Australian shares reset a record closing high on Friday, shrugging off fears around US reciprocal tariffs and a minor sell-off in Commonwealth Bank shares that hit the bourse.

The S&P/ASX 200 index rose 0.2%, or 15.8 points, to 8555.80. The benchmark was up 0.5% this week and the Australian dollar notched a two-month high of US63.28¢ against the greenback.

Local News

Australia's 50 Richest Now Control $243 Billion as Rinehart Tops List Again

The combined wealth of Australia's 50 richest people has climbed nearly 10% to $243 billion in the past 12 months, Forbes said on Thursday, with mining magnate Gina Rinehart topping the list again.

Forbes said technology executives capitalised on the sector's continued growth, while mining fortunes were bumpier in the last year due to falling commodity prices and rising costs.

Rinehart, who controls Hancock Prospecting, saw a 4% decline in her wealth to $29 billion but retained her title as the country's richest person.

Australia's CBA First-Half Profit Climbs as Economic Pain for Consumers Wanes

Commonwealth Bank of Australia, the country's biggest lender, said on Wednesday first-half profit rose slightly as an improving economy enabled it to slash loan impairment charges, sending its shares to a record high.

The result came despite what the bank called a challenging period for its customers who have struggled with a cost of living crisis for the past two years.

Income tax cuts that took effect last July and rising wages have increased the amount people can save and spend, CBA said, adding that loan hardship cases had declined 15% from June to December and most borrowers were still ahead on repayments.

Australia's Origin Energy Profit Jumps 24%, Boosts Clean Energy Spending

Australia's Origin Energy exceeded half-year earnings forecasts on Thursday with a 24% jump in underlying profit on strong liquefied natural gas sales, allowing the company to commit A$1.7 billion ($1.07 billion) to major battery projects.

CEO Frank Calabria said Origin's A$924 million underlying profit was a strong first-half result that would allow it to invest in renewables ahead of the closure of its Eraring coal-fired power plant, the largest in Australia, in 2027.

Origin’s underlying result, which beat the Visible Alpha consensus of A$888.3 million, led it to declare an interim dividend of 30 Australian cents, also above the market's estimate of 27 cents.

Australia's South32 Gets Federal Approval to Extend Worsley Alumina Operations

Australian miner South32 said on Wednesday that it had received environmental approval from the federal government to extend the operational life of its Worsley Alumina facility in Western Australia.

South32 owns 86% of Worsley Alumina, which began operations about 41 years ago and is one of the world's biggest alumina refineries. Japan Alumina Associates (Australia) owns 10% of the operation, while the remaining 4% is held by Sojitz Alumina.

Perth-headquartered South32 said that it will now move forward with developing new bauxite mining areas, which are projected to support production through at least fiscal year 2036.

Computershare Stock Surges on First-Half Earnings Beat, Improved Guidance

Computershare shares soared 20.7% this week as the share-registry provider beat first-half earnings expectations and lifted its annual guidance.

Computershare, which announced its December half result late Tuesday, raised its guidance for so-called management earnings-per-share growth to 15% from the 7.5% estimated earlier. Management EPS, the company's preferred profitability metric, is closely watched by analysts.

Australia's Cochlear Slumps as HY Results, Outlook Disappoint

Cochlear shares plunged 15.2% this week.

Hearing implants maker reported HY underlying NPAT of A$206 mln ($206 mln), missing Visible Alpha consensus of A$209.3 mln. It expected FY underlying net profit to be at lower end of A$410 mln-A$430 mln forecast range.

"New expectations for being at lower end of profit guidance could cause concern or it could just be a blip if services revenue in fiscal 2026 can pick up again with new product launches", UBS said.

The Week Ahead

Easing inflation has opened the door for the Reserve Bank of Australia to begin an anticipated brief series of interest rate cuts, starting with a quarter point reduction to 4.10% on Tuesday, according to most economists in a Reuters poll.

This would be the RBA's first rate cut in over four years, joining a rate-cutting cycle other major central banks started last year and that the U.S. Federal Reserve has already put on pause over inflation concerns.

New Zealand's central bank will follow through on plans to cut interest rates more with a 50 basis-point reduction on Wednesday to 3.75%, according to a Reuters poll of economists, who also expect a further 75 bps of easing this year.