MARKET AT 7
Good Morning.
Canva will cut 1,271 jobs, about 22% of its staff, its chief executive told employees on Wednesday.
All four big banks lift variable home loan rates by 0.25 percentage points from 13 November.
The AFP says three people are charged over fake myGov pages that redirected payments.
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MARKET AT 7
Canva cuts 22% of staff as ASX slips on midterm nerves
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Canva cuts 1,271 jobs, 22% of its workforce, in a restructure
Canva will cut 1,271 roles, about 22% of its global workforce, chief executive Melanie Perkins told staff in a letter on Wednesday.
The company says it is simplifying management layers and merging overlapping teams. Perkins called it "the hardest moment in our thirteen-year history". The ABC reports that Canva says the cuts are not about replacing staff with AI.
Departing staff get at least six months' salary and 12 months of health cover where Canva provides it. Canva has not said how many of the roles are in Australia [need to confirm: Australian job count].
Our take: Canva blames too many layers and has shared no numbers. Treat that as its account until it does.
Money Moves
Big four banks lift variable home loan rates from 13 November. Westpac, NAB, CBA and ANZ will each add 0.25 percentage points, the ABC and Savings.com.au report. NAB says it has announced no change to savings rates. Source: Savings.com.au, 04/11/2026 → · Source: ABC News live blog, 04/11/2026 →
Household spending rises 0.6% in September, the ABS says. Fuel spending rose 5.4% in dollars, while the ABS's experimental volume data shows fuel fell 2.2%. Our take: That fuel bill is mostly price. Source: Australian Bureau of Statistics, 04/11/2026 →
US midterm counts push stock futures lower. The ABC's market blog reported at 3:02pm Adelaide time that Democrats looked set to win the House and might take the Senate. Investors worry about tighter rules for tech and data centres, and a split government [need to confirm: final results]. Our take: Early counts and futures make a poor guide, so I won't call Thursday's session. Source: ABC News live blog, 04/11/2026 →
Scam Watch
The Australian Federal Police says three people in their 20s have been charged over a phishing scheme that used fake myGov pages to steal Services Australia logins, the ABC reports. Police allege the group redirected victims' payments and took about $2.5 million. Each faces a charge of dealing in proceeds of crime. None of it has been tested in court.
The giveaway is a text or email with a link asking you to log in to myGov.
Don't tap the link. Log in through the app instead and check your payment details. If you shared a login, change your password and call IDCARE on 1800 595 160. Then report it to Scamwatch.
Region Radar
New Zealand: Unemployment rose to 5.7% in the September quarter from 5.6%, its highest in nearly 11 years and above most forecasts, Stats NZ figures show. Pacific: nothing verified inside the five-day window. Southeast Asia: Thailand's manufacturing PMI (a survey where above 50 means growth) rose to 54.8 in October from 54.3, S&P Global data shows.
Do this today
Open myGov through the official app, never a link in a message. Check that the bank account your payments go to is yours. It takes about three minutes.
Today’s calendar
Thursday 5/11: Philippines' October inflation figure, from the Philippine Statistics Authority [need to confirm: release time].
Thursday 5/11, about 10:30pm Adelaide time: Bank of England rate decision. The bank rate was 3.75% at its last listed decision, and a rise to 4% is the market consensus.
Back tomorrow with the RBA's answer. — Miko Santos