Response to the weak Australian retail sales results

The data is here from earlier, ICYMI. A very poor result, below low expectations:

• Australia Retail sales for December: -0.4% m/m (vs. expected 0.0%)

Couple of quick takes from …

Westpac:

• underscores the weakness apparent in the Q3 national accounts
• points to disappointing momentum heading into 2019

• a clearly weak wider retail theme

CBA

• the correction on house prices is spreading to the wider economy

AMP:

• Sharp falls in household goods, clothing & department stores
• Payback for Black Friday and Cyber Monday
• Negative wealth effect impacting … Housing downturn impacting consumer spending