National Australia Bank (NAB) has issued a significant warning regarding a 15 per cent slump in home loan applications over the past three months. This disclosure follows similar insights from Westpac, which attributed a collapse in new mortgages to the Albanese government’s tax changes and a series of interest rate hikes. The decline underscores a challenging environment for Australia’s housing market and the broader banking sector, as consumers grapple with increased borrowing costs and economic uncertainties.
In other notable corporate news, telecommunications giant Optus is facing legal action from the Australian Communications and Media Authority (ACMA) concerning its widely publicised 2025 outage. Meanwhile, the ASX-listed software business Energy One has attracted a substantial takeover bid exceeding $550 million from Oslo-based, private equity-backed rival Volue. Energy One is a developer of energy market specific software, capitalised at $344 million, making the offer a significant premium.
The Australian share market experienced a downturn near noon (AEST), with losses predominantly affecting the real estate and utilities sectors, following a retreat on Wall Street. This broader market dip contrasted with some individual company performances; Domino’s shares saw a notable rally after the pizza chain reported higher-than-expected profits, while lithium producer PLS provided positive forecasts for increased lithium production. Globally, treasury yields reached a 19-year high as the US Federal Reserve held rates steady, a decision that has created uncertainty among investors regarding the central bank’s commitment to tackling inflation.
