Australian shares are set to open lower Thursday in the wake of the Trump administration's decision to push through with its auto tariffs next month.

The updated household spending indicator for January and household wealth data for the December 2024 quarter are due for release at 11:30 am Sydney time.

In global news, US President Donald Trump announced a 25% tariff on automotive imports that will take effect on April 2. This is the same date that the US is set to impose reciprocal tariffs on countries based on their trade shortfall with the US.

Shares on Wall Street declined as markets prepared for the new tariffs. The Nasdaq Composite lost 2%, the S&P 500 dropped 1.1%, and the Dow Jones Industrial Average slipped 0.3%.

In company news, Reject Shop (ASX:TRS) and Canada-based retail chain Dollarama entered into a binding transaction implementation deed for the latter to acquire shares in the company for around AU$259 million, according to a Thursday Australian bourse filing.

ANZ Group Holdings (ASX:ANZ, NZE:ANZ) decided to share the findings of a review into its markets division's workplace culture, shifting stance from its December decision to disclose only a summary, the Australian Financial Review reported Wednesday, citing two unnamed sources with knowledge of the matter.

Australia's benchmark index rose 0.7%, or 56.50 points, to close at 7,999 on Wednesday.