A good year for Goodman

Market overview

The ASX 200 fell 0.1%, dragged down by miners and tech stocks as investors stayed cautious after the RBA’s latest inflation warning. It was the sixth loss in seven sessions with global tech jitters adding to the pressure after a sell-off in AI stocks across Asia.

Mining stocks were hit hardest after reports that China’s Simandou iron ore project could flood the market. Fortescue, Rio Tinto and BHP all slid, while gold and coal miners also lost ground as commodity prices softened.

All up, it was another cautious session – the market still looking for direction after the RBA’s warning that inflation may stick around longer than expected.

Goodman builds on growth

The result: Goodman Group reaffirmed its 9% earnings growth target for FY26, saying strong demand for data centres and logistics hubs continues to fuel its development pipeline. The property giant has $12.4 billion worth of projects underway, a number expected to climb to $17.5 billion by June 2026.

CEO Greg Goodman said customers are investing heavily in AI, robotics and automation, driving the need for larger, more advanced facilities. With low vacancy rates and little new supply, he expects demand to stay strong – especially as companies race to build infrastructure for cloud computing and digital storage.

Why it matters: Goodman is one of the few ASX-listed developers still delivering consistent growth in a tougher property market. Its shift toward data-led infrastructure positions it at the heart of the digital economy – where AI and e-commerce are shaping the next wave of industrial development.

What’s next: Goodman plans to ramp up new data centre projects through FY26 to capture the AI boom. Investors will be watching how the company balances growth with rising construction costs as the digital build out accelerates.

Medibank gets better 

The result: Medibank has agreed to buy Better Medical, a network of 61 GP clinics across Victoria, Queensland, South Australia and Tasmania, from private equity firm Livingbridge for $159 million. The deal adds around 800 doctors, nurses and allied health workers to Medibank’s growing healthcare footprint and builds on its majority stake in Myhealth Medical Group, which runs more than 100 clinics across eastern Australia.

Funded from existing capital, the deal is expected to be completed by the third quarter of FY26 and will contribute to Medibank’s goal of earning $200 million a year from its health services division by FY30.

Why it matters: The move shows Medibank is no longer just an insurer – it’s evolving into a broader healthcare operator. By investing directly in GP networks, Medibank can play a bigger role in preventative and community care, creating new revenue streams while easing pressure on the public system. CEO Robert Read said the investment would help “deliver more proactive and preventative care – good for patients, good for doctors and good for the health system.”

What’s next: The acquisition still needs regulatory approval but once complete it will make Medibank one of Australia’s largest private primary care providers.