Daily Overview: 26 June 2026

Keep a close eye on the RBA's reaction to the latest employment data. While the headline unemployment rate dipped to 4.4%, the trend rate has hit a four-year high. This dichotomy, paired with a surprising 1.3% jump in household spending, suggests the economy is stubbornly resilient. Expect the market to price in a "higher-for-longer" interest rate environment, which will further pressure the softening residential property market.

In the resources space, the focus shifts to the "criticals" pivot. With Western Australia being urged to chase a $100 billion opportunity in critical minerals to diversify away from iron ore, watch for increased M&A activity and exploration funding in lithium, rare earths, and tungsten. The recent move by Tivan to secure $50m for Molyhil is a bellwether for this trend.

Finally, watch the AI-driven volatility in tech stocks. Between Micron's massive beat and the governance chaos at WiseTech, the "AI trade" is bifurcating into high-growth winners and governance losers. Any further escalation in the US-China "AI arms race" or restrictions on model access will likely trigger volatility in Australian tech and defence holdings.

Mining & Resources

• Hancock Prospecting invested up to US$100m in Lumitron Technologies to commercialise X-ray technology for mineral analysis and ore recovery.
• Mineral Resources ceased operations at the Lucky Bay garnet project, axing 110 jobs and recording a $40m closure loss due to rising costs and Middle East conflict.
• BHP, Rio Tinto, and Caterpillar launched a joint trial of battery-electric haul trucks at the Jimblebar mine to test decarbonisation feasibility.
• Fortescue is facing a landmark class action alleging systemic sexual harassment and assault at its remote Pilbara camps.
• Ramelius Resources received EPA approval for its Roe gold project, clearing a major regulatory hurdle for development.
• Tivan is seeking $50m in financing, potentially via Sumitomo Corporation, to restart the MolyHIL tungsten project in the NT.
• Metso secured €60m in service agreements to provide filtration support for lead-zinc and copper producers in Asia-Pacific and South America.
• IGO Limited appointed Ian Rowe as interim CFO as part of a planned leadership succession.

Energy & Infrastructure

• AEMO reports that a surge in battery installations has reduced the need for 1,435km of new transmission lines, though $106b is still required for the 2050 net-zero transition.
• EnergyCo is facing opposition from New England rural councils who have denied access to town water for the Renewable Energy Zone (REZ) construction.
• Aurora Energy customers in Tasmania will see average power price increases of 4.23% effective July 1.

Macro, Policy & Finance

• Judo Bank shares plummeted 40% after reporting higher-than-expected credit losses in the manufacturing and construction sectors.
• Worley issued its second profit warning in two months, citing Middle East conflict delays and a strong Australian dollar.
• Corporate Travel Management (CTM) faces potential ASX delisting and revenue restatements following accounting discrepancies uncovered by Deloitte.
• Lendlease sold its remaining stake in Keyton to Aware Super for $525m to reduce group debt.
• The Albanese Government backtracked on "widow's tax" measures and negative gearing changes, creating a projected $1b budget hole.
• Teal Independents Allegra Spender and Zali Steggall have registered a new political party, "Community Strong Australia," to contest Senate seats.