Daily Flows

• Yesterday, term deposit flows were directed to Rabobank (A-1/A), with 5.03% available for 5-year terms.
• Solid economic data, combined with monetary easing by the RBA, has led to a tightening of credit spreads domestically.
• Market participants are exploring issuers such as Newcastle Greater Mutual, where margins in excess of +108 are currently available.

ANZ Job Ads – A Signal of Labour Market Softening?

• ANZ-Indeed Australian Job Ads fell by 1.4% m/m in February, following an upwardly revised 1.3% rise in January.
• Annually, job ads remain just 0.9% above the August 2024 low, suggesting ongoing stabilisation rather than a sharp deterioration.
• Early-year education sector hiring typically drives job ad growth, but this trend has not materialised in 2025.
• Given that job ads are a forward-looking indicator, continued softening could translate into labour market loosening, despite a record-high participation rate and an unemployment rate of 4.1%.