Afternoon Report | ASX tumbles on Middle East hostilities
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Why did the ASX tumble on Middle East hostilities?
Welcome to the Fear and Greed Business News Afternoon Report for Thursday, the 28th of May, 2026. I'm Michael Thompson, and every afternoon, we've got the five stories that happened today that you need to know about. Let's get cracking. Story number one, the S&P ASX 200 tumbled 1.4% today to 8,593 points, wiping about... $45 billion off the market on renewed hostilities, really, between the US and Iran. Oil prices jumped after Iran's Revolutionary Guards said they had targeted a US airbase following fresh American strikes and sanctions linked to the Strait of Hormuz. Locally, the sell-off hit the miners and the banks hardest. It was the gold stocks that led the losses though. Genesis Minerals down more than 10%.
What did Treasury Secretary say about proposed tax changes?
Regus Resources off almost 8%. Newmont losing nearly 7%. Among the major miners, BHP was off 1.2%. The big banks were all sharply lower. Commonwealth Bank down 2.1%. ANZ off 1.9%. National Australia Bank down 1.7%. And Westpac, off 1.3%. ASX Limited, I've mentioned them a few times now over the last few days, has not been a good week for the company running the local share market.
What happened during the rowdy Question Time in Parliament?
It hit another fresh 10-year low after another sell-off linked to these concerns reported earlier in the week over rising technology costs. Elsewhere, consumer stocks held up better with Wes Farmers and Coles Group, both gaining a bit of ground on the back of retail spending data out today. On to story number two now, and Treasury Secretary Jenny Wilkinson says the top 1% of income earners would have paid around $400,000 extra tax over their lifetimes if Labor's proposed tax changes had been in place for the past 25 years. This is based on a report in the Australian Financial Review today, which reports that Wilkinson, speaking at the Australian Business Economist's lunch in Sydney, said, defended the government's proposed changes to capital gains tax, trusts and negative gearing, arguing that they would improve intergenerational equity and help younger Australians buy homes.
She said that around 90% of Australians under 30 would be financially better off under the reforms, especially when combined with the government's proposed $250 worker tax. tax offset. The comments came as Treasurer Jim Chalmers today introduced the legislation to Parliament only for it to be sent automatically off to a committee for review. On to story number three. In Parliament, where that legislation was introduced has been a little bit of a circus this afternoon.
Why was the State of Origin the most streamed program in Australia?
Opposition leader Angus Taylor has been forced to withdraw remarks after allegedly calling Prime Minister Anthony Albanese an arrogant prick. During question time, the heated exchange followed Albanese suggesting that it might be the last time some coalition MPs would get to vote on income tax legislation, implying that they could lose their seats at the next election. Labor frontbenchers said Taylor made the remark across the dispatch box before being asked by Leader of the House Tony Burke to withdraw it. which he did. The coalition also staged a protest in parliament displaying printed signs reading Labor lies as Speaker Milton Dick warned MPs about inflammatory language. On to story number four, well away from politics now, the opening game of this year's NRL State of Origin series has become the most streamed television program in Australian history.
New South Wales' dramatic 22-20 win over Queensland reached almost 5.8 million viewers across TV and streaming, including a record 1.5 million people watching via the streaming platform Nine Now. The figures are a pretty big boost for both the National Rugby League and also for Broadcaster Nine Entertainment as these negotiations intensify. Over the NRL's next media rights deal, the NRL chairman, Peter Volandes, is reportedly chasing a record-breaking $4 billion broadcast agreement. Current rights holders Nine and Foxtel are expected to face a little bit of competition from rivals, including Seven West Media and also Amazon.
What insider trading charges were brought against a Google engineer?
Finally, story number five, a Google software engineer has been charged with insider trading after allegedly making more than one million US dollars betting on prediction platform Polymarket.
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Chapters
5 chapters
1
Why did the ASX tumble on Middle East hostilities?
0:03–0:48
2
What did Treasury Secretary say about proposed tax changes?
0:48–1:19
3
What happened during the rowdy Question Time in Parliament?
1:19–2:38
4
Why was the State of Origin the most streamed program in Australia?
2:38–4:11
5
What insider trading charges were brought against a Google engineer?
4:11–5:12
Speakers
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