Australia’s import prices increased 0.9% quarter-on-quarter in Q4 2025, defying market expectations of a 0.2% decline and reversing a 0.4% fall in Q3. It also marked the first increase in three quarters, as gold, non-monetary, surged 19.7% on safe-haven demand as investors and central banks built reserves. Meanwhile, crude fertilisers and minerals jumped 42.5% after sulphur hit record highs amid supply constraints and strong clean energy and agricultural demand. Metalliferous ores and scrap climbed 11.5%, driven by reduced zinc output from Chinese smelters and depleted inventories. Also, road vehicle prices rose 2.9% following annual reviews that lifted import costs. In contrast, telecom equipment prices fell 4.5%, as quality gains in new models and cheaper imports of older phones offset higher list prices. Overall, the rebound highlights commodity-led pressures on Australia’s trade costs, even as select sectors like technology provided relief.
