SYDNEY (Reuters) – Australian retail sales climbed to record highs in April as consumers spent big for the holidays, though surging inflation and rising interest rates are steadily sapping spending power.
Data from the Australian Bureau of Statistics on Friday showed retail sales rose 0.9% in April to a record A$33.9 billion ($24.09 billion), matching analyst forecasts.
Sales were up a heady 9.6% on a year earlier, supporting policy makers’ hopes that households will dip into savings to keep consuming even as real incomes go backwards.
(Reporting by Wayne Cole; Editing by Christopher Cushing)
