Retail spending soared higher in September, as shoppers embarked on a spending spree, adding further pressure on the Reserve Bank to hike rates on Melbourne Cup Day.
Turnover for retail goods and services grew 0.9 per cent, fresh data released by the Australian Bureau of Statistics on Monday shows, led by a sharp jump in purchases at department stores and for household goods.
The retail spending result was three times consensus forecasts of a 0.3 per cent increase. Picture NCA NewsWire / Seb Haggett “Given the strong inflation print for Q3 and the hawkish turn in recent RBA communications, we expect to see another rate hike in November,” Mr Langcake said.
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