Aussie shares wobble ahead of budget, oil surges again
Australian shares slumped on deteriorating US-Iran relations and fears over flagged tax reforms. -AAP Image
Australia's share market has wobbled ahead of the federal budget, as investors brace for tax reforms expected to impact returns on housing and stocks.
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The S&P/ASX200 fell 31.1 points on Tuesday, down 0.36 per cent, to 8,670.7, as the broader All Ordinaries dipped by 32.8 points, or 0.37 per cent, to 8,909.6.
Mooted changes to capital gains tax and negative gearing have dragged on real estate and banking stocks, while basic materials carved out some gains on the back of higher commodity prices, catapulting BHP to a new all-time high.
ASX-listed energy and utilities stocks advanced, as oil prices rose amid reports of deteriorating US-Iranian relations, weighing on hopes of a solution to the Persian Gulf energy crisis.
The Australian dollar is buying 72.30 US cents, down from 72.38 US cents on Monday at 5pm.
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