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MNI BRIEF: Aussie Feb Retail Sales Cool RBA Rate Expectations

(MNI) Sydney
Policy NewsCentral Bank NewsAPACAustraliaBriefStoryRBARegion

The modest 0.2% rise in Australian retail sales last month will lower pressure on the Reserve Bank of Australia (RBA) to raise interest rates at its April 4 board meeting.

The Australian Bureau of Statistics (ABS) figures released on Tuesday showed the slight increase, which followed a 1.8% rise in January 2023. According to RBA Governor Philip Lowe, retail sales data – alongside inflation, employment and business confidence metrics – is an important input into the the central bank's interest rate calculation. Overnight index swaps (OIS) indicate the RBA will keep rates steady at 3.6% on Tuesday, with OIS pricing in a 25bp cut by December.

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The modest 0.2% rise in Australian retail sales last month will lower pressure on the Reserve Bank of Australia (RBA) to raise interest rates at its April 4 board meeting.

The Australian Bureau of Statistics (ABS) figures released on Tuesday showed the slight increase, which followed a 1.8% rise in January 2023. According to RBA Governor Philip Lowe, retail sales data – alongside inflation, employment and business confidence metrics – is an important input into the the central bank's interest rate calculation. Overnight index swaps (OIS) indicate the RBA will keep rates steady at 3.6% on Tuesday, with OIS pricing in a 25bp cut by December.

Keep reading...Show less