📈 NSW ties data centre approvals to wind energy | NAB sees mortgages fall 15%

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The Big Picture

• NSW to require data centres to source 40% of power from wind. The NSW government will fast-track planning approvals for data centres that sign renewable energy deals, as part of a plan to rescue struggling wind farm projects. The scale of the challenge is significant, with the government projecting data centres could account for 11% of NSW's energy needs by 2030. (AFR)
  
  

• Trump to reduce US military drills with South Korea after refusing to join Iran war. President Trump has announced the US will "substantially reduce" joint military exercises with South Korea, citing his close relationship with Kim Jong Un and South Korea's refusal to join the US in its conflict with Iran. Experts warn scaling back the drills could weaken US and South Korean military readiness and reduce their ability to respond to threats in the region. (BBC)
  
  

• Japan's economy slows as bond yields hit three-decade high. Japan's economy expanded just 1.1% in the second quarter, missing expectations as softer domestic demand and Iran war energy costs weighed on activity. On the same day, the 10-year government bond yield touched its highest point since 1996, meaning the government will pay more in borrowing costs, at a time when Japan already carries one of the largest debt piles in the world. (FT | CNBC)
  
  

• One Nation wants early access to superannuation. One Nation leader Pauline Hanson has renewed her push to allow Australians to access their superannuation, declaring "your super is not Labor's piggy bank." Treasurer Jim Chalmers hit back, warning the Coalition and One Nation would "absolutely decimate" the retirement savings of millions of Australians. (Nine News)

Companies in the news

• NAB shares fall 5% as bank flags bearish housing outlook. NAB reported a quarterly profit of $1.83 billion, while forecasting the overall mortgage market will grow just 2.5% over the next year, half of what Westpac projected last week. Mortgage applications at NAB fell 15% in the quarter, with overall industry mortgage demand down for the fourth consecutive month, as CEO Andrew Irvine warned "no one wants to buy an asset that's going to be cheaper in six months." (AFR)
  
  

• JB Hi-Fi shares tumble 14% as earnings miss expectations. JB Hi-Fi posted a 6% lift in full-year net profit to $489.5 million, which fell slightly short of market expectations. Analysts raised concerns about near-term sales recovery as housing activity decelerates sharply and consumer cashflow remains constrained. New Zealand was a bright spot, with that segment jumping 26%. (Capital Brief)
  
  

• Lendlease sees $749 million loss as asset sales impacts results. The real estate company has reversed last year's $225 million profit, as $800 million in losses from asset disposals overwhelmed solid operational earnings. The results present the challenge for incoming CEO Nick O'Neil, as the company continues its turnaround from what was once an $11 billion giant now worth just $2.2 billion. Shares ended the day down 11%. (AFR)
  
  

• A2 Milk loses almost two-thirds of Chinese customers after supply chain crisis. A supply shortage from December left A2 Milk distributors short of stock, with CEO David Bortolussi warning it is "challenging to get those users back quickly" as consumers switched to rival brands. Net profit fell 5.8% to $172 million, with Chinese-label infant formula revenue plunging 33% in the second half. (AFR)
  
  

• Earnings season wrap: big swings across the market on Monday. L1 Group jumped 7% after net profit nearly doubled to $188.8m, with founders the founders set to pocket more than $500m in performance fees following an impressive year for their funds. Iress fell 11.6% and Aurizon dropped 10.3%, both despite reporting results broadly in line with or above expectations. Highlighting how unforgiving the market has become for companies that fail to beat rather than merely meet forecasts. (AFR | AFR)
  
  

• Ferrari's first electric car sells for US$40 million at charity auction. The Ferrari Luce, the brand's first electric vehicle, has sold for US$40m at a charity auction in California. The sale was more than 35 times its retail price and a new record for a new car sold at auction. The sale comes despite a backlash at the Luce's launch in May, with critics including Italy's deputy prime minister and a former Ferrari chairman warning the five-seat electric car risked "the destruction of a legend." (BBC)

FinFest 2026 tickets are selling fast. Have you got yours?

Australia's biggest investing festival is back at the Carriageworks in Sydney on Saturday 24 October.

 Over 70% of FinFest tickets have already been sold. Plenty of Equity Mates community members have already locked in their spot at FinFest 2026. So what are you waiting for?

Hear from Joe Aston, Scott Phillips, Andrew Brown and many more. Whether you bought your first ETF last month or you've been investing for decades, there’s no other investing event in Australia quite like it. We’ll see you there!

Australia’s poison hotline calls jump with peptide frenzy

Australia's poisons hotline received 345 calls related to unapproved peptides in the first six months of 2026, which is more than in the two previous years combined. GPs are reporting a wave of serious complications including facial abscesses, skin grafts and at least one case requiring finger amputations.

The experimental drugs are typically bought illegally online without a prescription, and University of Queensland testing found the actual peptide content ranged from 40% to 190% of what labels claimed, with one sample containing no active peptide ingredient at all. Doctors say the Ozempic boom has normalised self-injection, opening the floodgates to a new and largely inexperienced population of injectors. (AFR)

Two Mistakes That Cost Investors the Most

What is the biggest behavioural mistake investors make?

Alex: The two biggest behavioural mistakes we see are trend following and panicking in times of volatility.

Trend chasing typically shows up as buying assets after a strong run-up, driven by fear of missing out rather than fundamentals. A recent example is gold. After prices had already risen more than 50%, we saw a surge of enquiries from clients wanting exposure. For those in Sydney, the lines at the Martin Place Bullion store were hundreds of metres long, and yet on the day it fell more than 10%, the lines disappeared. While gold can play a sensible role in a diversified portfolio, buying any asset primarily because it has already performed well often leads to disappointing outcomes. We have seen this repeatedly with crypto as well.

Panicking in times of volatility is the other one we see far too often. When Trump came to office, many investors sold all their US exposure fearing the worst, only for the market to whipsaw back and leave them missing out on around 30% of upside. Irrespective of where you sit politically, making emotional decisions in times of uncertainty is one of the costliest mistakes we see.

Want to work with an adviser like Alex to avoid these mistakes? Fill out the form on our website and we’ll match you with one of our hand-picked advisers to help you get started.

• On Equity Mates Investing, financial adviser Matt Ingram from Northhaven joins Bryce and Ren to walk through how your financial plan should evolve as your life changes, from your twenties through to retirement. (Spotify | Apple | YouTube)

• & on Get Started Investing, Jess has just bought her first home and is figuring out what managing money as a couple actually looks like. Financial adviser Glen Hare from Fox and Hare joins her to share what works, what does not, and how the right approach changes depending on the couple. (Spotify | Apple | YouTube)