Australia’s business inventories rose 0.5% quarter-on-quarter in Q1 2026, rebounding from two consecutive quarterly declines of 0.1% in Q4 and 0.8% in Q3. It marked a return to modest expansion in overall stock levels, suggesting a gradual rebuilding of inventories after a soft end to 2025. By sector, gains were driven by mining (5.8% vs 0.0% in Q4) and electricity, gas, water and waste services (6.1% vs 4.5%). Wholesale trade also returned to growth (1.0% vs -0.1%), while accommodation and food services swung back into expansion (4.3% vs -2.6%). In contrast, manufacturing (-1.3% vs -0.1%) and retail trade contracted further (-1.7% vs -0.5%). On an annual basis, business inventories fell 0.3%.