Australian stocks steady as banks rebound, BHP lifts miners

BHP

14/05/2026 03:18

May 14 (Reuters) -
Australian stocks treaded water on Thursday, with financials rebounding from a four-day slide on budget-driven mortgage worries, while gains in heavyweight miners, including a record high for BHP Group, offered some support.

The S&P/ASX 200 index .AXJO held its ground at 8,621.8 points, as of 0103 GMT, but was on track for its fifth consecutive session of losses, if the current momentum persists.

Financial stocks .AXFJ rebounded from early losses to snap a four-session losing streak, gaining 0.2%.

Earlier in the day, the financial sub-index witnessed a drop of nearly 1%, hitting its lowest level since May 15, 2025. The decline was driven by concerns that property tax changes in the budget this week could negatively affect mortgage demand.

Australia's centre-left Labor government on Tuesday proposed  restricting negative gearing to newly built homes and replacing the 50% capital gains tax discount with inflation indexation, to boost affordability.

In response, shares of Australian banks tumbled on Wednesday as these proposals could cool demand for mortgages, a key profit driver for banks.

Commonwealth Bank of Australia CBA.AX rose 0.8% on Thursday, rebounding from a slump in the previous session, while ANZ ANZ.AX climbed 0.3%.

The mining sub-index .AXMM advanced 0.5%, supported by a 2% jump and record-high milestone for BHP BHP.AX. Peer Rio Tinto RIO.AX climbed 1.4%.

The sub-index tracked copper prices and aluminium prices higher. MET/L

Australian gold stocks .AXGD slipped 1%, with sector giants Evolution Mining EVN.AX and Northern Star Resources NST.AX down 1% and 1.2%, respectively. GOL/

Meanwhile, Australian bourse operator ASX ASX.AX, grappling with regulatory issues, named Euronext's Anthony Attia as its new chief executive. The stock was flat, after a marginal dip at the open.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index .NZ50 was trading flat.

Air New Zealand AIR.NZ, the country's flag carrier, tumbled as much as 3.5% after forecasting its biggest annual pre-tax loss in four years. The outlook was driven by high fuel costs following the conflict in the Middle East, exacerbating weak demand and fleet constraints.

 (Reporting by Jasmeen Ara Shaikh in Bengaluru; Editing by Sherry Jacob-Phillips)

 ((Jasmeenaraislam.shaikh@thomsonreuters.com))

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