Further indication of a flattening Australian economy emerged with a weak 0.1% gain in retail sales for May following a 0.1% decrease in April and a downwardly revised 0.6% decline in March. "That's not a good story for the Reserve Bank. It's been looking for lower interest rates to encourage consumers out of their shells. These numbers suggest that over the last three months, there's been absolutely no growth whatsoever," observed Macquarie senior economist Brian Redican.

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