| Macquarie Chief Financial Officer Alex Harvey will step down effective December 31, the financial group announced alongside its first quarter trading update. Harvey will retire from mid-2026 after handing over to his successor Frank Kwok. The Australian government has announced it intends to remove restrictions on US beef imports in a bid to appease President Donald Trump, who had highlighted Canberra's biosecurity measures as an unfair impediment to trade. More rate relief in sight: Economists expect Australia's central bank will deliver three more interest-rate cuts by early 2026, up from the two seen previously, bringing its cash rate to 3.1% in the first quarter of 2026, from 3.85% now. The Reserve Bank governor Michele Bullock will be speaking at an event in Sydney just after 1 p.m. on Thursday.  Michele Bullock, governor of the Reserve Bank of Australia. Photographer: Brent Lewin/Bloomberg Still on the RBA: Communication has been a basic tool of central banking for decades, but it can be a tricky thing to get right. The message sent has to be clear — and received. Australia's central bank needs to do much better, writes Bloomberg Opinion's Daniel Moss.
Fortescue's shipments of iron ore rose 4% from a year earlier in the fourth quarter to a record high. The Australian miner exported 55.2 million tons of the steelmaking material over the period, taking full-year volume to 198.4 million tons. Glencore's on track to close its last two copper mines in Mt Isa, Queensland, next week, ahead of a decision on whether to also shutter a smelter at the same complex, and an associated refinery in a coastal town. | 
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