The Deloitte Queensland Index and State of the Deal Report – Q1 2026
June 2026
Welcome to The State of the Deal, featuring the latest (206th) edition of the Deloitte Queensland Index, an analysis of Queensland-listed companies on the Australian Securities Exchange (ASX).
Welcome to the 206th edition of the Deloitte Queensland Index and State of the Deal Report, an analysis of Queensland’s listed companies on the Australian Securities Exchange (ASX).
With rising inflation in housing and transport, the RBA raised the cash rate twice resulting in rates increasing from 3.60% in January to 4.10% in March. The annual Consumer Price Index (CPI) came in at 4.6% which was up from 3.8% in December 2025. The primary increase was automotive fuel which rose 32.8% in the month of March 2026 due to the Middle East conflict.
The Deloitte Queensland Index returned negative 6.8% in Q1 2026 (negative 3.9% in Q4 2025) compared to the S&P/ASX All Ordinaries index which declined 3.7% in Q1 2026 (negative 1.3% in Q4 2025). The Financial, Industrial, Consumer and Technology, Media and Telecommunications (TMT) sectors all declined, with the largest declines seen in the Consumer and TMT sectors, driven by the pressures from high interest rates and increased market volatility.
Key highlights from the Q1 2026 report include:
- The Deloitte Queensland Index: comprised of 140 companies and the total market capitalisation declined from $130.1b as at 31 December 2025 to $120.8b as at 31 March 2026. The TMT sector faced concerns over increased data centre regulation and high capex to meet the rising demand of AI expansion with NextDC Limited and Megaport Limited losing $775m and $875m respectively in market capitalisation. In the Financial sector, the market capitalisation of Suncorp Group Limited reduced by $1.7b. This was partially offset by a 4.9% increase across the Energy and Resource sector (New Hope Corporation Limited gaining $1.5b of market capitalisation).
- Sector mix: Compared to Dec-25, the composition of the Index as at March 2026 has shifted towards Real Estate and Energy & Resources and away from Financial, Industrial, Consumer and TMT Sectors due to the increasing interest rates apply pressures on borrowing and spending, slowing overall growth expectations.
- The Top 10 Companies in the Deloitte Queensland Index saw a 1.8% decrease in total market capitalisation reducing from $83.6b in Q4 2025 to $82.0b at Mar-26 with the companies ranked 11-100 experiencing a 14.6% decrease from $44.9b at Dec-25 to $38.3b at Mar-26.
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