Inflation just took a surprising dive, cooling to 3.8%—way below the Reserve Bank’s 4.8% forecast and even beating market expectations. Underlying inflation held steady at 3.6%, signaling a potential rate hike pause in August. Big wins: veggies, eggs, lamb, wine, and petrol all dropped, sending stocks soaring and the Aussie dollar tumbling. But not all news is good—electricity jumped 22.4% as subsidies ended, and homebuilding costs rose 5.8%, the highest in nearly three years. While overall inflation eases, key sectors still face pressure.
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