Australian retail sales increased 0.6% in May, exceeding expectations, driven by end-of-financial-year promotions.
Australian retail sales increased 0.6% in May, surpassing economists' expectations of a 0.3% growth, driven by early end-of-financial-year promotions and sales events. This marks the highest increase in four months and follows a 0.1% gain in April. The strong performance in retail sales has intensified debates surrounding the possibility of the Reserve Bank of Australia raising interest rates in response to robust consumer spending.
July 02, 2024
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