Australia: Retail sales likely to print 0.5% m/m for November – RBC CM

Research Team at RBC Capital Markets notes that the Australia’s growth slowed around midyear, with a variety of indicators including retail sales corroborating the negative print recorded for overall output in Q3.

Key Quotes

“However, household spending in nominal terms has picked up into Q4. Whilst some of this appears to be price/food-related, the 0.5%m/m outturn we expect for November retail sales does presume better growth in volumes as well. Early reports from Christmas/New Year sales have been unambiguously positive, too.”