Reported 4 months ago
Australian retail sales in April saw a sluggish growth of 0.1% from March, falling short of analysts' expectations of a 0.2% rise. The Australian Bureau of Statistics reported that retail sales totaled A$35.7 billion, up only 1.3% from a year earlier, with sales volumes per capita declining for seven consecutive quarters. High borrowing costs and rising rents have constrained consumer spending, leading to weak retail turnover. The Reserve Bank of Australia is unlikely to lower interest rates this year due to persistent service inflation, with a potential rate cut not fully priced in until May 2025. Analysts anticipate a small dip in annual inflation to 3.4% in April, with household consumption growth expected to remain weak despite income tax cuts in July.
Source: YAHOO