The latest retail trade figures came with a bit of a thud. Sales in December fell more than any month outside those involving lockdowns or the introduction of the GST. And it should give the Reserve Bank reason enough to hold off on raising rates next week.
Early last month the Australia Retailers Association suggested that December had been a bumper month in the shops. The head of the ARA, Paul Zahra, said “this is without a doubt the biggest festive season spend on record – it is unprecedented”.
