Australian Mining and Energy Union says the new agreement resolves accident-compensation issues and includes other improvements sought by members.

Mortgage applications at Commonwealth Bank, Westpac and ANZ have fallen at least 12% since the government’s May budget paved the way to remove investor tax breaks, reflecting a cooling Australian housing market. The weakness has pushed bank shares lower and highlighted pressure on profitability. Earlier rises in borrowing costs had already damped demand and prices in Sydney and Melbourne are retreating. Commonwealth Bank CEO Matt Comyn said the bank has not yet seen the weakness spill over into household spending or broader activity. With the Middle East conflict lifting inflation and some firms remaining cautious, housing credit growth is expected to slow further next year.

U.S. Treasury said July budget deficit was $432 bln, versus $346 bln expected and $291 bln in July a year earlier.