Australian retail sales in September exceeded expectations, indicating a stronger consumer spending trend. This outcome is likely to increase the central bank's confidence in the economy's ability to withstand further interest rate increases.
-- Australian retail sales surpassed expectations in September, an outcome that will likely boost the central bank ’s confidence that the economy can withstand further interest rate increases.GM Hit With More Strikes While Stellantis Reaches Deal With UAW
Central banks around the world have been surprised by the resilience of households in the face of sharp rate hikes and a recent energy-driven pickup in inflation. A key factor is strong labor markets which are generally offering consumers the leeway to keep spending. The ABS pointed to a warmer-than-usual start to spring for September’s retail sales rise and added that the release of a new iPhone model also boosted spending.While the gain was the largest since January, subdued spending for most of 2023 means that underlying growth in retail sales remains historically low, according to Ben Dorber, ABS head of retail statistics.
Australian Retail Sales Consumer Spending Central Bank Interest Rate Increases Economy
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