Australian markets felt the brunt of disappointing July jobs data, with a drop of 15,800 jobs pushing the jobless rate up to 4.5 per cent. The weaker-than-expected figures saw the Australian dollar and bond yields decline near midday AEST. Amidst this economic backdrop, Treasurer Jim Chalmers robustly defended the nation’s $1 trillion debt, rejecting what he termed “hyperventilating” from critics and affirming that the debt-to-GDP ratio has fallen during Labor’s tenure.
In corporate news, Fortescue, the world’s fourth-largest iron ore miner, cut its dividend after challenges at its Iron Bridge magnetite project and compensation charges contributed to a 15 per cent decline in earnings. Northern Star, an embattled gold miner, saw its incoming chief, Suresh Vadnagra, set for a substantial $18.3 million payday despite the company flagging looming higher costs, even after posting a jump in profit. IDP Education shares tumbled 27 per cent, while property giant Dexus warned of lower earnings in 2027. Conversely, Telix Pharmaceuticals swung to a profit, offering a brighter note.
Further business developments included biotechnology firm Moderna, which saw its shares nearly triple following successful trials of an experimental skin cancer vaccine, jointly developed with Merck. The therapy is poised to offer a custom-made jab for patients, representing a significant medical advancement. Meanwhile, embattled travel services provider Corporate Travel successfully struck a repayment deal with the UK government, settling millions of pounds while continuing to secure new work despite its earlier high-profile overcharging scandal. Adding to the nation’s high-end property market, Rich Lister Neville Crichton, a billionaire neighbour of Malcolm Turnbull, listed his luxurious Point Piper beachfront mansion for $90 million.
