RBA Governor Michele Bullock has told Senate estimates that “practically no-one is in negative equity”.
Meanwhile, the ASX remains in the red.
Oil prices eased in early Asian trade after recording gains overnight following news Israel and Lebanon had agreed to a ceasefire.
And all eyes are on SpaceX after it set a $US135-a-share IPO price for what could be the biggest float in history.
Look back on the day’s financial news and insights from our specialist business reporters on our live blog.
Disclaimer: this blog is not intended as investment advice.
Thu 4 Jun 2026 at 4:16pm
Market Snapshot
- ASX 200: -1.1% to 8,686 points (live values below)
- Australian dollar: flat to 71.30 US cents
- Asia: Nikkei -1.5%, Hang Seng -1.6%, KOSPI -1.8%
- Wall Street: S&P500 -0.7%, Dow -1.2%
- Europe: FTSE -0.4%
- Spot gold: +0.9% to $US4,473/ounce
- Oil: Brent futures -1.1% to $US96.78/barrel, WTI futures -1% to $U95.09/barrel
- Iron ore: -1.6% to $US102.10/tonne
- Bitcoin: -1.1% to $US64,195
Prices at about 4:16pm AEST
Live updates on the major ASX indices:
Thu 4 Jun 2026 at 5:00pm
Goodbye
We’ll end our markets live coverage here and thank you for staying with us.
You can always catch The Business on ABC News at 8:44pm, after the late news on ABC TV, and any time on ABC iview, if you missed anything throughout the trading day.
Our team will be back on deck early tomorrow morning with the latest.
Until then … have a great night!
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Thu 4 Jun 2026 at 4:55pm
Meta hits out at Labor’s plan to make tech giants pay for news
Tech giant Meta has hit out at the Australian government’s plan to make social media companies pay for news, calling it a “grossly unfair” and “discriminatory tax”.
In a blog post overnight, Meta shared its formal response to Labor’s News Bargaining Incentive, which would see digital platforms taxed up to 2.25% of their Australian revenue unless they strike deals to pay for local journalism.
Here’s what Meta has said:
“Our position is clear: this law is poorly designed, grossly unfair, and will fail to deliver a diverse and sustainable news industry,” said Meta, the parent company of Facebook, Instagram and WhatsApp.
“We are vehemently opposed to this legislation.
“It is discriminatory, economically incoherent, and will not deliver the sustainable news sector that Australian journalists and audiences deserve.”
Read more here.
Thu 4 Jun 2026 at 4:48pm
Risk of long-term inflation expectations rising remains ‘low’
RBA governor Michele Bullock is asked how she would characterise the risk at present of inflationary expectations being embedded in the economy.
“I’d say the risk is low,” she responds.
“So far, longer term inflation expectations are remaining anchored around the target, around 2.5% in our case and overseas in other countries around about 2.
“So I’d say the risk is low at this point. But short-term expectations have definitely risen, and that’s to be expected.
“So it does depend on keeping those long-term inflation expectations anchored and keeping that risk low of them rising will depend on the response of central banks.”
And, with that, the RBA’s grilling is over.
Thu 4 Jun 2026 at 4:40pm
RBA leaves public spending levels to the government
Asked again about the federal government’s contribution to total demand in the economy and, therefore, inflation, RBA governor Michele Bullock again says that’s not her job.
“I am not in a position to say what level of public demand is an appropriate level of public demand. That is a matter for the Parliament and the government to to decide,” she responds.
“I take it as given, we take it as given, and then we decide how we need to to adjust monetary policy to make sure that we make our inflation target.”
Thu 4 Jun 2026 at 4:38pm
ASX closes down, offsetting gains over past five days
The Australian share market closed lower today, dropping 1.1% to 8,686 points, offsetting its gains over the last five days.
Overall, the market had 70 stocks gaining, 13 unchanged and 117 in the red.
When looking at the sectors, Utilities was at the top, up 1.1%, followed by Consumer Non-Cyclicals and Healthcare, both up 0.9%.
Materials finished at the bottom, down 2.8%, followed by Technology, down 2%, and then Industrials, down 1.6%.
Among companies, the top movers were,
- Treasury Wine Estates, +13%
- Telix Pharmaceuticals, +6.5%
- Ampol, +4.1%
- 4DMedical, +3.7%
- Iress Ltd, +3.5%
And, the bottom movers were,
- Vulcan Energy Resources, -8.6%
- Paladin Energy, -8.2%
- Pantoro Gold, -8.2%
- Nexgen Energy, -6.7%
- Liontown, -6.2%
The Australian dollar is pretty flat, up 0.1% at 71.36 US cents.
Thu 4 Jun 2026 at 4:29pm
🎧: Scandal at KPMG
A simmering scandal at accounting firm KPMG has reached a boiling point with multiple heads rolling and admissions about poor handling of a whistleblower’s complaint.
It’s once again raising questions about how the big four accounting firms operate in Australia.
Meanwhile, tariff threats from the US have surfaced anew.
What exactly does it mean for Australian businesses?
In the latest episode of ABC Business Daily, Carrington Clarke and Tansy Harcourt, senior reporter for The Australian, break it all down.
Thu 4 Jun 2026 at 4:18pm
KPMG audit the RBA’s financial statements, but maybe not for much longer
Under questioning from Greens senator Barbara Pocock, RBA governor Michele Bullock says the RBA does use KPMG’s audit and whistleblower hotline services.
“They are engaged by ANAO [Australian National Audit Office] to do the audit of the financial statements,” Bullock explains.
The RBA governor is asked by Senator Pocock whether the RBA has another contract with KPMG.
“We have had a contract with KPMG where they have done some work for us on immigration. So sometimes when we’re bringing staff in from overseas,” she says.
The RBA also uses KPMG’s whistleblower hotline service. Given the consulting company’s reported mistreatment of a whistleblower, Bullock says she doesn’t expect that contract to be continued.
“I don’t think we’ll be reappointing them to the whistleblower service. We are re-tendering for that,” she says.
“In terms of the audit, that is a matter for the ANAO, and you’d better speak to the Auditor General about that.”
Thu 4 Jun 2026 at 4:08pm
Fashion retailers fined for failing to lodge financial reports
Zara, H and M and Sephora have been fined by the corporate watchdog ASIC for failing to lodge their financial reports on time.
The major fashion retailers paid $198,000 each in fines for failing to lodge reports during 2024/2025.
The three companies have now lodged all outstanding financial reports.
“Since announcing a broad surveillance focused on late lodgement and non-lodgement of financial reports in August 2025, ASIC has issues 24 infringement notices totalling over $4.5 million for alleged financial reporting breaches,” ASIC Commissioner Kate O’Rourke said in a statement.
She says the infringement notices, combined with court-imposed fines sends a clear message to companies.
“In line with our current enforcement priority, and through our targeted, data-driven surveillance, we continue to identify and investigate a number of companies that have lodged late or failed to lodge at all,” she said.
Thu 4 Jun 2026 at 3:59pm
‘Practically no-one is in negative equity’: RBA governor
Senator Bragg then asks the RBA governor Michele Bullock about whether she has given any thought to the risk of people going into negative equity.
She responds that this is something the bank’s financial stability team does monitor.
“At the moment, practically no-one is in negative equity,” she responds.
“Negative equity matters if people get into trouble with their loans and then they have to sell their homes to meet that.
“That’s why a strong employment market at the moment is really important, because when people have employment, the things that end up with people having to sell distressed circumstances are often a loss of employment, family break-ups, those sorts of things.
“So, at the moment, if you look at negative equity, though, it’s absolutely minuscule. It’s not big at all.”
The issue of negative equity has been raised as a potential concern as property prices start falling from recent peaks following three interest rate rises and budget changes that will reduce tax breaks from property investment, if passed.
The federal government’s expanded 5% deposit scheme for first home buyers has allowed more first home buyers to purchase with less than the more standard 20% deposit, meaning they start with a lot less equity (or ownership stake) in their home.
Thu 4 Jun 2026 at 3:56pm
Westpac says Australia’s April goods trade balance recovered thanks to commodity exports
Australia’s monthly goods trade balance recovered in April, returning to a surplus after falling into deficit for the first time since 2017, according to Mantas Vanagas, a Westpac senior economist.
He says a recovery in major commodity exports lifted total exports, with export earnings rising 7.2% mth to their highest level in more than three years.
“Commodity export earnings were the primary driver, increasing by almost 14% and reversing much of the weakness seen over the first three months of the year.
“Iron ore exports were particularly strong, rising 18.5%mth, while coal exports also recorded a sizeable 15.2%mth increase.”
LNG exports also increased, up 2.0%mth, driven by higher prices, Mr Vanagas adds.
Thu 4 Jun 2026 at 3:51pm
RBA has no concerns currently about 5% deposit scheme
Now it’s the turn of NSW Liberal senator Andrew Bragg.
He is interested in the RBA’s view on the effects of the federal government’s 5% deposit home purchase scheme.
“About the 5% deposit scheme. Do you have any, concerns about the way that the scheme may be impacting house prices or increasing prudential risk in the system?” he asks.
“No, we have no concerns, I don’t think, about increasing prudential risk in the financial system,” the bank’s governor Michele Bullock responds.
“We have observed that there has been an increase in first home buyer interest. I think we’ve seen a lift in that and in credit to first home buyers, I think, and we’ve also seen an increase in the loan to valuation ratios reflecting that. But we don’t have any concerns that that’s in any way threatening financial stability.”
Thu 4 Jun 2026 at 3:47pm
RBA governor denies it was a mistake to cut interest rates last year
Now it’s the turn of Nationals leader Matt Canavan from Queensland.
He asks RBA governor Michele Bullock whether it was a mistake to cut interest rates three times last year only to have raised them three times so far this year.
Paraphrasing a quote attributed to John Maynard Keynes, Michele Bullock says she doesn’t believe it was a mistake.
“Circumstances changed, senator, and when circumstances change, we have to change,” she responded.
“As interest rates came down, there was a rebound in demand. Particularly consumption, I think, rebounded a bit more than we thought.
“There were wealth effects coming through from the housing market and things just rebounded more than we thought.
“The other thing, was that, the supply capacity of the economy was less than we thought it was, and so it didn’t take much of a rebound in demand, which we saw through the second half of 2025, before it ran up against capacity constraints.”
Matt Canavan suggests that if the bank got its forecasts wrong, then surely it had made a mistake.
It’s a point Bullock rejects, responding that forecasts by their nature are uncertain.
Thu 4 Jun 2026 at 3:38pm
RBA remains very worried about inflation expectations
The Tasmania show continues — now it’s the turn of Nick McKim, Greens senator for the Apple Isle.
In the same way as his Liberal predecessor was trying to pin the blame for inflation on federal government spending, McKim is trying to get Michele Bullock to finger business profiteering.
Again, the RBA governor isn’t having a bar of it, saying she has no evidence with which to back up such a claim.
“Firms can only put up their prices by more than their costs are increasing if, as you say, there is a is a competition issue, there might be a competition issue,” she says.
“But, in addition, they can only do it if demand allows them to do so.
“So, in circumstances where demand is running stronger than the economy can accommodate then, yes, you can end up with firms putting up their prices by more because demand doesn’t slow.
“So the whole point about raising interest rates and trying to slow demand is to try and bring back that impetus for higher inflation.”
Bullock says she is worried about inflation expectations changing behaviours of both businesses and workers.
“It’s about everyone just saying, ‘You know what, inflation has been above 3% for six years. The new normal is 4%.’ That’s what I’m worried about.”
However, she agrees with Senator McKim’s point that workers are not generally in a position to demand above-inflation wage rises.
“Not concerned about a wage price spiral, no.“
Thu 4 Jun 2026 at 3:32pm
Treasury Wine faces uphill battle despite today’s rally: analyst
Cameron Curko, chief information officer at Pitcher Partners, says whilst Treasury Wine Estates has some strong brands, they are also fighting an uphill battle of weaker structural demand, with alcohol volumes softer.
“Focusing on the strongest brands appears to be the most viable approach, but execution risk remains high, including staying on top of shifting consumer habits, most notably within China where the company has had to navigate meaningful shifts in government policy as well as weaker demand.
“The derating of Treasury is not a unique phenomenon with many alcohol sellers (Diageo, Pernod Ricard) seeing structural declines on the change in consumer demand.
“Time will tell if the company can successfully navigate these. The changes do promise some relief on the balance sheet in due course which has no doubt helped in today’s rally.”
The share price of Treasury Wine gained 10.6%, trading at $4.555 per share, as at around 3pm AEST.
Thu 4 Jun 2026 at 3:23pm
No ‘additional public demand’ from federal budget, says Bullock
Liberal Senator Claire Chandler spends several minutes quizzing the RBA governor Michele Bullock on whether the federal budget is adding to or subtracting from demand in the economy.
“At the moment, based on what we’ve seen, we’re not seeing additional public demand,” responds Bullock.
“It looks very similar to what we were seeing at MYEFO.”
Despite repeated follow up questions, the RBA’s answer remains the same.
Thu 4 Jun 2026 at 3:14pm
Rate rises ‘starting to work’
From RBA governor Michele Bullock, first the good news.
“We’ve already seen some signs that this tightening is starting to work,” she told the Senate Economics Committee.
Then the bad news.
“So it will take around one to two years for the full effects to fully flow through to the economy.”
As for recent softening in the housing market, Michele Bullock said this was an area where rising interest rates had a rapid effect.
“One of the channels through which monetary policy can often start to have an impact quite quickly is the housing market,” she observed.
“Conditions in the housing market eased in recent months, and that partly reflects tighter monetary policy.
“Having said that, the recent increases in interest rates will have no impact on the increase in inflation already in train following the increases in the prices of oil and related commodities.
“But what these increases in the cash rate do, however, is help to contain the domestic inflationary pressures and second-round effects from higher oil and commodity prices.”
Thu 4 Jun 2026 at 3:07pm
Inflation was already picking up last year
So far, RBA governor Michele Bullock hasn’t said anything she hasn’t told us before.
But this comment is worth republishing.
“Inflation picked up notably in the second half of 2025,” she observed, noting that it then took another step higher due to fuel price rises after the Middle East conflict began at the end of February this year.
“We’ve also seen some tentative signs that higher fuel-related costs may have been passed through into the cost of other goods and services, including new dwelling costs,” she explained.
“And there are indications that there are likely to be second-round effects on the prices of goods and services more broadly.”
Thu 4 Jun 2026 at 3:01pm
RBA’s Michele Bullock fronts Senate Estimates
RBA’s Michele Bullock has appeared before the Senate Estimates.
We will bring you more so stay tuned!
Thu 4 Jun 2026 at 3:01pm
Australian brands fed up during another Trump tariff curveball
Good afternoon, I’ve been chatting to Australian brands today as they digest the latest announcement from the US president about tariffs.
They’re now being threatened with one that’s 12.5 per cent, with some exemptions for industries like beef or medicine.
The 12.5 per cent tariff could impact a range of Australian brands – from fashion to toy manufacturers – that sell goods in the United States.
Companies that sell into the US market have been battling the uncertainty of changing Trump tariff policy since last year’s Liberation Day.
Some are so over it, they’ve told me they’re trying to ignore the news! Others are still trying to figure out what this latest update means.
“It’s not great,” Sylvain Garcia, the founder of Australian watch brand Bower, just told me this morning.
“We do yearly reviews of our pricing as a company, and (changing tariffs) eats into our margins.
“We have to put up with it and there’s not much we can do about it.
He’s calling on the Australian government to “step up” and “put a bit of tough love onto the situation”.
“We can’t have this going on for the next however many years.”
More info here on what’s been announced.
