Australian shares almost flat as NEXTDC rout offsets gains in banks

Australian equities were nearly flat on Wednesday, with the S&P/ASX 200 down 0.1% at 8,811.60 by 0040 GMT, Business Recorder reported. A steep selloff in data-centre operator NEXTDC followed a cut to its 2027 outlook, attributed to delays in power upgrades at a Melbourne site. Its shares dropped as much as 44.8%, erasing more than A$3.1 billion from its market value.

The decline pulled the technology sector 5.6% lower, while financials rose 0.3% as major banks advanced. Australia’s deputy central bank governor said inflation prospects had worsened despite restrictive policy, and swaps priced in a nearly 45% likelihood of a rate increase to 4.85% next month. Energy shares and miners each fell 0.5%; Woodside Energy also lowered the upper end of its yearly production forecast. New Zealand’s S&P/NZX 50 slipped 0.1%, ahead of quarterly inflation figures due Thursday.