Australia's central bank said on Thursday it was taking another major step toward a wholesale central bank digital currency (CBDC) with a range of industry partners pursuing projects using real money and assets for the first time, Reuters reported. The Reserve Bank of Australia said its "Project Acacia" initiative would test 19 pilot cases involving money and assets, along with five proof-of-concept use cases involving simulated transactions. The trials involve a range of asset classes, including fixed income, private markets, trade receivables and carbon credits.

Australia is “urgently seeking” more detail on President Donald Trump’s threat to impose 200% tariffs on pharmaceutical imports to the U.S., Treasurer Jim Chalmers said, Bloomberg reported. “These are obviously very concerning developments,” Chalmers told Australian Broadcasting Corp. radio in an interview on Wednesday. “Our pharmaceutical industry is much more exposed to the US market. And that’s why we’re seeking – urgently seeking – some more detail on what’s been announced.” The U.S.

Australia's central bank on Tuesday left its cash rate steady at 3.85%, a shock for markets that had confidently wagered on a cut, saying the majority of the board wanted to wait for more information to confirm inflation was slowing, Reuters reported. Traders were quick to send the Australian dollar racing up 0.8% to $0.6543, while three-year bond futures extended earlier losses and fell 10 ticks to 96.60. The swift moves in markets imply around an 88% chance the cash rate would be cut to 3.60% at its Aug. 12 meeting, and now favours rates bottoming at 3.10% rather than 2.85%.