Australian retail sales surprisingly fell last quarter while growth in September...
SYDNEY - Australian retail sales surprisingly fell last quarter while growth in September was weaker-than-expected, underlining the need for even more stimulus to jumpstart the slowing economy.
Quarterly data showed sales slipped 0.1% in inflation-adjusted terms in the three months to September following an already sedate June quarter. Analysts were looking for a 0.2% rise. The Reserve Bank of Australia last month chopped its benchmark rate for a third time this year to a record low 0.75% in a bid to revive employment growth, consumer spending and inflation.
Investors are looking ahead to the RBA’s monthly policy meeting due at 0330 GMT on Tuesday, where it is likely to stay on the sidelines as it awaits the impact of its stimulus so far.
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