Australia's retail sales rise, suggesting rate cuts buoying consumption
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[SYDNEY] Australian retail sales rose in August, suggesting recent interest rate cuts and government tax rebates had helped lift consumer spending in a welcome sign for policymakers.
Figures from the Australian Bureau of Statistics showed retail sales climbed 0.4 per cent in August after a flat outcome in July. Analysts polled by Reuters had expected a gain of 0.5 per cent.
The outcome will please the Reserve Bank of Australia which just this week chopped its benchmark rate to a record low 0.75 per cent in a bid to revive employment growth, consumer spending and inflation.
REUTERS
Share with us your feedback on BT's products and services
TRENDING NOW
From 1MDB to ‘corporate mafia’: Is Malaysia facing a new governance test?
Middle East-linked energy supply shocks put Asean Power Grid back in focus
Beijing’s calculated silence on the Iran war
DPM Gan warns of 3 structural shifts to the global system that will bring greater challenges – and opportunities
