SYDNEY (Reuters) – Australian retail sales volumes fell again in the June quarter as cost of living pressures and rising borrowing costs ate into consumer spending power, a drag on economic growth and an argument against further hikes in rates.
Data from the Australian Bureau of Statistics on Thursday showed real retail sales fell 0.5% in the second quarter to A$35.2 billion ($23.02 billion), matching analyst forecasts. That was the third straight quarter of declines, the worst run since the run-up to the global financial crisis in 2008.
($1 = 1.5291 Australian dollars)
(Reporting by Wayne Cole; Editing by Muralikumar Anantharaman)
