Hello and happy Friday!
This week's EP features a range of articles, kicking off with a return to one of BGA's favourite topics, electric vehicles (EV). The Australian EV craze has finally subsided this year with new vehicle sales dropping by almost 10%. Buyers are concerned about resale value and safety while being dissuaded by the absence of government incentives. "The EV sales trend signals deeper issues in the market. Broader trends, such as the dominance of SUVs and utes, underscore the fact that while the transition to greener vehicles is progressing, it remains uneven." Our second article presents a creative approach to drought, as farmers construct intentionally "ineffective" weirs that slowly leak water into the dry plains. This provides a more consistent water supply to the environment. Thirdly, Australia's combination of unemployment, inflation and interest rates have fostered the highest misery index score since 2011, and it is no surprise we have the cost of living crisis to thank (The term misery index was created by American economist Arthur Okun in the 60s). Perhaps our score will improve following the Federal government's slap down on the widely unpopular debit card fees, a soon-to-be relic of our increasingly cashless society.
Finally, our thoughts and prayers are with the people in Florida affected by Hurricane Milton. Find out how you can help here.
Have a great weekend everyone.
Jacob Wescombe
Economist
The Latest Trending Economic News Curated for You by Balmoral Group Australia

Electric car sales have slumped. Misinformation is one of the reasons
Battery electric vehicle sales in Australia have flattened in recent months. The latest data reveal a sharp 27.2% year-on-year decline (overall new vehicle sales were down 9.7%) in September. Tesla Model Y and Model 3 cars had an even steeper drop of nearly 50%. Read more here.

Northern Territory cattle station plans to fight erosion by rehydrating flood plains
Mainoru Station in the central Arnhem region has suffered considerable drought conditions due to the erosion of its river channels. The station is re-building a leaky weir, a bridge-like structure to direct water back into its dry plains. Read more here.

Australians are experiencing more economic 'misery' than they have since 2011, new research says
New research has found Australians are suffering the most protracted period of economic misery since 2011. The misery index is measured using a combination of inflation, interest rates and unemployment to present a general view of the economic misery experienced. Read about it here.

Shoppers to no longer pay fees when using debit cards under new Albanese government plan
The federal government is preparing to ban debit card fees and instruct the consumer watchdog to investigate excessive card costs, as the unpopular system of transaction charges gets set for an overhaul. Read more here.
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