Australian Stocks Slip as Miners Retreat Ahead of RBA Decision

Australian equities edged lower in early afternoon trading on Monday, June 1, 2026, with the benchmark S&P/ASX 200 falling 0.3% to 7,180.50. A sharp decline in iron ore prices weighed heavily on the materials sector, driving broad-based losses. BHP Group and Rio Tinto each dropped more than 1%, while gold miners also pulled back. The dip defied a positive lead from Wall Street’s Friday close, as investors adopted a cautious stance ahead of the Reserve Bank of Australia’s interest rate decision on June 2. Analysts expect the RBA to hold rates steady, but concerns over sticky inflation have raised doubts about the timing of any future easing.