Laura Bessarati

We saw it in the last meeting minutes.

We saw it this time as well in the statement saying that

inflationary pressures picked up materially in the second half of 2025.

So we are still trying to combat that domestic inflation, but also having that added global inflation as well.

And also importantly, reading that statement, it did mention the word uncertain 48 separate times.

So that just goes to show, you know, how things are and they're just going to have to continue watching things as they evolve.

As you said, six weeks out from that next decision, a lot can happen in just a day with the way things are going right now.

So think about it in the case of six weeks, a lot can happen between now and then.

So we'll have to wait and see.

We also got an update on Aussie household spending for March from the ABS today.

Now, we did see spending lift by 1.6% month on month, largely driven by a 5% jump in transport costs, while spending on food also rose by almost 2%.

So this month's 1.6% surge, just to put that into context, it follows a lift of 0.3% in February and 0.2% in April.

January.

Now, this probably isn't much of a surprise given that fuel prices surged 33% in March on the back of the conflict.

So that saw drivers adjusting their driving habits, taking smaller trips and also making use of public transport instead of driving to save on petrol.

And of course, that increased spending on food seemed to be linked to both inflation and also precautionary stockpiling linked to the global supply chain concerns brought on by the

war.

So households still spending according to the latest data.

The Macquarie Conference actually kicked off today.

We've been flagging this over the past couple of days as it's a pretty big investor event where over 100 Aussie and New Zealand-based companies present to investors and also give business updates.