Australian shares experienced gains near midday AEDT, driven by strong performances in the banking and gold mining sectors. However, ANZ Bank has flagged a substantial $1.1 billion hit to its profits ahead of its official results. This slump follows a series of significant changes implemented by Nuno Matos, who assumed leadership of the bank in May. ANZ is one of Australia’s ‘big four’ banks. It provides a range of banking and financial products and services to retail, commercial, and institutional customers.
In other news, Atlassian saw its share price surge despite the departure of its chief financial officer. The technology giant appointed a former Google executive as its new AI boss, aiming to strengthen its position against competition from OpenAI. Atlassian is an Australian software company that develops collaboration, development, and project management tools. Its products are used by teams of all sizes.
Elsewhere, Steadfast shares plummeted after its chief executive stood aside pending an investigation into allegations of sexual harassment. Treasurer Jim Chalmers highlighted the role of superannuation funds in foreign partnership discussions, while emphasising that the primary focus remains on achieving strong returns. The Melbourne Cup Carnival is set to embrace a ‘festival vibe’ this year, with DJs and cocktails aimed at attracting a younger audience.
