Aussie retail sales flat on rate hikes

The data suggest consumers are beginning to cut back in the face of rising borrowing costs, in line with the central bank’s aim. — Bloomberg

AUSTRALIAN retail sales were flat in April, ending a three-month streak of gains, suggesting consumers are reining in spending as interest rates near a peak and cost of living pressure remains elevated.

Sales were little changed from a month earlier, confounding economists’ forecasts for a 0.3% increase, Australian Bureau of Statistics (ABS) data showed yesterday.