The retail gross sales knowledge is right here, a m/m beat however they’re weak knowledge:
I posted this graph from the Australian Bureau of Statistics :
Gross sales are flat from six months in the past, and in actual phrases down, and that is accelerated within the final 3 months, down 2% since November.
Retail gross sales are an indicator the Reserve Financial institution of Australia is to gauge the affect of rising charges on home demand. The information at the moment provides to the case for a pause within the charge hike cycle on the April 4 assembly.
Of much more significance are inflation knowledge. Tomorrow, Wednesday, 29 March 2023 native time (11.30 am, which is 0030 GMT and eight.30pm on Tuesday 28 March 2023 US Japanese time) we get month-to-month CPI knowledge from Australia. The month-to-month knowledge is a placeholder forward of the quarterly CPI. We do not get the subsequent quarterly knowledge till April 29 so tomorrow’s can be of notice for the RBA, a minimum of as a sign. The January (month) CPI gave the RBA some encouragement, suggesting that inflation has peaked (though its nonetheless very excessive and greater than twice the higher stage of the goal charge of two to three%):