Australian shares fell 55 points or 0.6% to 8,615 in Wednesday morning trade, sliding for a fourth straight session to a five-week low. Sentiment stayed cautious after Wall Street ended mostly lower Tuesday amid lingering concerns over the Iran war and a strong U.S. inflation print. Locally, business confidence remained deeply negative in April despite a slight rise from March’s historic drop. Still, losses were offset by the 2026/27 federal budget, which offers modest cost-of-living relief and sweeping tax reforms aimed at long-term fiscal repair. Key measures include restricting negative gearing to new builds from 2027, replacing the capital gains tax discount with a 30% minimum rate, and rolling out a $250 annual tax offset for workers. Financials led weakness, along with process industries, healthcare, and consumer durables. The big four banks fell between 1.3% to 7.7%, while other notable laggards included Wisetech Global (-3.4%), Ramsay Health (-1.6%), and Nextdc Ltd. (-0.6%).