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The case for additional rate hikes has strengthened somewhat following the Australian Bureau of Statistics’ (ABS) release of January’s retail sales data.
Retail sales turnover rebounded 1.9% in January, which follows a 4.0% fall in January:
Commenting on the result, ABS head of retail statistics, Ben Dorber, said “looking through this volatility shows that turnover is at a similar level to September 2022, and on average, growth has been flat over the past few months”.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.