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Real estate stocks advanced nearly 3% at midday Thursday.Goodman Group (ASX:GMG) gained almost 4% in recent trade.On the flip side, the energy sector struggled, shedding past 1%.Woodside Energy Group (ASX:WDS) shares fell 2% in recent trade.
Australia's seasonally adjusted unemployment rate rose to 4.5% in April, up from 4.3% in March, data from the Australian Bureau of Statistics showed Thursday.The consensus forecast was for 4.3%, according to Trading Economics.The total number of employed people decreased by 18,600, bringing the total to 14.7 million."Compared to what we usually see in April, more people remained unemployed this month," said Sean Crick, the bureau's head of labor statistics.The participation rate edged down 0.1 percentage points to nearly 67% compared with the previous month. The underemployment rate, which refers to the share of workers who want and are available to work additional hours, fell to 5.8% in April from 5.9% in March.The employment-to-population ratio edged down 0.2 percentage points to nearly 63.7%, the report said. Monthly hours worked across all jobs increased by 16 million hours to 2.04 billion hours in April.
Australian shares are poised to rise on Thursday as oil prices fell about 6% after reports that US-Iran negotiations were in their final stages, easing some geopolitical risk sentiment, though investors remain cautious amid ongoing concerns over Middle East supply disruptions and the possibility of further volatility in global energy markets.Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 1.1%, 1.5%, and 1.3%, respectively.In the macroeconomy, Australia's private sector slipped back into contraction in May as output, demand, and business sentiment weakened amid persistent inflation pressures and geopolitical disruption, according to a survey by S&P Global released Thursday.Australia's labor force report is due at 11:30 am Sydney time.In corporate news, Australian Agricultural Company (ASX:AAC) reported Thursday that it swung to a profit of AU$0.1789 per share on revenue of AU$422.1 million, compared with a loss of AU$0.0018 on revenue of AU$387.9 million a year earlier.Zip (ASX:ZIP) will continue to operate using the Zip brand in Australia after a settlement with mortgage lender Firstmac.Australia's benchmark index fell 1.3% or 108.1 points to close at 8,496.60 on Wednesday.
Australian shares again fell on Wednesday as a sell-off in bonds intensified amid rising concerns over inflation.The S&P/ASX 200 Index rose 1.26%, or 108.10 points, to close at 8,496.60.Brent crude oil futures were trading above $110 per barrel. Two Chinese tankers filled with oil exited the Strait of Hormuz on Wednesday, Reuters reported, citing shipping data.The US 30-year treasuries yield rose to 5.2%, the highest level since 2007. The Australian government 15-year bond yield was at 5.29 %, the highest level since 2011.On the domestic front, employers in Australia paid a total of AU$110.56 billion in wages and salaries for 15.5 million jobs in March, an increase of 1.4% from AU$109.07 billion in February, according to data from the Australian Bureau of Statistics.The United Nations lowered its 2026 growth forecast for the Australian economy to 2% as the country's demand‐led recovery is now under pressure from the energy supply shock created by the Middle East conflict, according to the mid-year update of the body's World Economic Situation and Prospects report.In company news, James Hardie Industries (ASX:JHX) reported fiscal fourth quarter adjusted earnings of $0.30 per share, down from $0.36 a year earlier. Net sales for the three months ended March 31 was $1.4 billion, compared with $971.5 million a year earlier. Its shares were down nearly 1% on market close.Electro Optic Systems Holdings (ASX:EOS) said it has completed a fully underwritten institutional placement of about 18.8 million new fully paid ordinary shares at AU$8 per share, raising AU$150 million from existing and new institutional investors. Its shares fell 10% on market close.Lastly, Webjet (ASX:WJL) said its wholly owned subsidiary Webjet Marketing has received written notice from Virgin Australia Holdings (ASX:VGN) advising of changes to their existing agency and ancillary commercial arrangements. Virgin has advised that from July 1 it will significantly reduce these commission payments and broader commercial terms. Its shares plunged 11% on market close.
Australia's heavy reliance on refined fuels creates some risk of rationing being required if the supply of refined products narrows significantly, ANZ said in a Wednesday report.However, the bank added that fuel rationing is not part of its base case and it does not expect rationing to be needed.Australia imports over 90% of its diesel, petrol, and jet fuel, which the transport, mining, and agriculture industries are heavily dependent on. Around 12% of inputs for the transport sector come from petroleum products, followed by the mining industry at around 7% and agriculture at 6%, according to the report."The likely fuel demand inelasticity of these industries, the impact on GDP that a shortage of fuel might have and the limited availability of short-run substitutes suggest that the household sector would likely bear the brunt of any possible rationing," ANZ said.It noted that fuel rationing is not currently not part of the Reserve Bank of Australia's central expectations.
The United Nations lowered its 2026 growth forecast for the Australian economy to 2% as the country's demand‐led recovery is now under pressure from the energy supply shock created by the Middle East conflict, according to the mid-year update of the body's World Economic Situation and Prospects report.A previous report in January forecast 2.2% growth for Australia, which continues to rely on imports of refined fuel products."In Australia, wage-driven inflationary pressures have led the Reserve Bank to resume monetary tightening in early 2026, adding a further drag on growth," the new report said.The UN also lowered its 2026 global economic growth forecast to 2.5% from 2.7% previously.
Information technology stocks advanced nearly 1% at midday Wednesday.Xero (ASX:XRO) shares rose marginally in recent trade after disclosing a multi‑year deal with New Zealand Rugby, becoming its official small business accounting platform partner.Meanwhile, the materials sector struggled, shedding more than 2%.BHP Group (ASX:BHP) shares were down nearly 2% in recent trade.
Employers in Australia paid a total of AU$110.56 billion in wages and salaries for 15.5 million jobs in March, an increase of 1.4% from AU$109.07 billion in February, according to data from the Australian Bureau of Statistics on Wednesday.Wages and salaries paid rose across all states and territories from February to March, with Western Australia experiencing the biggest increase, driven by cyclical bonus payments in the mining industry.Wages and salaries paid by employers increased in 15 of the 19 industries from February to March, with mining experiencing the largest rise.Total wages and salaries paid in March rose 6% from AU$104.31 billion paid in March 2025.
Australian shares are poised to fall on Wednesday as oil prices eased after reports of progress in US-Iran talks and easing fears of an imminent military escalation, although crude remains elevated amid ongoing Middle East supply risks and disruptions to global energy flows.Overnight, the S&P 500 and the Dow Jones Industrial Average each fell 0.7%, while the Nasdaq Composite declined 0.8%.In the macroeconomy, the monthly employee earnings indicator report is due at 11:30 am Sydney time.In corporate news, James Hardie Industries (ASX:JHX) reported Wednesday fiscal fourth quarter adjusted earnings of $0.30 per share on net sales of $1.4 billion, compared with adjusted earnings of $0.36 on net sales of $971.5 million a year earlier.Catapult Sports (ASX:CAT) reported on Wednesday a fiscal 2026 loss of $0.089 per share on revenue of $140.7 million, compared with loss of $0.034 on revenue of $116.5 million a year earlier.Australia's benchmark index rose 1.2% or 99.4 points to close at 8,604.70 on Tuesday.
Australian consumers remain largely pessimistic in May as there is little improvement in their sentiment, despite the easing of oil price hikes, Westpac said on Tuesday.The Westpac Consumer Sentiment Index grew 3.5% to 83 as fuel prices eased from increasing amid the ceasefire between the U.S. and Iran. U.S. President Donald Trump paused a scheduled attack against Tehran on Monday after the latter sent a peace proposal to the White House."Responses over the course of the survey week show a slight improvement in sentiment following the Federal budget announcement on Tuesday. This is despite few consumers expecting to benefit directly," Matthew Hassan, Westpac's head of Australian macro-forecasting, said.Last week, the Federal Government announced the budget for the 2026-2027 fiscal year. The underlying cash deficit is expected to be AU$31.5 billion, a slight improvement of AU$2.8 billion. The underlying cash balance was upgraded by AU$44.9 billion over the five years to the 2029-2030 fiscal year, Commonwealth Bank said.In another Westpac note, the bank said the deficit in the 2028-2029 is expected to widen to AU$34.4 billion due to high energy prices and interest rates, but is expected to narrow to AU$25.3 billion in the following fiscal year.However, rate hikes were a key factor to offset the positive news of the easing fuel price spike. The Reserve Bank of Australia decided to raise rates by 25 basis to 4.35% earlier in the month and inflation remains above the 2% and 3% target range.The Westpac consumer survey also showed a gap in age groups. Sentiment among the "baby boomers" and Generation X was weak, with a 70 index, while millennials are modestly pessimistic, with an average index of 94.6. Generation Z has been outright positive with a 104 index."Sentiment generally declines with age, moving 1 percentage point lower every two years," Hassan said. "However, the generational gap has widened materially in 2026."
Australian shares climbed on Tuesday as US President Donald Trump claimed there was a good chance of a nuclear deal with Iran.The S&P/ASX 200 Index rose 1.17%, or 99.40 points, to close at 8,604.70.Iran sent a new peace proposal to the US, and President Trump said he had halted a planned attack to allow the negotiations to take place. Brent crude oil futures fell almost 2% to trade around $109 per barrel.On the domestic front, Australia's near-term underlying inflation has been revised higher due to the oil price shock, adding roughly 0.4 percentage points to underlying inflation by the March quarter 2027, Sarah Hunter, assistant governor at the Reserve Bank of Australia, said during a speech.The ANZ-Roy Morgan Australian consumer confidence rose 2.3 points to 66.4 in the week of May 11 to May 17. The four-week moving average inched up 0.5 points to 66.4 points.Australia's consumer confidence edged higher in May, but sentiment remained deeply pessimistic as interest rate hikes and cost-of-living pressures continued to outweigh modest budget-driven improvements, according to a survey by Westpac and the Melbourne Institute. The Westpac-Melbourne Institute Consumer Sentiment Index rose 3.5% to 83 in May from 80.1 in April.In company news, Mineral Resources (ASX: MIN) said that it would restart operations at its Bald Hill lithium mine in Western Australia, citing a sustained recovery in lithium prices and improved market conditions. The mine, which was previously placed on care and maintenance in November 2024. Its shares were up over 2% on market close.Technology One (ASX:TNE) reported fiscal first-half earnings of AU$0.2028 per share, up from AU$0.1908 a year earlier. Revenue for the six months ended March 31 was AU$322.7 million, compared with AU$291.3 million a year earlier. Its shares fell 2% on market close.Lastly, Northern Minerals (ASX:NTU) said it welcomes the Australian Treasurer's disposal orders related to around 1.68 billion shares held by six foreign shareholders. The Treasurer ordered the foreign shareholders, which include Hong Kong Ying Tak, Real International Resources, Qogir Trading & Service, Chanoyu Cong, Vastness Investment Group, and Zhongxiong Lin, to divest part or all of their holdings in Northern Minerals by July 2. Its shares jumped 26% on market close.
Conflict-driven oil price volatility has increased uncertainty around growth, revenue, and future fiscal support needs for Australia, and its fiscal metrics are likely to remain broadly flat in the near term, Fitch Ratings said in a note on Tuesday.The country's budget for the fiscal year ending June 2027 is broadly in line with expectations around its "AAA" rating with a stable outlook, which was last affirmed in October 2025.Australia's broader sovereign fiscal profile is likely to remain more stretched than the median for the "AAA" rating, per the note. The medium-term fiscal trajectory is likely to depend increasingly on whether growth slows more sharply than the budget assumes.The underlying federal government cash deficit as a share of gross domestic product (GDP) is officially projected at 1% in fiscal year 2027, in line with the official estimate for fiscal year 2026. Spending is rising through transfers to states, higher debt interest, indexed social security costs, as well as additional health and defence outlays.Receipts at 25.8% of GDP projected are supported by buoyant tax collections driven by rising domestic inflation and global commodity prices. Such revenue support could turn out to be temporary if weaker domestic demand or changing global economic conditions lower parameter effects and tax receipts.Federal gross debt is projected at 34% of GDP in fiscal year 2027, up 0.9 percentage points from the official fiscal year 2026 estimate, but 0.6 percentage points below Fitch's current forecast.
The Reserve Bank of Australia said that inflation was well above target even before the Middle East conflict, reflecting capacity pressures and temporary factors, and that the labor market was still assessed as slightly tight, according to the minutes of the May meeting released Tuesday.Before deciding to raise interest rates by 25 basis points to 4.35% on May 5, the RBA noted that the conflict showed its impact through a material rise in March headline inflation due to higher fuel costs and expectations of a further rise in June, causing a sharp decline in consumer confidence.The RBA's baseline forecast projected underlying inflation to remain above 3% until late 2027 and return to 2.5% only in mid-2028, higher than previously expected.The case for a 25-basis-point rate increase centered on the inflation outlook, with staff assessing that capacity pressures remain tight and that financial conditions may not be sufficiently restrictive to return inflation sustainably to target if the cash rate were held unchanged.The case for holding the cash rate unchanged focused on differing views over capacity pressures, the impact of a prolonged conflict on the board's objectives, whether long-term inflation expectations stayed anchored, and whether weaker demand would outweigh inflationary pressures.Looking ahead to the RBA's June meeting, the board will assess recent data, with ANZ expecting headline inflation to have likely risen 0.5% month over month in April."But this shock has come against a backdrop of elevated capacity constraints and domestic cost pressures... our research suggests pass-through will be faster and more extensive, and the risk of inflation expectations drifting higher is elevated," said Assistant Governor Sarah Hunter in a Tuesday speech, discussing the impacts of the oil shock in Australia's economy.ANZ anticipates interest rates to remain unchanged for a prolonged period.
The minutes of the Australian central bank's most recent meeting suggest policymakers believe they have time to see how the economy reacts to tightening that has already occurred, making another rate hike in June less probable, ANZ said in a Tuesday report.ANZ continues to expect the Reserve Bank of Australia (RBA) to maintain the cash rate at 4.35% for a "prolonged period."The central bank's board is not providing forward guidance as it is uncertain on the extent of tighter financial conditions, and is in more of a "wait and see" mode with respect to both domestic activity developments and the Middle East conflict, ANZ said.In its discussions on activity, the board largely waved off declines in business and consumer sentiment, suggesting that a bias toward another rate increase could still prevail, especially when combined with comments from Assistant Governor (Economic) Sarah Hunter who said the risk of inflation pass through is faster and wider now than in the past.However, ANZ is more pessimistic on activity than the board."We expect that the decrease in disposable incomes from higher inflation will likely be sufficiently large that activity disappoints relative to the RBA's estimates," ANZ said.
Australia's consumer confidence edged higher in May, but sentiment remained deeply pessimistic as interest rate hikes and cost-of-living pressures continued to outweigh modest budget-driven improvements, according to a survey by Westpac and the Melbourne Institute published Tuesday.The Westpac-Melbourne Institute Consumer Sentiment Index rose 3.5% to 83 in May from 80.1 in April.Consumer sentiment remains deeply pessimistic despite a slight improvement, as lower fuel prices from a temporary tax cut have been offset by the Reserve Bank of Australia's (RBA) third consecutive interest rate hike, said Matthew Hassan, head of Australian macro-forecasting at Westpac.Sentiment improved slightly after the Federal Budget but remained negative overall, with 34% expecting to be worse off compared with 15% better off, a 21% gap that is worse than last year's 10%, despite limited expected personal benefit.The budget shows clear intergenerational differences, with baby boomers and Generation X significantly more pessimistic and expecting to be worse off, while Millennials are only mildly negative, and Generation Z is slightly positive.The biggest rises in May were in assessments of family finances, with both the "finances vs a year ago" and "next 12 months" sub-indexes increasing to 72.8 and 93, respectively, although both remained below March levels.Meanwhile, the "economy over the next 12 months" and "next 5 years" sub-indexes fell to 74.2 and 89.3, respectively, marking the weakest combined reading since November 2022.Consumers' job-loss fears eased in May as the Westpac-Melbourne Institute Unemployment Expectations Index fell 5.2% to 140, still above its long-run average of 129, indicating lingering caution about job prospects.Housing sentiment has fallen sharply amid price declines, rising rate expectations, and new budget tax changes, with buyer confidence hitting multi-year lows despite a slight post-budget improvement and weak sentiment among older buyers.The RBA, after raising rates in its previous three meetings, is likely to pause at its next meeting to assess the impact of the energy price shock and tighter monetary policy, though elevated inflation risks mean further rate hikes are still expected in subsequent meetings.
Consumer staples stocks advanced more than 3% at midday Tuesday.Woolworths Group (ASX:WOW) gained over 4% in recent trade after the Australian Financial Review reported Tuesday that JPMorgan upgraded the supermarket giant to overweight.On the flip side, the materials sector struggled, shedding 1%.BHP Group (ASX:BHP) shares were down past 1% in recent trade.
The members of the Reserve Bank of Australia's monetary policy committee discussed the possibility that financial markets were under-pricing downside risks associated with the Middle East conflict, noting that global equity prices had rebounded from an initial decline, according to the minutes of the committee's May meeting released on Tuesday.The members concluded that financial conditions in Australia had tightened over the course of the year, and that it remained unclear how restrictive financial conditions were at the time of the meeting. The case to raise the cash rate target by 25 basis points at the meeting centered on the outlook for inflation.They observed that domestic economic conditions evolved broadly in line with the February forecasts and that recent data confirmed that capacity and inflationary pressures were elevated early in the year. Underlying inflation had remained high in the March quarter, but marginally lower than forecast in February.The central bank's staff's baseline forecast was for underlying inflation over the subsequent two years to be higher than previously expected, remaining above 3% until late 2027, and projected to return to 2.5% only in mid-2028, based on various assumptions.While riskier asset prices had moved in response to the conflict and the resultant increases in oil prices, the net change since the onset of the conflict had been modest. The conflict and associated rise in fuel prices had contributed to a sharp decline in consumer confidence, consistent with a higher cost of living.Corporate bond spreads in advanced economies retraced the rise observed immediately after the onset of the conflict and remained low relative to history. Measures of expected equity price volatility increased somewhat but remained well below the levels recorded during earlier episodes of heightened uncertainty.The impact of the conflict shifted market-implied paths for policy rates in advanced economies materially higher. Government bond yields also increased, particularly at longer maturities, largely driven by higher real yields. The rise in bond yields over the preceding six months was more pronounced in Australia than elsewhere, consistent with the progressive increase in expectations for the future policy rate over that period.
The ANZ-Roy Morgan Australian consumer confidence rose 2.3 points to 66.4 in the week of May 11 to May 17, ANZ reported Tuesday.The four-week moving average inched up 0.5 points to 66.4 points.Australian consumer confidence rose last week, with all subindices improving, but it remains near historically low levels since the series began in 1973, according to ANZ economist Sophia Angala.Weekly inflation expectations eased last week to their lowest level since early March, though they remain elevated, reflecting persistent pressure from higher fuel prices and the risk of second-round effects feeding through the broader economy, Angala added.Weekly inflation expectations fell to 6% from 6.4%, while the current financial condition indicator for 12 months rose 2.1 points to 60.4. The future financial conditions for the next 12 months increased to 75 points from 74.Short-term economic confidence for the next year rose 2.2 points to 58.1, while medium-term economic confidence for the next five years increased to 74.2 points from 71.8.The "time to buy a major household item" subcategory rose 3.8 points to 64.1.
Australia's near-term underlying inflation has been revised higher due to the oil price shock, adding roughly 0.4 percentage points to underlying inflation by the March quarter 2027, Sarah Hunter, assistant governor at the Reserve Bank of Australia, said on Tuesday during a speech at the Bloomberg Forum for Investment Managers in Sydney, New South Wales.Inflation was already high before the conflict due to domestic capacity pressures and labor constraints, and the conflict has further disrupted global oil and gas markets, adding a major external shock to the economy.Domestic petrol prices peaked at a 36% increase, while diesel prices rose even higher and remain elevated.Driven by direct fuel costs, headline inflation is now forecast to peak at 4.8% in the June quarter, a significant upward revision from previous February forecasts.With a global oil shock on top of pre-existing domestic capacity constraints, the Monetary Policy Board raised the cash rate to 4.35% in its most recent meeting.
Australian shares are poised to rise on Tuesday after oil prices eased and global markets steadied, as traders reacted to US President Donald Trump's decision to delay a planned strike on Iran amid renewed diplomatic efforts by Gulf allies to secure a nuclear deal.Overnight, the S&P 500 and the Nasdaq Composite fell 0.1% and 0.5% respectively, while the Dow Jones Industrial Average gained 0.3%.In the macroeconomy, the number of Australian capital city homes that went to auction in the week ending May 17 dropped around 11% from the previous week to 1,939 homes, but remained higher than the 1,784 homes a year earlier, Cotality said in a Monday report.The ANZ-Roy Morgan Australian consumer confidence rose 2.3 points to 66.4 in the week of May 11 to May 17, ANZ reported Tuesday.Investors are eyeing the Reserve Bank of Australia's May monetary policy board meeting minutes.In corporate news, Technology One (ASX:TNE) reported Tuesday fiscal first-half earnings of AU$0.2028 per share on revenue of AU$322.7 million, compared with earnings of AU$0.1908 on revenue of AU$291.3 million a year earlier.European Lithium (ASX:EUR) agreed to be acquired by Nasdaq-listed Critical Metals at an implied value of AU$0.58 per share.Australia's benchmark index fell 1.5% or 125.5 points to close at 8,505.30 on Monday.
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