Economic Dashboard

Australia

Real-time market intelligence, economic indicators and sector analysis

Updated 4 Nov 2026 2,788 Indicators

Market Overview - November 2026 Economic Summary

Rates Rise to 4.85% as Inflation Climbs and Jobs Slip

The Reserve Bank lifted the cash rate by 25 basis points to 4.85% in the week to 4 November 2026, up from 4.60%, and the move reframes every other number in this report. Inflation ran at 4.3% in the year to September 2026, above its 3.2% average, while the economy still grew 2.1% over the year to June 2026. Households are being asked to carry the bill, and the data show exactly where it lands.

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GDP & Economic Output

Broad sector gains lift output, while per-person quarterly GDP slips
Quarterly GDP reached $699.5bn in June 2026, up 2.1% over the year and just below its 2.2% ten-year average. Construction grew 4.2%, above its 0.9% average, while health growth was below average. Manufacturing fell 1.9% in the quarter despite annual growth of 1.2%.

Australian GDP totalled $699.5bn in the June Quarter of 2026, reaching a combined $2.78t over the rolling year. Quarterly GDP grew 2.1% year on year, below the 2.2% ten-year average. Annual growth was stable at 2.3% from the previous quarter, while quarterly year-on-year growth slowed from 2.5% to 2.1%; it remains below its ten-year average.
Quarterly GDP per capita was $25,051; annual GDP per capita was $99,523. Quarterly per-capita GDP fell 0.1% in the June quarter and grew 0.7% over the year, compared with headline quarterly GDP growth of 2.1%. Population growth was 1.4% over the year to March 2026, diluting gains per person. Per-capita GDP growth was below the 3.0% ten-year average change in its level.
Construction grew 4.2% over the year, above its 0.9% ten-year average, and financial services grew 4.8%, above its 2.5% average. Health grew 1.3%, below its 4.9% average. Growth was broad across sectors in the June quarter: professional services rose 2.3%, reaching a five-year high, while manufacturing fell 1.9% after three quarterly rises; it was still up 1.2% over the year.
Construction
4.2% annual growth
3.3 percentage points above its 0.9% ten-year average
Rising
Financial Services
4.8% annual growth
2.3 percentage points above its 2.5% ten-year average
Rising
Health
1.3% annual growth
3.6 percentage points below its 4.9% ten-year average
Rising
Manufacturing
1.2% annual growth
Above its 0.1% ten-year average; quarterly output fell 1.9%
Falling

Population & Migration

Population growth edges to 1.4% as natural increase hits five-year low
Australia's population reached 27.9 million as at March 2026, up 1.4% over the year, just below the 10-year average of 1.5%. Annual natural increase fell 5.5% in the March quarter to 100.3k, a five-year low and 22.4% under its 10-year average. Western Australia leads state growth at 2.1%.

Australia's population reached 27.9 million as at March 2026, rising 1.4% over the year. That is just below the 10-year average growth rate of 1.5%. Growth has slowed from 1.5% a quarter earlier and from 1.5% a year earlier. Quarterly growth of 0.5% in the March quarter matched the same quarter a year earlier and was up on 0.3% in the December quarter and 0.4% in the September quarter.
Overseas migration is the most elevated component: 292.1k over the year to March 2026, 13.4% above its 10-year average of 257.7k. Still, it has fallen 47.4% from the five-year high of 555.8k in September 2023, and annual growth picked up from -9.6% to -5.6% in the March quarter. Natural increase (births minus deaths) is the weakest: 100.3k over the year, 22.4% below its 10-year average of 129.3k and at a five-year low. Its rolling-year total fell 5.5% in the March quarter, the largest fall since March 2023.
Western Australia leads population growth at 2.1%, with Victoria and Queensland both on 1.6%, above the national 1.4%. New South Wales (1.1%), South Australia (1.0%) and Tasmania (0.6%) lag. Overseas migration is strongest in the Australian Capital Territory (+17.8%), while Queensland (-1.3%) and Tasmania (-2.9%) fell least and the Northern Territory (-6.2%), Victoria (-8.7%) and South Australia (-9.8%) fell most. Tasmania leads natural increase at +59.6%, while the Northern Territory is lowest at -17.0%.
Overseas Migration (Annual)
292.1k
13.4% above 10-year average of 257.7k; growth -5.6% vs 10-year average of +4.1%
Falling
Natural Increase (Annual)
100.3k
22.4% below 10-year average of 129.3k; five-year low
Falling
Total Population
27.9 million
1.4% annual growth vs 10-year average of 1.5%
Stable

Development Activity

Approvals sit 5.2% above average while completions lag 5.2% below it
Australia approved 208.2k dwellings in the year to September 2026, up 7.5% and 5.2% above the 10-year average. Completions reached 179.9k in the year to June 2026, up 3.1% but 5.2% below average. Completed Other Dwellings rose 16.6% over the year, the standout gain. Approvals per 1,000 persons, at 7.5, remain below their 10-year average of 7.7.

A total of 208.2k dwellings were approved in Australia in the year to September 2026. This is 5.2% above the 10-year average of 198.0k and 7.5% higher than a year earlier. Per 1,000 persons, approvals stood at 7.5, below the 10-year average of 7.7. Approvals have recovered from a trough of 164.2k in June 2024, though they remain 10.6% below the peak of 232.9k in September 2021. The year-on-year rate eased from 9.4% in the June quarter to 7.5% in the September quarter.
Approvals sit 5.2% above their 10-year average, commencements 3.7% above, and completions 5.2% below. Commencements reached 204.4k in the year to June 2026, up 13.4%. The rolling twelve-month total of completions rose 3.7% in the June quarter, the largest quarterly rise in at least five years, taking completions to 179.9k, their highest level in five years. Per 1,000 persons, completions were 6.4 in June 2026, 12.4% below the 10-year average of 7.3. The gap sits between commencements, which are above average, and completions, which are below. Houses accounted for 123.9k approvals and attached dwellings for 84.4k in the year to September 2026, with house approvals up 11.8% and attached approvals up 1.7%.
On a per 1,000 population basis, approvals in the year to September 2026 grew fastest in the ACT at 20.0% and fell most in Victoria at 3.7%. Western Australia recorded the highest approval rate at 8.7 per 1,000, and the Northern Territory the lowest at 3.2. Commencements in the year to June 2026 grew fastest in the ACT at 136.7%, and completions grew fastest in the Northern Territory at 38.1%. Commercial approvals totalled $33.5bn in the September quarter, up 9.1% over the year and 28.9% above the 10-year average, with industrial up 19.3% and office down 5.3%. Market commentary has pointed to Australia trailing the National Housing Accord pace.
Dwelling Approvals
208.2k
5.2% above the 10yr avg of 198.0k; up 7.5% year on year
Rising
Completed Other Dwellings
70.9k
Up 16.6% year on year against a 10yr avg growth of -1.3%; level 8.1% below the 10yr avg
Rising
Dwelling Completions per 1,000 Population
6.4
12.4% below the 10yr avg of 7.3; up 1.6% year on year
Rising
Commercial Approvals Value - Industrial
$16.2bn
58.4% above the 10yr avg; up 19.3% year on year
Rising

Housing Market

Capital house prices fell 2.2% in June quarter, weakest June in five years
The median house price in capital cities reached $1,090,000 in June 2026, up 5.5% over the year against 10-year average growth of 5.6%, but it fell 2.2% in the June quarter. That was the weakest June quarter in five years. Capital city houses sit at 9.72x income, below the 10-year average of 10.03x. Price growth is strongest in the Northern Territory (+21.4%) and weakest in New South Wales (-2.1%).

The median house price in capital cities reached $1,090,000 in June 2026, but fell 2.2% in the June quarter, though still 5.5% higher than a year earlier. A June quarter usually rises about 3.6%, so this was the weakest June quarter in five years, and annual growth slowed from 11.4% in the March quarter. This compares to average annual growth of 5.6% over the past decade. Regional house prices reached $745,000, up 8.9% over the year, and also fell 1.6% in the June quarter.
Capital city houses are priced at 9.72x annual household income, below the 10-year average of 10.03x (-3.1%). The multiple fell 3.5% in the June quarter, when a June quarter usually rises about 2.0%. At this level, houses sit in the seriously unaffordable range, just short of the severe 10x mark. Attached dwellings at 6.35x income offer improved affordability and sit in the moderately unaffordable range, below their 10-year average of 7.59x (-16.3%). Regional houses at 6.64x income are more affordable than capital city houses.
Capital city house sales totalled 202,800 over the year, down 3.3% on the prior year. Sales in the June quarter were below the same quarter a year earlier. The annual total sits 3.2% above its 10-year average of 196,400. Price growth is strongest in the Northern Territory (+21.4%) and weakest in New South Wales (-2.1%), against national capital city growth of 5.5%. Affordability is most strained in New South Wales (13.14x income) and least in the Northern Territory (6.92x income).
House Price (Capitals)
$1,090,000 (June 2026)
Up 5.5% over the year vs 10-year average growth of 5.6%; fell 2.2% in the June quarter
Falling
House Price/Income (Capitals)
9.72x
Below 10-year average of 10.03x (-3.1%); fell 3.5% in the June quarter
Falling
Attached Price to Income Multiple - Regional
6.27x
Above 10-year average of 5.78x (+8.5%); fell 2.9% in the June quarter
Falling
House Sales Volume (Capital Cities)
202,800 (June 2026)
Above 10-year average of 196,400 (+3.2%); rolling annual total fell 7.7% in the June quarter
Falling

Housing Finance

Housing finance reached $99.0bn in June 2026 as annual growth slowed to 6.6%
Housing finance totalled $99.0bn in June 2026, up 6.6% on a year ago and 37.9% above the 10-year average. Lending rose 6.7% in the June quarter, below the usual June rise of 17.8%, and sits 14.0% under its December 2025 peak. Investor new-build lending reached $7.9bn, 68.1% above its 10-year average. Tasmania led state growth at 28.3%, while NSW trailed at 1.3%.

Housing finance commitments totalled $99.0bn in June 2026. Total lending is up 6.6% compared to a year ago, and sits 37.9% above the 10-year average of $71.8bn. Lending peaked at $115.2bn in December 2025 and remains 14.0% below that level. It rose 6.7% in the June quarter, less than the usual June quarter rise of 17.8%, and annual growth slowed from 18.7% a quarter earlier. The 6.6% annual rate is above the 10-year average growth of 5.5%.
Owner-occupier lending was $60.7bn (61.3% of total), and investor lending was $38.3bn (38.7% of total). Owner-occupier lending grew 5.8% over the year, above its 10-year average growth of 5.3%, while investor lending grew 7.9%, above its 10-year average of 5.9%. Investors account for 38.7% of new lending, above the 10-year average of 33.6%. That share rose from 38.2% a year earlier as the owner-occupier share fell from 61.8% to 61.3%. In the June quarter, owner-occupier lending rose 8.6% against a usual June quarter rise of 16.4%, and investor lending rose 3.7% against 20.4%.
Lending for new builds (construction plus newly erected dwellings) totalled $18.0bn, while $81.0bn went to purchases of existing dwellings. New builds captured 18.2% of dwelling purchase lending, below the average since 2019 of 18.4%. New-build lending grew 20.2% over the year, against 4.0% for existing dwellings. Investor new-build lending was $7.9bn, 68.1% above its 10-year average of $4.7bn, while owner-occupier new-build lending was $10.1bn. Among states, South Australia had the highest new-build share at 24.8%, and New South Wales the lowest at 13.4%. Market commentary has pointed to lenders lifting dozens of mortgage rates in late October 2026.
Investor New-Build Lending
$7.9bn
68.1% above 10-year average of $4.7bn
Rising
Lending for New Builds
$18.0bn
27.3% above 10-year average of $14.2bn
Rising
Lending for Existing Dwellings
$81.0bn
25.8% above 10-year average of $64.4bn
Rising
Housing Finance (Investor)
$38.3bn
Annual growth of 7.9% vs 10-year average growth of 5.9%
Rising

Rental Market

National median rent $650 per week, up 5.5% on a rolling-year basis
The national median rent is $650 per week for the June 2026 quarter ($633 per week rolling-year), 25.2% above its 10-year average of $506 per week. Rolling-year growth of 5.5% is up from 5.2% in the March 2026 quarter but below the 5.8% of a year earlier. Tasmania leads state growth at 9.6%, with Victoria lowest at 4.7%.

The national median rent stands at $650 per week ($633 on a rolling-year basis). Rolling-year growth was 5.5% over the year to the June 2026 quarter, up from 5.2% in the March 2026 quarter but below the 5.8% of a year earlier, so annual growth is slower than a year ago while picking up in the latest quarter. The rolling-year median sits 25.2% above its 10-year average of $506 per week, and has risen from $466 per week in the June 2021 quarter.
Metro and regional splits are published at state level only, so the national comparison is between house and unit rents. The 3-bed house median is $608 per week on a rolling-year basis, up 4.3% over the year, while the 2-bed unit median is $681 per week, up 4.9%. Unit rents are growing faster than house rents, and the 2-bed unit rolling-year median rose 1.3% in the June 2026 quarter against 1.0% for 3-bed houses. The 4-bed house median reached $742 per week, up 4.5% over the year.
On rolling-year medians, Tasmania ranks first at 9.6%, followed by Queensland at 7.3% and Western Australia at 7.0%. South Australia (6.4%), New South Wales (5.8%) and Victoria (4.7%) are slowest. Victoria's figures are the latest published (September 2025 quarter); the national figures carry Victoria forward until DFFH publishes. Market rents rose 5.5% over the year, ahead of CPI rents at 3.6%, which cover the whole rental stock and fell 0.1pp in the June 2026 quarter. Wages rose 3.1% and all-groups CPI rose 3.8%, so rents are outpacing pay. The rent share of full-time earnings reached 29.4% in the June 2026 quarter, up 0.6pp over the year and its highest level in five years.
Median Rent Growth (YoY)
5.5%
2.2pp below the 10-year average of 7.7%
Rising
CPI Rents Growth (YoY)
3.6%
1.3pp above the 10-year average of 2.3%
Falling
4-Bed House Rent (Rolling Yr)
$742 per week
43.4% above the 10-year average of $517 per week
Rising
Rent Share of FT Earnings
29.4%
1.6pp above the 10-year average of 27.8%
Rising

Monetary & Financial Conditions

Cash rate lifted to 4.85%; fixed mortgage and bond yields at 5-year highs
The RBA cash rate stands at 4.85% as at November 2026, above its 10-year average of 2.17%. The 3-year fixed mortgage rate rose 0.28pp in the September 2026 quarter, reaching 7.02%, its highest level in five years. The 2-year bond yield, at 4.92% in September 2026, sits 2.62pp above its 10-year average of 2.30%.

The RBA cash rate stands at 4.85% as at November 2026. This is above the 10-year average of 2.17%. The RBA has since raised the cash rate by 25bp to 4.85%, after holding at 4.60% for two months since September 2026. That is 125bp of tightening since January 2026.
The owner-occupier variable rate is 6.80% and the 3-year fixed rate is 7.02%, both as at September 2026. On those figures, the variable rate sat 220bp over the 4.60% cash rate, and the fixed rate sat 242bp over it. The variable rate was unchanged in the September 2026 quarter but rose 0.75pp over the year. Mortgage holders face variable rates 1.59pp higher than the 10-year average of 5.21%, and fixed rates 2.32pp higher than the 10-year average of 4.70%. The investor variable rate of 7.13% sits 33bp above the owner-occupier variable rate. The small business lending rate of 9.00% is 2.01pp above its 10-year average of 6.99%.
The 2-year government bond yield was 4.92% and the 10-year yield was 5.28% in September 2026. The curve is positive, the 10-year yield sitting 36bp above the 2-year. The 10-year yield rose 0.98pp over the year to September 2026, with the annual change up from 0.62pp a quarter earlier. The 2-year yield rose 1.52pp over the same year, and both bond yields are at their highest levels in five years.
2-Year Government Bond Yield
4.92% (Sep-26)
2.62pp above 10yr avg of 2.30%
Rising
10-Year Government Bond Yield
5.28% (Sep-26)
2.34pp above 10yr avg of 2.94%
Rising
Owner-Occupier 3-Year Fixed Mortgage Rate
7.02% (Sep-26)
2.32pp above 10yr avg of 4.70%
Rising
Owner-Occupier Variable Mortgage Rate
6.80% (Sep-26)
1.59pp above 10yr avg of 5.21%
Stable

FX Rates & Commodities

Dollar steady at US$0.70 in October as commodity index slips and trade-weighted index rises
The Australian dollar stood at US$0.70 in October 2026, up 6.1% over the year and 0.3% below its 10-year average. The trade-weighted index rose 0.8% in October 2026 to 65.20, 5.0% above its 10-year average. The Commodity Price Index fell 0.3% in October 2026, and its annual growth of 4.6% sits 2.2pp below its 10-year average growth of 6.8%.

The Australian dollar stood at US$0.70 in October 2026, up 6.1% over the year and 0.3% below its 10-year average of US$0.70. The Australian dollar was unchanged in October 2026. The trade-weighted index stands at 65.20, 5.0% above its 10-year average of 62.10. It rose 0.8% in October 2026, after a 2.3% fall in September 2026, and is up 6.5% over the year.
Against the euro, the Australian dollar stood at 0.63 in October 2026, 0.8% above its 10-year average of 0.63 and up 10.5% over the year. Against the yen it stood at 110.82, 24.7% above its 10-year average of 88.89 and up 9.9% over the year. Against sterling it stood at 0.53, 2.1% below its 10-year average of 0.54, with annual growth of 6.0%. Against the yuan it stood at 4.69, 2.5% below its 10-year average of 4.81, with annual growth of 0.6%. The euro and yen crosses sit above average, while sterling and the yuan sit below.
The Commodity Price Index stands at 106.6 in October 2026, with annual growth of 4.6%, 2.2pp below its 10-year average growth of 6.8%. Mining commodities stand at 103.7, with annual growth of 2.9%, 4.0pp below the 10-year average growth of 6.9%. Rural commodities stand at 128.5, with annual growth of 16.0%, 10.7pp above the 10-year average growth of 5.3%. The index fell 0.3% in October 2026, while the Australian dollar was unchanged against the US dollar. Over the year, both rose: the index 4.6%, the Australian dollar 6.1% against the US dollar.
Trade Weighted Index
65.20 (Oct 2026)
5.0% above 10yr avg of 62.10
Rising
Commodity Price Index - Rural (AUD)
128.5 (+16.0% over the year)
10.7pp above 10yr avg growth of 5.3%
Falling
Commodity Price Index - Mining (AUD)
103.7 (+2.9% over the year)
4.0pp below 10yr avg growth of 6.9%
Falling
AUD/JPY
110.82 (Oct 2026)
24.7% above 10yr avg of 88.89
Rising

Equities & Superannuation

ASX 200 fell 3.2% in September 2026, ending five monthly rises
The ASX 200 closed at 8,789 points as at September 2026, down 3.2% in the month and ending five monthly rises. Over the year it fell 0.7%, against average annual capital growth of 4.9%. Superannuation assets rose 6.6% in the June quarter to $4.75 trillion, their highest level in five years.

The ASX 200 closed at 8,789 points as at September 2026. It fell 3.2% in September, the first monthly fall after five monthly rises, and was down 0.7% over the year in capital growth. This compares to average annual capital growth of 4.9%. The All Ordinaries reached 8,969 points, fell 3.3% in September and was down 1.8% over the year, against average annual capital growth of 5.0%. Total market capitalisation of $3.30 trillion rose 0.1% over the year, against average annual capital growth of 6.9%, after falling 3.2% in September. These are price indices and exclude dividends.
Superannuation assets total $4.75 trillion as at June 2026. They rose 6.6% in the June quarter, against a rise of 5.0% in the same quarter a year earlier, and rose 9.6% over the year, compared with average annual growth of 8.4% over ten years. The Super Performance Index, a cumulative return index at 393.4, returned 8.7% over the year, 1.6pp above its 10-year average growth of 7.1%. Superannuation assets represent Australia's retirement savings pool.
Over the year, both the ASX 200 and the All Ordinaries recorded falls in capital growth, while the ASX market capitalisation rose 0.1%, below its 10-year average growth of 6.9%. Superannuation assets grew 9.6% over the year, above their 10-year average growth of 8.4%. In the June quarter, both super assets and the Super Performance Index rose, after falling in the March quarter. Market commentary from late October 2026 described the ASX 200 as higher after the US Federal Reserve held rates, a move after the latest monthly figures.
All Ordinaries
8,969 points, September 2026
-1.8% growth over the year vs 10yr avg +5.0%
Falling
ASX 200
8,789 points, September 2026
-0.7% growth over the year vs 10yr avg +4.9%
Falling
ASX Market Capitalisation
$3.30 trillion, September 2026
+0.1% growth over the year vs 10yr avg +6.9%
Falling
Super Assets (Total)
$4.75 trillion, June 2026
+9.6% growth over the year vs 10yr avg +8.4%
Rising

Employment

Unemployment rises to 4.7% as employment slips in September 2026
Unemployment stands at 4.7% as at September 2026, below its 10-year average of 4.8% and up 0.07 percentage points in the month. Employment rose 1.2% over the year, below 10-year average growth of 2.2%, but fell 0.3% in September 2026. Unemployed persons rose 8.2% over the year, against 10-year average growth of 0.2%.

The unemployment rate in Australia stands at 4.7% as at September 2026. This is below the 10-year average of 4.8%, a gap of 0.09 percentage points. It rose 0.07 percentage points in September 2026 and 0.27 percentage points over three months, after rises of 0.04 percentage points in July 2026 and 0.16 percentage points in August 2026. The rate is up 0.29 percentage points over the year. From a five-year low of 3.4% in October 2022, it remains 0.52 percentage points below its five-year high of 5.2% in October 2021. The rate is low but rising towards its 10-year average.
Total employment stood at 14.78 million persons in September 2026, up 1.2% (168,346 persons) over the year, below 10-year average growth of 2.2%. It fell 0.3% in September 2026, after rising 0.2% in August 2026. Full-time employment, at its highest level in five years, rose 1.7% over the year (173,607 persons), below its 10-year average growth of 2.4%, and rose 0.3% in September 2026. Unemployed persons rose 1.2% in September 2026, with annual growth of 8.2%, against 10-year average growth of 0.2%.
Victoria has the highest unemployment rate at 5.1%, while South Australia has the lowest at 4.2%. Over the year, Tasmania's rate rose 0.52 percentage points and New South Wales's rose 0.49 percentage points, while South Australia's fell 0.33 percentage points. While South Australia has the lowest unemployment at 4.2%, Western Australia recorded the strongest employment growth at 3.7% over the year. Tasmania recorded the weakest employment growth, falling 3.0%.
Unemployed Persons
732.0k
Annual growth of 8.2% vs 10-year average growth of 0.2%
Rising
Unemployment Rate
4.7%
0.09 percentage points below the 10-year average of 4.8%
Rising
Total Employment
14.78m
Annual growth of 1.2% vs 10-year average growth of 2.2%
Falling
Full-Time Employment
10.23m
Annual growth of 1.7% vs 10-year average growth of 2.4%
Rising

Job Advertisements

Job ads hold near the 10-year average as industrial advertising climbs
Australian job advertisements totalled 632,500 in September 2026, 0.2% above the 10-year average and 0.3% higher than a year ago. Total ads rose 0.7% in the September quarter, while industrial advertising sits 10.5% above its 10-year average. Western Australia led annual growth at 6.8%, and the Northern Territory fell 6.9%.

Job advertisements in Australia totalled 632,500 in September 2026. Job ads remain 0.2% above the 10-year average of 631,200, despite falling 28.6% from the peak of 886,100 in June 2022. Advertising rose in the September quarter for total, industrial and sales ads, while professional ads eased 0.2%. Over the year, total job ads are up 0.3% compared to a year ago.
Professional job ads, at 181,000, sit 0.5% below their 10-year average of 181,800 and eased 0.2% in the September quarter. Industrial job ads, at 133,200, are 10.5% above their 10-year average of 120,600 and rose 2.0% in the September quarter, with annual growth lifting from 2.9% to 5.5%. Sales job ads, at 31,800, are 2.9% above their 10-year average of 30,900 and rose 2.8% in the quarter. Industrial advertising is the standout, sitting furthest above its historical average and leading the category mix.
Across states, total job ads grew fastest in Western Australia at 6.8% over the year and slowest in the Northern Territory at 6.9% lower, with New South Wales down 1.6%. For professional ads, New South Wales led at 4.0% growth while the Northern Territory fell 12.8%. Industrial ads grew fastest in Western Australia at 13.4%, with New South Wales the slowest at 1.2%. In sales ads, South Australia led at 7.6% while the Australian Capital Territory fell 15.7%.
Job Ads (Total)
632,500
0.2% above 10-year average of 631,200
Rising
Job Ads (Professional)
181,000
0.5% below 10-year average of 181,800
Falling
Job Ads (Industrial)
133,200
10.5% above 10-year average of 120,600
Rising
Job Ads (Sales)
31,800
2.9% above 10-year average of 30,900
Rising

Wages & Earnings

Wage growth of 3.2% trails 3.8% inflation, cutting real pay by 0.6 points
Wages rose 3.2% over the year to the June quarter 2026, above the 10-year average of 2.7%. Full-time weekly earnings reached $2,156 in May 2026, up 3.5% over the year. Queensland leads state weekly earnings growth at 4.0%, while the Northern Territory trails at 2.3%.

Wages grew 3.2% over the year to the June quarter 2026, as measured by the Wage Price Index. This is above the 10-year average wage growth of 2.7%. The annual rate is down from 3.4% a year earlier. The June quarter rise of 0.6% matched the usual move for that time of year and followed 0.6% in the March quarter.
Full-time workers earned an average of $2,156 per week in May 2026, or $111,423 per year. Weekly earnings rose 3.5% over the year to May 2026, down from 4.5% a year earlier, and annual earnings rose 3.8%, above the 10-year average of 3.2%. Over the year to June 2026, wages rose 3.2% while inflation over the same twelve months was 3.8%, so real wages fell 0.6 percentage points. Weekly earnings rose 1.3% in the half year to May 2026, down from 2.2% in the half year to November 2025.
South Australia recorded the fastest wage growth at 3.6%, followed by Queensland at 3.4% and Western Australia at 3.3%. The Northern Territory was lowest at 2.8%, with Tasmania at 2.9%. Australia-wide, Canberra had the highest weekly earnings at $2,332 and Tasmania the lowest at $1,904, while Western Australia had the highest annual earnings at $120,156 and Tasmania the lowest at $98,641. Queensland's weekly earnings growth of 4.0% was the fastest of any state, above its wage growth of 3.4%, while Victoria's annual earnings growth of 4.1% led the states despite its wage growth of 3.1%.
Wage Price Index
3.2%
Above the 10-year average growth of 2.7%
Stable
Weekly Earnings (Full-Time)
$2,156
Growth of 3.5% is above the 10-year average of 3.2%
Falling
Annual Earnings (Full-Time)
$111,423
Growth of 3.8% is above the 10-year average of 3.2%
Falling

Household Consumption

Household spending up 4.9% over the year to June 2026, in line with average
Household consumption expenditure totalled $386.6bn in the June quarter of 2026, up 4.9% over the year, in line with its 10-year average growth. Transport and alcohol and tobacco both fell over the year and sit well below their averages, with transport also down 1.8% in the June quarter. Northern Territory led state growth at 2.6%.

Household consumption expenditure totalled $386.6bn in the June quarter of 2026, up 4.9% over the year, matching its 10-year average growth rate of 4.9%. Quarterly growth was 1.0%, compared with 1.6% in the June quarter of 2025, and annual growth has eased from 5.6% in the March quarter of 2026. Per capita consumption reached $13,845, 20.5% above its 10-year average level of $11,489, and grew 3.4% over the year after rising 0.5% in the June quarter. These figures come from the quarterly National Accounts.
Essential spending was mixed. Rent and dwellings rose 5.7% over the year, slightly above its 10-year average of 5.6%, and power and utilities rose 5.2% against an average of 4.1%, although power fell 2.3% in the June quarter. Food rose 4.5% against 4.8%, and health rose 5.6% against 6.3%. Transport was the main standout, falling 0.7% over the year against a 10-year average of 5.3%, after a 1.8% fall in the June quarter. Discretionary categories all grew more slowly than their averages: recreation rose 3.7% against 4.6%, cafes and restaurants 5.3% against 6.1%, and clothing 3.0% against 4.4%. Alcohol and tobacco fell 0.9% against an average of 3.3%. The pattern is not a simple split, as transport, an essential, and alcohol and tobacco, a discretionary category, both fell.
Northern Territory led total consumption growth at 2.6% over the year, ahead of Western Australia at 2.4% and the Australian Capital Territory at 2.3%. New South Wales and Victoria were slowest, each at 1.6%. Per capita consumption grew fastest in Tasmania at 1.5%, followed by the Northern Territory at 1.1% and the Australian Capital Territory at 1.0%, while Victoria recorded 0.0% and Queensland and Western Australia each rose 0.3%. Food grew fastest in Tasmania at 3.0%, and power and utilities ranged from a 37.7% rise in Tasmania to an 8.0% fall in Victoria.
Consumption - Transport
-0.7% over the year ($12.7bn)
vs 10yr avg growth of +5.3% (-6.0pp)
Falling
Consumption - Alcohol & Tobacco
-0.9% over the year ($6.7bn)
vs 10yr avg growth of +3.3% (-4.2pp)
Falling
Consumption - Power & Utilities
+5.2% over the year ($9.1bn)
vs 10yr avg growth of +4.1% (+1.1pp)
Falling
Household Consumption per Capita
$13,845 (+3.4% over the year)
vs 10yr avg level of $11,489 (+20.5%)
Rising

Household Spending

Household spending up 6.6% in August 2026, led by transport and recreation
Household spending in Australia totalled $246.1bn in August 2026, up 6.6% compared to a year ago, above the 10-year average growth of 5.0%. Transport led the categories at 9.2%, against a 5.4% average. Alcoholic beverages and tobacco turned up, rising 2.1% in the August 2026 quarter after a 0.2% fall in the May 2026 quarter. Northern Territory led state growth at 10.6%.

Household spending in Australia totalled $246.1bn in August 2026, up 6.6% compared to a year ago. This is above average growth of 5.0%. Per capita, that is $34,882 per person annually, 21.6% above the 10-year average of $28,691. Monthly per capita spending was $8,814, 22.3% above its $7,204 average. Every category tracked rose in the August 2026 quarter, from transport to furnishings. Monthly per capita spending rose 2.2% in the quarter, the largest rise since November 2022, against 0.9% in the same quarter a year earlier.
Essential categories were mixed. Transport grew 9.2% over the year, against a 5.4% average, and rose 4.1% in the August 2026 quarter, the largest quarterly rise since August 2022. Food grew 5.7%, above its 5.1% average, while health grew 4.6%, below its 6.1% average. Discretionary categories also diverged. Recreation grew 8.6%, against a 5.0% average, and hotels and restaurants grew 6.3%, in line with its 6.3% average. Clothing grew 4.9%, slowing from 6.6% a quarter earlier, and rose 1.1% in the August 2026 quarter against 2.7% a year earlier. Transport outpaced every discretionary category, while health grew more slowly than clothing. Alcoholic beverages and tobacco rose 2.1% in the August 2026 quarter, and annual growth moved from -8.0% to +1.8%.
Northern Territory led state growth at 10.6%, followed by Western Australia at 9.5% and Tasmania at 8.1%. At the other end, New South Wales grew 6.1%, Victoria 5.6% and the Australian Capital Territory 4.7%. Per capita annual spending ranged from $40,814 in the Northern Territory to $32,828 in Victoria, against the national $34,882. For food, the Northern Territory led at 9.4% and the Australian Capital Territory trailed at 4.4%. These figures are nominal, and this section does not include wage or price measures to set them against. Market commentary from late October 2026 has described households trimming Christmas spending, a period after these figures end, and no figure is attached to it here.
Transport
$42.9bn (+9.2%)
Growth 3.8pp above the 10-year average of 5.4%
Rising
Recreation
$41.4bn (+8.6%)
Growth 3.6pp above the 10-year average of 5.0%
Rising
Health
$28.6bn (+4.6%)
Growth below the 10-year average of 6.1%
Rising
Alcoholic beverages and tobacco
$8.7bn (+1.8%)
Growth above the 10-year average of -0.5%
Rising

Inflation & Cost of Living

Annual inflation rises to 4.3% as transport prices jump 3.0% in September
Australian inflation was 4.3% in the year to September 2026, above its 10-year average of 3.2%. Prices rose 0.8% in September alone, lifting the annual rate from 4.0% in August. Transport leads the pressures at 8.7% annual growth, while Tasmania is the fastest-growing state at 5.3%.

Inflation in Australia was 4.3% in the year to September 2026, above the 10-year average of 3.2%. Inflation remains above the RBA's 2-3% target band. The annual rate rose from 4.0% in August 2026 to 4.3% in September 2026, while prices rose 0.8% in the month. Over the three months to September 2026, prices rose 2.3%. The annual rate is up from a five-year low of 1.9% in June 2025, but remains below the five-year high of 7.8% in December 2022.
Transport is the largest pressure: prices rose 3.0% in September 2026, lifting annual growth from 5.6% to 8.7% against a 10-year average of 3.8%. Housing rose 5.2% over the year, above its 10-year average of 3.6%. Recreation and culture rose 3.8% in September 2026, lifting annual growth to 4.5% against a 10-year average of 2.4%. Clothing and footwear fell 2.7% in September 2026, when a September usually falls about 0.1%. Furnishings and household goods, up 0.8%, sat below their 10-year average of 1.7%.
Tasmania has the fastest annual inflation at 5.3%, followed by the Northern Territory at 5.2% and South Australia at 5.0%, all above the national 4.3%. Queensland (4.4%), New South Wales (4.3%) and Victoria (4.0%) are the slowest. Housing shows the widest spread between states, at 7.6% in the Northern Territory against 3.8% in Victoria. Over the year to June 2026, wages (WPI) rose 3.2%, inflation over the same twelve months was 3.8%, so real wages fell 0.6 percentage points. This real wage result uses June 2026, earlier than the September 2026 headline figures.
Transport
8.7%
10-year average 3.8%; rose 3.0% in September 2026
Rising
Housing
5.2%
10-year average 3.6%; rose 0.3% in September 2026
Rising
Recreation & Culture
4.5%
10-year average 2.4%; rose 3.8% in September 2026
Rising
Clothing & Footwear
0.4%
10-year average 0.4%; fell 2.7% in September 2026
Falling

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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