Australian Morning Focus

ANZ highlights the 2026-27 Australian Federal Budget's tax reforms and notes that US CPI has reached a three-year high of 3.8%. Global commodity markets are volatile as Persian Gulf supply disruptions threaten a record quarterly crude inventory drawdown.

Key Takeaways

• 1.The Australian Budget 2026-27 includes significant policy changes to capital gains tax (CGT), negative gearing, and trust taxation.
• 2.US April CPI inflation rose to 3.8% y/y, its highest since May 2023, primarily driven by a 17.9% surge in energy costs.
• 3.Severe oil supply disruptions in the Middle East, specifically the closure of the Strait of Hormuz, are causing historic global crude inventory drawdowns.

Table of Contents

• Highlights
• Today (AEST)
• Global markets overview
• Data/event pulse
• Key themes and views
• Commodities
• Important Notice

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