Australia Stock Market Today: ASX 200 Falls as Banks Drop Before Budget, Miners Rally on Copper
Australian shares slipped for a third session in a row Tuesday, weighed down by falls in banks, tech names and CSL. Investors trimmed exposure ahead of a federal budget that could shake up property, tax, and inflation policy. The S&P/ASX 200 shed 31.1 points, or 0.36%, to finish at 8,670.7. Decliners outnumbered advancers 200 to 86 on the wider S&P/ASX 300. Timing was key here. Treasurer Jim Chalmers was set to hand down the budget at 19:30 AEST. Treasury figures put the budget bottom line A$44.9 billion ahead of the forecasts made in December. Market watchers expect the budget to touch on capital gains tax discounts and tweak negative gearing—allowing property investors to write off rental losses against taxable income.