SYDNEY, March 3, 2026, 18:28 AEDT — Market’s final bell has rung.
- Wesfarmers slipped 0.55% to finish at A$79.62, joining the wider downturn in Australian stocks.
- Oil prices held firm, with Middle East supply concerns lingering and pushing inflation and rate worries back into the spotlight.
- ABS national accounts land on March 5, with the RBA’s rate decision set for March 17.
Wesfarmers Ltd dropped 0.55% to finish at A$79.62 on Tuesday, as local stocks lost ground late. The group, which runs Bunnings and Kmart, will pay out an interim dividend of 102 cents per share on March 31. 1
Why it matters now: Wesfarmers offers a sweeping view of household demand, and lately, the signals are getting harder to ignore. Rising fuel prices and a tougher rates environment can crunch budgets upfront and weigh on sentiment not long after.
The S&P/ASX 200 fell 123 points, losing 1.34% to finish at 9,077.30. Risk appetite faded as oil prices jumped and bond yields climbed. According to ABC News, traders are recalibrating expectations for just how much more tightening could be ahead from the Reserve Bank of Australia. 2
RBA Governor Michele Bullock voiced caution during her Sydney remarks, pointing to fresh data that backed up the February rate hike. Tensions in the Middle East, she warned, have only deepened the already murky inflation picture. “Events in the Middle East are a timely reminder … things can change quickly,” Bullock said. Australia’s cash rate sits at 3.85%. 3
Brent climbed to $79.44 a barrel on Tuesday, marking its third consecutive gain, as tensions between the U.S., Israel, and Iran ratcheted up concerns over supply, especially with risks mounting around the Strait of Hormuz. “With no quick de-escalation in sight … upside risks remain,” IG market analyst Tony Sycamore said in a note. 4
Wesfarmers is a bit of an odd fit here. The company’s retail chains sometimes show resilience when markets falter; even so, the shares remain vulnerable if rising mortgage rates or higher petrol prices force shoppers to pull back.
Last month, the company posted interim earnings that topped forecasts, yet shares slipped anyway as investors worried about a slowdown in second-half sales and patchy consumer demand, according to Reuters. 5
Looking ahead, traders have an eye on local numbers for a clearer sense of growth. The Australian Bureau of Statistics plans to publish December-quarter national accounts—a GDP-style snapshot—alongside its monthly household spending figures, both due Thursday at 11:30 a.m. AEDT. 6
Rate expectations remain the main focus heading into mid-March. The Reserve Bank of Australia holds its next policy meeting on March 16 and 17, with the statement scheduled for release at 2:30 p.m. AEDT on March 17, per the central bank’s calendar. 7
Still, retail stocks aren’t out of the woods. Should crude prices remain elevated and trigger a drawn-out supply shock, inflation might prove stubborn. That scenario could mean tighter policy than markets have on the radar—a recipe for squeezing discretionary spending in a hurry.
Wesfarmers is watching oil and bond yields from overnight trading, with eyes next on Thursday’s national accounts and the March 17 RBA decision. The March 31 dividend is pencilled in, but rates remain the real wildcard.
