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federal budget

Big budget bucks boosted stocks

  • Aged care providers rallied on record government spend on the sector.
  • Ampol jumped 1.13% on the government’s halved excise fuel tax.
  • archTIS rocketed 18% on the government’s $9.9bn cyber security package.

There were some key winners and losers in Australia’s Federal Budget for 2022/2023 released earlier this week, but how did investors respond to the budget? 

Investors bought aged care stocks after the government announced record spending on the sector, expected to reach $29.8bn.

Shares in one of Australia’s largest providers of aged care services, Regis Healthcare, jumped 4.83% for the week, while fellow aged care operator, Estia Health, added 3.57%.

Ampol shares jumped 1.13% this week after the government announced the halving of the excise fuel tax for the next six months.

Cyber security was another key focus of the budget, with the government’s biggest ever cyber security spend of $9.9bn announced to protect Australia’s online data ecosystem from increasing threats of attack from external parties. 

Shares in archTIS, an Australian-based, global, award winning cyber security company that has contracts with the government, rose 18% over the last 5-days. 

And in the United States, vaccine maker Moderna jumped 5% on the NYSE on Tuesday after the Australian government announced it has executed a 10-year strategic partnership agreement with Moderna to establish an mRNA vaccine manufacturing capability in collaboration with the Victorian Government. 

The facility will produce up to 100 million Australian made mRNA doses every year and add hundreds of manufacturing jobs to the economy. 

 

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