RBA concedes ‘our forecasts are often wrong’ — as it happened

2h agoThu 12 Feb 2026 at 5:32amMarket snapshotASX 200: +0.3% to 9,044 pointsAustralian dollar: -0.1% to 71.15 US centsS&P 500: Flat at 6,941 pointsNasdaq: -0.2% to 23,066 pointsFTSE: +1.1% to 10,472 pointsEuroStoxx: +0.1% to 621 pointsSpot gold: -0.1% to $US5,071/ounceBrent crude: +0.3% to $US69.59/barrelIron ore: Flat at $US100.15 a tonneBitcoin: -1.4% to $US66,831

Price current around 16:30pm AEDT

Live updates on the major ASX indices:

2h agoThu 12 Feb 2026 at 5:50amASX at nearly four-month high

Market analyst at eToro, Zavier Wong, says despite market uncertainty, the Australian share market is “flirting with all-time highs”.

“It’s the banks doing all the heavy lifting. ANZ was the standout today, while Commonwealth was the key driver yesterday. Australian banks are firing on all cylinders at the moment, and when the largest sector on the ASX is delivering like this, it lifts the entire market with it,” he says.

“What’s important right now is just how divergent single-stock moves have been this earnings season. You’ve got stocks moving 5%, 10%, even 30% in a single session, that’s a lot of volatility and will continue into another big week next week. Earnings quality is being rewarded aggressively, and misses are being punished just as hard. “

The ASX 200 is at a four-month high.

“As mentioned, next week gets even bigger for the ASX with BHP and Rio Tinto both set to report, and after the recent volatility in commodity prices, those results will be critical for setting the tone across the resources sector.”

2h agoThu 12 Feb 2026 at 5:42am’Our forecasts are often wrong’: RBA

Reserve Bank of Australia chief economist Sarah Hunter has been speaking in Perth.

She was asked by a journalist, “Was it perhaps overenthusiastic to cut interest rates three times?”

Hunter responded by saying, among other comments, “Forecasting is really difficult business, our forecasts are often wrong.”

She added that “things change, events happen”.

She said the:

Global economy became more resilient;AI investment had been stronger than anticipated (including investment in data centres);Financial conditions haven’t been as restrictive (including a record high share market;And private demand has recovered faster than expected.

“It is what it is,” she said.

2h agoThu 12 Feb 2026 at 5:35am

More on the $10 sausage sizzle held at ANZ

Well, it’s been a big day of barbecue news.

And the sauce might be thickening on a story that’s been doing the rounds about a sausage sizzle slated for ANZ’s Melbourne office this week, where staff were told it would cost them $10 for a snag (plus a soft serve and drink).

Here’s a cost breakdown.

(ABC News)

The Finance Sector Union has slammed the barbecue, saying its “tone deaf” and “cooked” to charge staff for a barbecue given ANZ is posting rising profits (just today!) in the face of mass layoffs.

We contacted ANZ about the barbecue, and it hasn’t replied.

However, we’ve just spoken to two ANZ staff who say all is not that simple, with the barbecue organised by catering, not management. They said these sorts of charged events were pretty standard.

However, the ANZ staff did take opportunity to raise broader concerns at the Big Four bank right now, with 3,500 workers slated to go by September.

“We’re over capacity, understaffed, and overwhelmed,” one staff member just told ABC News.

“It’s making me nervous,” said another of the job cuts.

“You don’t know how they’ll decide who gets it and who doesn’t.

“The biggest fear is you lose your most experienced people.

“They are a good company to work for, and I do enjoy my work.”

Thanks for your comments. We really appreciate it when members of the workforce chat anonymously.

Are you an ANZ worker? How are you generally feeling about the ANZ right now? Confidentially email our journalist at terzon.emilia@abc.net.au or em.terzon@proton.me

2h agoThu 12 Feb 2026 at 5:25am

ASX finishes in the green

The Australian share market has ended the trading day up +0.3% to 9,044 points.

Four major sectors finished up, while the rest finished down. Here is a breakdown:

ASX 200 sector summary (Refinitiv)

When looking at the stocks, 141 finished in the red, six were unchanged, and 53 were gaining. 

Here are the top movers, with ANZ finishing up +8.5%.

ASX 200 top movers (Refinitiv)

Here are the bottom movers, with Temple and Webster finishing down -32.6%.

ASX 200 bottom movers (Refinitiv)

The Aussie dollar is trading about 71 US cents.

2h agoThu 12 Feb 2026 at 5:11amBarbeques Galore: what happens from here?

Barbeques Galore, which has 68 company-owned stores and 27 franchise stores, has plunged into receivership after efforts to find a buyer for the business failed.

Liquidity issues were blamed for the collapse.

The company is now earmarked for a restructure or sale.

It’s left many question marks for its nearly 100 stores that employ about 500 staff.

The business is expected to “continue normal operations” while its future is evaluated, according to receivers.

Receivers from global advisory firm Ankura were appointed on Thursday morning with Grant Thornton brought in as voluntary administrator.

The receivers assured customers that in-store and online orders that had been paid for, or part-paid for, would be honoured.

Franchises are not expected to be impacted by the appointments and restructuring.

However, customers can only use their gift cards if they spend twice their value in cash.

– Reporting with Reuters

2h agoThu 12 Feb 2026 at 5:03am

Pro Medicus down -23%

Oh no! I just realised I never included the Pro Medicus graph to show the steep drop in trading today compared to where it finished yesterday afternoon! Here it is below:

Pro Medicus market movement (Refinitiv )2h agoThu 12 Feb 2026 at 4:55amBarbeques Galore background

It was just two months ago that Barbeques Galore was sold to US private equity group Gordon Brothers, which focuses on troubled assets.

At the time, Barbeques Galore CEO David White said “management was excited to turn around the business and move to the next evolution of the brand”.

“Considerable progress has been made in recent months leading to significant improvements across the business and operations, however, ongoing liquidity challenges have led to the necessary restructuring of the business,” he said.

A first meeting of creditors will likely be held on February 24.

The company was co-founded nearly 50 years ago by the late Peter Woodland, who died in a helicopter crash in April 2022.

The 75-year-old was piloting the helicopter when it crashed just east of the NSW Snowy Mountains late at night.

His partner, Jenny, was also in the helicopter and died.

The Sydney businessman was also the co-founder of BeefEater Barbeques.

A report released by the Australian Transport Safety Bureau later that year found the crash was caused by poor visibility.

– Reporting with Reuters

3h agoThu 12 Feb 2026 at 4:39amBarbeques Galore enters into receivership

One of Australia’s biggest barbecue retailers, Barbeques Galore, has entered into receivership just months after a restructure and the appointment of a new boss.

The company has nearly 100 stores across the country, and employs about 500 people. 

Philip Campbell-Wilson, Lisa Gibb and Matthew Byrnes of Grant Thornton have been appointed as voluntary administrators today.

In a statement, a spokesperson for Grant Thornton said: “Quentin Olde, Luke Pittorino and Liam Healey of Ankura have subsequently been appointed as Receivers & Managers (Receivers) by the secured creditor”.

“The Receivers are in control of the business and will be maintaining normal operations at store locations nationally as future options are evaluated.

“Barbeques Galore is a retailer and wholesaler of premium barbeques, heating and related lifestyle products operating over 90 stores throughout Australia and employing approximately 500 staff across its operations and store network.

“A first meeting of creditors will be held on Tuesday, 24 February 2026. Grant Thornton as Voluntary Administrators will be in contact with all creditors shortly with further information on how to attend the meeting. Included within this notice will be a ‘frequently asked questions’ list that will assist all employees, creditors, suppliers, gift card holders etc with the necessary answers and contact details for further queries.”

3h agoThu 12 Feb 2026 at 4:22amASX 200 movements

Here is what the Australian share market has looked like today, as we enter the final hour of trading.

ASX 200 graph (Refinitiv)

ANZ is still the top mover, up +8%, while Temple and Webster is down -32%.

3h agoThu 12 Feb 2026 at 4:02am

The Aussie dollar and economic trends

The Aussie dollar is trading above 71 US cents, which Emir Ibrahim, analyst at digital asset trading firm Zerocap, says is supported by “broad-based U.S. dollar weakness following a contradictory U.S. labour market report”.

“January payrolls rose by 130,000, pointing to a firm start to 2026, but sweeping benchmark revisions revealed that more than 400,000 jobs previously reported in 2025 were overstated, recasting last year as the weakest for employment growth since the pandemic recovery,” he says.

“Digital asset markets remain under pressure following a sharp repricing earlier this month. Bitcoin is trading near US$68,050, down around 1% over the past session and struggling to reclaim the US$70,000 level, while Ethereum is steady near US$2,123. Sentiment across the sector remains fragile amid thinning liquidity and a broader risk-off tone in global equities, particularly technology, with nearly half a trillion dollars wiped from total crypto market capitalisation during the recent reset.”

4h agoThu 12 Feb 2026 at 3:45am

‘Cooked’ and ‘tone deaf’: ANZ slammed for staff barbecue

You might have seen today that Big Four bank ANZ has posted its quarterly results, showing rising profits to almost $2 billion for the three months to December.

Those profits are coming as ANZ implements mass redundancies, with it planning to axe 3,500 workers by September this year.

Announcing those job cuts last year, ANZ boss Nuno Matos described it as “the right thing to do”.

The finance sector’s peak union has been vocally against these job cuts, and now it’s raising concerns about a “tone deaf” barbecue advertised for ANZ’s Melbourne office.

In an invite seen by ABC News, staff were invited to attend a “get together” yesterday but were told they’d need to pay.

(ABC News)

The Finance Sector Union’s Nicole McPherson has this to say:

“ANZ has delivered nearly $2 billion in quarterly profits while cutting 3,500 jobs yet have asked staff to pay $10 for a sausage sizzle at a so-called ‘welcome back to work’ event. 

That’s cooked.

“At a time when ANZ staff are facing soaring stress, anxiety and physical health impacts amid these ongoing job cuts, including having to pick up increased workloads, this is extremely tone deaf and disrespectful.  

“Nearly $2 billion in profit should mean job security and dignity for the people who generated it, not corporate gimmicks and cost-cutting at their expense.”

The barbecue notice is also being slammed on social media, with comments such as “this is more expensive than Bunnings” and “Are ANZ margins seriously under that much strain that they need to profiteer from a staff BBQ?”

We’ve contacted ANZ for comment. We haven’t heard back.

Are you an ANZ worker? Did you attend this barbecue and how did you feel about needing to pay? How are you generally feeling about the ANZ right now? Confidentially email our journalist at terzon.emilia@abc.net.au or em.terzon@proton.me

4h agoThu 12 Feb 2026 at 3:30am

Albemarle’s lithium refinery in WA’s South West placed on care and maintenance

US company Albemarle is immediately shutting down its South West lithium refinery and about 275 jobs are expected to be affected.

The company says recent lithium price gains are not enough to support local processing.

You can read the full report from Rachel Boothman and Jacqueline Lynch below:

4h agoThu 12 Feb 2026 at 3:15amANZ Group cash profit jumps, shares hit record high on cost cutting program

ANZ Group shares shot to a record high after its first-quarter cash profit topped expectations and showed signs of early benefits from a cost-cutting overhaul under new CEO Nuno Matos.

Cash profit for the three months to December 31 was $1.94 billion, up 17% on the quarterly average of the 2025 second half. 

Statutory profit came in at $1.87 billion. Cash return on tangible equity was up 173 basis points to 11.7% — a key measure of how efficiently the bank converts capital into earnings.

ANZ said 60% of its 3,500 staff cuts had occurred by the end of 2025, which helped it to deliver an 8% reduction in expenses in the quarter.

“Our productivity program aimed at removing duplication and simplifying the bank is well underway, delivering a significant reduction in expenses while growing revenue,” Matos said in a statement.

ANZ shares jumped as much as 7.9% in early trade to a record $40.14, before easing to A$39.80. 

The profit was 6% ahead of Citigroup’s expectations, while ANZ’s $5.7 billion revenue was in line with forecasts.

“The beat was largely driven by faster-than-expected progress on costs, with costs about 3% below our expectations in the quarter,” Citigroup analyst Thomas Strong said.

“We expect the result will be well received, given the progress on strategy and signs that improving macro environment is being experienced broadly across the sector.”

The higher-than-expected drop in expenses follows a broad reorganisation Matos launched soon after he joined mid-last year, including redundancies and a move to simplify the bank.

– Reuters

4h agoThu 12 Feb 2026 at 3:00amOrora financial results

Orora, manufacture and decoration of glass bottles and aluminium cans, also has delivered its half year financial results.

Earnings Before Interest, Tax and Depreciation and Amortisation (EBITDA) $218.2m (up $27.6m or 14.4%)Earnings Before Interest and Tax (EBIT) $131.1m (up $10.3m or 8.5%)Underlying Net Profit After Tax (NPAT) $77.8m (up $19.0m or 32.2%)

Managing Director and Chief Executive Officer, Brian Lowe says Orora has delivered a “robust operating result for the first half of FY26, underpinned by disciplined execution”.

“In line with our full year guidance, we achieved EBITDA growth across all businesses, reflecting the strength of our operating platform and the benefits of our recent investments and business optimisation actions.

“Market dynamics and trading conditions vary across Orora’s business segments. Favourable market dynamics in Cans, including the continued consumer preference shift to aluminium and growth in new beverage categories, has supported 11.2% volume growth. Despite softness in premium spirits and wine, disciplined execution supported performance across Glass, with Saverglass volumes up 2.6% in the first half primarily driven by tequila and vodka categories.”

5h agoThu 12 Feb 2026 at 2:45am

Long waits for specialist doctors add barriers to accessing affordable pharmaceuticals

More on concerns about the costly job of getting into see a specialist just to get a prescription.

Consumers Health Forum of Australia chief executive Elizabeth Deveny says another problem is the lengthy wait to get into most specialists.

It follows our report on Tuesday on medicines that aren’t commercially viable for Pharmaceutical Benefits Scheme (PBS) subsidy.

“Sometimes people are running out of their medicine, but they can’t get an appointment,” Elizabeth Deveny says.

“We need to do this job better.”

Ms Deveny says regulators should replicate recent moves to improve access to ADHD drugs.

“If this works, the question is, what other medicines could follow this same pathway?”

Health Minister Mark Butler says the government is working through recommendations of the recent Health Technology Assessment review.

5h agoThu 12 Feb 2026 at 2:30amSpecialist doctors have market cornered on some medicines and it hurts consumers

With specialist doctors sometimes charging up to $600 an appointment, consumer advocates are calling for a review of specialist-only prescription medicines.

It follows our report on Tuesday on medicines that aren’t commercially viable for Pharmaceutical Benefits Scheme (PBS) subsidy.

Some medicines can only be prescribed by a specialist doctor and aren’t available through a GP.

Consumers Health Forum of Australia chief executive Elizabeth Deveny says they’ve heard of a patient paying up to $600 for a specialist visit just to get a repeat prescription, with only $150 back from Medicare.

“So that’s $450, let’s say, in order to get the script before you’re even talking about the cost of the medicine,” she says.

While there’s often good reason to see the specialist, for patients with ongoing conditions like rheumatoid arthritis and other inflammatory conditions, advocates say it can be more of a costly nuisance than anything.

Health Minister Mark Butler says the government is working through recommendations of the recent Health Technology Assessment review.

It’s also looking at ways to streamline approvals and look at areas of high unmet need.

5h agoThu 12 Feb 2026 at 2:19amThe identities linked to corruption at the CFMEU, according to Queensland’s Commission of Inquiry

The Construction, Forestry and Maritime Employees Union has been under a cloud since Nine newspapers raised serious concerns about corruption in its ranks two years ago.

It forced the federal Labor government to place the union in administration and order an investigation into its operations.

The full depths of criminality that plagued the union have now been revealed in a report by Geoffrey Watson SC, tendered to Queensland’s Commission of Inquiry into the CFMEU on Wednesday.

You can read the full report from investigative journalist Jessica Longbottom below:

5h agoThu 12 Feb 2026 at 2:04am

Market snapshotASX 200: +1.0% to 9,103 pointsAustralian dollar: +0.3% to 71.45 US centsS&P 500: Flat at 6,941 pointsNasdaq: -0.2% to 23,066 pointsFTSE: +1.1% to 10,472 pointsEuroStoxx: +0.1% to 621 pointsSpot gold: -0.2% to $US5,067/ounceBrent crude: +0.3% to $US69.62/barrelIron ore: Flat at $US100.15 a tonneBitcoin: -0.3% to $US67,553

Price current around 13:00pm AEDT

Live updates on the major ASX indices:

5h agoThu 12 Feb 2026 at 2:00amASX movements

The ASX is up +0.9% to 9,098 points as we begin afternoon trading.

Here is a graph of the movements over the past few hours:

ASX 200 movements today (Refinitiv)

Five of the major sectors are up, while the rest are down. Have a look below:

ASX 200 sector summary (Refinitiv)

Turning to stocks, 131 stocks are in the red, eight are unchanged, and 61 are gaining.

Here are the top movers:

ASX 200 top movers (Refinitiv)

And here are the bottom movers:

ASX 200 bottom movers (Refinitiv)

The Aussie dollar is trading about 71 US cents.