Economic Dashboard

Australia

Real-time market intelligence, economic indicators and sector analysis

Updated 28 Apr 2026 2,788 Indicators

Market Overview

April 2026 Economic Summary

The Aussie Dollar Defies Gravity: AUD Surges 4.7% as RBA Hawks Stay Firm

The Australian dollar has stolen the limelight this week, surging 4.7% to $0.7193 as a hawkish RBA outlook catches global markets by surprise. While the local economy expanded 2.6% to a $2.75 trillion annual output, the narrative is shifting from recovery to a complex high-rate reality. With the cash rate at 4.10% and unemployment edging to 4.3%, Australia is navigating a narrow path between a robust resource sector and a tightening household squeeze that has seen real wage growth stall.

View by State: AUS | NSW | VIC | QLD | SA | WA | TAS | NT | ACT
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Market Snapshot As at 28 Apr 2026
4.10% RBA Cash Rate
8,925 All Ordinaries
8,698 S&P/ASX 200
4.96% 10yr Bond
USA
0.7193 AUD/USD
China
4.9064 AUD/CNY
UK
0.5308 AUD/GBP

Key Economic Indicators

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Indicator As At Units Latest -1yr -2yr -3yr -4yr -5yr
GDP 2025-Dec $m 693,772 (+2.6%) 676,456 (+1.2%) 668,330 (+1.3%) 659,723 (+3.2%) 638,966 (+4.9%) 609,132
CPI 2026-Feb Index 101.31 (+3.7%) 97.67 (+2.4%) 95.38 (+3.8%) 91.92 (+7.3%) 85.68 (+4.6%) 81.94
Population 2025-Sep Persons 27,724,744 (+1.6%) 27,301,149 (+1.8%) 26,831,131 (+2.5%) 26,169,314 (+1.8%) 25,704,774 (+0.3%) 25,633,341
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-Mar No 641,803 (-0.1%) 642,314 (-14.0%) 746,499 (-11.9%) 847,148 (+2.2%) 829,137 (+33.2%) 622,589
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 2025-Dec $000s 1,094 (+8.4%) 1,009 (+5.5%) 956 (+7.2%) 892 (-5.1%) 940 (+27.9%) 735
Attached Prices 2025-Dec $000s 741.00 (+8.7%) 682.00 (+4.6%) 652.00 (+6.7%) 611.00 (-5.1%) 644.00 (+7.2%) 601.00
Dwelling Approvals 2026-Feb No 195,434 (+9.0%) 179,378 (+8.2%) 165,782 (-11.1%) 186,435 (-16.9%) 224,261 (+16.2%) 192,937
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-Mar Index 8,683 (+7.4%) 8,084 (-0.9%) 8,154 (+10.6%) 7,373 (-5.4%) 7,790 (+12.2%) 6,941

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.

NSW

Melrose Park Urban Renewal Precinct

A 55-hectare urban renewal project transforming former industrial land into a climate-responsive mixed-use precinct. The masterplan includes up to 11,000 dwellings, a 30,000sqm tow

$6.0B 2036 Construction
WA

Australian Renewable Energy Hub (AREH)

The Australian Renewable Energy Hub (AREH) is a giga-scale renewable energy project in the East Pilbara region of Western Australia. Spanning over 6,500 km2, the project intends to

$55.0B 2038 Planning
VIC

Clyde Creek Precinct

A major greenfield development in Melbourne's south-east growth corridor, the Clyde Creek Precinct is transforming into a massive residential and employment hub. By 2026, key infra

$3.5B 2040 Construction
QLD

Queensland Energy and Jobs Plan - Northern Queensland SuperGrid (CopperString 2032 & Northern REZ)

A flagship 1,100 km high-voltage transmission project connecting the North West Minerals Province to the National Electricity Market. The project includes a 500kV line from Townsvi

$5.0B 2032 Construction
QLD

Queensland Energy Roadmap

A statewide energy transformation program following the 2025 pivot from the original Energy and Jobs Plan. The roadmap shifts focus toward a mix of existing coal asset retention un

$62.0B 2046 Construction
NSW

Raymond Terrace and Heatherbrae Strategy 2020-2040

A comprehensive 20-year strategic framework for the revitalization of Raymond Terrace and Heatherbrae. Key initiatives include the award-winning Public Domain Plan (PDP), town cent

$800M 2041 Approved
WA

Alkimos Central

A 200 ha transit-focused masterplanned city centre in the Alkimos-Eglinton corridor, planned as the largest concentration of employment, business and economic activity between Joon

$8.0B 2056 Construction
VIC

Armstrong Creek Town Centre

A $1 billion, 40-hectare master-planned mixed-use precinct serving as the civic and commercial heart of the Armstrong Creek growth area. Following the completion of the retail anch

$1.0B 2036 Construction
SA

Riverlea Estate (Buckland Park Township)

South Australia's largest master-planned community, covering 1,340ha and planned to deliver 12,000 homes for over 40,000 residents. Key features include the $100M Palms Shopping Vi

$3.0B 2046 Construction
SA

Whyalla GREENSTEEL Transformation

A nationally significant industrial program to transition the Whyalla Steelworks into a world-leading low-carbon facility. The project focuses on substituting coal-based blast furn

$2.4B 2030 Under Assessment
ACT

Molonglo Town Centre

Molonglo Town Centre is the future sixth town centre for Canberra, serving as the primary commercial, civic, and community hub for the Molonglo Valley. The 97-hectare precinct will

$850M 2045 Planning
NT

Middle Arm Sustainable Development Precinct

A 1,500-hectare sustainable industrial hub in Darwin Harbour focused on low-carbon industries including renewable hydrogen, carbon capture and storage (CCS), critical minerals proc

$1.5B 2035 Planning
NSW

Tech Central Innovation Precinct

A 6-square-kilometre innovation district from Haymarket to Camperdown, designed as Australia's premier deep-tech hub. An August 2025 rezoning approval enables 950 new homes and is

$11.0B 2036 Construction
QLD

Sunshine Coast Infrastructure Coordination Plan

A collaborative plan between the Queensland Government and Sunshine Coast Council to coordinate infrastructure for the Sunshine Coast Urban Corridor (Maroochydore to Caloundra). It

$550M 2041 Planning
QLD

Port of Bundaberg Expansion

Major port expansion and infrastructure overhaul to boost export capabilities for bulk commodities, minerals, and agricultural goods. The project includes a $21.9 million bulk good

$285M 2027 Construction
QLD

Queensland Energy Roadmap 2025

The Queensland Energy Roadmap 2025 is a strategic framework focused on energy affordability and reliability. Key initiatives include a $1.6 billion Electricity Maintenance Guarante

$62.0B 2035 Planning

GDP & Economic Output

Australian GDP reaches $2.75t as mining and financial services drive growth.
Australian GDP reached $693.8bn in the December Quarter 2025, with annual output totaling $2.75t. Year-on-year growth of 2.6% stands above the 10-year average of 2.4%, signaling economic resilience. While headline growth is firm, per-capita gains of 1.0% highlight the diluting effect of population growth. Mining and financial services are the primary drivers, offsetting a drag in professional services.

Australian GDP totalled $693.8bn in the December Quarter of 2025, reaching a combined $2.75t over the rolling year. This 2.6% annual growth is slightly above the 10-year average of 2.4%, reflecting a resilient economy that has maintained momentum despite higher interest rates. The trajectory shows growth is stabilizing, with the current rate representing an acceleration from 2.1% earlier in the year. However, analysts warn this may represent a near-term peak, with forecasts cooling as the cumulative impact of restrictive monetary policy weighs on aggregate demand into 2026.
The real story of the economy is revealed in the per capita metrics, which stood at $25,023 per person for the quarter, or approximately $100,092 annually. While headline GDP grew 2.6%, per capita GDP grew just 1.0%, as population growth of 1.6% diluted gains per person. This reveals how strong migration is masking underlying private sector weakness, as per-person prosperity barely exceeds the 10-year average of 0.7%. The narrow margin between population-led expansion and individual stagnation remains a critical concern for policymakers and households alike.
Industry performance remains bifurcated, with structural drivers diverging sharply from long-term trends. Financial Services led the expansion with 4.8% growth, well above its 10-year average of 2.6%, while Mining output grew 3.7% against a typical 1.3% average. These sectors are effectively carrying the economy as others stall. Conversely, Professional Services has become a primary drag, with growth contracting -0.4% against a robust 10-year average of 4.0%. Health services also underperformed, growing 2.5% compared to its 5.1% historical norm, as cost pressures weigh on service delivery.
Financial Services Growth
4.8%
+2.2pp above 10yr avg
Rising
Mining Output Growth
3.7%
+2.4pp above 10yr avg
Rising
Professional Services
-0.4%
-4.4pp below 10yr avg
Falling
GDP per Capita
$25,023
+0.3pp above 10yr avg
Stable

Population & Migration

Australia's population hits 27.7 million as migration levels moderate.
Australia's population reached 27.72 million in September 2025, an annual increase of 423,600 persons (1.6%). This growth rate is slightly above the 10-year average of 1.5% but reflects a moderation from the 1.8% recorded a year prior. Net overseas migration remains the primary driver at 311,000 persons, though natural increase has emerged as a relative standout performer.

Australia's population reached 27.7 million as at September 2025, an increase of 423,600 persons (1.6%) over the year. This 1.6% growth is above the 10-year average of 1.5%, though it marks a slowing trajectory from the 1.8% growth rate seen twelve months ago. Growth is normalising from the post-COVID surge as migration intake stabilizes. The data suggests that while population expansion remains robust, it has peaked and is now returning toward historical norms as policy tightening in certain visa categories takes effect.
Total growth is comprised of 311,000 persons from net overseas migration and 114,600 persons from natural increase (births minus deaths), while net interstate migration for the nation is zero. While overseas migration remains significantly elevated relative to its historical baseline, it has declined 14.9% over the year. Natural increase is the standout component; its 8.9% growth rate sits 11.4 percentage points above its 10-year average of -2.5%. This indicates that domestic natural increase is providing a robust floor to national growth even as migration levels temper.
Western Australia leads the states with 2.2% population growth, followed by Victoria and Queensland at 1.7% each, while Tasmania (+0.3%) and South Australia (+1.1%) lag. Interstate migration patterns continue to favour Queensland and South Australia as net gainers, with New South Wales and Victoria recording net losses to other states. This internal redistribution is exacerbating the housing shortage and adding to service-sector inflation in high-growth regions, a trend the RBA is watching closely as it balances demand-side pressures against national infrastructure capacity.
Total Population
27.7 million
1.6% growth is above 10yr avg of 1.5%
Falling
Natural Increase
114,600
8.9% growth vs 10yr avg of -2.5%
Rising
Net Overseas Migration
311,000
-14.9% growth remains above historical levels
Falling
Western Australia Pop Growth
2.2%
Fastest growing state in Australia
Rising

Development Activity

Australian dwelling pipeline recovers as attached approvals surge 20.4%
195,400 dwellings were approved in the year to February 2026, a 9.0% annual increase that marks a recovery from recent troughs. Despite the rebound, activity remains 10.4% below the 10-year average on a per-capita basis. Attached housing is a standout, growing 20.4% against a long-term average decline. While commencements are rising, a completions bottleneck persists across the sector.

195,400 dwellings were approved in Australia in the year to February 2026. This level is 10.4% below the 10-year average of approximately 218,100. This represents 7.0 approvals per 1,000 persons, below the 10-year average of 8.0. Approvals have recovered from a cyclical trough, posting 9.0% growth over the past year. This trajectory indicates that while the pipeline remains constrained relative to historical norms, the downward trend has reversed, supported by a significant pivot toward higher-density projects in major capital cities.
The construction pipeline shows 195,400 approvals (10.4% below 10yr avg per capita), 196,000 commencements (8.9% below 10yr avg), and 172,200 completions (16.5% below 10yr avg) in the year to December 2025. A conversion bottleneck is evident: while commencements rose 16.1% YoY, completions fell 2.7%. This indicates that while more projects are starting, the industry is struggling to finalize supply. The attached dwelling sector is the primary driver of new approvals, with 20.4% growth significantly outperforming its 10-year average growth rate of -2.7%.
State-level growth is led by the ACT (+113.7%) and NT (+18.8%), while VIC (-5.2%) and TAS (-2.2%) continue to lag. Per-capita completions of 6 per 1,000 persons remain well below the average of 7, failing to keep pace with population growth. Commercial development recorded 2.5% growth, trailing its 10-year average of 8.2%. Retail approvals were a bright spot (+6.9%), but industrial values fell 2.9%, as high construction costs and interest rates impact the feasibility of new warehouse and logistics facilities.
Attached Dwelling Approvals
+20.4%
23.1pp above 10yr avg growth
Rising
Dwelling Completions
172,200
16.5% below 10yr avg per capita
Falling
Dwelling Commencements
+16.1%
16.6pp above 10yr avg growth
Rising
Industrial Building Value
-2.9%
15.6pp below 10yr avg growth
Falling

Housing Market

Regional house prices surge 11.2% as national capital values reach $1.09 million
The national median house price reached $1,090,000 in December 2025, up 8.4% annually. Regional markets outperformed with 11.2% growth, well above the 6.9% decade average. While capital city attached affordability improved to 6.69x income, regional house multiples are straining at 6.64x. Northern Territory and Queensland lead growth, while Victoria and New South Wales see significant moderation.

The median house price across Australian capital cities reached $1,090,000 in December 2025, up 8.4% over the year. This growth remains elevated compared to historical norms, such as the 3.1% decade average seen in the attached sector, though momentum is becoming increasingly fragmented. Regional house prices reached $735,000, up 11.2% annually, significantly outpacing the 10-year average growth of 6.9%. While headline values remain at record highs, the trajectory suggests a shift toward regional hubs as the premium capital city bull run begins to moderate from previous peaks.
Regional houses are currently priced at 6.64x annual household income, which is 6.6% above the 10-year average of 6.23x, placing them in the seriously unaffordable category. Conversely, capital city attached dwellings at 6.69x income offer improved affordability compared to their long-term average of 7.63x, a 12.3% improvement. Regional attached dwellings at 6.18x income also remain 8.9% above their 5.67x historical average. These figures highlight significant strain on regional household budgets, even as urban apartments show relative value compared to historical long-term norms.
Sales volumes for capital city attached dwellings fell 0.2% over the year, trailing the 2.5% decade average. Price growth is strongest in the Northern Territory (+27.0%), Queensland (+17.6%), and Western Australia (+16.0%), while Victoria (+2.9%) and the ACT (+4.2%) are the slowest growing markets. Affordability is most strained in New South Wales, where capital city houses average $1.51 million. The national market is increasingly two-speed; high demand drives double-digit growth in secondary capitals, while the largest markets face headwinds from high entry costs and buyer fatigue.
House Price (Regional) Growth
11.2%
4.3pp above 10yr avg
Rising
Attached Price (Capitals) Growth
8.7%
5.6pp above 10yr avg
Rising
Attached Price to Income (Capitals)
6.69x
12.3% below 10yr avg
Falling
House Price (Capitals)
$1,090,000
8.4% annual growth
Stable

Housing Finance

Investor activity surges 31.9% as total housing finance reaches $140.2 billion
Total housing finance commitments reached $140.2 billion in December 2025, representing a 14.3% annual increase. Growth is significantly outperforming the 10-year average of 3.2%, driven by a 31.9% surge in investor lending. Tasmania and New South Wales lead lending growth, while South Australia shows more moderate patterns as the market adapts to higher interest rates.

Housing finance commitments totalled $140.2bn in December 2025, up 14.3% compared to a year ago. Lending volumes are 11.1 percentage points above the 10-year average growth rate of 3.2%, signaling a strong recovery in market activity. Total finance has recovered from previous cyclical lows, though the trajectory suggests a shift toward higher-risk lending. Despite the cash rate hitting 4.1%, the appetite for new credit remains elevated as participants adjust to the prevailing interest rate environment and focus on refinancing options.
Owner-occupier lending totalled $94.8bn (67.6% of total), while investor lending rose to $45.4bn (32.4% of total). Owner-occupier lending grew 7.5% annually, outperforming its 10-year average growth of 1.2%. The standout is the investor segment, which surged 31.9%, dwarfing its long-term average growth of 12.8%. Investors now account for 32.4% of new lending, reflecting a significant shift in market dynamics. This increased participation suggests expectations of capital growth and rising rental yields are offsetting higher debt-servicing costs.
Lending growth exhibits divergence across states, with Tasmania (+21.7%) and New South Wales (+19.3%) recording the strongest increases in total commitments. Conversely, growth was more subdued in Western Australia (+8.2%) and South Australia (+6.4%). New South Wales remains the largest market by value at $42.2bn. In the owner-occupier segment, growth in Western Australia and South Australia stalled at just 0.8%, highlighting affordability constraints. High debt-to-income ratios and interest rates are impacting participation, particularly for first home buyers.
Investor Lending Growth
31.9% YoY
19.1pp above 10yr average
Rising
Total Finance Value
$140.2bn
11.1pp above 10yr avg growth
Rising
Owner-Occupier Growth
7.5% YoY
6.3pp above 10yr average
Stable
Tasmanian Lending Growth
21.7% YoY
Fastest growing state market
Rising

Monetary & Financial Conditions

RBA holds at 4.10% as positive yield curve signals persistent tightening pressures ahead.
The RBA cash rate stands at 4.10% in April 2026, remaining 1.95% above the 10-year average of 2.15%. Rates have been held steady for two months following a 25bp hike in March, marking a return to tightening. While variable mortgage rates at 6.55% have moderated 4.0% annually, they remain 28.5% above historical norms, maintaining significant pressure on household budgets.

The RBA cash rate stands at 4.10% as at April 2026. This is significantly above the 10-year average of 2.15%. The cash rate has been on hold for 2 months following a 25bp hike in March 2026, which represented the first move in a renewed tightening cycle after a period of stability in 2025. This recent adjustment brings the cumulative tightening to 400bp since the current cycle commenced in May 2022. The Board remains vigilant on energy-driven inflation, suggesting that the current restrictive stance will be maintained for longer than previously anticipated.
Transmission to borrowers remains high, with the variable mortgage rate at 6.55% as of March 2026, representing a 2.45% spread over the cash rate. In contrast, 3-year fixed rates have climbed 6.0% over the past year to 6.39%, reflecting shifting market expectations and higher lender funding costs. Small businesses are facing even tighter conditions, with lending rates averaging 8.75%, which is 27.6% above the 10-year average of 6.86%. Mortgage holders currently face interest rates approximately 1.45% higher than the long-term average level of 5.10%.
The bond market reflects expectations of continued economic resilience, with the 2-year yield at 4.54% and the 10-year yield at 4.93% in March 2026. Both benchmarks sit dramatically above their respective 10-year averages of 2.15% and 2.79%. The resulting 39bp positive spread indicates a normally sloped yield curve, suggesting that markets expect further tightening or a prolonged period of high rates to combat capacity pressures. This shift in pricing from six months ago highlights the transition from 2025's easing hopes to a 'higher for longer' reality in 2026.
RBA Cash Rate
4.10%
1.95% above 10-year average of 2.15%
Rising
2-Year Bond Yield
4.54%
111.6% above 10-year average of 2.15%
Rising
Variable Mortgage Rate
6.55%
28.5% above 10-year average of 5.10%
Falling
Small Business Loan
8.75%
27.6% above 10-year average of 6.86%
Stable

FX Rates & Commodities

AUD strength driven by rural commodity surge and record highs against the Yen.
The Australian dollar reached US$0.6800 in March 2026, a 7.9% annual increase and 3.0% above its 10-year average. The trade-weighted index rose 7.9% to 64.30, supported by record cross strength against the Japanese Yen. While mining commodity growth of 2.1% remains below the 9.9% average, a 17.2% surge in rural commodity prices provides support. The currency is in a firm upward trajectory.

The Australian dollar is trading at US$0.6800 as at March 2026. The trade-weighted index stands at 64.30. The AUD is 3.0% above its 10-year average of US$0.6600, while the TWI is 4.9% above its 10-year average of 61.30. Both the bilateral rate and the TWI are up 7.9% over the year, reflecting a strong period of appreciation. The trajectory remains firmly upward, driven by favorable risk sentiment and a robust outlook for key exports, keeping the currency well above its long-term baseline.
Against major currency crosses, the Australian dollar has shown significant strength. A standout performer is the AUD/JPY, trading at 109.2700, which represents a 12.1% premium over its 10-year average of 97.4600. The AUD/EUR is also elevated at 0.6000, sitting 7.1% above its long-term average despite a more modest 3.4% annual gain. AUD/CNY remains relatively stable at 4.6600, just 0.9% below its historical average, providing a competitive anchor for major trade flows into North Asia.
The commodity price index recorded growth of 3.8% in March 2026, remaining 5.5 percentage points below the 10-year average of 9.3%. There is a stark sectoral divergence: rural commodities are a major standout with 17.2% growth, far exceeding the 5.8% historical average. Conversely, mining commodity growth of 2.1% is well below the 9.9% long-term average. This split suggests that while resource momentum has moderated, rural exports are providing a critical buffer for the terms of trade.
Rural Commodity Price Growth
17.2%
11.4pp above 10yr avg
Rising
AUD / JPY
109.2700
12.1% above 10yr avg
Rising
Trade Weighted Index
64.30
4.9% above 10yr avg
Rising
Mining Commodity Price Growth
2.1%
7.8pp below 10yr avg
Stable

Employment

Labour market softens as unemployment edges to 4.3% despite resilient full-time job growth.
Australia's unemployment rate rose to 4.3% in March 2026, now exceeding the 10-year average of 4.0%. While annual employment growth of 1.8% remains resilient, a 7.0% surge in unemployed persons marks a significant shift in trajectory. South Australia leads state growth at 2.6%, while Victoria’s 4.8% unemployment rate highlights emerging regional weakness as the national market moderates.

The unemployment rate in Australia stands at 4.3% as at March 2026. This is above the 10-year average of 4.0%, marking a transition away from the historic lows seen in recent years. The rate has risen from a trough in early 2025, up 0.3 percentage points as the labour market begins to soften in response to broader economic cooling. While still low by long-term standards, the upward trajectory indicates that the period of extreme tightness has concluded, with the market now shifting towards a more balanced, albeit softening, state.
Total employment reached 14.8 million persons, up 1.8% over the year. This growth is supported by full-time positions, which rose 1.9% to 10.2 million, indicating a relatively high quality of job creation. However, the 7.0% increase in the number of unemployed persons is significantly above the 10-year average growth of -0.1%, suggesting that while businesses are largely retaining existing staff through labor hoarding, new entrants are finding fewer opportunities. Full-time roles accounted for the majority of gains, reflecting a preference for permanent staff.
State-level data reveals a growing divergence between jurisdictions. Queensland maintains the lowest unemployment rate at 3.7%, whereas Victoria recorded the highest rate at 4.8%. Employment growth is strongest in South Australia (+2.6%) and Queensland (+2.3%), while Tasmania recorded a contraction of 0.6%. These figures highlight a clear split, with the resource-heavy and northern states continuing to absorb labour effectively, while the south-eastern states experience more pronounced softening in their respective job markets.
Unemployed Persons
+7.0%
Well above 10yr avg growth of -0.1%
Rising
Unemployment Rate
4.3%
0.3pp above the 10yr average of 4.0%
Rising
Full-Time Employment
10.2 million
Solid 1.9% YoY growth despite slowing economy
Stable
Employment Growth (SA)
+2.6%
Leading the nation in annual job creation
Rising

Job Advertisements

Australian job ads cool to 641,803, remaining 2.8% above 10-year averages.
Job advertisements in Australia totalled 641,803 in March 2026, falling 0.1% over the year. While hiring demand remains 2.8% above the 10-year average, volumes have retracted 24.2% from the 2023 peak. Industrial roles lead growth at 1.9%, whereas the ACT saw the sharpest annual decline of 13.1%. The results signal a moderating labor market as hiring intentions normalize toward historical levels.

Job advertisements in Australia totalled 641,803 in March 2026, a leading indicator signalling a cooling in forward employment demand. This level is 2.8% above the 10-year average of 624,227. Job ads remain 2.8% above the 10-year average despite falling 24.2% from the post-pandemic peak of 847,148 recorded in March 2023. Year-on-year, volumes are down 0.1% compared to a year ago. This trajectory suggests that while the labor market is softening from its extreme tight conditions, hiring intentions remain healthy relative to the long-term cycle and are not indicative of a collapse.
Compositional data reveals a shift in demand across sectors. Professional ads reached 186,476, which is 3.8% above its 10-year average, while Industrial and Trades ads at 129,714 remain 9.7% above average. Conversely, Sales job ads have fallen to 30,627, representing a 0.3% level below the historical mean. Industrial ads are the standout category, remaining significantly above average and signalling persistent demand in technical and trade sectors. This divergence indicates weakening demand in consumer-facing industries while technical roles provide a floor for hiring activity.
State-level trends highlight diverging cycles across the country. South Australia (+4.0%) and Western Australia (+3.2%) lead national growth, with job ads in these states remaining most elevated above their historical averages. In contrast, the ACT (-13.1%) and Northern Territory (-7.3%) have seen the sharpest declines from peak levels, suggesting these markets are leading the national cooling trend. This normalization, as noted by market observers, marks a shift toward an employer's market where competition for roles is increasing even as skills shortages persist in technical occupations.
Total Job Ads
641,803
2.8% above 10yr avg
Falling
Industrial Job Ads
129,714
9.7% above 10yr avg
Rising
Professional Job Ads
186,476
3.8% above 10yr avg
Rising
ACT Job Ad Growth
-13.1%
Slowest state growth
Falling

Wages & Earnings

Australian wages rose 3.4% annually to December 2025, matching inflation to stall real income growth.
The Wage Price Index reached 159.4 in December 2025, recording 3.4% annual growth. This remains above the 10-year average of 2.6% but has moderated from a 3.9% peak in September. Western Australia leads state wage growth while the Northern Territory lags. Real wages have stalled at 0.0% as nominal gains are absorbed by 3.4% inflation, halting the brief disinflationary recovery seen in mid-2025.

Wages grew 3.4% over the year to December 2025, as measured by the Wage Price Index (WPI). This is above the 10-year average wage growth of 2.6%, though the trajectory has clearly moderated from the 3.9% recorded in the previous quarter. The latest result suggests that wage growth has peaked and is now decelerating as labor market conditions gradually loosen. Despite this cooling, the index level of 159.4 remains 15.4% above its long-term average of 138.2, reflecting the substantial cumulative gains achieved during the post-pandemic recovery period.
Average weekly full-time earnings reached $2,129 per week in November 2025, equivalent to $109,517 per year. With headline inflation at 3.4%, real wage growth was 0.0% over the year, meaning workers experienced no net gain in purchasing power. This marks a period of stabilization following several years of real wage erosion. While nominal earnings grew at a healthy 4.2% annually, the parity with consumer price increases means the typical household's standard of living remained unchanged in real terms, halting the brief recovery in purchasing power seen in mid-2025.
State-level data reveals significant divergence, with Western Australia recording the fastest WPI growth at 4.1% and the highest earnings levels at $2,304 per week. In contrast, the Northern Territory saw the slowest wage growth at just 2.2%, while Tasmania continues to record the lowest absolute earnings at $1,890 per week. New South Wales emerged as a standout for earnings momentum, with full-time weekly pay rising 4.7% annually, the fastest growth in the country. This suggests that while national wage pressures are easing, competition for labor remains acute in major hubs.
Wage Price Index (YoY)
3.4%
Above 10-year average of 2.6%
Falling
Full-Time Weekly Earnings
$2,129
Highest level recorded in WA ($2,304)
Rising
Real Wage Growth
0.0%
Stagnant as 3.4% inflation matches nominal gains
Stable
NSW Earnings Growth
4.7%
Fastest growth rate among all Australian states
Rising

Household Consumption

Essential costs crowd out discretionary spending as per capita levels hit $13,645
Australian household consumption reached $378.3bn in Dec-25, up 5.6% YoY. While headline growth remains positive, per capita spending of $13,645 is 20.8% above average, driven largely by essential costs like power (+9.6% growth). Queensland leads state growth (+3.4%), while NSW and Tasmania lag, reflecting a broader moderation as households pivot to defensive spending patterns.

Household consumption expenditure totalled $378.3bn in the Dec-25 quarter, rising 5.6% over the year. This comprehensive National Accounts measure shows a notable expansion, supported by a 4.0% increase in per capita consumption to $13,645. While the aggregate figure appears robust, the per capita level of $13,645 is 20.8% above the long-term average of $11,297, reflecting both inflationary pressures and population-driven demand. This quarterly data highlights a market where headline totals mask significant underlying shifts in household spending patterns.
Essential spending categories are showing divergent trends. Power consumption growth surged to 9.6%, well above its 10-year average of 3.0%, while food expenditure reached $35.8bn, growing 4.5% annually. In contrast, discretionary categories are under pressure as households enter 'bunker mode'. Alcohol consumption growth slowed to just 1.4%, trailing its 3.9% average, and transport growth of 4.5% is sharply below the 26.6% 10-year average. This indicates a clear pivot where rising essential costs, particularly for energy, are crowding out non-essential spending.
Across the states, Queensland led consumption growth at 3.4% YoY, followed by Victoria and Western Australia at 2.5%. New South Wales trailed with 1.9% growth, while Tasmania recorded the slowest expansion at 1.7%. On a per capita basis, the Northern Territory maintains the highest level at $14,006, contrasting with Tasmania’s $11,833. Queensland also led per capita growth at 1.6%, while Western Australia saw the weakest per capita increase at 0.3%. The national trajectory shows moderating momentum as interest rate shocks and high fuel prices weigh on discretionary budgets.
Hhconsumptiontotalpercapita
$13,645
20.8% above long-term average level
Rising
Hhconsumptionpower
+9.6%
6.6pp above 10yr average growth
Rising
Hhconsumptiontransport
+4.5%
22.1pp below 10yr average growth
Falling
Hhconsumptionalcohol
+1.4%
2.5pp below 10yr average growth
Falling

Household Spending

Discretionary spending retreats as households pivot to essentials and healthcare
Australian household spending reached $232.0bn in Sep-25, a 5.1% YoY increase. While total expenditure remains historically high—with per capita annual spending at $33,358—growth is moderating. Essential categories like Health (+8.1%) are outperforming, whereas discretionary areas like Alcohol (-18.0%) are in sharp decline. WA and NT lead growth (+7.1%), while NSW (+3.8%) lags.

Household spending in Australia totalled $232.0bn in September 2025, up 5.1% compared to a year ago. While nominal spending remains elevated, this growth rate is moderating compared to recent peaks. On a per capita basis, Australians are spending $8,368 monthly, equating to $33,358 per person annually. This per capita level sits 20.9% above the long-term average of $27,600, reflecting the sustained impact of price inflation on total transaction values despite a noticeable cooling in consumption volume across most discretionary categories.
The spending breakdown highlights a growing divide between essential and discretionary items. Essential categories like Health (+8.1%) and Miscellaneous (+8.7%) are growing significantly faster than their respective 10-year averages of 6.1% and 5.3%. Conversely, signs of consumer stress are evident in discretionary pullbacks; Alcohol spending fell a staggering 18.0% against a typical 0.2% growth average, while Hotels and Restaurants (+6.1%) and Clothing (+3.3%) both lagged their historical averages of 8.2% and 5.4%, indicating a sharp reshuffle in the family budget.
State comparisons reveal a two-speed consumption landscape. Western Australia and the Northern Territory lead the nation with 7.1% annual growth, significantly outperforming the national average. In contrast, slower growth is observed in New South Wales (+3.8%), Victoria (+3.4%), and the ACT (+3.4%), where higher debt servicing costs and cost-of-living pressures are most acute. This regional divergence suggests that while resource-linked economies remain resilient, households in major metropolitan centers are increasingly prioritizing essentials over discretionary lifestyle spending.
Alcohol Spending
-18.0%
18.2pp below 10yr avg
Falling
Health Services
+8.1%
2.0pp above 10yr avg
Rising
Annual Per Capita Spend
$33,358
20.9% above long-term avg level
Rising
WA & NT Growth
+7.1%
Fastest growing jurisdictions
Rising

Inflation & Cost of Living

Inflation cools to 3.7% as services pressures offset relief in discretionary goods
National headline inflation moderated to 3.7% in the year to February 2026, continuing its trend toward the RBA target band. While annual growth eased from 3.9% in January, insurance and housing costs remain primary drivers of above-average price pressure. Western Australia recorded the fastest growth at 4.9%, while positive real wage growth of 0.3% is providing modest household relief.

Inflation in Australia was 3.7% in the year to February 2026, remaining above the RBA's 2-3% target band but continuing a moderating trajectory. The annual rate fell from 3.9% in January to 3.7% in February, with the month of February itself contributing 0.2% to prices. Annualised, this 2.4% monthly pace is consistent with the RBA's target. Since April 2024, the ABS has published this data monthly, allowing for more precise momentum tracking. Inflation has now retreated significantly from its 7.8% peak in late 2022, though underlying trimmed mean inflation remains at 3.1%.
A category breakdown reveals that non-discretionary costs continue to drive the most significant pressures. Insurance and financial services stood 10.9% above its 10-year average with an index of 104.5, while alcohol and tobacco remained 8.6% above historical norms. Housing costs also stayed elevated, rising 7.2% over the year to February—8.3% above the 10-year average. Conversely, relief was found in discretionary areas such as clothing and communication, which remained below historical growth averages, helping to offset the sticky inflation seen in healthcare and education.
State-level data shows significant divergence in price growth across the country. Western Australia recorded the fastest growth at 4.9% YoY, followed by Tasmania at 4.0% and New South Wales at 3.8%. In contrast, the Northern Territory and Victoria saw the slowest growth at 3.2% and 3.3% respectively. These variations reflect localized pressures in housing and energy costs. With national wage growth estimated at 4.0%, Australian workers finally experienced positive real wage growth of 0.3%, a critical turning point for cost-of-living relief after years of declining purchasing power.
CPI - Insurance & Financial
104.5
10.9% above 10yr average
Rising
CPI - Housing
7.2%
8.3% above 10yr average
Stable
CPI - Alcohol & Tobacco
101.1
8.6% above 10yr average
Rising
CPI - All Groups
3.7%
Falling from 3.9% in Jan
Falling

Equities & Superannuation

ASX 200 reaches 8,481 in March 2026 as super assets hit $4.47 trillion.
The ASX 200 closed at 8,481 points in March 2026, recording 8.1% annual capital growth, which outperforms the 10-year average of 6.0%. Superannuation assets reached $4.47 trillion in September 2025, growing 9.4% over the year. While the Super Performance Index stands 39.8% above its long-term average, market capitalisation growth of 5.8% remains below the 10-year trend of 8.4%.

The ASX 200 closed at 8,481 points as at March 2026, while the All Ordinaries reached 8,683 points. This represents 8.1% capital growth over the year for the ASX 200, which compares to average annual capital growth of 6.0% over the past decade. Total market capitalisation reached $3.18 trillion, up 5.8% annually—this remains below the 10-year average growth rate of 8.4%. The index trajectory indicates a recovery toward record highs, though these price indices measure capital growth only and do not include dividend distributions, which remain a key component of investor returns.
Superannuation assets total $4.47 trillion as at September 2025, up 9.4% over the year. This annual expansion is consistent with the 10-year average growth rate of 9.3%, reflecting the sustained growth of Australia's retirement savings pool. The Super Performance Index reached $375.4 billion, which is 39.8% above its 10-year average of $268.6 billion. As one of the largest pension pools globally, the continued growth in superannuation assets provides a significant capital base for the national economy and supports long-term retirement security for millions of Australians.
Market performance has been buoyed by resilience in the resources sector and stable bank margins, despite broader economic headwinds. Analysts suggest that while the ASX 200 has shown strength, volatility remains a risk due to persistent inflation and potential interest rate adjustments. Superannuation returns are expected to remain in the high single digits for the 2025/26 financial year, though real returns are constrained by price pressures. Investors remain focused on sector-specific drivers, including the mining boom and the impact of cost-of-living pressures on consumers.
ASX 200
8,481
2.1pp above 10yr avg growth
Rising
Super Assets
$4.47t
Consistent with 9.3% 10yr avg
Rising
Super Performance Index
$375.4bn
39.8% above 10yr average level
Rising
ASX Market Cap
$3.18t
2.6pp below 10yr avg growth
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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