“We have consistently conveyed our expectations that charges should reflect the seriousness of the tragedy that killed Holly, Bianca and four other foreign nationals.”

Mr Kang is the head of the Southeast Asia regional and mainland division of the Department of Foreign Affairs and Trade and will leave for Laos as soon as possible.

He has previously served as Australia’s representative in Cambodia, the United Arab Emirates and Vanuatu.

Ms Morton-Bowles’ father, Shaun Bowles, said Australians considering travelling to Laos should rethink their plans and avoid the country.

Opposition Leader Sussan Ley called on Prime Minister Anthony Albanese to summon the Laotian ambassador for a formal explanation about the weak prosecutions.

In question time, Mr Albanese acknowledged the court developments had added to the heartbreak of the families.

Wealth manager and financial services giant AMP has pointed to tailwinds for its major businesses, after posting a fall in full-year earnings.

The group’s full-year bottom-line net profit for the 2025 calendar year came in at $133 million, down 11 per cent on 2024.

The result stemmed from the settlement of legacy legal matters and business simplification.

However, underlying net profit rose almost 21 per cent to $285 million, helped by higher results in its superannuation and investments arm and the North super and pension wrap platform business, and at the top end of market consensus.

AMP Bank saw a fall in underlying profit to $55 million, down almost 10 per cent.

Chief executive Alexis George, who’s stepping down in March and will be replaced by chief financial officer Blair Vernon, said there were “considerable tailwinds” in the wealth and retirement sector.

“We are well-positioned to continue to drive organic growth, while also having the capacity to participate in inorganic opportunities when they arise,” she said.

“We will consider these only where there is a compelling case to build our scale or accelerate development of our capabilities.”

Overall, Ms George said 2025 was an important year for AMP with the resolution of legacy issues and stabilisation of the group’s portfolio.

“This enabled renewed focus on winning in the segments we play, growing the wealth businesses, and building on the vision to be the place that customers come to plan for a dignified retirement,” she said.

AMP has previously been dealing with class actions in the wake of the banking royal commission, concluded in 2019, which found it had charged clients fees for no service, although some cases did not eventuate.

AMP will pay a final dividend of two cents per share, taking the full payout for the year to four cents.

Securities in AMP, which has a market capitalisation of $4.3 billion, closed on Wednesday at $1.75.

Australia’s largest electricity and gas retail business has booked a 45 per cent fall in profit, but the group still considers it a solid result.

Origin Energy’s bottom-line net profit for the half-year ended December 31 fell to $557 million, after revenue growth of nine per cent to $8 billion.

Its underlying result, which excludes one-off items, was also lower at $593 million, from $924 million in the prior first half.

“Origin’s first half results are solid,” chief executive Frank Calabria said in a statement on Thursday.

“We have delivered more than 10 consecutive halves of customer growth, further building on Origin’s leading retail position, reflecting the strength of our brand and customer solutions, including a refreshed suite of battery products.”

The lower profit came after underlying earnings for Origin’s gas business dropped, although this was partly offset by the energy markets division, which improved.

However, Mr Calabria acknowledged many of Origin’s energy customers are still facing cost of living pressures, with bills remaining high.

“Good power station reliability and strong contributions from renewables and batteries have helped to ease wholesale electricity prices,” he said.

“Other factors will drive the final bill outcome for our customers, particularly network costs, but any reduction in the various components of the bill helps.”

Origin also upgraded its earnings guidance for the full year and now expects earnings – before interest, tax, depreciation and amortisation – of between $1.55 billion and $1.75 billion.

It was previously forecasting earnings between $1.4 billion and $1.7 billion.

Origin declared a first-half dividend of 30 cents per share, unchanged from last year.

Australia’s embattled stock exchange operator is set to face tough shareholder questions, as it grapples with regulator woes, a battered share price and a hunt for a new boss.

The Australian Securities Exchange’s share price tumbled more than three per cent the day before it was due to post its interim financial result on Thursday, which will be followed by a shareholders’ call.

Investor confidence was rattled by Tuesday night’s announcement that managing director and CEO Helen Lofthouse will step down in May.

The bourse operator has yet to find a replacement for Ms Lofthouse.

ASX’s share price recently plumbed depths not seen since January 2017, and is trading at a more than 40 per cent discount to record highs set in 2021.

The slump follows a number of embarrassing outages, outdated coding errors and the failure to replace its ageing settlement system.

To make matters worse for ASX, the Australian Securities and Investments Commission in October cleared the way for US exchange operator CBOE to list companies on its platform.

A project to replace the CHESS settlement system with blockchain technology was scrapped in 2022 after seven years, at a cost of $250 million.

ASX chair David Clarke said Ms Lofthouse had steered the company through a difficult time in its history.

“Helen took the CEO role at an exceptionally challenging time for ASX,” Mr Clarke said.

“She took the difficult decision to stop the previous CHESS project and reset it, and she has driven a significant uplift in our technology investment and delivery, and risk focus.”

ASX leadership, including Ms Lofthouse, will address shareholders for the first time since promising ASIC it would pay smaller dividends to help raise a $150 million capital charge required to support its transformation plans.

The corporate watchdog’s final report on the bourse operator is due at the end of March.

BMW is recalling hundreds of thousands of vehicles worldwide over a technical fault that could cause the cars to catch fire, the luxury carmaker says.

A total of 28,582 of cars are affected in Germany, according to BMW.

The company did not give an exact figure of vehicles affected worldwide but German industry outlet kfz-Betrieb reported that 575,000 might be affected.

Product inspections revealed a faulty solenoid switch, which controls the electricity flow in a circuit.

Models affected include the BMW’s 2 Series Coupé, several variants of the 3 Series, 4 Series and 5 Series, the 6 Series Gran Turismo, the 7 Series saloon and the X4, X5, X6 and Z4, according to the car maker.

Following a high number of starts, excessive wear might occur in the switch, which might make it more difficult or even impossible to start the car.

A short circuit might occur, which could lead to localised overheating of the starter, resulting in the vehicle catching fire during operation “in the worst case,” BMW said.

In this case, drivers might notice smoke while driving or leaving the car, according to BMW, which advises against leaving the engine running unattended.

Vehicles that have a starter relay manufactured between July 2020 and July 2022 could potentially be affected, as well as cars that have been fitted with a faulty starter retroactively during repairs, the company said.

BMW last recalled hundreds of thousands of vehicles in September over a potential fire risk due to a faulty starter.

In that case, water was found to penetrate the starter motor at certain points in the affected vehicles, causing corrosion.

The Israeli president is expected to face another day of protests as his controversial Australian visit nears an end.

Isaac Herzog will be closely guarded by police, who have been granted special search powers, as he arrives in Melbourne for a packed day of meetings with senior politicians and community leaders.

A planned protest in the city’s CBD is expected to attract more than 5000 people, leaving police on high alert.

The demonstration against Mr Herzog’s visit at Flinders Street Station is expected to remain peaceful, according to police who said there is no specific threat to the president.

“We want to be clear that there is no intelligence at this time to suggest that the event is the target of any specific threat,” Victoria Police Deputy Commissioner Bob Hill said.

Police have been granted special powers under terrorism legislation ahead of the visit, allowing officers to stop and search vehicles or people in public places, seize items and detain people as a preventative measure.

The powers apply to specific areas Mr Herzog will attend while in Melbourne.

Mr Herzog was invited to Australia by the federal government following the Bondi terror attack but has received a hostile reception from protesters and some politicians over Israel’s actions in Gaza.

At least nine people were charged, and 27 arrested after protesters were punched and pushed by police when an anti-Herzog rally turned violent in Sydney’s CBD on Monday.

Labor Friends of Palestine Victoria committee member Kate Shuttleworth called for a peaceful protest in Melbourne, urging the increased search powers to be used with caution.

“The scenes out of Sydney were deeply distressing. Rank-and-file Labor members were among those pushed, punched and subjected to force. We do not want to see that repeated in Victoria,” she said in a statement. 

“We are asking for calm, for restraint, and for the protection of democratic rights. Peaceful protest is not a threat to Victoria, it is part of who we are.”

The president’s movements have largely been kept under wraps during his visit.

Mr Herzog met with survivors of the Bondi attack in Sydney, before being hosted by Prime Minister Anthony Albanese in Canberra.

The four-day trip has been welcomed by members of Melbourne’s Jewish community which has been rocked by multiple anti-Semitic attacks, including the Adass Israel Synagogue firebombing in 2024.

“It’s a comfortable feeling,” Adass board member Abe Weiszberger told AAP. 

“Bondi is most probably when the volcano erupted. We’ve seen the volcano bubbling for two or three years.”

Mr Weiszberger said the visit was important for the community, saying it helped bring back a sense of belonging.

“It gives you some comfort in this sea of unknown and where we don’t know what’s the next move,” he said.

The Israeli president has described his four-day trip to Australia as very emotional, saying it was important to visit the community and express condolences.

Angus Taylor has finally pulled the trigger on resigning from the Liberal shadow cabinet, signalling an imminent leadership spill against Sussan Ley. 

Mr Taylor resigned on Wednesday night, bringing an end to weeks of mounting speculation that he would roll the party’s first female leader.

“Since the election in May last year, I’ve sought to be a constructive member of the leadership team, and supported Sussan Ley’s leadership in a difficult time,” he told reporters. 

“But we can’t mince with words. The Liberal Party is at the worst position it has been since 1944 when the party was formed.”

While Mr Taylor has resigned from the front bench, he did not challenge Ms Ley for the leadership of the Liberals or a request a leadership spill.

It’s understood several other conservative MPs are expected to also resign on Thursday, which would intensify pressure for a leadership spill to occur.

Mr Taylor’s resignation has allowed him to openly canvass for votes before a likely leadership ballot.

“I don’t believe Sussan Ley is in a position to be able to lead the party as it needs to be led from here,” Mr Taylor said.

“What we need right now is strong leadership, clear direction and a courageous focus on our values, and the first two priorities should be protecting our way of life and restoring our standard of living.”

Some of Ms Ley’s backers have previously suggested a petition signed by a majority of Liberals must be presented for a party room meeting to be held – a similar tactic pulled by former Liberal prime minister Malcolm Turnbull when his leadership came under threat in 2018.

The resignation comes after a series of opinion polls revealed dire results for the Liberal Party.

The most recent Newspoll showed primary support for Pauline Hanson’s One Nation had surged to 29 per cent, with the coalition garnering an historic low of 18 per cent.

Moments before his resignation, Liberal senator Alex Antic backed Mr Taylor as leader.

“He’s going to do a good job when his time comes, whether it’s now, tomorrow, six months, two years, whatever it may be,” he told Sky News.

Mr Taylor tendered his resignation to Ms Ley after her meeting with Israel President Isaac Herzog’s official visit to Canberra.