Australian share market kicks off new financial year on a bum note after hit to property market

The Australian share market started the new financial year in the red after consumer staples dived and financials felt the weight of the property market suffering its biggest monthly hit in almost four years.

The benchmark S&P/ASX200 index tested 8730 levels in the first hour of trade on Wednesday before rebounding to 8753.4, down 25.3 points or 0.29 per cent, while the broader All Ords dipped 21.9 points or 0.24 per cent to 8964.3.

Coles slumped more than 6 per cent to $22.82 after the Australian Competition and Consumer Commission knocked back its acquisition of a lease for a supermarket and liquor store in Kalgoorlie-Boulder.

The retail giant said it disagreed with the decision and was considering its next steps.

Coles also confirmed it was in talks with TPG about potentially acquiring Greencross Pet Wellness Company, which owns Petbarn and City Farmers, and is Australia’s largest pet care company with 267 retail stores.

Woolworths was down 1.7 per cent at $39.34.

Commonwealth Bank was 1.4 per cent weaker at $162.18, ANZ gave up 1.6 per cent to $34.78, Westpac eased 0.59 per cent to $35 and National Australia Bank shed 1.3 per cent to $37.36.

IT services and solutions provider Data#3 Ltd dropped 3.5 per cent to $9.50.

On Tuesday, the ASX closed the 2025-26 financial year just 2.8 per cent higher after a battering from Donald Trump’s war in the Middle East and the Reserve Bank’s three interest rate hikes.

The S&P-ASX200 finished at 8778 points, marking the softest year since 2022.

Local shares dramatically lagged white hot growth on major overseas exchanges including New York’s S&P500 and London’s FTSE100.