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Australia’s Retail Sales Cool as Rising Rates, Prices Take Toll

  • Weaker spending reflects increasing cost of living pressures
  • Household goods fell, likely due to a weaker property market

Australian retail sales increased at the slowest pace this year, in a sign that interest-rate increases to contain quickening inflation are beginning to weigh on household spending.

Sales rose 0.2% in June, less than half the 0.5% gain predicted by economists, Australian Bureau of Statistics data showed Thursday. Australian three-year government bond yields slipped following the report.