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.