Higher interest rates and soaring inflation have not dampened households’ enthusiasm for opening their wallets, with new data showing Australians spent a record $34.7 billion at stores in July.
Retail sales climbed 1.3 per cent last month, according to the Australian Bureau of Statistics, well above market forecasts of a more modest 0.3 per cent gain.
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Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
