Despite monthly Australian retail spend rising to a record $33.6 billion in March, National Retail Association chief executive Dominique Lamb said warned that this marks a continued recovery and not an excuse for further rate rises.
“The looming increases in interest rates, superannuation and award wages represent a very unwelcome triple whammy for business owners,” she said.
“We would be very concerned if the Reserve Bank Board were to use these figures as justification for a further rates hike in June.
“We think they need to wait and see how yesterday’s increase affects the May retail sales results before they move again.”
