Australian shares were flat on Thursday's close, amid an overnight sell-off in US Tech stocks.

The S&P/ASX 200 was little changed to close at 8,588.2.

Investors flocked to safe havens like gold and silver after a sell-off in tech stocks amid "excessive" concerns of lofty valuations, Bloomberg reported.

"Investors still see limited disclosure of AI-driven revenues, profits, or cash flows," said Frank Thormann, a fund manager at Schroders Investment Management.

"The result is a growing concern that AI may not be delivering returns commensurate with the enthusiasm," Thormann added.

On the domestic front, the Australian economy is expected to grow by around 2.25% through 2026, close to its potential, ANZ reported.

Australia's mid-year economic and fiscal outlook suggests inflation and spending pressures remain despite a smaller deficit and favorable debt outlook, Commonwealth Bank of Australia (ASX:CBA) said.

Australia's total household wealth rose by 3.1%, or AU$551.3 billion, to AU$18.4 trillion in the September quarter, according to figures released by the Australian Bureau of Statistics.

In company news, the Australian Prudential Regulation Authority (APRA) and the Australian Transaction Reports and Analysis Center (AUSTRAC) handed down actions in response to deficiencies in Bendigo and Adelaide Bank's (ASX:BEN) risk management after an independent review by Deloitte. Shares of the company fell 2% at market close.

Bapcor (ASX:BAP) appointed Chris Wilesmith as chief executive, effective Jan. 14, 2026. Shares of the company rose 15% at market close.

Lastly, BetMakers Technology Group (ASX:BET) entered a three-year conditional agreement with stake.com to provide its fixed odds services product RaceOdds+. Shares of the company rose 3% at market close.