More bad news out today from the ABS. Retail sales fell a seasonally-adjusted 1.1 percent in October, surprising economists who expected a 0.4 percent increase. Discretionary spending was hit the most as households funnelled more money into debt repayments to service skyrocking mortgages.
» 8501.0 – Retail Trade, Australia, Oct 2010 – ABS, 2nd December 2010.
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