Australian investors would have seen the bad news (via news articles - see the ABC article on 21 JUne 2022: Queensland budget 2022: Winners and losers) and made a decision to sell before 30 June or after, for tax purposes. And the sellers won. Not to mention the short sellers taking advantage of a potential drop.
Despite the time gaps sellers are still likely to come from overseas: the Japanese and other asian funds in the afternoon (AEST).
The Europeans will be next.
The US (US had a holiday on Monday) will be last, unless there are a couple of early birds taking note of the news articles published explaining the new royalty levels.
Bottom line I am now expecting wild swings of ups and downs as investors go: 'What the!'; followed by: 'The price is too low to resist.'
Personally I'm still at: 'What the!'
Increase in Queensland Royalties, page-24
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