Australia September retail sales rise at fastest pace in 8 months

Transcript

00:00 Australian retail sales in September increased at the fastest rate in eight months, indicating

00:05 resilience in consumer spending.

00:08 This could strengthen the case for an interest rate hike as early as next week.

00:13 The Australian dollar and government bond yields also rose in response to the positive

00:18 retail sales data.

00:19 Factors contributing to the increase in sales included a warmer-than-usual start to spring,

00:26 the release of a new iPhone model, and the introduction of a government rebate program

00:31 in Queensland.

00:32 The resilience in consumer spending is seen as a positive sign for economic growth and

00:37 may alleviate concerns about downside risks to household consumption.