Posted 10/30/2023, 2:04:09 AM
Australian Retail Sales Growth Hits 8-Month High Amid Consumer Resilience, Supporting Case for RBA Rate Hike
- Australian retail sales rose 0.9% in September, fastest pace in 8 months
- Likely resilience in consumer spending adds to case for a rate hike as soon as next week
- Sales were up across departments stores, household goods, clothing due to warmer weather
- Release of new iPhone model and energy rebate program in Queensland also aided spending
- For RBA, data shows consumer has remained resilient despite rate hikes
- Housing prices recovery by year-end could lend support to household consumption