Live updates: RBA governor Michele Bullock responds to gaslighting accusation at Senate estimates, ASX trading higher

Australian markets showed mixed strength on Thursday, with the ASX 200 climbing 0.9% to 9,098 points while the Australian dollar edged higher to 71.45 US cents. The rise was underpinned by a record‑high surge in ANZ Group shares after the bank posted a 17% jump in cash profit, and by solid earnings from packaging firm Orora. At the same time, consumer‑health advocates highlighted long waits for specialist doctors and the high cost of specialist‑only prescriptions, and new research revealed that one‑third of SMEs remain unclear about upcoming payday super reforms.

Market Overview

The broader market saw gains across most major indices: the FTSE rose 1.1% to 10,472 points, the S&P 500 held steady at 6,941 points and the Nasdaq slipped 0.2% to 23,066 points. Commodity prices were mixed, with Brent crude up 0.3% to US$69.62 per barrel and spot gold down 0.2% to US$5,067 an ounce. Bitcoin fell 0.3% to US$67,553.

Banking Sector Gains

ANZ Group announced cash profit of $1.94 billion for the quarter to 31 December, a 17% increase over the previous quarter’s average, and statutory profit of $1.87 billion. The bank’s cash return on tangible equity rose 173 basis points to 11.7%, reflecting improved capital efficiency. A cost‑cutting programme, which saw 60% of a 3,500‑person staff reduction completed by year‑end, delivered an 8% expense reduction. Shares jumped as much as 7.9% to a record $40.14 before settling at $39.80.

Did You Know? ANZ’s cash profit beat expectations by 6% and its cost base fell 8% in the quarter, marking the first major profit lift since the bank’s reorganisation under CEO Nuno Matos.

Manufacturing Update

Orora, a producer of glass bottles and aluminium cans, released its half‑year results for FY 26. EBITDA rose 14.4% to $218.2 million, EBIT increased 8.5% to $131.1 million, and underlying NPAT jumped 32.2% to $77.8 million. CEO Brian Lowe attributed the performance to disciplined execution, strong demand for aluminium cans (11.2% volume growth), and modest growth in glass volumes driven by tequila and vodka categories.

Healthcare Access Issues

Consumers Health Forum of Australia chief executive Elizabeth Deveny warned that lengthy waits for specialist appointments and fees up to $600 per visit are creating barriers to affordable medicines. Patients often receive only $150 back from Medicare, leaving a sizeable out‑of‑pocket cost before even considering drug prices. Deveny urged regulators to replicate recent improvements in ADHD drug access for other medicines.

Health Minister Mark Butler indicated the government is reviewing recommendations from the recent Health Technology Assessment review and is looking at ways to streamline approvals for high‑unmet‑need medicines.

SME Superannuation Awareness

Research by MYOB showed that 31% of small and medium‑sized business owners are unsure about the upcoming “payday super” reforms, which require employers to pay superannuation concurrently with wages from 1 July. While 51% of SMEs expect little impact and 22% see a positive effect, many may be underestimating the operational changes involved. MYOB CEO Paul Robson stressed the importance of understanding cash‑flow implications before the July deadline.

Technology Disruption in Super Funds

The Commonwealth Super Corporation (CSC), serving nearly 700,000 members, announced a planned two‑week IT outage for system upgrades, echoing a previous seven‑week disruption at HESTA that left members unable to access funds. CSC also warned that its email and postal addresses will change, prompting members to discard old stationery.

For details on the CSC service notice, visit the official announcement.

Expert Insight: The convergence of strong corporate earnings, especially in banking and packaging, with consumer‑facing challenges in healthcare and superannuation underscores a dual narrative: while large‑cap firms benefit from cost efficiencies and market demand, everyday Australians face cost pressures and information gaps that could temper broader economic optimism.

Frequently Asked Questions

Why did ANZ Group’s share price reach a record high?

ANZ reported cash profit of $1.94 billion, up 17% year‑on‑year, and an 8% reduction in expenses due to its cost‑cutting programme. The profit beat analysts’ expectations by 6%, prompting a surge of up to 7.9% in early trading.

How did Orora’s half‑year earnings compare to the previous period?

Orora’s EBITDA increased by $27.6 million (14.4%) to $218.2 million, EBIT rose $10.3 million (8.5%) to $131.1 million, and underlying NPAT climbed $19.0 million (32.2%) to $77.8 million, reflecting strong demand for aluminium cans and disciplined execution across its divisions.

What are the main concerns about specialist‑only prescription medicines?

Advocates note that specialist appointments can cost up to $600, with Medicare reimbursing only $150, creating a $450 out‑of‑pocket expense before the drug cost. Long waiting times further delay access to necessary medicines, prompting calls for regulatory review and streamlined approval processes.

How might these developments shape the Australian economy in the coming months?