Price trends diverged: labor cost growth slowed to 1.5% quarter-on-quarter, while purchase costs rose to 1.5%. Final product prices inched up 0.6%, with retail price gains easing from 1% to 0.6%. The upturn aligns with the current rate-cut cycle to boost growth, though external risks loom—Trump’s administration unveiled initial tariff notices the same day, proposing up to 25% duties on goods from Japan, South Korea, and others (effective August 1), threatening global growth and pressuring export-reliant Australian firms.