Retail sales offer little boost for slowing Australian economy

01/9/2013 | Wall Street Journal, The

Online purchases from overseas leveraging the nation's strong currency and general skittishness over spending led to a 0.1% decline in retail spending in Australia in November from October. The figure suggests little support for the slowing economy will be forthcoming from retail. "With credit growth also weak, there are still very few signs that interest-rate relief is being used for purposes other than deleveraging," said Michael Turner, a strategist at RBC Capital Markets in Sydney.

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