Now that reporting season is over for Australian retail, we have finalised the themes and issues observed during FY26. The strength of sales trends in FY26 has been met with weaker trading updates going into FY27e as the consumer faces a number of headwinds to end 2026 – interest rates hikes, falling house prices and higher petrol prices add risk to the retail outlook. The impacts are likely to be more significant in the 1H27e fiscal period and more painful in housing-related retail categories and takeaway food.