Australia’s share market has dipped slightly, while the Australian dollar also weakened, as steady unemployment figures coincided with easing employment and workforce participation rates. The ASX 200 fell 0.2% to 8,514 points, and the Australian dollar slipped 0.4% to 64.80 US cents. The unemployment rate held at 4.1% for May, according to the ABS.
Despite the steady jobless rate, May saw a slight drop in both employment (down by 2,500 people) and participation, with 5,100 fewer people in the workforce. Oxford Economics expects Australia’s strong job market to gradually weaken amid global uncertainty, predicting the unemployment rate could reach 4.5% by year’s end.
Meanwhile, the US Federal Reserve kept interest rates unchanged, despite Donald Trump’s calls for cuts, and indicated a slower pace of rate reductions ahead.
A new UBS Global Wealth Report shows Australians’ wealth increased by 4% last year, with middle-class households seeing larger gains due to strong growth in lower-priced property markets. However, Australians remain highly exposed to housing debt, with liabilities equivalent to 17% of gross household wealth — among the highest levels globally.
In terms of global rankings, Australia sits fifth for average wealth per adult (US$516,640) and second for median wealth (US$268,424), reflecting a more even distribution of wealth compared to countries like the US and UK.
In corporate news, the Commonwealth Bank has extended its sponsorship deal with Football Australia for another six years, covering national teams and grassroots programs.
Separately, NAB has agreed to pay $751,200 after being fined by the ACCC for failing to provide accurate data under the Consumer Data Right (CDR) rules. This breach affected consumers’ ability to compare financial products and secure better deals through fintech providers.
Finally, a report on CEO pay shows leaders at Australia’s top companies earn 55 times the average worker’s salary — lower than in the US and UK but still significantly higher than a decade ago.
