Australian Economy Australian interest rates

RBA to cut as retail slumps again

David Llewellyn-Smith

Monday 5 May 2025

Goldman wraps a Q1 dud.

Nominal retail sales rose 0.3%mom in March, broadly in line with expectations (GSe: +0.2%mom, BBG: 0.4%mom).

That said, the details were softer, with ex-food sales broadly flat for a second consecutive month.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.