6m agoTue 12 May 2026 at 12:01am

Consumer confidence slumps to near record low

ANZ-Roy Morgan Consumer Confidence fell 3.1 points to 64.1 after the RBA raised interest rates by 0.25 percentage points.

That is now the fourth-lowest reading in the survey’s 50-year history, showing households are feeling very gloomy.

The biggest pressure is on family finances – only 14% of Australians say they are better off than a year ago, while 56% say they are worse off.

People are also worried about the future, with more Australians expecting their finances to get worse over the next year.

Confidence in the economy over the next five years also weakened, with only 6% expecting good times ahead.

And spending intentions also slipped, with just 13% saying now is a good time to buy major household items.

ANZ Economist, Sophia Angala, commented:

While household spending data for March suggests higher fuel prices in the month had not yet dampened consumer spending, consumer confidence at a record low points to softer consumer demand ahead. ANZ Research expects activity data are likely to be sufficiently soft to keep the RBA cash rate on an extended hold at 4.35% over the near term.

53m agoMon 11 May 2026 at 11:14pm

Analysts cut expectations on CSL after profit warning

Morningstar cut its long-term revenue and profit forecasts for the health giant, saying it is hard to justify strong growth when CSL’s sales momentum is weak.

The financial research firm also says “there is much to do to turn CSL around”, and that hiring a credible new CEO with a clear vision will be important.

Meanwhile, RBC Capital Markets and Jefferies also lowered their price targets on the company this morning.

CSL’s shares are down close to 42% year to date.

1h agoMon 11 May 2026 at 10:52pm

RBC says CSL’s downgrade was worse than expected

Analysts at RBC, a major global investment bank, said in a note this morning that CSL’s guidance downgrade revealed yesterday was “worse than anticipated” even though the company’s turnaround efforts appear to be working.

Shares in the health giant tanked on Monday, with the stock closing 16 per cent lower, at $100.75.

The global blood products and vaccine maker warned it would book an additional $US5 billion ($6.9b) impairment charge in its results for the current financial year, writing down the value of some of its product portfolio, as well as “under-utilised property, plant and equipment”.

RBC noted that the problem was that the financial benefits were taking longer to show up, while pressure continued in key areas like immunoglobulin products and albumin in China.

RBC also points to a further roughly $5 billion non-cash impairment linked to Vifor, the major acquisition that has become a major headache for CSL.

Management believe CSL’s growth initiatives are
working; however, the financial benefits will take longer to materialise.

Key factors impacting the revised guidance include the normalisation of
channel inventory within US immunoglobulin, market value declines within albumin
in China as well as impacts from the Middle East conflict.

1h agoMon 11 May 2026 at 10:18pm

Chalmers says budget will be ‘ambitious’ but ‘responsible’

Treasurer Jim Chalmers is speaking this morning, saying tonight’s budget will be the government’s most ambitious and “more than the usual amount of savings and more than the usual amount of reform”.

You can keep up to date with all the latest developments from our colleagues at Parliament House.

2h agoMon 11 May 2026 at 9:53pm

Budget day is here and housing is set to be one of the big flashpoints

Housing policy has been a focal point of Australia’s intergenerational fairness debate for years.

 With younger voters wielding significant political power, the government is preparing to revisit long‑standing tax concessions, including negative gearing and the capital gains tax discount.

Read ABC chief business correspondent Ian Verrender’s analysis of why Treasurer Jim Chalmers will rein in the property free-for-all in this year’s federal budget.

2h agoMon 11 May 2026 at 9:32pm

What will be in tonight’s federal budget? Here’s what we know so far

Tonight’s budget could touch everything from cost of living to housing, fuel security and defence.

The government has already flagged some major measures. You can read the full story of what we know so far by ABC’s Gareth Hutchens here.

2h agoMon 11 May 2026 at 9:21pm

ASX set to open slightly higher

Good morning and welcome to ABC’s finance and business live blog. We’ll be taking you through the latest business news and market moves across the day.

Australian shares are set to open slightly higher, helped by another positive session on Wall Street.

The S&P 500 finished slightly higher overnight, notching another record closing high, helped by gains in chipmakers — though most stocks in the index actually fell.

Oil is also in focus after President Donald Trump dismissed Iran’s response to a US peace proposal, causing crude prices to rise and stoking concerns that a prolonged conflict will keep putting upward pressure on inflation, particularly at the fuel pump, where consumers are feeling the pinch.

Today, all eyes are on the federal budget, which will be unveiled this evening. The major policies already flagged have economists such as Westpac’s chief economist, Luci Ellis, noting that this is “one of the most hotly anticipated and potentially interesting budgets in at least a decade”.

We’ll also get a read on consumer confidence for May from Westpac, while NAB releases its April business confidence and conditions survey.

Grab a coffee or tea. We’ll bring you more updates shortly.

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