Seasonally adjusted retail sales grew by 0.5% in volume terms in the September quarter.
The headline number, however, disguises the underlying stress consumers are experiencing. Per capita retail sales are falling steeply.
The RBA is unlikely to act on this, however. Instead, it will focus on headline numbers like dwelling approvals, which have broken their recent downtrend.
Conclusion
A November rate cut remains unlikely.
Acknowledgments
- ABS: Retail Sales
- ABS: Building Approvals