Economic Dashboard

Australia

Real-time market intelligence, economic indicators and sector analysis

Updated 9 Jul 2026 2,788 Indicators

Market Overview

July 2026 Economic Summary

Two-speed economy: growth cools, RBA holds, but housing won't quit

Australia's economy is splitting into two speeds. Headline GDP growth of 2.5% looks respectable, but per capita gains of just 1.0% reveal how much of that expansion is simple population arithmetic - a gap wide enough that Deloitte has now cut its 2026-27 growth outlook. The RBA has held rates at 4.35% for three straight months, caught between inflation still running at 4.0% and a labour market that is visibly cooling.

View by State: AUS | NSW | VIC | QLD | SA | WA | TAS | NT | ACT
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Market Snapshot As at 9 Jul 2026
4.35% RBA Cash Rate
8,925 All Ordinaries
8,726 S&P/ASX 200
4.80% 10yr Bond
USA
0.6937 AUD/USD
China
4.7006 AUD/CNY
UK
0.5171 AUD/GBP

Key Economic Indicators

Click to navigate
Indicator As At Units Latest -1yr -2yr -3yr -4yr -5yr
GDP 2026-Mar $m 695,945 (+2.5%) 678,840 (+1.3%) 670,388 (+1.1%) 663,102 (+2.8%) 645,027 (+3.6%) 622,355
CPI 2026-May Index 102.09 (+4.0%) 98.20 (+2.1%) 96.17 (+3.6%) 92.85 (+6.3%) 87.31 (+5.8%) 82.52
Population 2025-Dec Persons 27,801,023 (+1.5%) 27,388,529 (+1.6%) 26,956,660 (+2.4%) 26,320,285 (+2.1%) 25,773,795 (+0.6%) 25,630,698
Employment 2026-Mar Persons ('000) 14,768 (+1.8%) 14,509 (+1.9%) 14,238 (+2.2%) 13,935 (+4.1%) 13,392 (+3.4%) 12,954
Unemployment 2026-Mar % 4.25 (+19bps) 4.06 (+18bps) 3.88 (+30bps) 3.58 (-39bps) 3.97 (-170bps) 5.67
Job Ads 2026-May No 625,607 (-1.7%) 636,415 (-11.4%) 718,041 (-15.9%) 853,511 (-2.0%) 870,824 (+27.2%) 684,550
Household Spending 2025-Sep $m 232,015 (+5.1%) 220,838 (+2.8%) 214,921 (+6.6%) 201,614 (+28.4%) 156,982 (-0.4%) 157,628
House Prices 2026-Mar $000s 1,092 (+9.1%) 1,001 (+4.9%) 954 (+11.1%) 859 (-3.8%) 893 (+17.3%) 761
Attached Prices 2026-Mar $000s 736.00 (+7.0%) 688.00 (+5.0%) 655.00 (+8.1%) 606.00 (-1.9%) 618.00 (+2.0%) 606.00
Dwelling Approvals 2026-May No 202,257 (+9.9%) 184,054 (+11.2%) 165,490 (-8.5%) 180,920 (-12.0%) 205,576 (-4.4%) 214,965
Superannuation 2025-Sep $bn 4,466 (+9.4%) 4,082 (+13.4%) 3,599 (+9.7%) 3,281 (-4.4%) 3,434 (+18.5%) 2,897
ASX All Ords 2026-Jun Index 8,986 (+2.4%) 8,773 (+9.5%) 8,014 (+8.3%) 7,402 (+9.7%) 6,747 (-11.0%) 7,585

Infrastructure & Major Projects

Transforming Australia's future

Sample 16 Active

AI Generated Denotes AI-based impression for illustrative purposes only, not to be taken as definitive under any circumstances. Developers and project owners wishing us to use original imagery please Contact Us and we will do so.

QLD

HyNQ North Queensland Clean Energy Project

HyNQ is a large-scale integrated renewable energy project within the Abbot Point State Development Area, approximately 25km north of Bowen. The project will develop a green hydroge

$7.0B 2030 Planning
NSW

Melrose Park Urban Renewal Precinct

A 30-hectare urban renewal precinct transforming former industrial land in Sydney's north-west into a mixed-use community. The masterplan will deliver over 5,500 homes, a 30,000sqm

$5.0B 2030 Construction
NSW

Gregory Hills Corporate Park

A 30-hectare health and corporate precinct. Key components include the operational SOMA Wellness Centre and The George Centre, a private hospital specializing in maternity and paed

$900M 2030 Construction
VIC

Northern and Western Geelong Growth Areas

The largest greenfield urban growth project in regional Victoria, spanning approximately 5,500 hectares across the Northern (Lovely Banks) and Western (Batesford/Fyansford) corrido

$1.5B 2047 Planning
QLD

Aura - Australia's Largest Master-Planned Community

Australia's largest master-planned community covering 2,360 hectares (24 sq km), designed for 50,000 residents and 20,000 homes across multiple suburbs including Baringa, Nirimba,

$5.0B 2046 Construction
VIC

Suburban Rail Loop North - Broadmeadows Station

A new underground transport super hub at Broadmeadows, part of the Suburban Rail Loop (SRL) North segment. The station will serve as a major northern interchange, connecting the Cr

$34.7B 2053 Planning
SA

Whyalla GREENSTEEL Transformation

A nationally significant industrial program to transition the Whyalla Steelworks into a world-leading low-carbon facility. The project replaces coal-based blast furnaces with an El

$2.4B 2030 Under Assessment
WA

Australian Renewable Energy Hub (AREH)

The Australian Renewable Energy Hub (AREH) is a giga-scale renewable energy project in the East Pilbara region. Spanning over 6,500 km2, it intends to deliver 26 GW of combined sol

$55.0B 2038 Planning
SA

Southwark Grounds

A 1 billion dollar urban renewal project transforming the historic 8.4-hectare former West End Brewery site. The development features approximately 1,300 diverse homes including at

$1.0B 2029 Construction
WA

East Wanneroo District Structure Plan

A transformative 50-year vision for 8,300 hectares across 28 precincts in Perth's northern corridor. The plan accommodates 150,000 residents and 50,000 dwellings, including 20,000

2075 Construction
NT

Middle Arm Sustainable Development Precinct

A 1,500-hectare industrial hub designed for low-carbon industries including green hydrogen, carbon capture and storage (CCS), and critical minerals processing. The precinct serves

$1.5B 2035 Planning
ACT

Molonglo Town Centre

Molonglo Town Centre is Canberra's sixth town centre, designed as a 97-hectare precinct to serve as the commercial and community heart of the Molonglo Valley. As of early 2026, the

$850M 2045 Planning
NSW

Melrose Park Urban Renewal Precinct (North)

A 30-hectare transformation of a former industrial site into a smart-city precinct. The North precinct is being led by Sekisui House Australia and Deicorp, delivering approximately

$6.0B 2035 Construction
QLD

Brisbane 2032 Games Venue Infrastructure Program

A $7.1 billion program overseen by the Games Independent Infrastructure and Coordination Authority (GIICA) to deliver 17 new and upgraded venues for the Brisbane 2032 Games. Curren

$7.1B 2031 Planning
QLD

Santos GLNG Project

A major coal seam gas (CSG) to liquefied natural gas (LNG) project operated by Santos on behalf of the GLNG joint venture (Santos 30%, PETRONAS 27.5%, TotalEnergies 27.5%, KOGAS 15

$24.0B 2045 Construction
QLD

Queensland Energy Roadmap 2025

Released on 10 October 2025, the Queensland Energy Roadmap is the Crisafulli Government's five-year energy strategy, replacing the previous Labor Energy and Jobs Plan. It focuses o

$62.0B 2050 Planning

GDP & Economic Output

Economy expands 2.5% but per capita gains tell a more modest story
Australian GDP reached $695.9bn in the March Quarter of 2026, with the annual total at $2.76t — up 2.3% year-on-year. Headline growth of 2.5% masks modest per capita gains of just 1.0%, as population growth dilutes individual gains. Manufacturing, Financial Services, and Mining are running well above their 10-year averages, while Agriculture contracts against a long-run norm of +4.0%. Growth momentum appears to be stabilising at a moderate pace.

Australian GDP totalled $695.9bn in the March Quarter of 2026, reaching a combined $2.76t over the rolling year. The economy expanded 2.5% year-on-year, with the annual measure growing 2.3%. Growth appears to be stabilising at a moderate pace, supported by broad-based gains across goods-producing industries and financial services. The trajectory suggests a recovery phase building from a period of significantly weaker aggregate expansion, with momentum now running across multiple sectors simultaneously.
At $25,033 per person in the March Quarter, GDP per capita grew just 1.0% year-on-year — well below the 2.5% headline rate. With population growth of approximately 1.5% absorbing much of the aggregate expansion, gains per person remain modest. This persistent divergence between headline and per capita growth means the average Australian's economic output is growing at roughly two-fifths the pace of the economy as a whole — a dynamic that continues to define Australia's current economic cycle.
Manufacturing output surged 3.2%, running 2.8 percentage points above its 10-year average of 0.4% — the standout industrial performer. Financial Services expanded 4.9% against a long-run average of 2.5%, while Mining added 3.1% versus its 10-year norm of 0.9%. Weighing on the result, Agriculture contracted 0.7% against a 10-year average of 4.0% — a 4.7pp shortfall — while Health (+2.2%) and Professional Services (+1.7%) also ran materially below their historical norms of 5.1% and 4.1% respectively.
Manufacturing Growth
+3.2%
2.8pp above 10yr avg of +0.4%
Rising
Financial Services Growth
+4.9%
2.4pp above 10yr avg of +2.5%
Rising
Agriculture Growth
-0.7%
4.7pp below 10yr avg of +4.0%
Falling
GDP per Capita Growth
+1.0%
1.5pp below the 2.5% headline GDP growth rate
Stable

Population & Migration

Migration retreats from post-COVID highs as population growth moderates to 1.5%
Australia's population reached 27.8 million in December 2025, growing 1.5% over the year. Overseas migration fell 8.9% to 301,000 persons — 488.8pp below its 10-year average growth rate — while natural increase of 112,600 rose 7.9%, tracking 10.5pp above its average. WA (+2.2%) and VIC (+1.7%) lead state growth; TAS (+0.5%) lags.

Australia's population reached 27.8 million as at December 2025, growing 1.5% (approximately 417,000 persons) over the year. Growth has moderated from the post-COVID peak migration surge, with tightened visa settings reducing temporary and student arrivals. The 1.5% rate reflects a normalisation phase — overseas migration is declining while natural increase plays a proportionally larger role in sustaining population gains.
Annual population growth comprised two national components: overseas migration of 301,000 persons (-8.9% YoY) and natural increase of 112,600 persons (+7.9% YoY). Natural increase is the standout, running 10.5pp above its 10-year average growth rate of -2.6%. Overseas migration, while the dominant contributor at 301,000 persons, contracted sharply — its -8.9% growth sits 488.8pp below the 10-year average of +479.9%, reflecting the unwinding of post-COVID catch-up flows. Interstate migration nets to zero at the national level.
State population growth diverges sharply from the national 1.5% rate. WA (+2.2%), VIC (+1.7%) and QLD (+1.6%) outpace the national rate, while NSW (+1.2%), SA (+1.0%) and TAS (+0.5%) lag. In overseas migration, ACT recorded the fastest intake growth (+9.9%) and NT held positive (+2.0%), while TAS (-18.0%), WA (-13.8%) and VIC (-12.2%) saw the sharpest contractions — suggesting rental market pressures and infrastructure capacity are increasingly reshaping where migrants settle.
Natural Increase (Annual)
112,600 persons
Growth +7.9% vs 10yr avg -2.6% — 10.5pp above average
Rising
Overseas Migration (Annual)
301,000 persons
Growth -8.9% vs 10yr avg +479.9% — 488.8pp below average
Falling
Total Population
27.8 million
YoY growth +1.5%, moderating from post-COVID peak
Stable
WA Population Growth
+2.2% YoY
Fastest growing state, outpacing the national rate of 1.5%
Rising

Development Activity

Approvals up 9.9% to 202,300, but completions lag amid conversion bottleneck
Dwelling approvals hit 202,300 in the year to May 2026, up 9.9% y/y, 10.9pp above the 10-year average growth pace. Attached approvals led at +15.4% (17.9pp above trend), while completions fell 3.8% y/y. ACT (+96.3%) and NT (+26.1%) topped state growth; VIC lagged at -0.9%. The pipeline is accelerating at approval stage, still working through to completions.

202,300 dwellings were approved in Australia in the year to May 2026, up 9.9% y/y — well above the 10-year average growth pace of -1.0% (+10.9pp). On a population basis, approvals ran at 7 per 1,000 persons, below the 10-year average of 8 (-5.7%). Approvals growth has swung from the decade's typical decline into strong expansion, signalling a pipeline turning up after a prolonged trough.
Across the pipeline, commencements reached 197,500 in the year to March 2026 (+12.1% y/y, 13.0pp above the 10-year average pace), while completions fell to 172,900 (-3.8% y/y) and sit 15.9% below the 10-year average on a per capita basis (6 vs 7 per 1,000). With approvals and commencements both running well above trend but completions lagging, the pipeline shows a build-out bottleneck — echoed in completed houses growth of -4.7% versus a -0.5% average. By type, attached approvals (+15.4%) are outpacing houses (+6.2%).
State approval growth diverged sharply: ACT (+96.3%) and NT (+26.1%) led, while VIC approvals fell 0.9% y/y and SA (+6.1%) and WA (+8.8%) also trailed the national 9.9% pace. Commencement growth followed a similar pattern, with ACT (+95.4%) and QLD (+19.8%) fastest and VIC (+1.6%), TAS (+1.3%) and NT (+10.4%) slowest. In commercial development, retail building value grew 10.4% y/y, above its 3.6% 10-year average, while office building value fell 3.9%, well short of its 8.4% average pace.
Development Approvals - Attached
+15.4% y/y
17.9pp above 10-year average growth of -2.5%
Rising
Dwelling Commencements (Annual)
197,500 (Mar-26), +12.1% y/y
13.0pp above 10-year average growth of -0.9%
Rising
Dwelling Completions per 1,000
6 per 1,000 persons
15.9% below 10-year average of 7
Falling
Commercial Building Value - Office
-3.9% y/y
12.3pp below 10-year average growth of +8.4%
Falling

Housing Market

Regional markets surge as Australian housing affordability diverges
Capital city house prices reached $1,090,000 in Mar-26, up 9.1% YoY. Regional prices surged 11.9% to $754,000, running 4.7pp above the 10-year average of 7.2%. Capital city attached affordability is 13.5% below its historical average — the only segment tracking favourably — while regional affordability has deteriorated sharply. NT, WA, and QLD lead growth; VIC and NSW lag significantly.

The median house price across Australia's capital cities reached $1,090,000 in March 2026, up 9.1% over the year. Capital city attached dwellings rose 7.0% to $736,000, 3.7 percentage points above the 10-year average growth of 3.3%. Regional markets outperformed capitals: house prices reached $754,000, up 11.9% — 4.7pp above the 10-year average of 7.2%. Regional attached prices rose 13.9%, 6.3pp above the 10-year average of 7.6%. Growth remains elevated across all segments, with regional markets accelerating most aggressively.
Capital city attached dwellings are priced at 6.65x annual household income, 13.5% below the 10-year average of 7.69x — the only segment tracking below its historical affordability norm. At 6.65x, capital attached housing remains seriously unaffordable, yet represents relative improvement. Regional houses at 6.81x are 7.5% above their 10-year average of 6.34x, placing them firmly in seriously unaffordable territory. Regional attached at 6.42x is 11.1% above its 10-year average of 5.78x. Regional affordability is deteriorating faster than in capital cities.
Price growth is strongest in NT (+25.0%) and WA (+22.0%) for capital city houses, with QLD also elevated at +21.4%. Growth is weakest in VIC (+1.8%), NSW (+2.4%), and TAS (+3.5%). For attached dwellings, WA leads at +27.8%, QLD at +21.8%, and NT at +19.4%, while VIC is the only capital market recording price falls at -2.1%. NSW holds the highest capital city house prices at $1,490,000 and attached at $848,000, while TAS records the lowest house prices at $740,000. The growth divergence between resource-driven states and major eastern capitals continues to widen.
Regional Attached Price Growth
+13.9% YoY
6.3pp above 10-year average of +7.6%
Rising
Regional House Price Growth
+11.9% YoY
4.7pp above 10-year average of +7.2%
Rising
Attached Price-to-Income Multiple (Capitals)
6.65x income
13.5% below 10-year average of 7.69x
Falling
Regional House Price-to-Income Multiple
6.81x income
7.5% above 10-year average of 6.34x
Rising

Housing Finance

Investor lending surges 25%, powering housing finance well above trend
Housing finance commitments totalled $112.4bn in March 2026, up 8.7% year-on-year — 5.3 percentage points above the 10-year average growth rate of 3.4%. Investor lending is the standout, surging 25.0% against a 10-year average of 12.6%. ACT, TAS and NSW lead state growth while NT contracts 6.8%.

Housing finance commitments totalled $112.4bn in March 2026, up 8.7% compared to a year ago. Annual growth sits 5.3 percentage points above the 10-year average of 3.4%, indicating lending volumes are running well above trend. Housing finance has recovered firmly from the rate-driven contraction of 2022-23, with the pace of recovery accelerating into early 2026 as rate cut expectations and improved borrowing conditions support renewed demand.
Owner-occupier lending stood at $75.8bn (67.4% of total) while investor lending reached $36.7bn (32.6% of total). Owner-occupier lending grew 2.3% — modest but consistent with trend — while investor lending surged 25.0%, nearly double its 10-year average of 12.6%. Investors now account for 32.6% of new lending, with elevated activity reflecting strong rental yields and expectations of continued capital appreciation as easing monetary conditions improve return profiles.
At the state level, ACT (+14.6%), TAS (+11.6%) and NSW (+11.5%) recorded the strongest total lending growth, while NT (-6.8%) and WA (+2.8%) lagged well below the national pace. Owner-occupier trends mirror this divergence — ACT (+13.7%) and NSW (+7.6%) lead while WA (-5.7%) and NT (-11.3%) contracted outright. The concentration of growth in eastern states aligns with stronger price momentum and rental demand in those markets, where rate cuts have most improved borrowing capacity and renewed investor appetite.
Investor Lending Growth
+25.0% YoY
+12.4pp above 10yr average of +12.6% — investor activity running at twice the long-run pace
Rising
Total Housing Finance
$112.4bn
Annual growth +8.7% vs 10yr average +3.4% — lending volumes 5.3pp above trend
Rising
Owner-Occupier Lending
$75.8bn (67.4% of total)
Growth +2.3% — modest but positive; investor share (32.6%) elevated relative to owner-occupier dominance
Rising
NT Total Housing Finance (YoY)
-6.8%
Only state contracting in total lending; 15.4pp below the national growth rate of +8.7%
Falling

Monetary & Financial Conditions

RBA holds at 4.35% for a third month while borrowing costs sit near cycle highs
The RBA held its cash rate at 4.35% in July 2026, up 13.0% year-on-year and unchanged for three months since May 2026. The 2-year bond yield is the standout at 4.50% (+103.0% vs its 2.22% average), while variable mortgages sit at 6.80% (31.9% above average). As a national setting, the cash rate is uniform across states; with growth slowing, the path looks like an extended hold.

The RBA cash rate stands at 4.35% as at July 2026, up 13.0% year-on-year. Rates have been held steady at 4.35% for three consecutive months (since May 2026), the Board's longest pause of the current cycle, as it weighs still above-target inflation against clearly slowing growth momentum before committing to any further move.
Mortgage transmission remains stretched: the variable owner-occupier rate sits at 6.80% (Jun-26), a 2.45% spread over the cash rate and 31.9% above its 10-year average of 5.15%. The 3-year fixed rate is 6.74%, 45.7% above its 4.62% average. Small business borrowers face 9.00%, 30.1% above average. Mortgage holders are paying well above the decade norm across every lending category.
The 2-year bond yield is 4.50% versus a 2.22% decade average (+103.0%), and the 10-year sits at 4.83% (latest weekly reading 4.80%), 68.8% above its 2.86% average. The curve holds a modest 33bp positive slope, a normal shape indicating markets expect gradual policy normalisation rather than imminent cuts or renewed hikes.
2-Year Bond Yield
4.50%
103.0% above 10-yr avg of 2.22%
Stable
10-Year Bond Yield
4.83%
68.8% above 10-yr avg of 2.86%
Stable
Variable Mortgage Rate (Owner-Occupier)
6.80%
31.9% above 10-yr avg of 5.15%
Stable
3-Year Fixed Mortgage Rate (Owner-Occupier)
6.74%
45.7% above 10-yr avg of 4.62%
Stable

FX Rates & Commodities

AUD holds near 69 US cents as rural commodity strength offsets mining softness
The Australian dollar trades at US$0.6937 (w/e 9 Jul 2026), up 4.5% YoY, with the TWI at 64.60 in June (+7.5% YoY). AUD/JPY is the standout, 12.5% above its 10-year average of 99.13. Rural commodity prices are growing 19.8% versus a 6.3% 10-year average pace, while mining growth of 6.3% trails its 10.1% historical average — a shifting terms-of-trade mix supportive of the currency.

The Australian dollar is trading at US$0.6937 as at 9 July 2026, having averaged US$0.69 over June. The trade-weighted index stood at 64.60 in June. Both measures are in an appreciating trend, up 4.5% and 7.5% respectively over the year. With the currency consistently outpacing its year-ago level against most partners, the trajectory remains one of gradual, broad-based appreciation rather than a US dollar-specific move.
Against major partners, the AUD/EUR sits at 0.60 in June, up 7.1% YoY, while the latest weekly spot puts AUD/GBP at 0.5171 and AUD/CNY at 4.7006. The clearest standout is AUD/JPY at 111.48, running 12.5% above its 10-year average of 99.13 — the widest historical premium among the major crosses, reflecting persistent yen softness. This divergence favours exporters and tourism operators with Japan exposure, while the AUD/CNY level remains a key swing factor for China-linked trade flows.
Commodity price growth is diverging by segment: rural AUD prices are up 19.8%, well above their 6.3% 10-year average pace (+13.5pp), while mining AUD prices are growing a slower 6.3%, below their 10.1% historical average (-3.8pp). Gold remains a standout at $5,870/oz, underpinning export income. This mining/rural rotation is reshaping the terms of trade, with softer bulk commodity momentum a headwind to the currency even as rural strength and elevated gold prices provide an offsetting lift.
AUD/JPY
111.48
12.5% above 10-yr avg of 99.13
Rising
Commodity Price Index - Rural (AUD)
+19.8% growth
13.5pp above 10-yr avg pace of +6.3%
Rising
Commodity Price Index - Mining (AUD)
+6.3% growth
3.8pp below 10-yr avg pace of +10.1%
Rising
Trade Weighted Index
64.60
up 7.5% YoY
Rising

Employment

Unemployment rises above 10-year average as labour market eases
Australia's unemployment rate is 4.3% as at March 2026, above the 10-year average of 4.0% and rising 4.9% year-on-year. Unemployed persons grew 7.0%, 7.1pp above the 10-year average—the key standout. South Australia and Queensland lead employment growth; Victoria and Tasmania lag. The labour market is easing from historic lows.

The unemployment rate in Australia stands at 4.3% as at March 2026, above the 10-year average of 4.0%. The rate has risen 4.9% over the year, reflecting a gradual easing from historically tight conditions. The number of unemployed persons grew 7.0% over the year—7.1 percentage points above the 10-year average of near zero—marking a clear cyclical turning point from prior lows.
Australia employs 14.8 million persons as at March 2026, up 1.8% (266,000) over the year. Full-time employment grew 1.9% while part-time grew approximately 1.6%, with full-time positions accounting for around 73% of new jobs created. Growth remains concentrated in full-time work—a positive quality signal—even as headline unemployment drifts above its long-run average.
At the state level, Victoria records the highest unemployment rate at 4.8%, while Queensland is the lowest at 3.7%, against the national rate of 4.3%. Employment growth diverges markedly: South Australia leads at 2.6% and Queensland follows at 2.3%, while Tasmania contracted 0.6% and Victoria and ACT recorded the weakest growth at 0.7%. Queensland stands out as the only state combining the lowest unemployment rate with above-average employment growth.
Unemployed Persons Growth
+7.0% YoY
vs 10yr average of -0.1%; +7.1pp above average
Rising
Unemployment Rate
4.3% (Mar-26)
Above 10yr average of 4.0%; up 4.9% year-on-year
Rising
Full-Time Employment Growth
+1.9% YoY
Above total employment growth of 1.8%; accounts for ~73% of new jobs
Rising
State Divergence: QLD vs VIC
3.7% vs 4.8%
QLD lowest unemployment nationally and leads employment growth at 2.3%; VIC highest unemployment with weakest growth at 0.7%
Stable

Job Advertisements

Job ads fall 1.7% in May 2026, tracking well below historical growth norms
Australian job advertisements totalled 625,600 in May 2026, down 1.7% year-on-year, with growth running 8.4pp below the 10-year average pace. Sales ads are the standout laggard at 7.1pp below historical norms. SA, TAS and WA lead hiring growth nationally while ACT (-12.4%) lags sharply.

Job advertisements in Australia totalled 625,600 in May 2026, down 1.7% compared to a year ago. Annual growth is running 8.4 percentage points below the 10-year average pace of +6.7%, pointing to a sustained cooling in hiring demand. As a leading indicator of employment conditions 3-6 months ahead, below-trend job ad growth signals a softer labour market through late 2026. With applications per ad rising, employers are gaining bargaining power as businesses prioritise retention over expansion.
Across categories, all three segments are tracking below their historical growth averages. Professional ads totalled 182,000 in May 2026, with annual growth of -0.5%, which is 6.4 percentage points below the 10-year average pace. Industrial ads at 128,500 rose 1.5% year-on-year but remain 6.9 percentage points below historical norms. Sales ads are the standout laggard at 7.1 percentage points below the 10-year average, posting growth of just +0.2%. Broad-based softness across all categories reflects cooling demand rather than sectoral rotation.
State-level job ad growth spans from +2.2% in SA to -12.4% in ACT, a 14.6 percentage point range that reflects an uneven hiring cycle nationally. TAS (+2.0%) and WA (+1.3%) also outperform in total ads. In professional categories, TAS (+6.1%) and NSW (+6.0%) lead, while ACT (-9.8%) and NT (-7.2%) lag most sharply. The concentration of weakness in ACT likely reflects public-sector fiscal caution, while SA and WA's outperformance aligns with resource-sector activity. These divergences point to an uneven labour market outlook over the next 3-6 months.
Job Ads (Total)
625,600
YoY growth -1.7%, running 8.4pp below 10-year average pace of +6.7%
Falling
Job Ads (Sales)
+0.2% YoY
Sharpest gap from history at 7.1pp below the 10-year average growth rate of +7.3%
Stable
Job Ads (Professional)
182,000
YoY -0.5%; 6.4pp below 10-year average growth pace of +5.9%
Falling
ACT Job Ads (Total)
-12.4% YoY
Sharpest state decline nationally; NT (-5.5%) and VIC (-2.8%) also weak
Falling

Wages & Earnings

Wage growth steadies at 3.2% as full-time earnings top $109,000
Australia's WPI grew 3.2% to 160.3 in March quarter 2026, sitting 15.3% above the 10-year average level of 139.1. Full-time workers earned $2,129 per week ($109,517 annually) as at November 2025, with weekly earnings up 4.0%. ACT (+3.7%) and WA (+3.6%) led WPI growth; NT (+2.3%) lagged. Wage growth has moderated from recent highs, signalling stabilisation.

Wages grew 3.2% over the year to the March quarter 2026, as measured by the Wage Price Index, with the index at 160.3. The current level sits 15.3% above the 10-year average index level of 139.1, reflecting cumulative wage gains built across recent cycles. Wage growth has moderated from the elevated rates recorded at the post-pandemic peak, with market commentary pointing to stabilisation rather than continued escalation. At 3.2%, growth remains positive but the trajectory has clearly turned — wages appear to have passed their cyclical peak.
Full-time workers earned $2,129 per week as at November 2025, equivalent to $109,517 per year — annual earnings rose 4.2% over the year and weekly earnings 4.0%. CPI data is not provided in this dataset, so a precise real wage figure cannot be stated; however, at 4.0% nominal earnings growth, workers achieve positive real purchasing power gains whenever inflation runs below this level. Economists have noted that current wage growth, if supported by productivity recovery, is broadly compatible with the RBA's inflation framework — suggesting the wage-inflation dynamic is normalising.
On WPI growth, ACT (+3.7%), WA (+3.6%) and QLD (+3.4%) outpaced the national 3.2%, while NT (+2.3%), TAS (+2.9%) and SA (+3.1%) recorded softer growth. Notably, TAS holds the highest WPI index level at 164.1 despite ranking second-slowest for growth — its cumulative gains were concentrated in earlier cycles. On earnings, WA commands the highest weekly pay at $2,304 versus TAS at $1,890. Earnings growth rankings diverge sharply from WPI: NSW led earnings at +4.7% while WA — the top earner by level — grew just 2.6%, revealing structural divergence across wage measures between states.
Wage Price Index (Level)
160.3 (Mar-26)
15.3% above 10-year average index level of 139.1
Rising
WPI Growth (YoY)
+3.2%
Moderated from recent cyclical peak; trajectory has turned
Falling
Weekly Earnings — FT
$2,129 (Nov-25)
Up 4.0% YoY; WA highest at $2,304, TAS lowest at $1,890
Rising
Annual Earnings — FT
$109,517 (Nov-25)
Up 4.2% YoY; outpacing WPI growth of 3.2%
Rising

Household Consumption

Household spending hits $382.9bn as power costs surge 7.6pp above trend
Australian household consumption totalled $382.9bn in Mar-26, rising 5.6% over the year. Per capita spending of $13,771 sits 20.9% above its 10-year average of $11,392. Power costs are the standout essential, growing 7.6 percentage points above long-run trend while transport spending runs 14.6pp below average. Queensland and Western Australia lead state consumption growth; Victoria trails on a per capita basis.

Household consumption expenditure totalled $382.9bn in the March quarter 2026, up 5.6% over the year. Per capita consumption reached $13,771, growing 4.0% annually and sitting 20.9% above its 10-year average of $11,392. The elevated per capita level relative to the long-run average reflects cumulative price pressures and a structural lift in spending, with aggregate consumption maintaining a pace well above historical norms.
Among essentials, food expenditure reached $36.1bn, rising 4.2% over the year. Power costs are the standout essential, with growth of 12.0% running 7.6 percentage points above the 10-year average of 4.4%, reflecting persistent energy price pressures. By contrast, transport spending grew just 4.8%—14.6 percentage points below its 10-year average of 19.4%—suggesting households are curtailing mobility-related expenditure. The divergence between surging utility costs and suppressed transport spending signals a budget squeeze consolidating around non-discretionary essentials.
Queensland and Western Australia led household consumption growth at 3.1% each, while Tasmania recorded the weakest expansion at 1.8% and NSW and Victoria both grew at 2.2%. On a per capita basis, the Northern Territory recorded the highest spending at $14,079, compared to Tasmania's $11,823. Per capita growth was fastest in Queensland (+1.5%) and slowest in Victoria (+0.5%), with Western Australia's per capita gain of +0.9% notably trailing its headline growth rate—reflecting strong population intake absorbing a disproportionate share of consumption gains.
Household Consumption Per Capita
$13,771
20.9% above 10-year average of $11,392
Rising
Power Costs Growth
+12.0% YoY
7.6pp above 10-year average of +4.4%
Rising
Transport Spending Growth
+4.8% YoY
14.6pp below 10-year average of +19.4%
Falling
QLD & WA Consumption Growth
+3.1% YoY each
Fastest state growth; TAS slowest at +1.8%
Rising

Household Spending

Spending holds above trend, but alcohol crashes and eastern states lag
Australian household spending totalled $232.0bn in September 2025, up 5.1% year-on-year, with per capita spending of $33,362 running 20.9% above the 10-year average of $27,600. Alcohol collapsed 18.0% against a near-flat long-run trend—the widest category miss at 18.2pp below average. NT, WA, and QLD are driving the fastest state growth; NSW, VIC, and ACT lag materially.

Household spending in Australia totalled $232.0bn in September 2025, up 5.1% compared to a year ago. Per capita annual spending reached $33,362—20.9% above the 10-year average of $27,600—reflecting both population-driven volume growth and elevated price levels. The quarterly per capita equivalent of $8,369 similarly sits 20.8% above the historical norm of $6,928, confirming that aggregate household expenditure remains structurally elevated relative to long-run trend.
Essential spending showed a mixed picture: food grew 6.4% and health rose 8.1%—2.0 percentage points above its 10-year average of 6.1%—while transport underperformed at 4.1% against a long-run norm of 7.0%. Among discretionary categories, recreation (+7.5%, 2.4pp above its 5.1% average) and miscellaneous (+8.7%, 3.4pp above 5.3%) suggest pockets of consumer confidence. The starkest divergence is alcohol, down 18.0% against a 10-year average of +0.2%—an 18.2pp shortfall—while hotels and restaurants (+6.1%) and clothing (+3.3%) also trail their respective long-run norms.
At the state level, NT (+7.8%), WA (+7.1%) and QLD (+6.9%) are leading household spending growth, while NSW (+4.4%), VIC (+3.7%) and the ACT (+3.4%) are the slowest-growing jurisdictions—a pattern consistent with differing labour market conditions and uneven mortgage stress exposure. National per capita spending of $33,362 sits well above its long-run average, though the persistent underperformance in clothing and hospitality points to selective consumer pullback in higher-cost discretionary categories as savings buffers continue to erode.
Alcohol Spending
-18.0% YoY
18.2pp below 10-yr avg of +0.2%
Falling
Miscellaneous Spending
+8.7% YoY
3.4pp above 10-yr avg of +5.3%
Rising
Recreation Spending
+7.5% YoY
2.4pp above 10-yr avg of +5.1%
Rising
Transport Spending
+4.1% YoY
2.9pp below 10-yr avg of +7.0%
Falling

Inflation & Cost of Living

CPI eases to 4.0% in May but housing at 6.5% stays well above RBA target
Australian CPI rose 4.0% in the year to May 2026 (index: 102.1), remaining above the RBA's 2–3% target band. Housing led inflation at 6.5% and food at 3.3%, with multiple categories sitting 8–9% above their 10-year average price levels. The annual rate eased in May, continuing the disinflation trend. Tasmania (+5.0%) and South Australia (+4.4%) lead state growth; Victoria (+3.5%) is the softest.

Inflation in Australia was 4.0% in the year to May 2026 (CPI All Groups index: 102.1). Inflation remains above the RBA's 2–3% target band, running at twice the upper bound. The annual rate eased in May, consistent with a gradual disinflation trend since the post-pandemic peak. Housing costs rose 6.5% and food 3.3%, the dominant contributors. While the direction of travel is toward target, sticky services and housing pressures mean a return within the RBA's band is not yet in sight.
Housing inflation of 6.5% is the standout pressure, with its index at 103.8 — 8.0% above its 10-year average of 96.1. The most elevated CPI category carries an index of 104.6 against a 10-year average of 95.7, sitting 9.3% above its historical norm. Two further categories are 8.4% and 7.7% above their long-run average levels respectively, confirming cost pressures are entrenched across services. Food at 3.3% (index: 102.6) provides relative relief. The breadth of above-average categories confirms this inflation cycle has been structural and broad-based rather than concentrated.
South Australia recorded the highest CPI All Groups index (102.7, +4.4%) and Victoria the lowest (101.6, +3.5%) — a 0.9 percentage point spread. Tasmania led all states at +5.0%, 1.0 point above the national 4.0%. Housing shows sharper state divergences: Tasmania (+9.8%), South Australia (+7.9%), and Queensland (+7.2%) face the most acute housing cost pressures, while Victoria (+5.3%), WA (+5.6%), and NT (+5.7%) are comparatively contained. Wage growth data is not available in this dataset; states with inflation above 4.5% — Tasmania and South Australia — face the greatest real wage erosion risk.
CPI All Groups (YoY)
+4.0%
Index 102.1; above the RBA's 2–3% target band, running at twice the upper limit
Falling
Housing CPI (YoY)
+6.5%
Index 103.8, which is 8.0% above its 10-year average index level of 96.1
Rising
Most Elevated CPI Category
Index 104.6
9.3% above its 10-year average of 95.7 — the widest deviation of any tracked category
Rising
Food CPI (YoY)
+3.3%
Index 102.6; relative relief vs housing, though still above the RBA's 2.5% midpoint
Stable

Equities & Superannuation

ASX 200 growth cools to 2.8% YoY, trailing its 10-yr average; super holds up.
The ASX 200 closed June 2026 at 8,778 points, up 2.8% YoY — below its 5.8% decade average. The All Ordinaries reached 8,986 (+2.4% YoY vs 5.9% avg) and market cap hit $3.3tn (+4.5% YoY vs 7.9% avg). Superannuation-linked assets stood out, 39.8% above their long-run average at $375.4bn, even as headline growth cooled.

The ASX 200 closed at 8,778 points as at June 2026, with the All Ordinaries reaching 8,986 points. Both gauges are price indices tracking capital growth only, excluding dividend distributions. The ASX 200 delivered 2.8% capital growth over the year, and the All Ordinaries 2.4% — both well short of their respective 10-year averages of 5.8% and 5.9%. Total market capitalisation reached $3.3 trillion, up 4.5% YoY against a 7.9% decade average. The latest week (ending 9 Jul 2026) shows a modest pullback, with the All Ordinaries at 8,925 and ASX 200 at 8,726.
Superannuation-linked performance remains a bright spot: the Superperformanceindex sits at $375.4bn, running 39.8% above its 10-year average of $268.6bn. That strength outpaces headline equity capital growth, which has slowed well below decade norms across the ASX 200 and All Ordinaries. With superannuation representing one of Australia's largest pools of national savings, this outperformance points to resilient retirement balances even as broader market capital growth moderates.
The 2025/26 financial year closed with resilience despite a flat domestic economy, led by strength in financials and technology while materials weighed on returns. Superannuation balanced options benefited from strong international equity exposure, offsetting softer domestic property valuations. Attention turns to earnings season, with banks tipped to report stable margins alongside rising bad debt provisions, and retailers likely to flag a cautious consumer outlook — consistent with the below-average capital growth seen across major indices.
ASX 200
8,778 (Jun-26)
+2.8% YoY vs 10yr avg +5.8% (-3.0pp)
Rising
All Ordinaries
8,986 (Jun-26)
+2.4% YoY vs 10yr avg +5.9% (-3.5pp)
Rising
ASX Market Capitalisation
$3.3tn (Jun-26)
+4.5% YoY vs 10yr avg +7.9% (-3.4pp)
Rising
Superperformanceindex
$375.4bn
+39.8% above 10yr avg of $268.6bn
Rising

Retail Trade

Supermarket turnover dominates at $145.6B as non-discretionary spending outpaces discretionary
Australia's retail landscape reflects entrenched consumer priorities toward essential spending amid cost-of-living pressures, with supermarket and grocery turnover reaching $145.6 billion annually through June 2025—up 137.3% from the September 2006 baseline of $61.3 billion. This non-discretionary category's dominance underscores households' focus on food and basic necessities even as discretionary budgets compress. The "Other Retail" category totaled $70.1 billion (up 160.6% from baseline), while electrical and electronics reached $26.2 billion (up 66.5%) and specialised food stores recorded $13.0 billion (up 79.9%). The divergent growth rates reveal sector-specific dynamics: supermarkets benefit from population growth and food inflation that mechanically lifts nominal turnover; electrical/electronics faces online competition and price deflation that constrains dollar growth despite volume increases; and specialised food captures premiumization trends as consumers trade up to artisan bakeries, butchers, and organic retailers. Retail patterns demonstrate the squeeze on household budgets—necessities claim growing wallet share while discretionary categories face volume pressure. The data encompasses both in-store and online sales, with e-commerce penetration varying dramatically by category and reshaping traditional retail economics.

Supermarket and grocery turnover reached $145.6 billion on an annual rolling basis through June 2025, representing 137.3% growth from the September 2006 baseline of $61.3 billion. This substantial nominal expansion stems from three reinforcing factors: population growth of approximately 30% over the period mechanically increased the customer base; food price inflation substantially outpaced general CPI, with fresh produce, meat, and packaged goods all experiencing multi-decade price increases; and consumption patterns shifted toward eating at home rather than dining out as restaurant prices surged and household budgets tightened. The absolute turnover figure of $145.6 billion translates to roughly $5,300 per capita annually in supermarket spending, highlighting groceries' substantial claim on household budgets. Market concentration in this sector proves extreme, with Woolworths and Coles commanding approximately 65-70% combined market share, followed by Aldi, IGA, and smaller independent operators. This duopoly structure generates ongoing political and regulatory scrutiny around pricing power, supplier treatment, and consumer choice—particularly during periods of elevated food inflation when margin expansion attracts criticism. The pandemic accelerated online grocery adoption, with click-and-collect and home delivery services now comprising an estimated 10-15% of supermarket sales compared to minimal penetration pre-2020. However, the high costs of online fulfillment—picking, packing, refrigerated transport—squeeze margins and raise questions about long-term profitability of digital grocery channels at current pricing.
Electrical and electronics retail turnover totaled $26.2 billion annually through June 2025, up 66.5% from the September 2006 baseline of $15.7 billion—the weakest growth rate among major retail categories despite technology's increasing importance in daily life. This subdued nominal growth masks dramatic volume expansion: Australian households purchased vastly more devices, appliances, and electronics over the period, but unit prices declined sharply due to manufacturing efficiency gains, technology commoditization, and intense online competition. Categories like televisions, computers, and smartphones saw 50-80% price deflation over the past two decades even as specifications improved dramatically, creating a headwind for dollar turnover growth. The "Other Retail" category reached $70.1 billion, up 160.6% from the $26.9 billion baseline—a broad bucket encompassing clothing, footwear, furniture, homewares, sporting goods, and various specialty retail segments. This category's strong nominal growth reflects both population expansion and premiumization trends in segments like activewear, furniture, and homeware where consumers traded up to higher-quality products. However, the aggregate figure conceals sharp divergence: fast fashion and discretionary apparel faced margin pressure and market share loss to online competitors, while furniture and homewares benefited from pandemic-era nesting behaviors and sustained housing market activity that drove demand for furnishings and renovations. Specialised food retail—artisan bakeries, butchers, delis, organic grocers—recorded $13.0 billion in turnover, up 79.9% from $7.2 billion, capturing the premiumization of food consumption as higher-income households sought quality, provenance, and specialty products beyond supermarket offerings.
The retail sector's compositional dynamics reveal broader shifts in consumer behavior, household budget allocation, and competitive landscapes. Supermarkets' commanding 60% share of the captured retail categories ($145.6B of ~$255B total) reflects food's non-discretionary status and limited substitution possibilities—households must eat regardless of economic conditions, providing grocery retailers with defensive earnings characteristics. The weak electrical/electronics growth despite technological proliferation demonstrates how price deflation can overwhelm volume gains, creating challenging economics for bricks-and-mortar retailers competing against online pure-plays with lower overhead structures. Amazon's entry into the Australian market intensified this pressure, forcing incumbent retailers to match prices while bearing higher cost structures—Officeworks, JB Hi-Fi, and Harvey Norman all faced margin compression as they invested in online capabilities and price competitiveness. The rise of specialised food retail signals income polarization: higher-earning households increased spending on premium food experiences and artisan products, supporting independent retailers and niche chains, while cost-conscious households concentrated spending at discount supermarkets and focused on value. Per-capita retail spending growth substantially lagged income growth over the period, indicating declining retail share of household budgets as housing costs, utilities, and services claimed increasing portions of disposable income. Looking forward, retail faces persistent headwinds from elevated mortgage servicing costs that suppress discretionary spending, ongoing e-commerce penetration that advantages low-cost operators, and potential consumption weakness if labor market softening reduces income growth. The essentials-focused spending pattern appears entrenched, with supermarkets likely maintaining dominance while discretionary categories face volume pressure absent meaningful real income growth that restores household purchasing power.
Supermarket and grocery turnover
$145.6B annually
+137.3% from 2006 baseline, dominates retail landscape
Strong
Electrical/electronics growth
+66.5% since 2006
Weakest growth despite tech proliferation—price deflation overwhelms volume gains
Constrained
Other retail category
$70.1B annually
+160.6% from baseline, but conceals divergence between winners and losers
Mixed
Specialised food retail
$13.0B annually
+79.9% from baseline, premiumization trend among higher-income households
Rising
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