Australia’s 10-year government bond yield held above 4.9%, trading near a two-week high as markets weighed easing Middle East tensions while persistent cost-of-living pressures weighed on domestic sentiment. Household confidence deteriorated further into deep pessimism, with the Westpac–Melbourne Institute Consumer Sentiment Index falling about 3% to 80.6 in June, marking the fourth decline this year and among the weakest in decades. Elevated living costs remain a key drag on household finances, while a temporary fuel tax cut provided only limited and short-lived support. Attention is now focused on the upcoming policy decision from the Reserve Bank of Australia next week, with markets broadly expecting rates to be left unchanged. Meanwhile, global risk sentiment got a minor lift after Iran and Israel announced a halt in fighting. However, a peace deal has yet to be reached and the Strait of Hormuz remains effectively closed, keeping global inflation risks in focus.

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