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Retail Bounce No Reason For Rates Hike: Retail Assoc.

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.”

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