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Australia’s business inventories fell 0.9% quarter-on-quarter in Q3 2025, reversing a 0.1% rise in the previous period and marking the first decline since Q3 2024. Stocks dropped notably at miners (-4.8% vs 4.2% in Q2), retailers (-1.6% vs -0.8%), and the accommodation and food services sector (-1.3% vs 0.5%). Meanwhile, inventory growth at electricity providers moderated sharply (1.6% vs 7.3%). Wholesaler stocks were flat after a 1.3% decline in Q2, and manufacturers saw a modest acceleration (0.4% vs 0.2%). On an annual basis, business inventories rose just 0.2%, the slowest increase in six quarters and down from 0.7% in Q2.