Australian data - October retail sales fall 0.2% m/m (vs. expected +0.5%)

Australia, retail trade for October: -0.2%

• survey +0.5%
• prior +0.6%
• for the y/y, +12.5% compared with October 2021

Very weak data for retail sales in October. Higher interest rates will go some way as an explanation. Falling house prices (wealth effect) too.

Earlier today we had the Reserve Bank of Australia Governor Lowe saying he was trying to stymie demand:

• RBA Gov. Lowe says demand is too strong relative to supply

Perhaps he is getting his way.

The Reserve Bank of Australia next meet on December 6 where a +25bp rate hike is expected.