Australia's Federal Deficit Cut by Half as Budget Improves

Australia’s federal budget deficit has been reduced by 50%, falling to about $11 billion 11 months into the fiscal year. Officials attribute the improvement to delayed government spending and a surge in tax revenues.

On the same day the Australian Securities Exchange showed mixed performance, with the overall market flat and signals of a weekly decline, while some sectors rallied. Gold‑mining stocks recovered as the metal steadied near US$4,000 per ounce, and BHP disclosed a reshuffle of its senior executive team.

Technology shares fell after Apple reported an unprecedented series of price hikes across its product line. In corporate‑governance news, proxy adviser Ownership Matters called for a rule requiring 10‑year audit tender periods, a move sparked by the recent KPMG scandal. Market analysts also voiced caution over the sustainability of the AI investment boom. Separately, an attack in the Strait of Hormuz briefly disrupted efforts to restore commercial shipping through the strategic waterway.