Via Domainfax:
National Australia Bank’s Alan Oster says it’s not exactly clear why retail sales have been so weak lately, but there are plenty of things likely to be limiting spending growth.
Wages growth is still near a record low, utility bills are soaring, and there’s been increasing speculation that interest rates may rise. We also have a problem with “underemployment” – people wanting more hours of work than they can get – and household indebtedness is at a record high.
