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By Greg Peel
Yesterday’s retail sales number would have been a relief for the Reserve Bank, as curbing consumer demand is exactly what the RBA has been hoping to achieve with its recent inflation-busting rate hikes. Hence the cash rate remains unchanged at 7.25%. Retail sales would not have been the only factor however, as there are definite signs of slowing across the wider economy.
FNArena will report on the RBA’s accompanying comments and any economist responses shortly.
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