Top Australian shares to watch
Read on to find out the top Australian stocks to watch this quarter, organised by largest market cap. These are not recommendations, simply some of the largest Australian companies across a range of sectors.
Australia's macroeconomy
Australian inflation remains a core problem, and increases in the cost of borrowing will continue to put pressure on the economy. Key potential pressure points include overleveraged mortgage borrowers, the potential for bad bank loans, and the slowdown of the Chinese economy, which is by far Australia’s largest two-way trading partner.
Inflation globally has proved far stickier than many analysts had expected, so investors may wish to be careful with their assumptions. Inflation, like a weed, has a habit of coming back if monetary policy is loosened before completely under control.
But with sunnier times perhaps ahead, here are five top ASX stocks to consider this quarter.
Top Australian shares to watch
The following five shares represent some of the largest companies on the ASX. The stocks are listed by market cap, from largest to smallest. Although the final stock has a considerably lower market cap than the others, it’s worth keeping an eye on, as it has attracted significant investor interest.
PT Aneka Tambang Tbk (ASX: ATM)
PT Aneka Tambang Tbk, commonly known as Antam, is a prominent Indonesian mining and metals company with a diversified portfolio that includes nickel, gold, silver, and bauxite.
Established in 1968 and headquartered in Jakarta, Antam has built a robust international presence, exporting its products to various global markets. The company’s operations are segmented into Nickel, Precious Metals, and Bauxite & Alumina, reflecting its commitment to leveraging Indonesia’s rich mineral resources.
Antam’s success can be attributed to its integrated mining operations and strategic partnerships. A notable development is its recent acquisition of a 30% stake in PT Jiu Long Metal Industry, a smelter owned by a subsidiary of China’s Tsingshan Holding Group. This $102 million investment aligns with Indonesia’s policy of domestic ore processing and enhances Antam’s nickel production capabilities.
Investors may find Antam appealing due to its strategic expansions and the growing global demand for nickel, a critical component in electric vehicle batteries. The company’s diversified mineral portfolio and adherence to domestic processing policies position it favourably in the evolving mining sector.
Antam has a market capitalisation of $336.97 billion.
Commonwealth Bank of Australia (ASX: CBA)
The Commonwealth Bank of Australia (CBA), established in 1911, stands as one of Australia’s leading financial institutions, offering a comprehensive range of services, including retail, business, and institutional banking. With a vast network of branches and a strong digital presence, CBA has consistently demonstrated resilience and adaptability in the dynamic banking landscape.
pCBA’s success is underscored by its robust financial performance and strategic initiatives. In the first quarter of the 2025 financial year, the bank reported a profit of $2.5 billion, reflecting a 3.5% increase in operating income. This growth is attributed to volume growth in core lending and deposit products, as well as the timing of dividends from minority investments.
Additionally, CBA’s investment in artificial intelligence has led to significant operational improvements, including a 40% reduction in call centre wait times and a 50% decrease in scam losses.
Investors might be drawn to CBA due to its strong market position, consistent profitability, and commitment to technological innovation. The bank’s proactive approach to enhancing customer experience and operational efficiency through AI investments signals a forward-thinking strategy aimed at sustaining long-term growth.
CBA has a market capitalisation of $253.98 billion.
BHP Group (ASX: BHP)
BHP is the largest mining company in the world based on market capitalisation and is usually the largest company on the ASX 200, accounting for circa 10% of the country’s share market.
The corporation generates over half of its profits from selling iron ore, predominantly to China, but it also sells copper, nickel, potash, and coal.
The company is a global operator with mines across Australia, the United States, Canada, Chile, Peru, Brazil, and Columbia; this variation across jurisdictions and minerals can be compelling for investors who value diversification. And despite the threat of slowing Chinese economic activity, BHP is actively engaging in asset acquisition, including recently buying up copper junior Oz Minerals.
The company’s proactive approach to market changes and investments in future growth areas, such as renewable energy and technology, make it an attractive option for investors. BHP’s solid performance, diverse portfolio, and innovative strategies make it a standout choice for those considering Australian shares to buy.
BHP Group Bank has a market capitalisation of $200.81 billion.
Rio Tinto Ltd (ASX: RIO)
Rio Tinto Ltd is a leading global mining and metals company renowned for its extensive operations across 35 countries.
Established in 1873, the company has built a diversified portfolio that includes the production of iron ore, aluminium, copper, diamonds, and critical minerals essential for modern technologies. With over 57,000 employees, Rio Tinto is committed to finding innovative ways to provide the materials the world needs while maintaining a strong focus on sustainability and community engagement.
In the investment community, Rio Tinto has garnered attention due to activist investor Palliser Capital’s push for an independent review of the company’s dual-listing structure. Palliser argues that unifying the company’s listings could unlock significant shareholder value, a proposal that has sparked discussions among investors and market analysts. 
Investors may find Rio Tinto appealing due to its robust financial performance, commitment to sustainability, and proactive approach to industry challenges. The company’s diversified product range and global presence provide a solid foundation for long-term growth, making it a compelling consideration for those interested in the mining sector.
Rio Tinto has a market capitalisation of $160.81 billion.
Raptis Group (ASX: RPG)
Raptis Group Ltd is a prominent Australian property development and investment company renowned for its integrated residential, resort, retail, and commercial projects, particularly on the Gold Coast. With a legacy spanning over four decades, Raptis has been instrumental in shaping the region’s urban landscape, delivering more mixed-use developments than any other local developer. 
The company’s portfolio boasts notable projects such as Pearl Main Beach and Sterling Broadbeach, contributing to a total of approximately 6,532 residential units, 326 retail shops, and 863 constructed levels.  This extensive experience underscores Raptis Group’s commitment to quality and innovation in property development.
In recent financial disclosures, Raptis Group reported a profit of $117,339 for the year ending 30 June 2024, a decrease from $354,165 in the previous year. Revenue from continuing operations stood at $534,657, with an additional income from a fair value increment of $100,000. Total expenses for the year amounted to $518,218, encompassing direct management rights costs, legal expenses, and administrative overheads. 
Investors may find Raptis Group appealing due to its established presence in the Gold Coast property market and its track record of delivering large-scale, mixed-use developments.
However, the recent decline in profitability suggests a need for a cautious evaluation of the company’s financial health and strategic direction. Potential investors should consider market conditions, the company’s project pipeline and broader economic factors influencing the real estate sector when assessing the investment potential of Raptis Group Limited.
Raptis Group has a market capitalisation of $1.53 million.
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