Consumption Holds Up in Latest Data

• Australian consumer spending continued to edge higher in February, rising 0.3% over the month, the same pace seen in January and marking a second consecutive monthly increase.
• In annual terms, household spending is now running 4.6% above year-ago levels, highlighting that consumption remains steady despite the higher interest rate environment.
• Services spending led the increase, rising 0.5% over the month, driven by holiday-related activity across recreation, transport and accommodation. Goods spending also lifted slightly, up 0.1%.
• In labour market indicators, ANZ–Indeed Job Ads fell 3.1% in March, unwinding part of February’s surge and marking the first decline in three months.
• Geopolitical developments remain a key driver for markets. US and Israeli air operations against Iran continued over the past day, while rhetoric from Washington has hardened. President Trump’s 10am deadline this morning is now the focal point, with markets waiting to see what the next move in the conflict may be.