The Pacific Islands Forum has again failed to condemn China for its missile test, instead walking a middle ground and “registering concern” over the show of force.

Prime Minister Anthony Albanese left Palau on Thursday after this year’s summit, following the leaders-only retreat which brought the week-long talks to a close.

The 18 PIF representatives made a number of reforms, including splitting  dialogue partners into a two-tiered system, and adding a new annual police ministers gathering to the regional calendar.

The week in Palau has been flavoured by geopolitical competition between China and the west, including high-profile diplomacy by Taiwan, an ally of the Micronesian host nation.

One of the biggest talking points has been the lack of a regional response to China’s nuclear-capable inter-continental ballistic missile test in July.

Intelligence shows the dummy missile flew over the Philippines, Palau and Micronesia’s airspace before landing in the Pacific Ocean.

Several nations have criticised the test, just the second since 1980, but PIF failed to do so at a foreign ministers meeting last month.

The response has become something of a litmus test for PIF and its members for their strategic positioning.

The communique’s relevant clause includes a reference to the Fiji-led Ocean of Peace declaration made last year, which states the region should be free from coercion and militarisation.

However, it doesn’t name China by name, nor use heftier diplomatic language than “concern”.

“Recalling the Blue Pacific Ocean of Peace declaration, leaders registered concern about the recent inter-continental ballistic missile (ICBM) test which overflew a number of members without adequate notice,” the relevant clause read.

“Leaders call on all states undertaking ICBM testing to provide transparency and provide reassurance, including through provision of advanced notification of at least 24 hours in accordance with international practice.”

In a rare move for the usually-consensus based forum, Nauru dissented from the clause.

Kiribati, another country which reportedly vetoed a stronger statement at the foreign ministers meeting, did not offer the same objection.

While Australian officials were happy with the agreed statement, it fell short of some pre-retreat expectations, including from host Palau.

Earlier on Thursday, President Surangel Whipps made clear his displeasure at the test, which followed a 2024 effort.

“They sent a missile next to French Polynesia, another one next to Tuvalu, crossing over our airspace. They never bothered to tell us that’s what’s happening,” he said.

“I said ‘there’s a lot of space between Japan and Guam, why don’t you send it there? Why does it have to come to the middle of the Pacific when last year we just signed a declaration of peace?’

“We don’t want our backyard, our homes, to be threatened and really disrespected.”

Mr Whipps said “a unified Pacific voice” would be critical to get Beijing to “respect sovereignty”.

In other decisions of the leaders retreat, PIF will categorise external powers, currenly known as “dialogue partners” as either strategic or sector partners.

The 13 strategic partners will be China, the US, France, Germany, the UK, the EU, Canada, Japan, India, Indonesia, Singapore, South Korea and the UAE.

Those partners will be able to continue to travel to leaders meetings, while sector partners will be referred to the annual foreign ministers gathering.

A region-wide security pact, championed by Solomon Islands Prime Minister Matthew Wale, did not progress – as expected, given Mr Wale’s absence.

A proposal to bring the Australia-backed Joint Heads of Pacific Security (JHOPS) under the Pacific Islands Forum has also won a level of support.

More people in the United States filed for unemployment benefits last week but lay-offs are still rare and jobless claims remain at historically low levels.

The Labor Department reported on Thursday that filings for benefits ticked up to 206,000 last week from a revised 204,000 the week before.

The four-week average of claims, which smooths out week-to-week volatility, rose modestly to 207,250 last week.

Claims for jobless benefits are a proxy for lay-offs, and economists watch them because they can be a sign of where the job market is headed.

For the past year, claims have mostly stayed within a historically low range of 200,000 to 230,000 a week.

The number of people collecting unemployment benefits rose slightly to 1.78 million the week that ended August 22, up by 8000 from the week before.

Companies, remembering the worker shortages that followed the end of COVID-19 lockups, are still reluctant to let go of staff.

The unemployment rate is low at 4.1 per cent.

But US employers are not eager to take on new workers.

The Labor Department reported on Tuesday that gross hiring – before subtracting people who lost or left their jobs – fell 5 per cent to fewer than 5.1 million new jobs.

The result is what economists call a “no-hire, no-fire” labour market in which those who have work enjoy job security but times are tough for young workers trying to land an entry-level job or unemployed people seeking to get back to work.

A controversial outback gas field has been enthusiastically talked up at a major resources conference along with proposed long-distance pipelines to take the fuel to east coast markets.

The vast Beetaloo Basin field has been touted as an energy lifesaver for Australia if it is connected by pipeline from the Northern Territory to customers in the east.

First gas from the Beetaloo was sent to fuel homes and businesses in the Top End on Tuesday.

But the three gas companies fracking the field – Tamboran Resources, Beetaloo Energy Australia and oil and gas giant Santos – are eyeing more lucrative markets on the east coast and in Asia.  

The federal government favours a future of renewable energy sources, with gas seen as helping in the transition from fossil fuels.

The Beetaloo Basin is a major onshore shale resource in the NT’s Sturt Plateau, about 500km southeast of Darwin.

Beetaloo fracking, construction of pipelines and using the gas to power AI data centres are vigorously opposed by environmental groups who cite the risk of aquifer contamination and massive carbon emissions.

Two proposed Beetaloo pipeline projects received boosts during the two-day Resources NT conference in Darwin. 

The Queensland government on Wednesday declared the North to East Australia Pipeline stage a co-ordinated project, fast-tracking the environmental assessment process. 

The proposal is for a 900km pipeline from the NT border to Queensland’s southwest gas network, forming part of a 1560km line from the Beetaloo.

The APA Group proposes the line’s construction and operation, linking it with the existing South West Queensland Pipeline, 90km east of Ballera.   

Completion of the whole line will mean Beetaloo gas could be sent to the Queensland port of Gladstone for export or south to domestic markets on Australia’s east coast. 

At the resources conference on Thursday, David Gillespie, managing director of pipeline layer Jemina, announced the company would apply for a permit to build a 400km pipeline to take Beetaloo gas to the east coast.

The line would run from the Beetaloo to Jemina’s Northern Gas Pipeline at Mount Isa in Queensland, where a gas line already runs south.

It would be “the fastest and most efficient pathway” to unlock the Beetaloo and get its gas to east coast markets, Mr Gillespie said.

Kevin Gallagher, the chief executive of oil and gas giant Santos, told the conference the company was “indifferent” to where its Beetaloo gas went.

“We’ve got an east coast domestic gas market which by all accounts needs gas.”

Santos saw the potential in the Beetaloo to supply all the needs of the east coast gas market to the end of the century, Mr Gallagher said.

“All we’ve got to do now is drill some wells, and prove the economics of those wells support our vision.”

Santos appreciated having a supportive regulatory jurisdiction in the NT government and that mattered when investing billions of dollars, Mr Gallagher said.

“At the federal level I think we’ve still got to see a little bit more.”

Santo was seeking supportive approval processes, not subsidies, Mr Gallagher said.

The Dutch central bank (DNB) has moved a large part of its gold from ‌North America to London over the past six months to be better prepared for a potential crisis amid rising geopolitical tensions.

The transfer moved approximately 86 ‌metric tonnes, which was 27.5 per cent of the gold the DNB had previously held in New York and Ottawa, to the Bank of England.

“In view of increasing geopolitical unrest, DNB is strengthening its crisis preparedness,” the bank said.

“Gold that is held with the Bank of England is regarded as the world’s most easily tradable gold and will therefore be the most readily available in a crisis situation.”

DNB President Olaf Sleijpen said ‌there was a ‌need “to strengthen our resilience and ⁠preparedness” although the central bank did not expect to use its reserves.

“From a market perspective, ​the Dutch central bank’s explanation is credible. Gold held at the Bank of England is generally considered more readily tradable in a stress scenario,” said Julius Baer analyst Carsten Menke.

“More broadly, the move reflects a growing focus among central banks on resilience, operational readiness and diversification of reserve holdings… the trend is consistent with a world in which geopolitical risks are perceived to be higher than they were a few years ago.”

The BoE stores gold for central ⁠banks and is in London, home to the world’s largest over-the-counter gold trading ‌hub, where participants ​trade directly with one another rather than via an exchange.

BoE Governor Andrew Bailey said last year that “if you want to be involved in that ​market and you ‌want to trade and use your gold, you really need to have it in London”.

The BoE did not reply to a request ​for comment.

DNB’s move comes months after the Bank of France upgraded 129 tonnes of bullion held in New York, or about five per cent of France’s total gold reserves, by selling older bars and buying bars that meet international standards between July 2025 ​and ​January 2026.

The Dutch transfer was carried out by selling about 59 tonnes of gold in New York and buying gold in London that meets the BoE’s market standards.

In addition, 27 tonnes of gold were physically moved from North America to the Netherlands, while an equivalent amount meeting BoE standards was transferred from the Dutch vault in Zeist to London.

The final step avoided the need to remelt gold bars, DNB said.

The transfer ​did not change the size of the Dutch gold reserves, which remained at 612.4 tonnes.

The Netherlands now holds 32 per cent of its gold ​in London, almost 31 per cent domestically and 37 per cent ⁠split evenly between New York and Ottawa.

Administrators for a major housing developer have met a crucial funding deadline, but negotiations to keep the group afloat remain ongoing. 

Insolvency advisory Teneo has been scrambling to secure $20 million in short-term funding for the embattled Bathla Group since it entered voluntary administration in late August.

As administrator, Teneo set a deadline of Thursday to secure the cash injection, which is when payroll for Bathla’s staff fell due. 

On Thursday afternoon, Teneo announced it was yet to secure the short-term funding it is seeking from lenders but enough cash had been found to pay wages accrued since August 25.

The partial payment covers the period since Teneo was appointed administrator, but will not meet all wages owed by Bathla, with some staff having not been paid for weeks.

Administrator Stephen Longley said Bathla’s employees had engaged with Teneo constructively, but stressed the payroll target was only the first hurdle.

“The situation is complex,” he said in a statement, adding the short-term funding administrators are still attempting to secure would only afford a few weeks of breathing room.

Teneo will now set its sights on the first formal creditors meeting slated for Friday, where those owed money would engage with administrators, he said.

One of Sydney’s largest residential developers, Bathla announced it had entered voluntary administration in late August, owing a reported $3.3 billion.

The news left countless homebuyers and creditors wondering what it meant for their investments, with staff uncertain whether they would lose their jobs.

A $20 million one-month injection would allow administrators to pursue longer-term funding and progress the group’s 45 projects under construction.

Should they fail to secure a lifeline from lenders, the home developer is expected to be wound up after the NSW government declined to bail it out.

According to Bathla’s website, the group has 20,000 apartments and 7000 dwellings in its delivery pipeline, added to the scores of projects under construction, centred mainly in Sydney’s northwest.

The projects comprise a significant share of the NSW government’s target of 75,400 new homes a year for five years until 2029. 

Homebuyers who bought off-the-plan have been left in the dark, uncertain when, or if, their properties will be completed, while contractors have been left scrambling to recoup debts. 

Some private lenders have called in receivers to take control of certain sites, while others have taken steps to assure investors they are not overly exposed.

Founded in NSW in 1997, Bathla joins a long list of Australian home developers which have recently entered voluntary administration or liquidation.

Founder Bhart Bhushan described the move as an “orderly restructure” and cited a range of circumstances, including tax changes in the May federal budget and falling buyer confidence.

Treasurer Jim Chalmers has offered businesses that use trusts an olive branch, extending carve-outs to limit stamp duty costs as a result of his budget tax changes.

Australia’s small business community is set for a mass restructuring to avoid having to pay a new 30 per cent minimum tax on discretionary trusts by July 1, 2028.

In draft legislation unveiled on Thursday, Dr Chalmers expanded the exemptions businesses could use to limit or avoid restructuring costs.

As well as rollover relief for restructuring, businesses with a discretionary trust could avoid the new tax by choosing to make fixed distributions to pre-nominated beneficiaries.

Businesses that choose that option would avoid the need to restructure and pay state and territory stamp duties. 

An estimated 350,000 small businesses operate through a discretionary trust structure and more than 200,000 of these are set to pay more tax, according to Treasury.

If those businesses restructured into a company structure or a fixed trust to avoid the new tax, they could be slugged with tens of thousands of dollars in stamp duties, according to accounting body CPA Australia.

Businesses may also need costly legal and tax advice, amended employment agreements, leases, supplier contracts and finance arrangements.

The new trust tax was forecast to raise $4.5 billion by 2030 and to reduce the number of discretionary trusts, which more than doubled over the past twenty years to around 840,000, Treasury said in the budget.

Also included in the draft legislation were carve-outs for charitable trusts, special disability trusts and testamentary trusts, which were previously promised by the government.

Distributions to sporting clubs from charitable trusts will also be excluded, up to a cap that will be decided on after consultation.

The expanded roll-over relief will be available for three years from July 1, 2027.

Trust beneficiaries that have to pay the new minimum tax will also be able to receive refunds on franking credits related to their trust income.

Consultation on the draft bills will be open for two weeks.

“We’re big supporters of small business and the government’s tax reform package includes over $3.8 billion in new measures that lower taxes on business to support investment and growth,” Dr Chalmers said in a statement. 

“This is an important part of our ambitious tax reform package, which is making the tax system fairer and more sustainable, making it easier to buy a first home and cutting income taxes for workers again and again.”

Australian motorists have bought more electric vehicles than petrol-powered models in a month for the first time, setting a new record for battery-powered cars in the process.

Almost one in four new vehicles sold during August was fully electric, according to figures released by the Federal Chamber of Automotive Industries and the Electric Vehicle Council on Thursday.

Combined with hybrids and plug-in hybrids, electrified vehicles represented more than half of all new cars sold during the month, while sales of petrol and diesel cars dropped significantly.

The figures follow a string of sales records for electric vehicles set since March amid conflict in the Middle East, which has led to a surge in fuel prices.

Drivers bought more than 27,000 battery-powered electric vehicles during August, the data revealed, representing a rise of 171 per cent compared to the same month in 2025.

By comparison, Australians purchased more than 25,800 petrol vehicles during the month – a fall of 32.6 per cent on a year earlier.

Consumers were driving major changes in Australia’s automotive market as more switched to electric cars, chamber chief executive Tony Weber said.

”The sustained level of (battery electric vehicle) sales, together with changing brand preferences, shows how quickly consumer choice and competition are reshaping Australia’s new vehicle market,” he said.

”These changes continue to reinforce the need for infrastructure settings that keep pace with the market.”

Electric cars represented almost 25 per cent of new vehicles sold in August, while hybrid cars made up 17.1 per cent and plug-in hybrid cars accounted for 9.7 per cent.

Tesla’s electric Model Y topped the list of best-selling vehicles, recording more than 6400 sales during August and outperforming Toyota’s RAV4 and HiLux ute.

Four electric cars ranked among the 10 top models sold during August, although Toyota remained the most popular automotive brand, followed by BYD and Tesla.

Chinese brands also rose up the sales charts, with BYD, GWM, MG and Geely together claiming 20 per cent of the market.

The growing popularity of electrified cars demonstrated a structural shift in the industry, with more drivers seeking to reduce their transport costs, Electric Vehicle Council chief executive Julie Delvecchio said.

”Environmental and economic considerations are coming together, changing what Australians buy and how they spend,” she said.

”EVs are not only close to or at price parity with petrol cars, but Australians are also increasingly looking beyond the purchase price to what a vehicle will cost them over the years they own it.”

Everyday citizens should be vigilant after two seemingly innocent men were gunned down, with an acting premier insisting police are on top of the situation.

A day after a young university student was shot dead in his family’s southwest Sydney home, a man in his 40s was gunned down outside a west Sydney duplex where it is believed he was working on Wednesday afternoon.

It is at least the fifth suspected mistaken identity since May 2025, with fears reckless overseas criminal leaders are worsening the potentially misguided attacks.

Despite that statistic, the state’s acting premier – Prue Car – insisted the situation was under control.

“NSW Police are on top of this,” she told reporters on Thursday afternoon.

“The government will continue to resource them and do whatever is required to make sure we are on top of this organised crime.”

Jason Box, the commander of a taskforce tackling organised violence, warned the community to stay on guard.

“We ask that people be vigilant if they see a car that shouldn’t be in their street, let us know if they see people sitting in a car, let us know if they see people driving at night,” he told Sydney radio 2GB.

“We have 60 police in uniform, driving around 24/7 at targeted areas … plus all the investigators and the intelligence.”

He said organised crime in Sydney was under control from afar – including leaders making calls from overseas – making law enforcement’s job difficult.

“The reality is they are reckless.”

NSW Opposition Leader Kellie Sloane told reporters Sydney was supposed to be a safe, secure and free city.

“It doesn’t feel like that anymore… people are concerned, they’re frighened,” she said.

A car containing a number of individuals pulled up alongside a Merrylands West home on Bruce Street about 3.15pm on Wednesday.

CCTV footage widely shared and under police investigation shows an Audi pulling alongside the house as a passenger leant out the rear window to open fire.

Shots struck the victim, who is yet to be formally identified, moments after he arrived with a male resident and two young children.

While the home owners were very well known to police for organised crime links, the victim was not, Detective Superintendent Simon Glasser.

The occupants’ children were in the home at the time, he said as he labelled the shooting “highly dangerous and reckless”.

A day earlier, multiple attackers entered a two-storey home in Glen Alpine, near Campbelltown in southwest Sydney, about 3.40am on Tuesday.

They then shot 23-year-old Marco Tapia dead in his bedroom as his family were home.

The young man was not known to police and had nothing more than a traffic offence on his record.

His killers remain at-large.

Police confirmed detectives are exploring the possibility attackers were mistaken in their targets on both occasions.

They are also investigating whether the shootings are linked.

An online post in the wake of Mr Tapia’s death suggested an ongoing feud may be connected to the incidents.

An exiled alleged underworld identity posted to social media early on Tuesday that the perpetrators had mistaken their target.

”Popped the wrong person. Didn’t even get the right house,” Iziah Utai, alleged co-founder of the Coconut Cartel, wrote.

He returned on Wednesday to add: ”RIP Marco. #innocentvictim”.

The Alameddine network, a notorious crime family, and the Coconut Cartel, an emerging crime-for-hire network, have allegedly become embroiled in a feud, spilling into shootings across Sydney in recent months.

Australia’s share market is creeping higher, stabilising from a sharp sell-off in the previous session as banks and miners counterbalanced weakness elsewhere.

The benchmark S&P/ASX 200 index was up 22.6 points by midday on Friday, gaining 0.25 per cent to 9,001, as the broader All Ordinaries lifted 24.2 points, or 0.26 per cent, to 9,184.5.

The move followed a positive lead from Wall Street, after US indices recovered as recent worries around inflation and surging bond market yields eased.

Brent crude oil is hovering near its recent highs above $US95 a barrel, after President Donald Trump’s assurances that the latest round of attacks by the US on Iran wouldn’t last “too long” were taken with a grain of salt.

Still, trading appeared more settled after days of selling as investors braced for higher inflation and higher interest rates ahead.

“With domestic earnings season largely in the rearview mirror, local investors are finding breathing room as broader macro panic subsides,” Moomoo chief market strategist Tapas Strickland said.

However, the overarching problem for markets was still high oil prices and bond yields, which posed an uncomfortable combination for central banks and equity valuations.

“The Australian market is increasingly caught in a tug-of-war between relatively resilient corporate earnings and a more challenging inflation and interest-rate backdrop,” Mr Strickland said.

Energy stocks fell 1.4 per cent as Woodside and Santos ran into profit-taking, while refinery operators and uranium stocks recovered from a weak session on Wednesday.

Raw materials inched 0.6 per cent higher, with gold stocks surging as the commodity’s spot price reclaimed $US4,400 ($A6,138) an ounce.

Mega miner BHP was capping the segment’s upside, slipping 1.3 per cent to $63.81 after going ex-dividend, as competitors Rio Tinto and Fortescue advanced in step with higher copper and iron ore prices.

Investors continued to pick up recently beaten-down bank stocks, with ANZ leading the big four higher and helping the heavyweight financial claw back 0.6 per cent from its late-August sell-off.

Broader economic sentiment remained gloomy, with consumer discretionaries and staples down 0.7 per cent, while real estate trusts fell 0.5 per cent.

In company news, Corporate Travel shares plummeted 80 per cent after coming out of a trading halt, a day after handing down its first annual profit in years following a disastrous overcharging scandal.

Woodside will expand its partnership with PEMEX to consider future exploration and extraction opportunities for hydrocarbons in the Gulf of Mexico.

Telstra shares traded flat despite investment giant Citi upgrading the telco to a “buy” rating, citing improving cost discipline.

The Australian dollar was buying 71.66 US cents, up from 71.39 US cents on Wednesday at 5pm.

Shares and bonds staged a relief rally in Asia ‌on Thursday while the yen held on to gains as investors awaited fresh US data and central banker comments for signals that could determine whether the Federal ‌Reserve tightens policy this month.

Japanese government bond yields slid from historic peaks, tracking a recovery in Treasuries overnight, ahead of an auction of super-long debt in Tokyo. Oil edged lower ‌from elevated levels as uncertainty prevailed over renewed military strikes between the US and Iran.

The market’s immediate focus is Friday’s pivotal US payrolls report after disappointing private labour data for August. Fed Board Governor Christopher Waller is due to speak after Federal Reserve Bank of New York President John Williams tempered expectations of a hike this month.

“If this war were to be put to bed, then that would certainly be something very positive to bring yields back down again across the board,” Gavin Friend, a ‌senior markets strategist at NAB, ‌said on a podcast.

“It ⁠would ease a lot of the tensions because central banks could get that back to thinking about normal ​policy considerations after a time.”

MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.5 per cent, after US stocks ended the previous session with mild gains.

The dollar index, which measures the greenback against a basket of currencies, fell 0.05 per cent to 99.54.

The euro edged up 0.02 per cent to $US1.1589 ($A1.6167), while the yen strengthened 0.07 per cent to 158.59 per dollar, following a 0.9 per cent surge in the prior session.

US Treasury yields eased from multi-year highs overnight. The rise in borrowing costs across major economies had deepened concerns about tighter monetary policy and deteriorating fiscal conditions.

The ⁠yield on benchmark US 10-year notes fell 0.99 basis point (bp) to 4.784 per cent. The yield on ‌the 30-year JGB sank ​10 bps to 4.065 per cent, down from a near record high before Japan’s Ministry of Finance auctions the securities later in the day.

Investors remained on edge over developments ​in the Middle East ‌after the US and Iran exchanged their largest barrage of attacks since July, reviving fears of a broader regional escalation.

US crude fell 0.3 per cent to $US90.74 ($A126.59) a ​barrel and Brent fell to $US95.21 ($A132.82) per barrel, down 0.44 per cent on the day. Spot gold added 0.32 per cent to $US4,400.47 ($A6,138.92) an ounce, while spot silver rose 0.51 per cent to $US65.65 ($A91.59) an ounce.

Traders have recently increased bets on a Federal Reserve interest rate hike. They now assign a roughly two-in-three chance that the Fed will deliver a ​25-basis-point ​rate increase this month, up from 37 per cent a week ago, according ​to CME Group’s FedWatch tool.

The Fed’s Williams said on Wednesday that rising long-term bond yields ‌are a reflection of a solid economy, adding that he was still collecting information to drive his next monetary policy decision.

The key non-farm payrolls report is due on Friday, following an ADP National Employment Report that showed lower than expected job gains.

Policy meetings of the European Central Bank and the Bank of Japan will also be closely watched as markets gauge how far major central banks are prepared to tighten policy in response to persistent inflation pressures.

Data on Thursday showed Japan’s services sector ​expanded at its fastest pace in five months in August, adding to evidence the economy is robust enough to handle a BOJ rate hike.

In early ​European trades, the pan-region Euro Stoxx 50 futures ⁠were down 0.02 per cent, German DAX futures eased 0.01 per cent and FTSE futures lost 0.1 per cent.

US stock futures, the S&P 500 ​e-minis, were flat at 7,676.3.