Barrenjoey shares fall 8pc; Fortescue warns China dispute could hit guidance; Mirvac’s sales tumble; Brambles shareholders back switch to KPMG as auditor.

Australia’s construction boom is expected to push the value of residential and nonresidential building approvals as high as 11% of GDP, the highest level since 1973, driven by surging data centre and housing projects. Labour shortages and rising material costs are adding to inflation pressures, complicating the Reserve Bank of Australia’s widely expected move to lift interest rates to a 15-year high this week. The government is attempting to slow migration, while the war in the Middle East is placing fresh strain on projects, according to Macquarie research.

Sydney home prices fell 1.2% month on month in June, while Melbourne declined 1% and Canberra slipped 0.6%. The national median price dropped 0.4% over the month, the biggest month-on-month fall since 2022. The faster declines are attributed to Labor’s tax changes and expectations of further interest rate rises weighing on buyer confidence, signalling a sharper cooling in Australia’s housing market.