Australia retail sales rise more than expected

Persistent pressures: RBA governor Michele Bullock speaks during a news conference in Sydney. Some economists are predicting the central bank may tighten policy further to take the benchmark rate to 4.6% – a level not seen since October 2011. — Bloomberg

SYDNEY: Australian retail sales rose by more than expected in May with spending largely driven by discounts in the face of elevated borrowing costs.

Sales advanced 0.6% from the prior month, double the economists’ estimate of a 0.3% gain, according to data from the Australian Bureau of Statistics yesterday.