The local share market has ended the financial year with a whimper, ending on the lows of the day amid sharp losses for goldminers.
The benchmark S&P/ASX200 index closed Tuesday down 44.7 points, or 0.51 per cent, to 8,778.7, while the broader All Ordinaries dropped 40.7 points, or 0.45 per cent, to 8,986.2.
The ASX200 finished June up 0.5 per cent, and rose 3.5 per cent for the June quarter, leaving the index up 0.7 per cent year-to-date.
Traders were closely watching as the Reserve Bank released minutes from its June 16-17 meeting, revealing board members discussed the Middle East conflict and "persistently weak productivity growth" as the two main risks that could have a bearing on future rate decisions.
"The board will remain focused on its mandate to deliver price stability and full employment and will do what it considers necessary to achieve that outcome, including increasing the cash rate target if necessary," the minutes said.
TD Securities senior Asia-Pacific rates strategist Prashant Newnaha said the minutes showed the board hadn't ruled out lifting the cash rate again, but the hurdle for near-term policy tightening was now higher.
Six of the ASX's 11 sectors finished lower and five closed higher.
Property was the biggest loser, dropping 2.3 per cent as Goodman Group lost 3.0 per cent and Abacus Group retreated 5.4 per cent.
Goldminers were some of the worst performers as the yellow metal dropped as low as $US3,955 an ounce in morning trading, its lowest level since November.
After its monster year in 2025, gold has been struggling in recent months on the prospect the US will raise interest rates later this year, increasing the opportunity cost of holding the non-yield-bearing asset.
Northern Star dropped 5.8 per cent, Evolution retreated 5.2 per cent, Regis Resources declined 6.9 per cent and Minerals 260 fell 10.4 per cent, making it the worst laggard in the ASX200.
After the ASX closed for the day, gold staged a bit of a bounce, climbing back over $US4,000 to change hands at $US4,040 around 5pm.
The iron ore giants were also lower, with BHP dropping 0.7 per cent to $59.40, Fortescue falling 1.9 per cent to $19.15 and Rio Tinto declining 0.9 per cent to $172.51.
The big four retail banks were mixed, with ANZ up 0.4 per cent to $35.35 and CBA rising 0.6 per cent to $164.62, while NAB and Westpac both lost 0.1 per cent, to $37.86 and $35.21, respectively.
The Australian dollar was trading for 68.77 US cents, from 68.90 US cents at 5pm on Monday.
ON THE ASX:
* The S&P/ASX200 on Tuesday dropped 44.7 points, or 0.51 per cent, to 8,778.7
* The broader All Ordinaries lost 40.7 points, or 0.45 per cent, to 8,986.2
One Australian dollar trades for:
* 68.77 US cents, from 68.90 US cents at 5pm AEST on Monday
* 111.55 Japanese yen, from 111.69 Japanese yen
* 60.30 euro cents, from 60.53 euro cents
* 51.92 British pence, from 52.21 pence
* 121.60 NZ cents, from 122.05 NZ cents
