# Independent fact review: full show, 6 November 2026

Verdicts by slide: **2 blocker / 9 fix / 15 ok**. A slide takes its highest severity; counts are slides, not individual findings. Blockers are material omissions or chart/claim pairings that should stop release. Fixes are qualifications or corrections needed without replacing the underlying research.

Checked: all 26 supplied slide PNGs; all slide copy, source lines and speaker notes in deck-spec.yaml; register.csv; charts/manifest.csv; the relevant passages independently located in saved S1-S8; and all 12 distinct source images actually used (11 charts and the FSR cover). Read reviewer-brief.md and LESSONS.md first. No URLs called. Findings concern faithfulness to the supplied evidence, not independent authentication of those saved publications.

## Claim-level review

Blocker slides appear first. Remaining slides follow in slide order. `supported` for an editorial question or template label means it makes no additional empirical assertion requiring a source; it does not mean the RBA prescribed the wording.

| slide | claim | verdict | evidence (source id + short quote) | fix |
|---|---|---|---|---|
| 18 | **BLOCKER:** the adverse scenario combines unemployment 6.3%, cash rate 5.6% and around 5% of mortgagors at higher default risk, but omits inflation 7%. | partly | S5, section 2.1: “the unemployment rate increases to 6.3 per cent, inflation increases to 7 per cent, and the cash rate rises to 5.6 per cent”; the share at higher risk “is estimated to increase to around 5 per cent”. | Restore the joint inflation assumption. The default-risk result belongs to this combined shock, not just the two displayed conditions. Keep “higher risk”, not “will default”. |
| 18 | Central unemployment forecast 5.1% by end-2028; inflation midpoint by mid-2028. | supported | S4, Outlook Summary: “forecast to increase to 5.1 per cent by end-2028”; In Brief: inflation not expected at the middle of the range “until mid-2028”. | Retain. Identify the left side as the November forecast and the right side as the October FSR illustrative stress exercise. |
| 18 | The two panels are comparable future outcomes. | partly | S4 gives dated central projections; S5 gives “a very adverse downturn” without an end-2028 date for the displayed scenario values. | Add “Illustrative joint shock, not an alternative end-2028 forecast” to the scenario side. Do not imply a common horizon or calculate gaps between the panels. The existing scenario label and notes are useful but do not supply the missing horizon qualification. |
| 24 | **BLOCKER:** the approvals chart illustrates falling HIA sales and fewer builder enquiries/conversions. | partly | S3 and original PNG: “Private Residential Building Approvals”, “Monthly”, with total, detached and higher-density series. S4, section 2.3: “HIA new home sales ... have declined materially” and builders reported “a decline in enquiries, buyer conversion rates and sales”. | The words are sourced, but the chart measures none of them. Use a text layout quoting S4, or a saved original chart of those measures. Do not present this approvals chart as visual evidence of sales/enquiry declines. |
| 24 | A broad construction slowdown is already visible in activity/starts. | partly | S4 says dwelling investment “was much stronger than expected over the first half of 2026”, while “leading indicators of activity have started to soften”. Notes say “Fewer starts now”. | Limit the headline to weakening demand indicators. Remove the unsupported assertion that starts are already lower. Distinguish demand, approvals, starts and completed construction. |
| 24 | The chart is current enough to contextualise the September approvals story. | partly | S3 data cutoff is 29 October; S7 was released 2 November and reports September total approvals +5.1%, private non-house approvals +16.6%, private houses -5.3%. | If retaining an approvals discussion elsewhere, date its observations and use S7. This older chart cannot include that later release. Different measures can diverge; S7 does not disprove the S4 sales evidence. |
| 1 | State of the Nation title, subtitle and author furniture. | supported | deck-spec.yaml identifies `sotn-title`; reviewer brief explicitly exempts approved flag/template furniture. | None for the visible template. Inspected the built PNG: title and author text are intact. No chart. |
| 1 | **FIX:** speaker notes introduce four stories “from the past fortnight”. | contradicted | S6 published 15 October; S8 published 17 September; S5 published 1 October. All are more than a fortnight before the 6 November show. Only the approvals release is within that window. | Say “four updates from the latest available releases”. Keep their actual release/observation dates. The visible template needs no change. |
| 2 | September unemployment rate rose to 4.7%; 732,000 unemployed. | supported | S6 Key statistics: “the unemployment rate increased 0.1ppt to 4.7%”; seasonally adjusted table: “Unemployed people ... 732,000”. | None. Month, country, measure and seasonal basis match. “Now” refers to the latest published September estimate, not a real-time count. |
| 2 | RBA expects unemployment 5.1% by end-2028; labour market remains historically strong but is easing. | supported | S4 Outlook Summary: “forecast to increase to 5.1 per cent by end-2028”; section 2.4 says the market “remains a little tight” despite easing. | None. The forecast is labelled as an expectation, distinct from the observed monthly figure. |
| 2 | Labour chart supports rising unemployment; attribution/currentness. | supported | S3: “Labour Underutilisation Rates”, “Heads-based”; the original and built PNG retain the labelled unemployment line, separate underemployment/underutilisation lines, axes and footnotes. S6 next release: 19 November. | None. Chart supports direction, not the 732,000 count or the 2028 forecast. Exact 4.7% is supported by the text passage rather than a labelled chart point. Source line correctly separates ABS data and the RBA chart/forecast. |
| 3 | Annual population growth 392,700 / 1.4%, including NOM 292,100 and natural increase 100,600. | supported | S8 Key statistics: “The annual growth was 392,700 people (1.4%).” “Annual natural increase was 100,600 and net overseas migration was 292,100.” | None. All four refer to the year to March 2026. Components sum to the rounded total; migrants are not added a second time. |
| 3 | March is the latest population release; June release due in December. | supported | S8 future releases: “17/12/2026 ... June 2026”. | None. Old observation date is disclosed and is not stale relative to the saved release schedule. Correct ABS title/release date; no chart. |
| 4 | Private non-house approvals +16.6%; total 17,948, +5.1% monthly; private houses -5.3%. | supported | S7 Key statistics: “Total dwellings approved rose 5.1% to 17,948”; private houses “fell 5.3% to 10,432” and private dwellings excluding houses “rose 16.6%”. | None. Correct September monthly, seasonally adjusted measures. Caption preserves the broader non-house category, so the figure is not restricted to apartments alone. Approvals are not described as completions. |
| 4 | Monthly volatility caveat and currentness. | supported | S7: non-house approvals rose 16.6% “after a 21.7% August fall”. Saved future releases are after show date. | None. The note appropriately avoids treating one rebound as a trend. Correct ABS source/date. |
| 5 | Real disposable income per person declined slightly in H1 2026 but exceeds the 2023/2024 average. | supported | S5 section 2.1: “On a per capita basis, real household disposable income declined slightly over the first half of 2026, but remains higher on average than in 2023 and 2024”. | None. The qualification in the body prevents the headline being read as a fall in aggregate nominal income. |
| 5 | Real/per-capita definition and lower-income household exposure in notes; chart match and cutoff. | supported | S5 defines income after tax/interest and inflation adjustment; inflation is “more likely to cause stress for lower-income households”. Graph 2.1 original PNG retains the real per-capita top panel and “Latest observation June 2026”. | None. The source line explicitly says June 2026. Both panels, legends and footnotes survive the build. S4 also discusses June-quarter income evidence; no newer quarter is established by the supplied files. |
| 6 | **FIX:** “Inflation won't budge, prices are falling and lending has slowed.” | partly | S1: inflation “remains elevated”; “housing prices have fallen significantly”. S4: new housing commitments “have declined further”; business credit growth remains strong. | Say “Inflation remains high, housing prices are falling and new housing lending has slowed.” This avoids confusing housing values with rising consumer prices or suggesting all lending has slowed. Add S1/S4 attribution for the factual subtitle. |
| 6 | Rates are rising again; main-topic question. | supported | S1: “a further tightening ... is warranted”; a 25bp rise is announced. S4 also mentions the September increase. | None for the title. It asks about readiness rather than prescribing an investment action. |
| 7 | Cash rate target increase 25bp to 4.85%, announced 3 November; six raise votes and three hold votes. | supported | S1 opening and decision: “increase the cash rate target by 25 basis points to 4.85 per cent”; “six members voted to increase”; “three ... leave ... unchanged”. | None. Both the size and percentage level are correct; the vote is not unanimous. |
| 7 | Historical cash-rate chart predates this decision. | supported | S3 cutoff 29 October. Original/built PNG ends at the earlier target. The visible slide source explicitly says “data to 29 October (before this rise)”. | None. This implements L-022; chart is historical context, not evidence that its last point is 4.85%. Publisher/date are given. |
| 8 | Fuel/commodity prices affected by Middle East conflict; tighter domestic capacity; technology-price pressure from AI investment; some expectations measures rose. | supported | S1: “higher fuel and other commodity prices affected by the conflict”; “capacity pressures ... a little tighter”; “AI-related investment is driving rapid growth in prices for technology-related goods”; “some measures ... risen lately”. | None. All four columns were checked directly. The slide retains “some” for expectations and does not turn this into a claim that all long-term expectations are unanchored. No political-blame framing; accurate decision source. |
| 9 | Annual September CPI 4.3% versus August 4.0%; trimmed mean 3.6% versus revised August 3.5%. | supported | S2 Key statistics and Overview give each value and the August trimmed-mean revision explicitly. | None. The comparisons use the same annual measure in successive months. Trimmed mean is separately named rather than ranked as a CPI group. |
| 9 | Chart supports rising headline CPI, with correct monthly/annual distinction. | supported | S2 table: Aug-26 annual 4.0, Sep-26 annual 4.3; September monthly movement 0.8. Original PNG has monthly bars and an annual line; the built image preserves its axes, dates and legend. | None. Trimmed mean is not plotted, but is independently quoted in S2. The missing in-image title is supplied in full in the slide source, as permitted by L-025. Publisher/release date are correct. |
| 9 | Notes call trimmed mean the RBA's preferred underlying measure. | partly | S4 repeatedly calls the trimmed-mean series “underlying inflation”; no passage explicitly establishing the superlative “preferred” was located in the saved material. | Optional note tightening: call it “the underlying inflation measure used here by the RBA”. This is not an additional slide-level fix count because the slide itself accurately names the measure; do not cite the saved sources as explicitly using “preferred”. |
| 10 | Transport 8.7%, housing CPI group 5.2%, education 4.7%, all above all-groups CPI 4.3%. | supported | S2 CPI group annual-movement table: Transport 8.7; Housing 5.2; Education 4.7; All groups 4.3. All other group annual rates are lower than education's 4.7. | None. “Fastest” is supported at CPI-group level. Same annual September period and unit; no analytical-series/group mixing. Housing costs are CPI housing expenditure, not dwelling resale prices. Source specifies CPI groups/year. |
| 11 | **FIX:** “Inflation Will Stay High for Longer”. | partly | S4 In Brief: “Inflation ... is now expected to stay high for longer.” Graph 3.9 is explicitly a forecast with uncertainty bands. | Change headline to “Inflation Is Expected to Stay High for Longer”, or attribute the forecast to the RBA. Body/notes already label the forecast, but the headline still expresses certainty. |
| 11 | Headline inflation forecast peak 4.5% in December quarter 2026; expected midpoint return mid-2028. | supported | S4 Outlook Summary gives the December 2026 peak; section 3.3 gives “midpoint ... in mid-2028”. | Retain. This is year-ended inflation for a quarter, distinct from the monthly annual CPI observation on slide 9. |
| 11 | Forecast chart, bands and attribution. | supported | Original Graph 3.9 retains year-ended label, solid/dashed paths, axes and 70/90% interval footnote; the built image preserves them. Source line identifies RBA, November 2026, Graph 3.9 and ABS/RBA. | None for the asset. Peak is visually consistent with about 4.5%; exact value and quarter are in S4. |
| 12 | **FIX:** 4.8% cash rate in 2028 is shown beside Graph 1.2 as if the image shows that horizon. | partly | S4 section 3.1 Key judgement #2: “before declining a little to stabilise at 4.8 per cent in 2028”. Original Graph 1.2's visible time axis runs through 2027, not 2028. | Cite chapter 3.1 for 4.8% and explicitly say the chart shows the shorter market-pricing horizon. Alternatively make this a sourced text-stat slide. Do not read a 2028 point from this chart. |
| 12 | “Markets Expect” reads as current pricing; RBA assumption is actually based on 28 October pricing. | partly | Graph 1.2 footnote: “latest is at close 28 October”. S4 says forecasts are “conditioned on a market path”. The slide source gives this date. | Prefer “The RBA Assumes Rates Stay High”, or date the headline/body “Market pricing at 28 October”. Keep distinction from an RBA commitment or a post-decision market update. Newer market pricing likely exists by 6 November; it was not supplied or checked. |
| 12 | Chart authenticity relative to supplied asset; other notes. | supported | Original/built Graph 1.2 retains cash-rate target, latest, August, September and economist series, OIS footnote and LSEG/RBA sources. S4 supports a further rise into 2027 followed by a modest decline. | Retain image intact if its scope is made explicit. Current source line names Graph 1.2 correctly but needs chapter 3.1 for the 2028 figure. |
| 13 | National housing prices 4.7% below their peak in September; downturn among steepest in 50 years. | supported | S4 section 2.3: “In September, national housing prices were 4.7 per cent below their recent peak”; “one of the steepest over the past 50 years”. | Retain the numbers as attributed statements. Prefer “By September ... below their March peak”; S4 Summary identifies March as the peak. |
| 13 | **FIX:** the annual-growth chart evidences the 4.7% fall from peak / 50-year ranking. | partly | S3/original PNG: “Housing Prices”, “Year-ended growth”, monthly non-seasonally adjusted hedonic index. Image runs from roughly 2008, not 50 years, and its last annual-growth value is not -4.7%. | State on slide “Chart: annual growth; 4.7% is the fall from peak reported in the SMP.” Or use an appropriate saved original peak-to-trough chart. Do not equate annual growth with a fall from peak or infer a 50-year ranking from the image. Source the numerical statement to S4 section 2.3. |
| 13 | Currentness and chart preservation. | partly | S4 gives a September observation; S3 pack data cutoff is 29 October. Original/built chart retains title, year-ended definition, axes and Cotality/RBA source. | Label September explicitly and add the chart cutoff. Flag October housing-price data as a possible pre-show update; its availability/value cannot be established from these saved files. Do not silently call September the November market position. |
| 14 | Investors' new lending has fallen most. | supported | S4 section 1.5: “the decline in new lending has been most pronounced for investors” and concentrated in established-dwelling purchases. Original Graph 1.20 investor panel falls much further than owner-occupier. | Retain the headline as a statement about new lending, not all investor activity or the existing stock of credit. |
| 14 | **FIX:** hero 27% beneath an investor headline is insufficiently identified as the total, not investor decline. | partly | S4: “New housing loan commitments ... now 27 per cent below their peak in November 2025”, followed separately by the investor comparison. Graph has separate Total/Owner-occupier/Investor panels. | Caption “Total new housing loan commitments: down 27% from the November 2025 peak. Investor lending fell more sharply.” Avoid implying investors fell exactly 27%. |
| 14 | Chart baseline, units and source. | partly | Graph 1.20: “Indexed to month of first rate increase”; footnote says monthly, excluding refinancing, seasonally and break-adjusted. Source statement measures decline from November 2025 peak. | Explain on slide that the chart index baseline differs from the peak used for 27%. Add observation period if confirmed from the saved evidence; the register's September date alone is not an independent source. Source line otherwise correctly names publisher, edition, graph and data providers. |
| 15 | Most borrowers have positive equity and most mortgagors large savings buffers. | supported | S5 In Brief transcript says both propositions directly. | None. The aggregate statement is qualified with “most”, does not promise protection to every borrower, and is attributed to the October review. No chart. |
| 16 | Around 2% of variable-rate owner-occupier borrowers have an estimated cash-flow shortfall. | supported | S5 section 2.1: estimated share “increased a little over the first half of 2026, but remains relatively low at around 2 per cent”. | Retain “around” and “estimated”; the slide contains them, though “around an estimated 2%” would read more clearly. This is not a default or arrears rate. |
| 16 | **FIX:** “for now” makes a first-half estimate sound like post-November-hike stress; cohort/method qualifications need attention. | partly | S5 ties the increase to the first half of 2026. Original Graph 2.2 footnote: “Excludes borrowers in arrears”; essentials are HEM; only variable-rate owner-occupiers are measured. | Date it “first-half 2026 estimate, reported in October FSR”. Use a headline such as “Measured Cash-flow Stress Remained Low”. Retain the cohort and exclusions; do not extend 2% to investors/all mortgages or present it as a November reading. |
| 16 | Graph and source line. | supported | Original/built Graph 2.2 retain stacked buffer groups, share axis, cohort title, essential-expense/exclusion footnote and source list. Last bar is consistent with “around 2%”. | Add RBA Securitisation System to the slide's data-provider list to reproduce the full graph attribution; it is already present inside the image. Do not confuse six months of shortfall coverage with six months of full repayments. |
| 17 | Median borrower has over a year of scheduled mortgage payments in offset/redraw. | supported | S5 section 2.1: “median borrower able to cover over a year of scheduled mortgage payments at current interest rates”. | Retain the measure: scheduled mortgage payments, not all living/holding costs. The hero is independently supported even though register.csv omits a row for “over a year”. Add that register entry during correction. |
| 17 | **FIX:** liquidity statement reads as current after the November rate rise. | partly | “at current interest rates” in S5 means rates prevailing at the October review, not the later 4.85% announcement in S1. | Date/qualify the hero “At the October FSR's prevailing rates”. Recalculate nothing without evidence. Do not promise the same repayment coverage after later rate changes. |
| 17 | Under 1% negative equity; 5% if prices fall another 20%. | partly | S5: “less than 1 per cent of borrowers estimated”; “a large uniform fall ... of 20 per cent from current levels” leaves “only around 5 per cent of mortgages” in negative equity. Endnote 7 says all else unchanged and no broader macroeconomic effects. | Restore “estimated” and “around”. Say “Uniform 20% fall from the FSR's valuation base, all else equal (scenario)”. “Further” must not silently use a newer November price base. Keep “could” and the scenario/not-forecast note. |
| 17 | Liquidity and equity are distinct buffers; source line. | supported | S5 separately discusses offset/redraw liquidity and housing equity, warning that a sale can be “difficult and disruptive”. Correct October RBA/Securitisation attribution is present. | Keep those distinctions visible. If retaining both topics on this slide, label cash buffers and housing equity separately; equity is not automatically cash available for repayments. |
| 19 | CPI rent inflation 0.9% in September quarter and 3.6% over year; vacancies rose modestly and advertised growth slowed. | supported | S4 section 2.6: “increased to 0.9 per cent in the September quarter” and “3.6 per cent in year-ended terms”; “vacancy rates have increased modestly and growth in advertised rents has slowed”. | None for the displayed claims. These are CPI rents across the existing rental stock, not a forecast of any investor's next rent increase. |
| 19 | **FIX:** speaker note says the earlier jump “is only now flowing through”. | partly | S4: “This may be early evidence” that earlier advertised-rent strength is beginning to pass through, following “limited pass-through over the year to the June quarter”. | Preserve the uncertainty: “The RBA says this may be early evidence of earlier advertised-rent increases passing through to CPI rents.” Do not convert a tentative explanation into an established timing/causality claim. |
| 19 | Housing Inflation chart and attribution. | supported | Original/built Graph 2.29 preserves distinct New dwellings/Rents panels, year-ended line, monthly bars and rolling three-month line. Footnote specifies seasonal adjustment for monthly/3m-on-3m rates. | None for the chart. Right-hand rents panel is consistent with the rent statements; left construction-cost panel does not measure resale house prices. Source line correctly identifies graph/publisher/edition/data providers. |
| 20 | Investor section divider. | supported | deck-spec.yaml `section-divider`; approved template exception in brief. | None. Inspected title/subtitle and artwork; no empirical assertion or chart. |
| 21 | RBA: “No Room for Complacency”; resilient system; external risks building; most indebted households/businesses well placed for softer growth/lower housing prices. | supported | S5 In Brief transcript: “remains resilient, but there's no room for complacency”; “risks are building from outside”; “Most households and businesses with loans are well placed ...”. | None. Checked the non-numeric claims individually. Quote is faithful; headline adds the review's warning rather than repeating the cover's title. |
| 21 | FSR cover identity, crop and date. | supported | Original cover says RBA, Financial Stability Review, October 2026. Built crop retains those identifiers. S5 published metadata: 1 October 2026. | None. The image is a report cover, not a separate news article or a new November report; source/date make this clear. |
| 22 | Three questions about holding ability, buffers and long-term intent; general-information disclaimer. | supported | Directly inspected all three questions and disclaimer in the spec and PNG. S5 discusses income/expense shocks and cash/equity buffers; it does not prescribe these exact questions. | None. These are editorial prompts, not claims that prices must recover or a recommendation to hold regardless of circumstances. No numerical data/chart needing attribution. |
| 23 | Five checks: repayments, buffers, rate/lender comparison, market rent, long-term fit; disclaimer. | supported | Directly inspected all five labels/questions and disclaimer in the spec and PNG. They are prompts, not sourced market facts or personalised recommendations. | None. Correct five-item count. “Market rent” is posed as a question, not a claim that all rents can or should immediately rise. No numerical market comparison/chart. |
| 25 | Most investors have considerable equity; historically lower arrears/default than owner-occupiers. | supported | S5 section 2.1: investors “have considerable equity positions ... and have historically exhibited lower rates of arrears and default than owner-occupiers”. | None. The historical qualifier is retained, and no claim is made that the ranking must persist. |
| 25 | Equity/buffers provide time to plan. | supported | S5 describes liquid buffers supporting servicing and positive equity giving the option to sell and repay, albeit “difficult and disruptive”. | None as an editorial takeaway. Do not expand it in delivery into a claim that property equity is readily spendable cash or that all investors have large buffers. Source line correctly attributes October FSR. |
| 26 | Rates rising; know your numbers and plan for higher costs. | supported | S1 supports a further rate increase; remaining wording is an editorial planning message, not an empirical ranking or return forecast. | None. No suggestion of guaranteed gains, guaranteed refinancing or immunity from loss. No new number/chart. |

## Slide-level issues and dispositions

### Blockers first

- **18 — BLOCKER:** Restore the omitted **7% inflation** condition for the joint adverse scenario behind the around-5% higher-default-risk estimate. Identify October scenario versus November central forecast and explicitly avoid a common end-2028 comparison. Not a default-rate forecast.
- **24 — BLOCKER:** Approvals are not HIA sales, enquiries or conversions. Remove/replace the chart for these claims, narrow the message to leading demand indicators, and remove “fewer starts now”. If discussing approvals, account for the newer 2 November ABS release and disclose the older chart cutoff.

### Fixes

- **1 — FIX:** The introductory notes call all four stories news from the past fortnight, although three releases are older. Say “latest available releases”; preserve the individual dates.
- **6 — FIX:** Specify **housing prices** and **new housing lending**, soften “won't budge” to “remains high”, and attribute the factual summary to S1/S4.
- **11 — FIX:** Replace the certain “will” in the inflation headline with “is expected to” or an explicitly attributed RBA forecast.
- **12 — FIX:** Graph 1.2 does not show 2028. Attribute 4.8% to S4 chapter 3.1, clarify chart horizon, and present 28 October pricing as the forecast input rather than current post-decision pricing.
- **13 — FIX:** Separate annual growth on the chart from the 4.7% fall from peak in S4. Clarify the September observation/March peak, chart cutoff, and that the 50-year description comes from RBA text. Possible newer October price observation remains unchecked.
- **14 — FIX:** Explicitly label 27% as the **total** new-loan-commitments decline; investors fell more sharply. Distinguish the November-peak comparison from the chart's first-rate-rise index baseline.
- **16 — FIX:** Date the around-2% estimate to the first-half period reported in October; it is not a November stress reading. Preserve variable-rate owner-occupier scope and arrears exclusion; complete the data-provider attribution.
- **17 — FIX:** Date repayment coverage and valuations to the FSR base; retain “at prevailing rates”, “estimated”, “around” and the uniform/all-else-equal scenario assumptions. Add the independently supported “over a year” hero to the register. Distinguish liquidity from equity.
- **19 — FIX:** Speaker note overstates the RBA's tentative pass-through explanation. Restore “may be early evidence”. Displayed rent figures and chart are supported.

### Other slides checked

- **2 — OK:** Observed monthly unemployment and dated RBA forecast are supported and distinct; original historical chart provides context.
- **3 — OK:** All population figures use the same annual period; saved schedule confirms March is latest.
- **4 — OK:** Correct seasonally adjusted monthly approvals and category wording; volatility caution is appropriate.
- **5 — OK:** Correct real/per-person measure and H1 period; June chart cutoff disclosed.
- **7 — OK:** Rate decision/vote correct; pre-rise chart cutoff explicitly disclosed as required by L-022.
- **8 — OK:** All four non-numeric explanations independently found in S1.
- **9 — OK:** Displayed CPI/trimmed-mean figures, periods, chart and source are supported. The optional speaker-note word “preferred” is not explicitly established by these sources; use “underlying measure used here” if tightening the script.
- **10 — OK:** Three fastest CPI groups for the same annual period; overall comparator named; no mixed-measure ranking.
- **15 — OK:** Both non-numeric resilience claims appear in S5 and retain “most”.
- **20 — OK:** Approved divider inspected and intact.
- **21 — OK:** Quote, external-risk/resilience claims, report identity and date checked against S5 and cover image.
- **22 — OK:** Three general planning questions, not factual predictions; disclaimer present.
- **23 — OK:** Five general review prompts and disclaimer; no new empirical or personalised advice claim.
- **25 — OK:** Both investor statements faithful to S5; historical qualification retained.
- **26 — OK:** Sourced rate premise and editorial planning close; no unsupported investment outcome.

### Scope, freshness and presentation checks

- Original-vs-built image check: all 12 used PNG assets were visually inspected against their appearances on slides 2, 5, 7, 9, 11, 12, 13, 14, 16, 19, 21 and 24. Publisher titles, axes, legends and footnotes survive, with the deliberate ABS title omission handled by the full chart name in slide 9's source. No duplicate chart use was seen. Independent authentication of PNGs against publisher PDF files or live pages is **unchecked**; the review relies on the supplied assets and manifest for provenance.
- Currentness: saved ABS schedules place the next labour release on 19 November, population on 17 December, and approvals after 6 November. Their aged observation periods are therefore not by themselves stale. The income chart expressly ends June. The 28 October market path is necessarily historical by show date; later pricing is likely available but **unchecked**. A possible October housing-price update is also **unchecked**. The October FSR is a dated assessment; it should not be represented as a post-3-November measurement.
- Source lines were checked against the saved publisher/title/date and the actual image subject. Needed completions/qualifications are listed above; the cash-rate chart's explicit pre-rise cutoff is correct. Source-line styling is approved furniture and is not being flagged as off-brand. Source text is faint but decipherable in the supplied full-size PNGs; projection-room readability is **unchecked**.
- Headline/image repetition, idea consistency, Australian spelling, em dashes, political blame and doom framing were inspected across all 26 PNGs and the spec. No content em dashes or political-blame framing found. The inflation headline's certainty is flagged; the stress scenario retains “could”. The cash/equity and chart-measure distinctions flagged above are substantive, not template objections.
- PPTX internals, appended source hyperlinks, slide-import fidelity and live presentation delivery are **unchecked**: these were not supplied as part of the named review inputs. Speaker notes were reviewed from deck-spec.yaml, not an extracted PPTX. Mechanical/layout checks were accepted as reported, rather than rerun.
- Only this requested review file was written. No source, deck, register, chart, lesson or knowledge-base file was changed.

BLOCKERS: 2