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Australian Consumers Spent Big in May After First Rate Hike

  • Retail sales jump to a record high in fifth month of gains
  • Data adds ballast to views the RBA will hike aggressively
Shoppers outside a mall in Sydney.

Shoppers outside a mall in Sydney.

Photographer: Brendon Thorne/Bloomberg
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Australian retailers enjoyed a fifth straight month of sales gains in May, suggesting cashed-up households coped well after the first of two interest rate hikes by the central bank.