cuts and Stage 3 tax relief lifted household spending and sentiment. GDP grew around 0.6% in the previous quarter, and early indicators suggest that growth held broadly steady through Q3. Inflation, however, remains sticky, partly due to the rollback of electricity subsidies, keeping the Reserve Bank cautious about further easing. Business investment is patchy outside mining and infrastructure, while the labor market, though Australia's & New Zealand's M&A market lost some pace in Q3 2025, with 303 deals worth Us$22bn announced, marking declines of 19.4% in volume and 31.6% in value terms year-on-year. Activity was lower across active H1, though the deal pipeline remains solid and confidence has not