News live: capital city house prices fall below $1m; Penny Wong has ‘grave concerns’ for missing Australians in Nepal

Acting Prime Minister Penny Wong acknowledged the recent WA state by-election loss as voters sending Labor a message. Australia risks missing out on the economic benefits of artificial intelligence unless businesses fully utilize the technology, warned the Treasury. Treasury's latest advice to Treasurer Jim Chalmers revealed that only less than 10% of businesses reported significant adoption of AI.

While job losses have not yet materialized, officials are keeping an eye on young and entry-level workers overseas for early signs. The Treasury considers AI as the first credible accelerant of global economic growth in almost two decades, yet Australia is at risk of missing out on its benefits. Treasurer Chalmers expressed confidence that Australia could maximize the economic upside and minimize risks related to AI.

In response to the by-election result, Wong blamed the cost-of-living crisis for the swing against the ALP and urged addressing pressing cost-of-living issues. Wong also cautioned that Pauline Hanson's solutions were lacking, emphasizing that voters needed real change. Meanwhile, the Australian property market saw a 0.9% fall in August, marking the fifth consecutive monthly decline, with Sydney leading the decrease and values now 7.1% below their February peak.