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Wesfarmers boss says consumers holding up, warns on macro risks

Carrie LaFrenz
Carrie LaFrenzSenior reporter
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Wesfarmers chief executive Rob Scott says consumers at its key retail brands Bunnings and Kmart have not yet changed their shopping behaviour despite growing concerns about the cost of living and rising interest rates, but spending could slow in the year ahead.

Mr Scott said in Australia, there was a strong base anchored in low unemployment, and although rates were going up, they remained close to what he dubbed “emergency levels” while the savings rate of households remained high.

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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com

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    Original URL: https://www.afr.com/companies/retail/wesfarmers-to-focus-on-lithium-healthcare-and-digital-20220524-p5ao3r