Australian retail sales rose at the fastest pace in eight months in September, suggesting some resilience in consumer spending which would add to the case for an interest rate hike as soon as next week.
Data from the Australian Bureau of Statistics showed on Monday that nominal retail sales rose 0.9% in September from August, better than analysts' expectations for a 0.3% increase and an upwardly revised gain of 0.3% for August.
Ben Dorber, ABS head of retail statistics, said a diverse range of factors drove the September results. He added that the release of a new iPhone model and the introduction of the government rebate program in Queensland to save energy costs also helped with spending on household goods. Markets are leaning towards such an outcome after strength in the third quarter inflation report last week. Futures now imply a chance of 61% of a hike, and all of the big four Australian banks have also tipped for a rise next week.
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