A surprise slump in retail spending in December is unlikely to stop the Reserve Bank of Australia next week pressing ahead with a ninth straight interest rate rise to 3.35 per cent.
Retail sales fell 3.9 per cent in the final month of last year, according to the Australian Bureau of Statistics, the first decline after 11 straight months of growth and eight straight months of record spending.
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Ronald Mizen is the Financial Review’s political correspondent, reporting from the press gallery at Parliament House, Canberra. Connect with Ronald on Twitter. Email Ronald at ronald.mizen@afr.com
