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SYDNEY - Australian retail sales crept higher in April as shoppers stayed frugal in the face of high borrowing costs and rising rents, another sign household spending will add little to economic growth this quarter.
"Looking across the past two months, we see weak underlying spending in most parts of the retail industry."That growth is particularly miserly given Australia's population is expanding by more than 2% a year. Sales volumes per capita have fallen for seven straight quarters, the type of weakness usually only seen in recessions.
Futures imply around a 30% chance of a quarter point cut in the 4.35% cash rate by December, and an easing is not fully priced in until May 2025. Many households will get a boost to income from July when cuts to income taxes are delivered, but surveys suggest workers intend to save the majority of the windfall.
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