NAB will repay 65,999 staff A$169 million it underpaid for years, after first reporting the errors in 2019

The stories

21 on this beat today.

Every story told the same way: what happened, who is involved, why it matters, how it works, the truth and the good news.

1. 01

   NAB will repay 65,999 staff A$169 million it underpaid for years, after first reporting the errors in 2019

   A$169 million

   owed to 65,999 NAB staff, with interest and super

   A$155 million of it has been paid so far [1]

   A$2 million

   NAB's contrition payment, the largest in a deal like this

   about 0.03% of the bank's profit last year [1]

   550,000

   lines of payroll data the inspectors checked

   the errors go back to 2012 [2]

   What happened

   • NAB, one of Australia's major banks, will repay 65,999 staff it underpaid, the country's workplace regulator said on Thursday. [2]
   • The bank will pay back A$169 million in all, with interest and pension money added. [1]
   • That is A$127 million in wages, A$34 million in interest and A$8 million in super, Australia's workplace pension. [2]
   • NAB will also make a A$2 million contrition payment, the largest ever in a deal of this kind. [2]
   • That payment is about 0.03% of NAB's profit last year, which was A$6.1 billion. [1]
   • Part-time staff were paid the wrong base rate, worth A$37.9 million of the total. [1]
   • Fortnightly pay sums were wrong by A$16.4 million. [1] Super for staff on parental leave was short by A$5.7 million. [1]
   • The bank also failed to record staff hours properly and ran old payroll technology. [2]
   • Ombudsman inspectors went through 550,000 lines of payroll data to check the sums. [1]
   • Back pay runs from under A$5 to more than A$87,000 a person. [2] The average is about A$1,934. [2]

   Who is involved

   The deal is with the Fair Work Ombudsman, the Australian agency that enforces workplace pay laws. [2]

   • Fair Work Ombudsman enforces pay laws
   • NAB one of Australia's major banks, with A$6.1 billion profit last year; it underpaid 65,999 staff
   • Anna Booth head of the Fair Work Ombudsman, Australia's workplace pay regulator; she agreed the deal
   • Sarah White NAB's head of human resources; she apologised for what she called unintended errors

   How it unfolded

   NAB told the regulator about the errors itself in late 2019. [2] Its review then found mistakes going back to 2012. [2]

   But the bank did not fully fix them, and the problems ran on until this year. [1]

   Other employers have done the same: Central Queensland University owed more than 1,000 staff A$1.3 million. [4]

   1. 2012 the first pay errors
   2. Late 2019 NAB reports the errors to the regulator [2]
   3. 2012 the first pay errors begin [2]
   4. 2026 the problems are still running [1]
   5. 12 Nov the repayment deal is announced [2]

   Why it matters

   Fair Work Ombudsman Anna Booth said bank staff are not all wealthy and have rent and mortgages to pay. [1]

   NAB is also cutting staff: it plans to shed 2,500 roles by June. [3]

   How it works

   Auditors call this independence: a check only works when the checker does not answer to the people being checked.

   NAB's own review found the errors in 2019, but its pay kept going wrong for years. [1] Then the regulator's inspectors checked 550,000 lines of payroll data. [1]

   Seen it before

   A pupil marking their own test can spot a wrong answer and leave it, so teachers swap the papers.

   The truth

   • What is really going on NAB found its own pay errors in 2019 and still paid staff wrongly until this year. [1]The money was counted and repaid only after the Fair Work Ombudsman's inspectors went through 550,000 lines of payroll data. [1]
   • Why it works on people A headline figure like A$169 million sounds like a punishment, but almost all of it is wages and interest the staff were owed anyway; the extra payment is A$2 million. [2]
   • NAB's new payroll will be checked by an outside auditor. [1] NAB is the one hiring that auditor. [1]
   • Big companies often blame Australia's complicated pay rules for underpayments. [1] Unions say firms spend too little on their payroll teams. [1]
   • Who gains NAB's underpaid staff — They get A$34 million in interest on top of A$127 million in back wages. [2]
   • Who pays NAB's part-time staff — Their base pay was set wrong for years, worth A$37.9 million, and the money comes back only now. [1]
   • Nobody knows yet

     How many NAB staff have still not been paid.

     NAB says it has repaid A$155 million of the A$169 million and is still tracing the rest; it has not said how many people that is. [1]

   Good news

   • NAB says it has already repaid A$155 million of the money. [1]

   What comes next

   NAB says it is still tracing the rest of the affected staff so it can pay them. [1]

1. 02

   UK review would cut some under-25s' benefits

   What happened

   • A UK review will propose moving under-25s off the main sickness and disability benefits, the Times reported. [5]
   • Under-25s would lose the health part of universal credit and Pip, a disability payment. [5] Instead they would get the basic rate. [5]

   Who is involved

   The review is by Alan Milburn, a former Labour health secretary. [5] The UK government asked him to look at young people out of work. [5]

   • Alan Milburn former UK health secretary

   How it unfolded

   Just under 1 million young people in the UK are not in work, education or training. [5] That is up 3% in a year. [5]

   The Resolution Foundation, a think tank, puts the UK's rate at 15.6%, against 6.1% in the Netherlands. [6]

   1. Tuesday the review is published
   2. New year a law is planned

   Why it matters

   Milburn said it "could mean that some people will get less financial support" at the start of a claim. [5]

   How it works

   Labour economists call it scarring: time out of work when young can lower pay for many years after.

   Milburn says today's system puts young people's money now ahead of their long-term chances. [5] He wants that reversed. [5]

   Seen it before

   A footballer who sits out a whole season finds it harder to get picked the season after.

   The truth

   • If approved, it could take almost a decade for the state to save money. [5] The IFS, a research group, says public money is already tight. [7]
   • Who pays Young people on UK sickness benefits — Milburn says some would get less money at the start of a claim. [5]
   • Nobody knows yet

     How much less under-25s would get under the Milburn plan.

     The review is not published until Tuesday, and the details so far come from a newspaper report. [5]

   What comes next

   The review is due on Tuesday. [5] The UK government plans to put it into law in the new year. [5]

2. 03

   US heating bills to rise 7% this winter

   What happened

   • Average US heating bills are set to rise more than 7% this winter, says a group of state energy-aid officials. [8]
   • Homes heated with oil face rises of up to 70%, to about $2,977 a season. [8]
   • Electric heating may rise about 6% to $1,215. [8] Propane may rise about 5% to $1,350. [8]

   Who is involved

   The group, Neada, speaks for state officials who seek federal money to help homes with energy bills. [8]

   • Neada state energy-aid officials

   How it unfolded

   US home electricity will average about 18 cents a unit this year, 37% more than in 2020, government forecasts say. [9]

   Why it matters

   About 1 in 6 US households are already behind on utility bills, owing about $23 billion. [8]

   How it works

   Economists call a cost like this regressive: it takes a bigger share of a small income than a large one.

   Neada's director says the rises are an inconvenience for richer homes. [8] He says they can be devastating for poorer families. [8]

   Seen it before

   Losing the bus fare matters more to a kid with little pocket money than to one with plenty.

   The truth

   • Neada says prices are hard to predict while shipping through Hormuz stays unsettled. [8]
   • Who pays US homes heated with oil — Their winter bill may rise by up to 70%, to about $2,977. [8]
   • Nobody knows yet

     How far US heating oil bills will rise this winter.

     Neada says prices are hard to predict while shipping through Hormuz stays unsettled. [8]

3. 04

   AARP finds Social Security's tax base shrank

   What happened

   • Social Security could pay full pensions until 2059 if its tax base had kept up with the economy, AARP says. [10]
   • Today's forecast says its combined funds run out in 2034, when 83% of benefits could still be paid. [10]

   Who is involved

   Social Security pays monthly benefits to millions of Americans. [10] AARP speaks for Americans aged 50 and over. [10]

   • Social Security US state pension
   • AARP group for people over 50

   How it unfolded

   Pay taxed for Social Security fell from 41% of the US economy in 1983 to 34% in 2025. [10]

   Why it matters

   Social Security pays more than 71 million people. [27] It is most of the income for 43% of older Americans. [27]

   How it works

   Public finance calls this the tax base: the part of the economy a tax is charged on.

   More income now arrives as profits and investment returns, which the payroll tax mostly does not touch. [10]

   Seen it before

   A class fund paid from bake-sale money shrinks when parents start buying cakes elsewhere.

   The truth

   • The 2059 date is a what-if: it assumes taxed pay had stayed at 41% of the economy. [10]

   What comes next

   In 2027 the most pay taxed for Social Security rises to $192,300. [10]

4. 05

   Wales freezes its student loan repayment line

   What happened

   • Wales will freeze the pay level where Plan 2 student loan repayments start at £29,385, from 2027 to 2030. [11]
   • Graduates repay 9% of what they earn above that line, taken through the tax system. [11]

   Who is involved

   Cefin Campbell, the Welsh deputy minister for colleges and universities, says the shared UK system cannot run different lines. [11]

   • Cefin Campbell Welsh deputy minister

   How it unfolded

   England froze the same line in its November 2025 budget. [11] Wales had said it would not. [11]

   1. Nov 2025 England freezes the line
   2. This week Wales does the same

   Why it matters

   NUS Cymru, the Welsh students' union, says graduates will have hundreds of pounds less each year. [11]

   How it works

   Economists call this fiscal drag: a line that stays still while pay rises catches more people.

   Normally the line rises with prices each year. [11] Frozen, pay passes it sooner, so graduates start repaying earlier. [11]

   Seen it before

   If the height bar for a fair ride never moves, more children pass it every year as they grow.

   The truth

   • Campbell says the freeze gives a review of Welsh student funding more money to work with. [11]
   • Who gains The Welsh government — Freezing the repayment line brings graduate repayments in sooner, which its minister says gives a funding review more room. [11]
   • Who pays Welsh graduates on Plan 2 loans — They start repaying 9% of pay above the line sooner, which NUS Cymru says means hundreds of pounds less a year. [11]
   • Nobody knows yet

     Whether Wales will raise its university tuition cap.

     Its minister says an announcement will come within weeks. [11]

   What comes next

   Wales will say within weeks whether it raises its £9,790 yearly tuition cap. [11]

5. 06

   UK diesel stays near £2 as oil falls

   What happened

   • UK diesel still costs an average of 197p a litre, close to October's record, the AA says. [12]

   Who is involved

   The AA is a UK motoring group that tracks pump prices. [12] Petrol has fallen 6p from its peak, to 168p. [12]

   How it unfolded

   Diesel first passed £2 a litre in early October, when the RAC, another motoring group, put it at 200.01p. [26]

   Why it matters

   As a rule of thumb, each 5p cut takes £2.75 off filling a typical 55-litre tank. [12]

   How it works

   Energy economists call it the crack spread: the gap between crude oil's price and the fuels made from it.

   Limited refining is holding back diesel supply, said Christopher Waller, a US central bank governor. [12] He expects US diesel to stay dear longer than crude. [12]

   Seen it before

   Flour can get cheaper while bread stays dear if the bakery is the part that is short.

   The truth

   • The AA says the wholesale cost of diesel is down about 4p since mid-October. [12] The pump price is down only 2p from its record. [12]
   • Nobody knows yet

     How long UK diesel will stay dear while crude oil falls.

     A US central bank governor says limited refining keeps diesel prices up, and no source gives a date for that to ease. [12]

6. 07

   Australia's new home loans fall a record 15%

   What happened

   • New home loans in Australia fell 15% in the three months to September, the sharpest drop on record. [14]
   • Loans to property investors fell 31%, against 5% for people buying a home to live in. [14]

   Who is involved

   The figures come from the Australian Bureau of Statistics, the country's official statistics office. [14]

   How it unfolded

   Rates have risen 5 times this year, to their highest since 2008. [14] In May Australia's government set out plans to curb investor tax breaks. [14]

   1. May investor tax breaks curbed
   2. This year 5 rate rises

   Why it matters

   House prices have fallen 6.7% since March, the fastest fall in 40 years, says Cotality, a property data firm. [14]

   How it works

   Economists call it capitalisation: a tax break gets built into the price buyers will pay.

   The Reserve Bank governor said investor demand fell far more than in past rate rises. [14] She blamed the tax changes. [14]

   Seen it before

   A football card that earns bonus points sells for more; take the bonus away and its price drops.

   The truth

   • Housing minister Clare O'Neil says buyers who live in their homes are gaining ground. [14] The opposition's Andrew Bragg says fewer loans are bad for everyone. [14]
   • Who gains Australians buying a home to live in — Their new loans fell 5% against 31% for investors, and the housing minister says the balance is shifting their way. [14]
7. 08

   Minister ties UK triple lock to pension age 70

   What happened

   • A UK minister says the Conservatives would push the state pension age past 70 to keep the triple lock. [13]

   Who is involved

   The triple lock raises the UK state pension each year by prices, pay growth or 2.5%, whichever is highest. [13]

   The minister is Torsten Bell, who used to run the Resolution Foundation, a think tank. [13]

   • Torsten Bell UK pensions minister

   How it unfolded

   Labour plans to drop the pay link from the next parliament, unless the pension falls behind wages. [13]

   The pension age is already due to reach 68 between 2044 and 2046. [13]

   Why it matters

   Government estimates put the cost of an unchanged triple lock at £50 billion by 2050. [13]

   The truth

   • Bell's figure is his own claim about another party. [13] The Conservatives say they would keep the triple lock. [13]
8. 09

   US mortgage rates fall a fourth week

   What happened

   • US mortgage applications rose 6.2% in the week to 6 November, as rates fell for a fourth week. [15]
   • The average 30-year fixed rate slipped to 7.21% from 7.3%, says the Mortgage Bankers Association, a lenders' group. [15]

   How it unfolded

   A year ago the same rate averaged 5.99%. [15]

   Why it matters

   Applications to buy a home are still 18% below a year ago. [15]

   How it works

   Economists call it rate sensitivity: when borrowing gets a little cheaper, buyers who were waiting step in.

   Applications to buy rose 8% in one week, after the rate dipped from 7.3% to 7.21%. [15]

   Seen it before

   When a shop knocks a little off a price, people who had been waiting finally buy.

   The truth

   • The association's economist says buying and refinancing are still well below last year's pace. [15]

   Good news

   • Rates are at their lowest since mid-September, the association says. [15]
   • US mortgage rates fell for a fourth week in a row, to their lowest since mid-September.
9. 10

   Cheap old loans keep US owners in place

   What happened

   • A typical US mortgage holder pays about $1,300 a month. [16] Buying a home today would add more than $1,100. [16]
   • In Pittsburgh a move raises the monthly payment 43%. [16] In San Jose it raises it 165%. [16]

   Who is involved

   The figures are from Realtor.com, a US home-listing site that studies the housing market. [16]

   How it unfolded

   More than a quarter of US fixed-rate mortgages, 27%, were taken out at low rates in 2020 and 2021. [16]

   Why it matters

   So owners stay put and few homes come up for sale, says Realtor.com economist Hannah Jones. [16]

   How it works

   Economists call this the lock-in effect: a cheap old loan makes moving home cost more. [16]

   An owner with a pandemic loan below 4% would borrow again near 7.32%, so the payment almost doubles. [16]

   Seen it before

   A pupil with the best seat on the bus will not swap, even for a seat nearer the door.

   The truth

   • The near-doubling assumes a median-priced home, a 14.3% down payment and the 22 October rate of 7.32%. [16]
10. 11

    Nvidia's fall reaches US retirement savings

    What happened

    • Nvidia, the chipmaker, has lost more than $450 billion in value since its boss admitted an affair, Fortune says. [17]
    • Leonard Gilroy of the Reason Foundation, a think tank, puts a typical saver's exposure at 3% to 5%. [17]
    • Nvidia is about 6% of the S&P 500 and about 10% of the Nasdaq 100, he says. [17]

    How it unfolded

    Its shares fell nearly 8% after hours on Wednesday, on reports the board may remove its boss, Jensen Huang. [17]

    Why it matters

    Nvidia is so big that it sits inside the index funds in millions of US 401(k) workplace retirement accounts. [17]

    How it works

    Investors call this concentration risk: one company makes up a big slice of a fund. [17]

    Savers in an index fund own Nvidia whether they chose it or not, Fortune notes. [17]

    Seen it before

    A team built around one star player loses badly when that player gets hurt.

    The truth

    • Jill Fisch, a law professor, says long-term savers will see "a tiny blip". [17] She says nobody yet knows Nvidia's long-term value. [17]
    • Nobody knows yet

      Whether Nvidia's board will remove Jensen Huang, and what that would do to savers' funds.

      The board has not yet decided, and a law professor says nobody knows much about Nvidia's long-term value. [17]

11. 12

    Putin orders power cheaper than China's

    What happened

    • President Putin has told Russia's government to keep consumer electricity prices 20% below China's, Kommersant reports. [20]

    Who is involved

    The order is for Russia's long-term plan for its power network, which runs to 2042. [20]

    How it unfolded

    New power plants are paid for through surcharges that raise final prices for consumers. [20]

    Why it matters

    Russia's energy ministry says prices could double, from 6.4 roubles a unit in 2024 to 12.8 by 2042. [20]

    How it works

    Economists call a rule like this a price ceiling: a limit on how high a price may go.

    The plan's new plants cost about 40 trillion roubles, and today that money is raised from consumers' bills. [20]

    Seen it before

    If the school says lunch must cost less but the kitchen's food bill rises, someone else must cover the gap.

    The truth

    • Market players do not know why China was chosen as the benchmark. [20]
    • Nobody knows yet

      Why Russia chose China's power price as its target.

      Market players told Kommersant they do not know why China was picked. [20]

1. 13

   Russia's tax service checks company cards

   What happened

   • Russia's tax service now asks small firms for proof of spending on company cards, lawyers told the outlet RBC. [19]
   • If a firm cannot prove the spending was for work, it can be treated as the worker's pay. [19]
   • Then income tax of 13% to 22% applies. [19] Insurance contributions of 30% come on top. [19]

   How it unfolded

   Before, the tax service caught such spending only in targeted visits to firms. [19]

   1. Before spot visits only
   2. Now bank data checked in bulk

   Why it matters

   Now it scans bank transactions in bulk, experts say. [19] A lawyer says it brings in money without much work. [19]

   How it works

   Tax law calls a perk paid for by an employer a benefit in kind, and taxes it like wages.

   A company card used for a worker's own shopping is such a perk. [19] So unproven spending is taxed as salary. [19]

   Seen it before

   Using the family shopping card for your own sweets means paying it back from your pocket money.

   Why the checker should not answer to the people being checked

   Auditors call it independence: a firm can find its own mistakes and leave them, so the check that settles them comes from outside.

   The twist

   NAB found its own pay errors in 2019 and still paid staff wrongly until 2026. The errors were counted and paid back only after a regulator the bank does not control checked them.

   The picture

   2019NAB finds errors

   ↓→

   until 2026Errors still running

   ↓→

   550,000 linesRegulator's count

   Step by step

   1. 1 A firm checks its own pay or fees
   2. 2 Its own checkers find an error
   3. 3 Fixing it costs the firm, so the fix waits
   4. 4 An outside checker with its own powers counts it
   5. 5 The money is paid back

   The same force, elsewhere today

   Where this chain is also running, in today's other stories.

   • Russia's checks on company cards

     The tax service stopped relying on firms' own accounts and now reads their bank data itself, so it can find spending the firms never explained.

   • South Africa's politicians' pay

     An independent commission, not the MPs themselves, advises on their pay, and this year it set the rise against forecast prices.

   • The forged Florida deeds

     The county office filed paperwork that looked signed, and the owner, checking from outside, was the one who found the theft.

   Where you've seen this

   School exams

   teachers from another school check a sample of the marks, so nobody grades only their own pupils

   Company accounts

   an outside audit firm signs off the yearly accounts before shareholders see them

   Restaurant kitchens

   council inspectors, not the owner, give the hygiene rating

   Football

   a referee from a neutral country runs a big international match

   The catch

   An outside checker is often hired and paid by the firm it checks, as NAB's new auditor will be, so its independence rests on rules, not a guarantee.

   And the whole of it

   The 65,999 NAB staff could not see the payroll that paid them, and most people with a payslip or a bank account sit in the same seat. Each of us trusts numbers checked by people we never meet, and we rarely know who those checkers answer to.

   The truth

   • Lawyers say the checks are justified, since workers may not use company cards for themselves. [19]

1. 14

   South African politicians get a 3.5% rise

   What happened

   • South Africa's president raised pay for MPs and ministers by 3.5%, and for judges and traditional leaders by 4%. [21]

   Who is involved

   An independent commission had advised 4% for all 20,609 public office-holders. [21] The rises are backdated to April. [21]

   How it unfolded

   The commission expects inflation, the rise in prices, of 3.4% this year. [21]

   Why it matters

   Cosatu, a big union federation, called the politicians' rise "dangerously out of touch" with ordinary South Africans. [21]

   How it works

   The commission called the rise a cost of living adjustment: pay rising with prices so it buys the same. [21]

   A 3.5% rise against 3.4% inflation leaves MPs' pay buying about the same as before. [21]

   Seen it before

   If sweets cost a bit more each year, a slightly bigger allowance just buys the same bag.

   An independent commission, not the MPs themselves, advises on their pay, and this year it set the rise against forecast prices.

   The idea, in story 13: Why the checker should not answer to the people being checked →

   The truth

   • Cosatu backed the 4% for magistrates, to stop skilled staff leaving. [21]
2. 15

   Digital euro timetable holds after Lagarde

   What happened

   • The European Central Bank says Christine Lagarde's early exit as its president will not delay the digital euro. [18]
   • A pilot with 36 banks and payment firms starts in late 2027. [18] The first issue is aimed for 2029. [18]

   Who is involved

   The digital euro would be a digital form of cash from the European Central Bank, paying no interest, like banknotes. [18]

   How it unfolded

   The ECB puts building costs at about 1.3 billion euros. [18] Running it would cost 0.32 billion euros a year. [18]

   1. Late 2027 pilot with 36 firms
   2. 2029 first issue aimed for
   3. 18 Nov deal aimed for
   4. Late 2027 pilot begins

   Why it matters

   In 13 eurozone countries, shop card payments run entirely through non-European firms, an ECB board member says. [18]

   The truth

   • Critics fear a state digital currency could let governments watch people's spending. [18]
   • Nobody knows yet

     Whether EU governments and lawmakers agree the digital euro law on 18 November.

     How merchant fees are worked out is still unsettled in the talks. [18]

   What comes next

   Ireland, chairing talks for EU governments, reportedly aims for a deal on 18 November. [18] Merchant fees are still unsettled. [18]

3. 16

   Dubai parking fines outgrow parking fees

   What happened

   • Parkin, Dubai's public parking company, made more from fines and season passes than from parking fees for the first time. [22]
   • From July to September, fines and passes brought Dh136.4 million, against Dh127.8 million in fees. [22]
   • It issued more than 2.36 million fines in the first nine months of 2026. [22]

   How it unfolded

   This year it added small kerbside cameras to catch drivers who skip paying. [22]

   Why it matters

   Fines issued in the quarter rose 34% to about 916,100, landing on Dubai's drivers. [22]

   How it works

   Economists call this an incentive problem: a firm paid by fines earns more when more people break rules.

   Parkin's profit for the quarter rose 27% to $54.2 million, it told the Dubai stock market. [22]

   Seen it before

   A referee paid for each card shown would have a reason to show more cards.

   The truth

   • Parkin says paid parking curbs illegal parking and manages scarce spaces. [22]
   • Who gains Parkin's shareholders — More fines and passes lifted the company's quarterly profit 27% to $54.2 million. [22]
   • Who pays Dubai's drivers — Parkin issued 34% more fines in the quarter, and has added kerbside cameras to catch drivers who skip paying. [22]
4. 17

   Empty luxury flats pile up in London

   What happened

   • Central London had 1,400 finished but unsold new homes at the end of September, 3 times the 2016 level. [23]
   • Only 1,600 homes were started there in a year, 75% fewer than a decade ago, says Molior, a research firm. [23]

   How it unfolded

   Overseas buyers can pay stamp duty, a tax on buying a home, of up to 19% on extra properties. [23]

   Why it matters

   The average London flat cost about £431,000 in June, £2,000 less than in 2016. [23]

   Building jobs fell by 7,000 from July to September, the hardest-hit UK sector. [23]

   How it works

   Economists call a home a durable good: it takes years to build, so supply reacts slowly to demand.

   Developers borrowed before selling a single flat. [23] Then costs rose and rich buyers pulled back. [23]

   Seen it before

   A cake stall baked for a crowd that never came is left holding the trays.

   The truth

   • These homes remain far beyond the reach of the average Londoner, the Guardian notes. [23]
5. 18

   Paris turns office towers into flats

   What happened

   • The body running Paris's main business district plans to turn up to a fifth of its offices into homes. [24]
   • The first, Le Diamant, is a 9-storey block where 1,800 people work. [24]

   How it unfolded

   About 14-15% of offices in the district stand empty, its chief executive says. [24]

   Demand for Paris office space has fallen by almost a third in 5 to 6 years. [24] That is according to Colliers, a property firm. [24]

   Why it matters

   In the US, a report found 8,310 converted flats planned in New York and 6,533 in Washington. [24]

   How it works

   Architects worry most about floor depth: the middle of a big office floor gets no daylight.

   At Le Diamant, the dark middle of each floor will hold only lifts and stairs, with no rooms. [24]

   Seen it before

   Turning a big classroom into bedrooms only works for the parts with windows.

6. 19

   Florida woman accused of stealing land by deed

   What happened

   • Police in Florida arrested Melissa Jester, 41, on 6 November, accusing her of taking 3 plots with forged deeds. [25]

   Who is involved

   A deed is the document that shows who owns a piece of land. [25] One plot was sold for nearly $30,000. [25]

   How it unfolded

   Investigators say paperwork moving the plots to her company was mailed to the county clerk in June. [25]

   1. June forged deeds mailed in
   2. 6 Nov arrest

   Why it matters

   The owner had held the plots for nearly 20 years and found out only recently. [25]

   How it works

   Land lawyers call the public record of who owns what the title.

   The forged paperwork appeared to carry the owner's signature, investigators say. [25] The filing fee was paid under another name. [25]

   Seen it before

   A school office that trusts any signed note lets a forged note send a pupil home.

   The county office filed paperwork that looked signed, and the owner, checking from outside, was the one who found the theft.

   The idea, in story 13: Why the checker should not answer to the people being checked →

   The truth

   • Jester faces criminal charges and has not been convicted. [25]
7. 20

   EU plans easier exits from online subscriptions

   What happened

   • The European Commission, the EU's executive, has proposed rules to make online subscriptions easier to cancel. [28]
   • Shoppers would get a reminder before a free trial turns into a paid subscription. [28]
   • Automatic renewals would need a conscious choice from the customer. [28] Customers could also reach a human, not only a chatbot. [28]
   • Ticket sites whose prices change with demand would have to show the price in real time. [28]

   Who is involved

   Michael McGrath is the EU consumer commissioner. [28] He calls the plan and a related law the biggest change to EU consumer rules in more than 20 years. [28]

   • Michael McGrath EU consumer commissioner

   Why it matters

   The Commission estimates the rules would spare consumers 88.4 billion euros in losses from 2025 to 2035. [28]

   It puts the yearly benefit at 13.7 billion euros. [28] It puts the cost to businesses at 678 million euros a year. [28]

   How it works

   Economists call this inertia: people keep paying for things because stopping takes effort.

   A trial that rolls into a paid plan without a reminder relies on the renewal being forgotten. [28] The plan makes it a choice. [28]

   Seen it before

   A gym that is easy to join but needs a letter to quit keeps members who never go.

   The truth

   • EDRi, a digital rights group, says the rules on addictive design still rely on people finding the off switch. [28]

   What comes next

   MEPs and national governments must now examine the proposal before it can become law. [28]

8. 21

   Pakistan cuts fuel prices again

   What happened

   • Pakistan cut petrol by Rs3 a litre and diesel by Rs7 on Wednesday, in another reduction. [29]
   • From Thursday, 12 November, petrol sells at Rs335 a litre and diesel at Rs364. [29]

   Who is involved

   Ogra, Pakistan's oil and gas regulator, now sets fuel prices daily from world oil prices. [29]

   • Ogra oil and gas regulator

   How it unfolded

   Diesel peaked at Rs520.35 on 3 April, up from Rs281 when the US-Iran war began on 28 February. [29]

   1. 28 Feb diesel at Rs281
   2. 3 Apr peak of Rs520.35
   3. 12 Nov Rs364

   Why it matters

   Petrol mostly fuels motorbikes, rickshaws and small cars, so its price hits middle and lower-middle class families. [29]

   How it works

   Economists call this pass-through: how much of a change in world oil prices reaches the pump.

   For 30 days, refineries are bearing Rs15 billion of the petrol levy. [29] That allows a Rs14.71 cut at the pump. [29]

   Seen it before

   When a shop's supplier cuts its price, the shop decides how much of the saving reaches the till.

   The truth

   • Taxes and duties still make up Rs114 of each litre of petrol and Rs100 of diesel. [29]

   What comes next

   Pakistan's government and the Jamaat-i-Islami party held more talks on Wednesday about further fuel relief. [29]