Despite fastest interest rate rises in three decades, retail turnover rose in May, when experts had expected a drop
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Australia’s retail and job markets remain resilient even as interest rates increase at the fastest pace in more than three decades, raising the likelihood the Reserve Bank has more work to do to curb inflation.
Retail turnover in May rose a seasonally adjusted 0.7%, or the fastest pace since January’s monthly increase of 1.8%, the Australian Bureau of Statistics reported on Thursday. Economists had expected spending to shrink 0.1% after a flat result in April.
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