Afternoon Report | ASX rises as AI rally returns
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Why did the ASX 200 climb and which AI stocks drove the rally?
Welcome to the Fear and Greed Business News Afternoon Report for Tuesday, the 22nd of September, 2026. I'm Michael Thompson, and every afternoon we've got the five stories that happened today that you need to know about. Let's jump into story number one: the SP ASX 200 gained 0.3% today to 8,758 points, helped by a resurgence in AI stocks and lower oil prices. Technology was the standout sector, jumping almost 3%. 3% after AI stocks rallied on Wall Street overnight. We'll have more on that story in tomorrow morning's show. But WiseTech Global rose nearly 3%. Megaport up more than 4%. Technology One added almost 3% as well. But oil also helped the local boss, as did the US 10-year bond yield easing.
What global AI safety standards is Australia supporting at the UN?
Brent crude briefly dipped below $100 a barrel on hopes of some. Diplomatic progress over the war in Iran. As a result, Woodside and Santos both lost ground. But it was a good day for the consumer discretionary stocks like JB Hi-Fi. It was up, and the gaming machine manufacturers, Aristocrat Leisure and Light and Wonder, both climbed more than 2%. The big banks, well, they were mixed today. On to story number two, Australia has joined a group of nations and the European Union. Union, calling for tougher global safeguards to ensure artificial intelligence remains under human control. The joint statement released on the sidelines of the United Nations General Assembly in New York calls for transparent safety protocols, testing of powerful AI systems before release, independent evaluations, greater international cooperation on serious AI incidents.
It also asks UN members to consider creating the AI.
How are Jetstar workers helping passengers by waiving fees during industrial action?
An international body capable of setting standards and overseeing AI risks. Prime Minister Anthony Albanizzi, who is in New York at the moment, says Australia played a central role in developing the statement, arguing that humans need to remain in control of how AI is developed and used. Story number three, back home again now, and some Jet Star passengers could save a little bit of money tomorrow as workers escalate industrial action. The Australian Services Union will still turn up for work and help passengers as normal. But for 24 hours from midnight tonight, they plan to waive a range of fees, including excess baggage charges, seat changes, and late fees. The union is pushing for a bigger wage increase, improved overtime and penalty rates, better sick leave and stronger job security and redundancy protections.
The action does come to the first time. During a pretty busy travel period ahead of Saturday's AFL grand final, though the union says passengers flying into Melbourne won't be negatively affected. Story number four, Commonwealth Bank says artificial intelligence could deliver about half of Australia's productivity improvement over the next five years. But the Reserve Bank is warning the benefits may take much longer to arrive.
Can AI really boost Australia’s productivity and what are the Reserve Bank’s concerns?
There is, of course, a lot of talk at the moment about the potential. For AI to improve productivity, following yesterday's intergenerational report, which was released by the federal government. The financial review today reports that Commonwealth Bank estimates AI adoption could lift productivity growth by as much as half a percentage point a year, with cumulative gains worth tens of billions of dollars. But Reserve Bank Governor Michelle Bullock says there is not yet clear evidence of an AI productivity process. Boost and the benefits could be a decade away. And in the meantime, the huge investment in data centers is adding to demand for electricity, workers, and construction at a time when the economy is already dealing with inflation pressures.
So it makes this pretty awkward timing problem, right? Where AI could eventually help the economy produce more, but the investment needed to get there may add to inflation first. Story number five, very much an AI-themed show today. Chinese technology giant Alibaba has unveiled what it says is the country's most powerful artificial intelligence chip.
What is Alibaba’s new Zhenwu V900 AI chip and how does it challenge Nvidia?
Stepping up the challenge to NVIDIA in the increasingly important market for AI computing, Alibaba says its new Zhenwu V900 accelerator offers three times the performance of its predecessor and can be combined into enormous clusters.
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Chapters
6 chapters
1
Why did the ASX 200 climb and which AI stocks drove the rally?
0:06–0:50
2
What global AI safety standards is Australia supporting at the UN?
0:50–1:46
3
How are Jetstar workers helping passengers by waiving fees during industrial action?
1:46–2:58
4
Can AI really boost Australia’s productivity and what are the Reserve Bank’s concerns?
2:58–4:01
5
What is Alibaba’s new Zhenwu V900 AI chip and how does it challenge Nvidia?
4:01–4:51
6
Where can listeners find more market updates and sign up for the Fear & Greed newsletter?
4:51–5:32
Speakers
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