{"id":908,"date":"2026-05-13T05:51:45","date_gmt":"2026-05-13T05:51:45","guid":{"rendered":"https:\/\/dailypakistannews.com\/?p=908"},"modified":"2026-05-13T05:51:45","modified_gmt":"2026-05-13T05:51:45","slug":"australian-shares-hit-1-month-low-as-banks-drag-on-budget-reforms-cba-drops-on-profit-miss","status":"publish","type":"post","link":"https:\/\/dailypakistannews.com\/?p=908","title":{"rendered":"Australian shares hit 1-month low as banks drag on budget reforms; CBA drops on profit miss"},"content":{"rendered":"<p><a href=\"https:\/\/www.brecorder.com\/news\/40420530\"><strong>Australian shares<\/strong><\/a> <strong>edged down on Wednesday, as bank stocks hit a near six-month low, hit by housing tax changes in the federal budget, with top lender CBA tumbling more than 8% after the lender increased its provisions due to the Middle East conflict.<\/strong><\/p>\n<p>The S&amp;P\/ASX 200 index fell 0.5% to 8,631.8 by 0115 GMT. The benchmark was eyeing its fourth session of losses. In a move to improve affordability, the Federal Budget on Tuesday proposed major property tax changes, limiting negative gearing to new builds and replacing the capital gains tax discount with inflation indexation.<\/p>\n<p>UBS analysts view the changes as slightly negative for overall mortgage growth due to the loss of tax incentives for investor mortgages.<\/p>\n<p>Financials were leading declines on the bourse, falling 3.5%, on track for their worst one-day fall since early April 2025, while hitting their lowest level since December 5. Australia\u2019s top lender by market value, CBA fell as much as 9%, tracking its worst trading session since mid-March 2020.<\/p>\n<p>The firm ordered a A$200 million ($144.70 million) increase in its provisions to prepare for the fallout from the Middle East conflict, while its quarterly cash profit came in 2% below Citi estimates.<\/p>\n<p>All the other \u2018Big-Four\u2019 banks suffered losses between 1% and 2.3%.<\/p>\n<p>Real estate stocks slipped as much as 0.6% before paring some losses.<\/p>\n<p>Technology stocks dipped 1.3% tracking peer Nasdaq\u2019s move on Wall Street.<\/p>\n<p>Meanwhile, Miners firmed 2.1%, with heavyweights Rio Tinto and BHP hitting new record highs during the session. The sub-index hit its highest level since early March.<\/p>\n<p>Gold stocks added 1.4% even as bullion prices eased overnight<\/p>\n<p>In New Zealand, the benchmark S&amp;P\/NZX 50 index weakened 0.3% to 13,042.85.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Australian shares edged down on Wednesday, as bank stocks hit a near six-month low, hit by housing tax changes in the federal budget, with top lender CBA tumbling more than 8% after the lender increased its provisions due to the Middle East conflict. The S&amp;P\/ASX 200 index fell 0.5% to 8,631.8 by 0115 GMT. The [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":909,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pakistan-news"],"_links":{"self":[{"href":"https:\/\/dailypakistannews.com\/index.php?rest_route=\/wp\/v2\/posts\/908","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailypakistannews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailypakistannews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/dailypakistannews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=908"}],"version-history":[{"count":0,"href":"https:\/\/dailypakistannews.com\/index.php?rest_route=\/wp\/v2\/posts\/908\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailypakistannews.com\/index.php?rest_route=\/wp\/v2\/media\/909"}],"wp:attachment":[{"href":"https:\/\/dailypakistannews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailypakistannews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailypakistannews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}