Original article by Patrick Commins
The Australian – Page: 4 : 29-May-24

Data from the Australian Bureau of Statistics shows that retail sales rose by just 0.1 per cent in April, after falling by 0.4 per cent in March. The seasonally adjusted data also shows that retail sales increased by 1.3 per cent year-on-year in April. UBS chief economist George Tharenou say younger Australians and people with mortgages are primarily reducing their spending, while this is being offset by increased expenditure by older people and households that have no debt. Tharenou adds that the ongoing weakness in retail sales will make it less urgent for the Reserve Bank to increase the cash rate; he still expects an interest rate cut in February.

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AUSTRALIAN BUREAU OF STATISTICS, UBS HOLDINGS PTY LTD