4% short isn't very much relative to many other stocks.
I can't find total Aus market short rates, but I'd expect them to be quite high since many indices (such as XJO) are at record highs.
This displays short trends for the previous 6 months (July data is erroneous):
https://www.shortman.com.au/market
The markets are due a correction, whenever that may be. Aside from obviously leading in to quarterly reporting, BRN shorts are likely just positioning for market downside risk.
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