The Australian share market closed lower as the unemployment rate held steady at 4.3 per cent, while ongoing geopolitical tensions continue to pressure energy prices and economic sentiment.

Key Points

• The S&P/ASX 200 index fell 0.26 per cent to close at 8,955 points.
• Viva Energy entered a trading halt following a significant fire at its Geelong oil refinery caused by equipment failure.
• NAB transaction data shows fuel spending dropped 14 per cent in the week to April 4 following a reduction in excise tax.
• Sydney’s property auction clearance rate fell below 50 per cent, marking the lowest level since April 2020.
• China reported 5 per cent GDP growth for the March quarter, exceeding market expectations despite global energy supply disruptions.

Why it Matters

The combination of steady unemployment and rising energy costs has created a complex environment for the Reserve Bank of Australia as it weighs further interest rate hikes. These economic pressures, compounded by global geopolitical instability, are increasingly impacting consumer sentiment and property market performance across Australia.