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    HomeSustainable TravelHigh Australian Retail Sales Suggests RBA Must Continue Hiking at Speed

    High Australian Retail Sales Suggests RBA Must Continue Hiking at Speed

    By James Glynn

    SYDNEY–Australian consumers continue to spend big in August despite interest rates rising at their fastest pace in decades this year, indicating that the Reserve Bank of Australia may have to tighten policy a lot more before the demand side of the economy cools and inflation is brought under control.

    Retail sales in August rose 0.6% on month, extending a period of sustained strength for the retail sector, the Australian Bureau of Statistics said Wednesday. Economists had expected retail sales to rise 0.4%.

    The increase in retail sales in August was the eighth consecutive rise and followed a 1.3% rise in July, and a 0.2% rise in June, the ABS said.

    Consumers are continuing to run down savings built up through the pandemic while unemployment remains at its lowest level in nearly half a century.

    Still, headwinds are growing as house prices fall…

    Read the full article originally published at www.marketwatch.com.

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