Australian shares saw a positive trading session, with the ASX rising and broader shares up by more than one per cent. This local uplift occurred as global economic indicators presented a mixed picture, with the Dow Jones resetting a record high. However, the US economy experienced a sharp slowdown in hiring during June, adding just 57,000 jobs and seeing prior months’ figures revised lower. The US jobless rate, despite the slowdown, fell to 4.2 per cent, reflecting an evolving labour market.
Locally, several companies were in the spotlight. Tourism Holdings, a global provider of RV and campervan rentals and sales, granted due diligence to BGH Capital. Elsewhere in the market, Boss Energy and Genesis Minerals both confirmed they met their financial guidance targets. Meanwhile, Pexa, the Australian digital property settlement platform that streamlines transactions for legal and financial professionals, issued a warning regarding potential fee cuts. In the aviation sector, Qantas outlined a significant strategic shift, anticipating a future with fewer seats and higher fares. The airline expects to be unrecognisable in five years, with its “Project Sunrise” strategy aiming to reposition it as a top-tier premium international carrier, moving away from a mass-market brand.
Regulatory and policy developments also captured attention. A Federal Court approved a $23 million penalty in a significant market development, though specific details of the recipient were not immediately available. Furthermore, a KPMG partner has been appointed as a deputy at the Australian Prudential Regulation Authority (APRA), the independent statutory authority that supervises institutions across banking, insurance and superannuation. Investors are also re-evaluating the residential property market, with new restrictions on negative gearing and capital gains tax following recent budget changes altering the appeal of investment properties and prompting reconsideration for potential buyers.
